REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 October 2023 |
for |
Sands Leisure (Portland) Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 October 2023 |
for |
Sands Leisure (Portland) Limited |
Sands Leisure (Portland) Limited (Registered number: 02758887) |
Contents of the Financial Statements |
for the Year Ended 31 October 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Sands Leisure (Portland) Limited |
Company Information |
for the Year Ended 31 October 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
88 Crawford Street |
London |
W1H 2EJ |
Sands Leisure (Portland) Limited (Registered number: 02758887) |
Balance Sheet |
31 October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Investments | 7 |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Revaluation reserve | 11 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Sands Leisure (Portland) Limited (Registered number: 02758887) |
Balance Sheet - continued |
31 October 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Sands Leisure (Portland) Limited (Registered number: 02758887) |
Notes to the Financial Statements |
for the Year Ended 31 October 2023 |
1. | STATUTORY INFORMATION |
Sands Leisure (Portland) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net income from room rentals and sale of foods and beverages. The turnover is recognised when invoices are raised or a right to consideration is obtained. All income is net of value added tax. |
Tangible fixed assets |
Freehold buildings | 2% straight line |
Hotel improvements | 15% reducing balance |
Plant and machinery | 25% reducing balance |
Fixtures, fittings and equipment | 15% reducing balance |
Motor vehicles | 25% reducing balance |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Unlisted investments value |
The directors value the unlisted investment on the basis of financial results and net assets of the company in which investment is made. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Sands Leisure (Portland) Limited (Registered number: 02758887) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 November 2022 |
and 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
The directors consider that the market value is no lower than the balance sheet valuation. |
Cost or valuation at 31 October 2023 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 1998 | 2,076,373 | - | 2,076,373 |
Valuation in 2011 | 1,202,400 | - | 1,202,400 |
Valuation in 2018 | 300,000 | - | 300,000 |
Valuation in 2022 | 400,000 | - | 400,000 |
Cost | 777,556 | 1,722,857 | 2,500,413 |
4,756,329 | 1,722,857 | 6,479,186 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 November 2022 |
and 31 October 2023 |
PROVISIONS |
At 1 November 2022 |
and 31 October 2023 | 2,700,000 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
The above investment consists of £3,000,000 preference shares in The Darjan Estate Company Limited. |
These shares do not carry a fixed coupon and are redeemable upon resolution by The Darjan Estate Company Limited. The directors have a material interest in The Darjan Estate Company Limited. |
The directors confirm that the market value of investments at the year-end is not different from the net book value. |
Sands Leisure (Portland) Limited (Registered number: 02758887) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Trade debtors |
Other debtors |
7. | CURRENT ASSET INVESTMENTS |
31.10.23 | 31.10.22 |
£ | £ |
Other investments |
The above investments represent a classic car (Jaguar), which is awaiting sale. The directors believe that the above amount represents the true value of the car. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Bank loans |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.10.23 | 31.10.22 |
£ | £ |
Bank overdrafts |
Bank loans |
The bank loans and overdrafts are secured by way of a legal charge and debenture over the freehold property of the company. |
11. | RESERVES |
Revaluation |
reserve |
£ |
At 1 November 2022 |
and 31 October 2023 |
12. | ULTIMATE CONTROLLING PARTY |
The company is under the control of the family interests of P Wogman. |