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Registration number: 07877826

Fynn Valley Lodges Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Fynn Valley Lodges Limited
(Registration number: 07877826)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Fynn Valley Lodges Limited
(Registration number: 07877826)

Company Information

Directors

Ms C Lau

Mr R Cawley

Mr J Xiao

Registered office

Fynn Valley Golf Club
Witnesham
Ipswich
Suffolk
IP6 9JA

Accountants

Thompson Jenner LLP
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Fynn Valley Lodges Limited
(Registration number: 07877826)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

386,241

Current assets

 

Stocks

5

-

5,911

Debtors

6

-

9,459

Cash at bank and in hand

 

9,835

44,375

 

9,835

59,745

Creditors: Amounts falling due within one year

7

(9,735)

(368,540)

Net current assets/(liabilities)

 

100

(308,795)

Total assets less current liabilities

 

100

77,446

Provisions for liabilities

-

(3,267)

Net assets

 

100

74,179

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

-

74,079

Total equity

 

100

74,179

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Fynn Valley Lodges Limited
(Registration number: 07877826)

Balance Sheet as at 31 December 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 August 2024 and signed on its behalf by:
 

.........................................
Mr R Cawley
Director

 

Fynn Valley Lodges Limited
(Registration number: 07877826)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Fynn Valley Golf Club
Witnesham
Ipswich
Suffolk
IP6 9JA
England & Wales

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Fynn Valley Lodges Limited
(Registration number: 07877826)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

No depreciation

Fixtures and fittings

Straight line over 8 years

Office equipment

Straight line over 5 years

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Fynn Valley Lodges Limited
(Registration number: 07877826)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 4).

 

Fynn Valley Lodges Limited
(Registration number: 07877826)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

365,227

88,058

2,500

455,785

Disposals

(365,227)

(88,058)

(2,500)

(455,785)

At 31 December 2023

-

-

-

-

Depreciation

At 1 January 2023

-

67,204

2,340

69,544

Eliminated on disposal

-

(67,204)

(2,340)

(69,544)

At 31 December 2023

-

-

-

-

Carrying amount

At 31 December 2023

-

-

-

-

At 31 December 2022

365,227

20,854

160

386,241

Included within the net book value of land and buildings above is £Nil (2022 - £365,227) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other stocks

-

5,911

6

Debtors

2023
£

2022
£

Other debtors

-

6,823

Prepayments and accrued income

-

2,636

Total current trade and other debtors

-

9,459

 

Fynn Valley Lodges Limited
(Registration number: 07877826)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

-

1,111

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9,735

337,251

Taxation and social security

 

-

8,822

Other creditors

 

-

17,407

Accrued expenses

 

-

3,949

 

9,735

368,540

8

Parent and ultimate parent undertaking

The company's immediate parent is Green Valley Leisure Resorts Limited, incorporated in England & Wales.

 The ultimate parent is Lanhydrock Investment Company Limited, incorporated in Hong Kong.