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Registration number: 07023847

Cilfa (UK) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

FRS 102 1A

 

Cilfa (UK) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Cilfa (UK) Limited

Company Information

Director

Mr K Lowzow

Registered office

East Dorset Golf Club
Hyde
Bere Regis
Dorset
BH20 7NT

Accountants

Kennedy Legg
Stafford House
10 Prince of Wales Road
Dorchester
Dorset
DT1 1PW

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Cilfa (UK) Limited
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cilfa (UK) Limited for the year ended 30 April 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at:
https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Cilfa (UK) Limited, as a body, in accordance with the terms of our engagement letter dated 30 October 2009. Our work has been undertaken solely to prepare for your approval the accounts of Cilfa (UK) Limited and state those matters that we have agreed to state to the Board of Directors of Cilfa (UK) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at:
http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/october/factsheet-163-
audit-exempt-companies.html.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cilfa (UK) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Cilfa (UK) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Cilfa (UK) Limited. You consider that Cilfa (UK) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Cilfa (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Kennedy Legg
 
Stafford House
10 Prince of Wales Road
Dorchester
Dorset
DT1 1PW

4 September 2024

 

Cilfa (UK) Limited

(Registration number: 07023847)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

146,830

158,300

Current assets

 

Debtors

5

8,784

1

Creditors: Amounts falling due within one year

6

(939,899)

(932,372)

Net current liabilities

 

(931,115)

(932,371)

Net liabilities

 

(784,285)

(774,071)

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

(784,286)

(774,072)

Shareholders' deficit

 

(784,285)

(774,071)

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Cilfa (UK) Limited

(Registration number: 07023847)
Balance Sheet as at 30 April 2024

Approved and authorised by the director on 4 September 2024
 

.........................................
Mr K Lowzow
Director

 

Cilfa (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
East Dorset Golf Club
Hyde
Bere Regis
Dorset
BH20 7NT

These financial statements were authorised for issue by the director on 4 September 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Cilfa (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

 

Cilfa (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Cilfa (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Investments

2024
£

2023
£

Investments in associates

146,830

158,300

The above represents an investment in The Dorset Resort Partnership.

The Dorset Resort Partnership is a partnership between the company, B A Champion, G J Packer, M Packer, S J Packer and The Dorset Resort Limited. The investment represents the company's accumulated share of profits and losses derived from the venture, together with its capital introduced.

 

Associates

£

Cost

At 1 May 2023

158,299

Disposals

(11,469)

At 30 April 2024

146,830

Provision

Carrying amount

At 30 April 2024

146,830

At 30 April 2023

158,300

5

Debtors

Current

2024
£

2023
£

Other debtors

8,784

1

 

8,784

1

 

Cilfa (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

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

8

936,351

925,555

Taxation and social security

 

-

3,479

Accruals and deferred income

 

1,140

930

Other creditors

 

2,408

2,408

 

939,899

932,372

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

       
 

Cilfa (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Related party transactions

Summary of transactions with parent

CILFA A/S
 Loan advanced to the company.
 
During the year the company was charged interest on the loan, at rates of 4% per annum.
 

Loans from related parties

2024

Parent
£

Total
£

At start of period

925,556

925,556

Advanced

4,403

4,403

Interest transactions

36,808

36,808

Impairment

(30,416)

(30,416)

At end of period

936,351

936,351

2023

Parent
£

Total
£

At start of period

888,575

888,575

Advanced

1,072

1,072

Repaid

(55,202)

(55,202)

Interest transactions

48,306

48,306

Impairment

42,805

42,805

At end of period

925,556

925,556