REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
St Martin's Management ("Isles Of |
Scilly") Ltd |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
St Martin's Management ("Isles Of |
Scilly") Ltd |
St Martin's Management ("Isles Of |
Scilly") Ltd (Registered number: 08512961) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
St Martin's Management ("Isles Of |
Scilly") Ltd |
Company Information |
for the year ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Warden House |
37 Manor Road |
Colchester |
Essex |
CO3 3LX |
St Martin's Management ("Isles Of |
Scilly") Ltd (Registered number: 08512961) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
St Martin's Management ("Isles Of |
Scilly") Ltd (Registered number: 08512961) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
St Martin's Management ("Isles Of Scilly") Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
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. |
St Martin's Management ("Isles Of |
Scilly") Ltd (Registered number: 08512961) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Going concern |
Having assessed the principal risks, the directors considered it appropriate to adopt the going concern basis of accounting in preparing the financial statements. The company has the continued support of its parent and other group companies and will be able to meet its debts as they fall due. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Amounts owed by participating interests | 848,389 | 254,429 |
Other debtors |
St Martin's Management ("Isles Of |
Scilly") Ltd (Registered number: 08512961) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to associates | 3,468,226 | 2,239,540 |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The auditor's report for the year ended 31 December 2023 was unqualified. |
Material uncertainty relating to going concern |
We draw your attention to note 2 regarding going concern. As at 31 December 2023 the company's current liabilities exceeded its total assets by £3,053,720. This matter indicates that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. The Directors believe it is appropriate to prepare the financial statements on a going concern basis as the company expects to continue to receive financial support from its parent company and the ultimate holding company of the group. Our report is not qualified in respect of this matter. |
Julian Wyncoll ACA (Senior Statutory Auditor) for and on behalf of Tile & Co. |
9. | OTHER FINANCIAL COMMITMENTS |
At the balance sheet date the total commitment to future minimum lease payments under non-cancellable operating leases was £94,890. (2022 - £661,750) |
10. | RELATED PARTY DISCLOSURES |
The Parent company who draws up consolidated financial statements is : |
Name : IVO (Europe) Pte. Ltd. |
Address: 160 Robinson Road #18-07 Singapore Business Federation Center, Singapore, 068914 |
The Company has a debenture with Nat West Bank plc as guarantor to Karma Holdings (UK) Ltd, another group company, in the sum of £700,000. |
11. | ULTIMATE CONTROLLING PARTY |
The controlling party is Karma Resorts Pte Limited. |
The ultimate controlling party is |