REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 October 2023 |
for |
SAM HAGAN LEISURE (UK) LIMITED |
REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 October 2023 |
for |
SAM HAGAN LEISURE (UK) LIMITED |
SAM HAGAN LEISURE (UK) LIMITED (REGISTERED NUMBER: 02686607) |
Contents of the Financial Statements |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 15 |
SAM HAGAN LEISURE (UK) LIMITED |
Company Information |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
Rathmore House |
52 St Patricks Avenue |
Downpatrick |
Co. Down |
BT30 6DS |
SAM HAGAN LEISURE (UK) LIMITED (REGISTERED NUMBER: 02686607) |
Strategic Report |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
The directors present their strategic report for the year ended 31 October 2023. |
ON BEHALF OF THE BOARD: |
SAM HAGAN LEISURE (UK) LIMITED (REGISTERED NUMBER: 02686607) |
Report of the Directors |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
The directors present their report with the financial statements of the company for the year ended 31 October 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 October 2023. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
Charitable donations made during the year totalled £NIL (2022: £3,053). |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
SAM HAGAN LEISURE (UK) LIMITED (REGISTERED NUMBER: 02686607) |
Report of the Directors |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
AUDITORS |
The auditors, M.B.Mc Grady & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Sam Hagan Leisure (UK) Limited |
Opinion |
We have audited the financial statements of Sam Hagan Leisure (UK) Limited (the 'company') for the year ended 31 October 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
The company ceased trading on 1 September 2022 when it sold its caravan park at Solway. |
For this reason, the directors are not adopting the going concern basis however, all the assets and liabilities within the financial statements are recognised and measured on the basis of what the company directors expect to recover and discharge. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Sam Hagan Leisure (UK) Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Sam Hagan Leisure (UK) Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge of the sector; |
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud is in relation to stock valuations and cut off procedures. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
Audit response to risks identified. |
The current audit is conducted with professional skepticism using procedures that are in accordance with International Standards on Auditing. |
In responding to the identified key audit matter above we obtained an understanding of the key controls relating to stock management and the review and approval of the inventory process including cut off, performed enquires of management and inspected relevant documents and calculations, attending the year end stocktake, completing a recalculation of a sample of stock and perform independent cut off tests, assessing the completeness and accuracy of disclosures within the financial statements and concurred the figure was materially accurate.. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates set out in the notes were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
Report of the Independent Auditors to the Members of |
Sam Hagan Leisure (UK) Limited |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
Rathmore House |
52 St Patricks Avenue |
Downpatrick |
Co. Down |
BT30 6DS |
SAM HAGAN LEISURE (UK) LIMITED (REGISTERED NUMBER: 02686607) |
Income Statement |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
31/10/23 | 31/10/22 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
(104,185 | ) | (2,668,352 | ) |
Other operating income |
OPERATING (LOSS)/PROFIT | 4 | ( |
) |
Interest receivable and similar income |
(1,768 | ) | 13,767,495 |
Interest payable and similar expenses | 6 | ( |
) | ( |
) |
(LOSS)/PROFIT BEFORE TAXATION | ( |
) |
Tax on (loss)/profit | 7 | ( |
) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
SAM HAGAN LEISURE (UK) LIMITED (REGISTERED NUMBER: 02686607) |
Other Comprehensive Income |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
31/10/23 | 31/10/22 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
SAM HAGAN LEISURE (UK) LIMITED (REGISTERED NUMBER: 02686607) |
Balance Sheet |
31 OCTOBER 2023 |
31/10/23 | 31/10/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Share premium | 15 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
SAM HAGAN LEISURE (UK) LIMITED (REGISTERED NUMBER: 02686607) |
Statement of Changes in Equity |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Called up |
share | Retained | Share | Revaluation | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 November 2021 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - | ( |
) |
Balance at 31 October 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 October 2023 |
SAM HAGAN LEISURE (UK) LIMITED (REGISTERED NUMBER: 02686607) |
Cash Flow Statement |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
31/10/23 | 31/10/22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities |
Cash flows from financing activities |
Amount introduced by directors | 2,500,001 | 15,250,000 |
Amount withdrawn by directors | (1,631,979 | ) | (17,277,130 | ) |
Intercompany balance |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
1,792,996 |
Cash and cash equivalents at end of year | 2 | 2,064 | 2,229,364 |
SAM HAGAN LEISURE (UK) LIMITED (REGISTERED NUMBER: 02686607) |
Notes to the Cash Flow Statement |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31/10/23 | 31/10/22 |
£ | £ |
(Loss)/profit before taxation | ( |
) |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
Finance costs | 2,460 | 5,192 |
Finance income | (22,417 | ) | (21,719 | ) |
(24,185 | ) | 13,698,558 |
Decrease in stocks |
Increase in trade and other debtors | ( |
) | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 October 2023 |
31/10/23 | 1/11/22 |
£ | £ |
Cash and cash equivalents | 2,064 | 2,229,364 |
Year ended 31 October 2022 |
31/10/22 | 1/11/21 |
£ | £ |
Cash and cash equivalents | 2,229,364 | 1,792,996 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/11/22 | Cash flow | At 31/10/23 |
£ | £ | £ |
Net cash |
Cash at bank | 2,229,364 | (2,227,300 | ) | 2,064 |
2,229,364 | ( |
) | 2,064 |
Total | 2,229,364 | (2,227,300 | ) | 2,064 |
SAM HAGAN LEISURE (UK) LIMITED (REGISTERED NUMBER: 02686607) |
Notes to the Financial Statements |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
1. | STATUTORY INFORMATION |
Sam Hagan Leisure (UK) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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. |
SAM HAGAN LEISURE (UK) LIMITED (REGISTERED NUMBER: 02686607) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
3. | EMPLOYEES AND DIRECTORS |
31/10/23 | 31/10/22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31/10/23 | 31/10/22 |
Staff numbers |
31/10/23 | 31/10/22 |
£ | £ |
Directors' remuneration |
4. | OPERATING (LOSS)/PROFIT |
The operating loss (2022 - operating profit) is stated after charging/(crediting): |
31/10/23 | 31/10/22 |
£ | £ |
Hire of plant and machinery | ( |
) |
Other operating leases |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Auditors' remuneration |
5. | EXCEPTIONAL ITEMS |
31/10/23 | 31/10/22 |
£ | £ |
Exceptional items | - | 16,271,409 |
During the prior year, the company sold one of its holiday parks, Solway. The profit on this disposal has been shown as an exceptional item in the Profit & Loss Account in 2022. |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31/10/23 | 31/10/22 |
£ | £ |
Bank interest |
SAM HAGAN LEISURE (UK) LIMITED (REGISTERED NUMBER: 02686607) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
7. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the loss for the year was as follows: |
31/10/23 | 31/10/22 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Tax on (loss)/profit | ( |
) |
8. | DIVIDENDS |
31/10/23 | 31/10/22 |
£ | £ |
Ordinary shares of £1 each |
Final |
9. | GOING CONCERN |
The company ceased trading on 1 September 2022 when it sold its caravan park at Solway. |
For this reason, the directors are not adopting the going concern basis however, all the assets and liabilities within the financial statements are recognised and measured on the basis of what the company directors expect to recover and discharge. |
10. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST |
At 1 November 2022 |
and 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
11. | STOCKS |
31/10/23 | 31/10/22 |
£ | £ |
Stocks |
SAM HAGAN LEISURE (UK) LIMITED (REGISTERED NUMBER: 02686607) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/10/23 | 31/10/22 |
£ | £ |
Trade debtors |
VAT |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/10/23 | 31/10/22 |
£ | £ |
Trade creditors |
Amounts owed to associates | 2,598,783 | 2,467,610 |
Tax | ( |
) |
Social security and other taxes |
Other creditors |
Directors' current accounts | 1,204,832 | 336,810 |
Accruals and deferred income |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/10/23 | 31/10/22 |
value: | £ | £ |
Ordinary | £1 | 75,000 | 75,000 |
Ordinary A | £1 | 24,999 | 24,999 |
Deferred ordinary | £1 | 1 | 1 |
100,000 | 100,000 |
15. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 November 2022 | 768,408 |
Deficit for the year | ( |
) | ( |
) |
At 31 October 2023 | 764,975 |
16. | CONTINGENT LIABILITIES AND WARRANTIES |
Warranties of one year were given to the buyers of Solway Holiday Park in Septmebr 2022. These warranties lapsed on 1 September 2023. |
SAM HAGAN LEISURE (UK) LIMITED (REGISTERED NUMBER: 02686607) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
17. | RELATED PARTY DISCLOSURES |
Sam Hagan is a common director and the controlling shareholder in both Sam Hagan (UK) Leisure Limited and Hagans Leisure Limited. |
During the year there were sales to Hagans Leisure Limited of £691,782 (2022: £871,196) and purchases from the same company of £Nil. At the year end the following balances were due: |
Trade debtors £2,222,427 |
Trade creditors £Nil |
Loan balance due to Hagans Leisure Limited of £2,598,783 |
Sales and purchases between related parties are at normal market prices. Outstanding balances with related entities are unsecured and interest free. During the year the company had not made any provision for bad or doubtful debts owed by related parties. |
At the end of the year the company owed Sam Hagan £1,204,832 (2022: £336,810). |
18. | POST BALANCE SHEET EVENTS |
The company ceased trading on 01 September 2022. |
It has been confirmed with the directors that since the year end date all creditor and debtor balances have been settled with the exception of inter-company balances due to/from Hagans Leisure Limited. |