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REGISTERED NUMBER: 08512961 (England and Wales)











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: G M Knowles
R F Laycock



REGISTERED OFFICE: Karma Salford Hall
Abbots Salford
Evesham
WR11 8UT



REGISTERED NUMBER: 08512961 (England and Wales)



SENIOR STATUTORY AUDITOR: Julian Wyncoll ACA



AUDITORS: Tile & Co
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 4 214,818 128,334

CURRENT ASSETS
Stocks 62,736 48,931
Debtors 5 1,048,392 399,082
Cash at bank and in hand 44,628 41,747
1,155,756 489,760
CREDITORS
Amounts falling due within one year 6 4,424,294 3,195,529
NET CURRENT LIABILITIES (3,268,538 ) (2,705,769 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,053,720

)

(2,577,435

)

CREDITORS
Amounts falling due after more than one
year

7

14,167

24,167
NET LIABILITIES (3,067,887 ) (2,601,602 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (3,067,987 ) (2,601,702 )
SHAREHOLDERS' FUNDS (3,067,887 ) (2,601,602 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 24 September 2024 and were signed on its behalf by:





R F Laycock - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 20% on cost

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 54 (2022 - 47 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 775,250
Additions 139,589
At 31 December 2023 914,839
DEPRECIATION
At 1 January 2023 646,916
Charge for year 53,105
At 31 December 2023 700,021
NET BOOK VALUE
At 31 December 2023 214,818
At 31 December 2022 128,334

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 111,939 75,787
Amounts owed by participating interests 848,389 254,429
Other debtors 88,064 68,866
1,048,392 399,082

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 10,060 10,000
Trade creditors 479,610 385,617
Amounts owed to associates 3,468,226 2,239,540
Taxation and social security 251,384 365,791
Other creditors 215,014 194,581
4,424,294 3,195,529

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 14,167 24,167

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 Mr J A Spence.