Silverfin false false 31/12/2023 01/01/2023 31/12/2023 I J Clapp 06/11/2018 24 September 2024 The principal activity of the Company during the financial year was the sale and rental of lodges and development of the lodge park site. 11662454 2023-12-31 11662454 bus:Director1 2023-12-31 11662454 2022-12-31 11662454 core:CurrentFinancialInstruments 2023-12-31 11662454 core:CurrentFinancialInstruments 2022-12-31 11662454 core:Non-currentFinancialInstruments 2023-12-31 11662454 core:Non-currentFinancialInstruments 2022-12-31 11662454 core:ShareCapital 2023-12-31 11662454 core:ShareCapital 2022-12-31 11662454 core:RetainedEarningsAccumulatedLosses 2023-12-31 11662454 core:RetainedEarningsAccumulatedLosses 2022-12-31 11662454 core:LandBuildings 2022-12-31 11662454 core:PlantMachinery 2022-12-31 11662454 core:LandBuildings 2023-12-31 11662454 core:PlantMachinery 2023-12-31 11662454 core:CurrentFinancialInstruments core:Secured 2023-12-31 11662454 2023-01-01 2023-12-31 11662454 bus:FilletedAccounts 2023-01-01 2023-12-31 11662454 bus:SmallEntities 2023-01-01 2023-12-31 11662454 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 11662454 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11662454 bus:Director1 2023-01-01 2023-12-31 11662454 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 11662454 2022-01-01 2022-12-31 11662454 core:LandBuildings 2023-01-01 2023-12-31 11662454 core:PlantMachinery 2023-01-01 2023-12-31 11662454 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 11662454 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 11662454 (England and Wales)

ROOKERY MANOR LODGES LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

ROOKERY MANOR LODGES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

ROOKERY MANOR LODGES LIMITED

BALANCE SHEET

As at 31 December 2023
ROOKERY MANOR LODGES LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 84,777 28,137
Investment property 4 691,719 659,316
776,496 687,453
Current assets
Stocks 477,074 474,102
Debtors 5 1,400,980 193,316
Cash at bank and in hand 119,227 38,014
1,997,281 705,432
Creditors: amounts falling due within one year 6 ( 2,143,084) ( 345,343)
Net current (liabilities)/assets (145,803) 360,089
Total assets less current liabilities 630,693 1,047,542
Creditors: amounts falling due after more than one year 7 ( 288,021) ( 594,640)
Provision for liabilities ( 33,583) ( 19,642)
Net assets 309,089 433,260
Capital and reserves
Called-up share capital 1 1
Profit and loss account 309,088 433,259
Total shareholder's funds 309,089 433,260

Provisions for liabilities relates to deferred tax only.

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.

Director's responsibilities:

The financial statements of Rookery Manor Lodges Limited (registered number: 11662454) were approved and authorised for issue by the Director on 24 September 2024. They were signed on its behalf by:

I J Clapp
Director
ROOKERY MANOR LODGES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
ROOKERY MANOR LODGES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Rookery Manor Lodges Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net assets of £336,953. The Company is supported through loans from external lenders. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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 and letting income in respect of holiday accommodation. 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost
At 01 January 2023 0 29,066 29,066
Additions 16,212 53,147 69,359
Disposals 0 ( 9,689) ( 9,689)
At 31 December 2023 16,212 72,524 88,736
Accumulated depreciation
At 01 January 2023 0 929 929
Charge for the financial year 0 3,185 3,185
Disposals 0 ( 155) ( 155)
At 31 December 2023 0 3,959 3,959
Net book value
At 31 December 2023 16,212 68,565 84,777
At 31 December 2022 0 28,137 28,137

4. Investment property

Investment property
£
Valuation
As at 01 January 2023 659,316
Additions 252,108
Disposals (219,705)
As at 31 December 2023 691,719

Valuation

Investment properties were revalued on 31 December 2023 by the director who is internal to the company. The basis of the valuation was open market value.

5. Debtors

2023 2022
£ £
Trade debtors 15,243 5,000
Amounts owed by Group undertakings 1,374,081 121,344
Other debtors 11,656 66,972
1,400,980 193,316

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 100,444 114,485
Other loans (secured £ 1,835,000) 1,867,000 55,403
Accruals and deferred income 4,816 14,524
Taxation and social security 3,577 39,971
Payments received on account 16,500 10,000
Obligations under finance leases and hire purchase contracts (secured) 85,456 110,961
Other creditors 65,291 ( 1)
2,143,084 345,343

Hire purchase obligations are secured over the assets to which they relate.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other loans (secured) 89,583 56,628
Obligations under finance leases and hire purchase contracts (secured) 198,438 538,012
288,021 594,640

Hire purchase obligations are secured over the assets to which they relate.

Included within other loans are loans from commercial lenders totalling £1,924,538 which are secured by way of fixed and floating charges over company assets and assets owned personally by the director

8. Financial commitments

Commitments

Lease commitments totalling £365,912 are secured by way of a corporate guarantee from IKC Assets Limited and a personal guarantee from the director.

9. Related party transactions

Other related party transactions

The company has given a guarantee to Shire Leasing Plc in relation to loans taken out by Rookery Manor Limited to the value of £91,667.
The company has given a guarantee to Shire Leasing Plc in relation to loans taken out by IKC Assets Limited to the value of £93,333.