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Registration number: SC377723

Five Sisters Zoo Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Five Sisters Zoo Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Five Sisters Zoo Limited

Company Information

Directors

Mr B B Curran

Mrs S B Curran

Company secretary

Mrs S B Curran

Registered office

 

Davidde
Gavieside
West Calder
West Lothian
EH55 8PT

Accountants

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Five Sisters Zoo Limited

(Registration number: SC377723)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,731,802

1,740,424

Current assets

 

Stocks

5

21,683

21,683

Debtors

6

168,160

103,214

Cash at bank and in hand

 

16,888

481,062

 

206,731

605,959

Creditors: Amounts falling due within one year

7

(754,287)

(719,730)

Net current liabilities

 

(547,556)

(113,771)

Total assets less current liabilities

 

1,184,246

1,626,653

Creditors: Amounts falling due after more than one year

7

(947,328)

(1,104,014)

Provisions for liabilities

(119,798)

(117,187)

Net assets

 

117,120

405,452

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

117,020

405,352

Shareholders' funds

 

117,120

405,452

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

 

Five Sisters Zoo Limited

(Registration number: SC377723)
Balance Sheet as at 30 September 2023

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.

Approved and authorised by the Board on 7 October 2024 and signed on its behalf by:
 

.........................................
Mr B B Curran
Director

 

Five Sisters Zoo Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Davidde
Gavieside
West Calder
West Lothian
EH55 8PT

These financial statements were authorised for issue by the Board on 7 October 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

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.

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

Revenue recognition

Turnover comprises the fair value of the consideration derived from running a zoological park. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

 

Five Sisters Zoo Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £200 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

5% straight line

Furniture, fittings and equiment

20% straight line

Motor vehicles

33% straight line

Other tangible assets

25% straight line

 

Five Sisters Zoo Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Five Sisters Zoo Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 68 (2022 - 68).

 

Five Sisters Zoo Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2022

1,293,179

3,181,421

85,333

184,908

4,744,841

Additions

15,721

377,519

27,500

9,750

430,490

At 30 September 2023

1,308,900

3,558,940

112,833

194,658

5,175,331

Depreciation

At 1 October 2022

317,014

2,478,316

68,654

140,433

3,004,417

Charge for the year

64,777

339,732

14,579

20,024

439,112

At 30 September 2023

381,791

2,818,048

83,233

160,457

3,443,529

Carrying amount

At 30 September 2023

927,109

740,892

29,600

34,201

1,731,802

At 30 September 2022

976,165

703,105

16,679

44,475

1,740,424

Included within the net book value of land and buildings above is £927,108 (2022 - £976,164) in respect of freehold land and buildings.
 

 

Five Sisters Zoo Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

5

Stocks

2023
£

2022
£

Stock

21,683

21,683

6

Debtors

2023
£

2022
£

Prepayments

20,295

8,079

Other debtors

147,865

95,135

168,160

103,214

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

298,742

205,785

Trade creditors

 

196,643

129,486

Taxation and social security

 

163,130

206,889

Accruals and deferred income

 

4,416

130,019

Other creditors

 

91,356

47,551

 

754,287

719,730

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

947,328

1,104,014

 

Five Sisters Zoo Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

907,973

1,097,514

Hire purchase contracts

39,355

6,500

947,328

1,104,014

Current loans and borrowings

2023
£

2022
£

Bank borrowings

190,163

190,785

Bank overdrafts

72,664

-

Hire purchase contracts

35,915

15,000

298,742

205,785

Bank borrowings

.

The Royal Bank of Scotland have the following guarantees:
- Bond and floating charge over all assets held by Five Sisters Zoo Limited
- 1st standard security over all assets held by Five Sisters Zoo Limited
- Guarantee of £1,472,087 held by Land and Utility

Supported by:
- Bond and floating charge over all assets held by Land and Utility Limited
- Guarantee of £1,472,087 from Mr B Curran and Mrs S Curran

Supported by:
- 1st standard security from Mr B Curran and Mrs S Curran over House and Yard at Gavieside, Polbeth, West Calder, West Lothian
- 1st standard security from Mr B Curran and Mrs S Curran over land at Gavieside, Polbeth, West Calder, West Lothian

The CBILS bank loan is supported by a 100% guarantee from the UK Government.

 

Five Sisters Zoo Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

26,000

26,000

Contributions paid to money purchase schemes

795

-

26,795

26,000

The company operates a loan account with Land and Utility Limited, the subsidiary company.
During the year, the company purchased services totalling £0 (2022 - £39,053) from Land and Utility Limited. This was conducted under normal commercial terms.
During the year, Land and Utility Limited advanced loans totalling £43,640 to the company. At the year end, the balance due to Land and Utility Limited was £88,401 (2022 - £44,762). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with Curran and Curran Limited, the parent company.
During the year, the company advanced loans totalling £34,783 to Curran and Curran Limited. At the year end, the balance due from Curran and Curran Limited was £123,566 (2022 - £88,783). This loan is unsecured, interest free and has no fixed repayment terms.

 

11

Parent and ultimate parent undertaking

The ultimate controlling party is Mr B B Curran and Mrs S B Curran.