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Company No: 06736853 (England and Wales)

SOUTH SANDS HOTEL LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

SOUTH SANDS HOTEL LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

SOUTH SANDS HOTEL LIMITED

BALANCE SHEET

As at 29 February 2024
SOUTH SANDS HOTEL LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 10,292 14,252
Tangible assets 4 2,704,084 2,722,166
2,714,376 2,736,418
Current assets
Stocks 5 33,429 28,783
Debtors 6 332,965 182,388
Cash at bank and in hand 92,823 148,934
459,217 360,105
Creditors: amounts falling due within one year 7 ( 1,075,105) ( 1,069,891)
Net current liabilities (615,888) (709,786)
Total assets less current liabilities 2,098,488 2,026,632
Creditors: amounts falling due after more than one year 8 ( 2,000,000) ( 2,000,000)
Net assets 98,488 26,632
Capital and reserves
Called-up share capital 100 100
Profit and loss account 98,388 26,532
Total shareholder's funds 98,488 26,632

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of South Sands Hotel Limited (registered number: 06736853) were approved and authorised for issue by the Board of Directors on 05 November 2024. They were signed on its behalf by:

S J Ball
Director
SOUTH SANDS HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
SOUTH SANDS HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
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

South Sands Hotel 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 Bolt Head, Salcombe, TQ8 8LL, 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net current liabilities at the Balance Sheet date. The Company is supported through loans from other companies controlled by the shareholder who has confirmed that the loan facilities will continue to be available as required and will continue to support the Company. The directors are resolved to take responsible steps to ensure that capital and other financing continues to be in place so as to enable the Company to meet its obligations as they fall due and to execute the strategy of the company. The directors see no reason why the company should not continue in operational existence for the foreseeable future. On this basis and on the continuing support of the shareholder, the directors have adopted the going concern basis in preparing the Company's financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The Company recognises revenue when goods and services have been provided. Deposits received in advance are included within other creditors on the balance sheet.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs 4 years straight line
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 50 years straight line
Vehicles 4 years straight line
Fixtures and fittings 4 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.

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.

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
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. 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.

Ordinary share capital

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

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 48 44

3. Intangible assets

Website costs Total
£ £
Cost
At 01 March 2023 19,840 19,840
At 29 February 2024 19,840 19,840
Accumulated amortisation
At 01 March 2023 5,588 5,588
Charge for the financial year 3,960 3,960
At 29 February 2024 9,548 9,548
Net book value
At 29 February 2024 10,292 10,292
At 28 February 2023 14,252 14,252

4. Tangible assets

Land and buildings Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 March 2023 3,223,949 165,058 1,819,899 5,208,906
Additions 80,645 0 6,438 87,083
At 29 February 2024 3,304,594 165,058 1,826,337 5,295,989
Accumulated depreciation
At 01 March 2023 616,799 158,391 1,711,550 2,486,740
Charge for the financial year 50,797 2,500 51,868 105,165
At 29 February 2024 667,596 160,891 1,763,418 2,591,905
Net book value
At 29 February 2024 2,636,998 4,167 62,919 2,704,084
At 28 February 2023 2,607,150 6,667 108,349 2,722,166

The net book value of land and buildings shown above includes £2,482,289 (2023 - £2,536,570) that relates to freehold land and buildings and £148,492 (2023 - £70,580) that relates to leasehold buildings.

5. Stocks

2024 2023
£ £
Stocks 33,429 28,783

6. Debtors

2024 2023
£ £
Prepayments 4,441 10,230
Other taxation and social security 5,681 0
Other debtors 322,843 172,158
332,965 182,388

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 45,892 69,231
Corporation tax 36,918 54,258
Other taxation and social security 42,003 56,771
Other creditors 950,292 889,631
1,075,105 1,069,891

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

2024 2023
£ £
Bank loans (secured) 2,000,000 2,000,000

Bank borrowings are secured by way of fixed and floating charges over all the property, assets and undertakings of the Company.

9. Related party transactions

Transactions with owners holding a participating interest in the entity

Within these financial statements, there is a balance of £715,302 (2023 - £635,000) owed to Companies controlled by D G Noble and a balance of £311,251 (2023 - £160,683) owed by Companies controlled by D Noble. These loans are interest free and repayable on demand.

During the year the Company paid rent of £12,000 (2023 - £24,000) to D G Noble.