Registration number:
Sandy Park Hotel Limited
for the Period from 1 July 2023 to 31 December 2023
Sandy Park Hotel Limited
(Registration number: 10667155)
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Sandy Park Hotel Limited
(Registration number: 10667155)
Company Information
Directors |
A G E Rowe CBE Hon LLD D H Langley C J Over LLB M A P Rowe |
Registered office |
|
Auditors |
|
Sandy Park Hotel Limited
(Registration number: 10667155)
Strategic Report for the Period from 1 July 2023 to 31 December 2023
The directors present their strategic report for the period from 1 July 2023 to 31 December 2023.
Principal activity
The principal activity of the company is the operation of Sandy Park Hotel.
Fair review of the business
The board of directors consider that the key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover and profit margins.
The company's key financial and other performance indicators during the period were as follows:
Financial KPIs |
Unit |
31 December 2023 |
30 June 2023 |
Turnover |
£ |
3,825,524 |
5,917,237 |
Turnover growth * |
% |
29 |
74 |
Gross profit margin |
% |
50 |
40 |
* - Turnover growth has been calculated on a pro-rata basis due to the short period of account for the current period.
Principal risks and uncertainties
The board of directors undertake a regular review of the company have identified that the principal risks faced by Sandy Park Hotel Limited relate to competition and the effects of the current economic climate.
Approved and authorised by the
......................................... |
Sandy Park Hotel Limited
(Registration number: 10667155)
Directors' Report for the Period from 1 July 2023 to 31 December 2023
The directors present their report and the financial statements for the period from 1 July 2023 to 31 December 2023.
Directors of the company
The directors who held office during the period were as follows:
Financial instruments
Objectives and policies
The company's principal financial instruments comprise the bank balance, trade creditors, trade debtor and bank borrowings. The main purpose of these instruments is to raise funds for the company's operations.
Price risk, credit risk, liquidity risk and cash flow risk
The company's approach to managing risks applicable to the financial instruments is shown below.
In respect of the bank balance, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of bank borrowings at various rates of interest.
Trade debtors are managed in respect of credit and cash flow by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.
Trade creditors liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due.
Future developments
The directors do not envisage the business of the company changing in the foreseeable future, but continually look for opportunities for further expansion.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Sandy Park Hotel Limited
(Registration number: 10667155)
Directors' Report for the Period from 1 July 2023 to 31 December 2023
Approved and authorised by the
......................................... |
Sandy Park Hotel Limited
(Registration number: 10667155)
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report 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 apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
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 and in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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.
Sandy Park Hotel Limited
(Registration number: 10667155)
Independent Auditor's Report to the Members of Sandy Park Hotel Limited
Opinion
We have audited the financial statements of Sandy Park Hotel Limited (the 'company') for the period from 1 July 2023 to 31 December 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 December 2023 and of its loss for the period 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 auditor 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
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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.
Sandy Park Hotel Limited
(Registration number: 10667155)
Independent Auditor's Report to the Members of Sandy Park Hotel Limited
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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter 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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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 5], 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 is 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.
Auditor 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 an auditor’s report 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.
Sandy Park Hotel Limited
(Registration number: 10667155)
Independent Auditor's Report to the Members of Sandy Park Hotel Limited
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The extent to which the audit was considered capable of detecting irregularities including fraud
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 and experience of the hospitality 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, data protection, anti-bribery, employment, environmental, fire safety, Licensing Act 2003 and health and safety legislation; |
• |
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing licenses, certificates and relevant correspondence including the inspection of 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. |
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 were indicative of potential bias; and |
• |
investigated the rationale behind significant or unusual transactions. |
Sandy Park Hotel Limited
(Registration number: 10667155)
Independent Auditor's Report to the Members of Sandy Park Hotel 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 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 is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 an auditor’s report 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
1 Colleton Crescent
Devon
EX2 4DG
Sandy Park Hotel Limited
(Registration number: 10667155)
Profit and Loss Account for the Period from 1 July 2023 to 31 December 2023
Note |
31 December |
30 June |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating loss |
( |
( |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
Loss before tax |
( |
( |
|
Taxation |
- |
|
|
Loss for the financial period |
( |
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the period other than the results above.
Statement of Comprehensive Income for Period from 1 July 2023 to 31 December 2023
31 December |
30 June |
|
Loss for the period |
( |
( |
Total comprehensive income for the period |
( |
( |
Sandy Park Hotel Limited
(Registration number: 10667155)
Balance Sheet as at 31 December 2023
Note |
31 December |
30 June |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Capital contribution reserve |
|
|
|
Profit and loss account |
( |
( |
|
Total equity |
|
|
Approved and authorised by the
......................................... |
Sandy Park Hotel Limited
(Registration number: 10667155)
Statement of Changes in Equity for the Period from 1 July 2023 to 31 December 2023
Share capital |
Other reserves |
Retained earnings |
Total |
|
At 1 July 2023 |
|
|
( |
|
Loss for the period |
- |
- |
( |
( |
Other share capital movements |
3,000,000 |
- |
- |
3,000,000 |
Other movements on reserves |
- |
(5,035,494) |
- |
(5,035,494) |
At 31 December 2023 |
|
|
( |
|
Share capital |
Other reserves |
Retained earnings |
Total |
|
At 1 July 2022 |
|
|
( |
|
Loss for the period |
- |
- |
( |
( |
New share capital subscribed |
|
- |
- |
|
Other share capital movements |
3,000,000 |
- |
- |
3,000,000 |
Other movements on reserves |
- |
(6,000,000) |
- |
(6,000,000) |
At 30 June 2023 |
|
|
( |
|
Sandy Park Hotel Limited
(Registration number: 10667155)
Statement of Cash Flows for the Period from 1 July 2023 to 31 December 2023
Note |
2023 |
2023 |
|
Cash flows from operating activities |
|||
Loss for the period |
( |
( |
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
- |
( |
|
|
( |
||
Working capital adjustments |
|||
Decrease in stocks |
|
|
|
Decrease in trade debtors |
|
|
|
Increase in trade creditors |
|
|
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
- |
|
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from issue of ordinary shares, net of issue costs |
- |
|
|
Repayment of bank borrowing |
( |
( |
|
Proceeds from issue of preference shares, net of issue costs |
3,000,000 |
3,000,000 |
|
Repayment of capital contribution |
(3,000,000) |
(3,000,000) |
|
Net cash flows from financing activities |
( |
( |
|
Net decrease in cash and cash equivalents |
( |
( |
|
Cash and cash equivalents at 1 July |
|
|
|
Cash and cash equivalents at 31 December |
190,547 |
430,036 |
Sandy Park Hotel Limited
(Registration number: 10667155)
Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
Disclosure of long or short period
Going concern
The directors are pleased to see the continued growth of the hotel in the period ended 31 December 2023. The directors work closely with Marriott Hotels Ltd who manage the hotel, and Marriott Hotels Ltd have produced forecasted projections to 31 December 2025 that demonstrate the continued growth of the hotel as the hotel matures, that are based on Marriott Hotels Ltd's experience in developing and running hotels across the country.
In addition to the above, the directors are in regular contact with NatWest, who provided the financing for the original construction of the hotel and the shareholders of Sandy Park Hotel Limited have indicated continued financial support when needed as the hotel continues to strive towards maturity status.
Based on this, the directors consider it appropriate that the financial statements are prepared on a going concern basis.
Sandy Park Hotel Limited
(Registration number: 10667155)
Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2023
Key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing material adjustments to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Useful economic lives and residual values of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation and the physical condition of the assets. See note 11 for the carrying amount of the tangible fixed assets.
Revenue recognition
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. 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.
Accommodation revenue is recognised when a room is occupied; food and beverage sales are recognised when the goods are sold; sundry and other incomes are recognised at the point of sale.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Sandy Park Hotel Limited
(Registration number: 10667155)
Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2023
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.
Borrowing costs are capitalised where they are directly attributable to the acquisition, construction or production of a qualifying asset.
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 |
Freehold land |
Not depreciated |
Freehold buildings |
2% on cost |
Plant and machinery |
15% on cost |
Fixtures and fittings |
15% on cost |
Computer equipment |
25% on cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
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.
Sandy Park Hotel Limited
(Registration number: 10667155)
Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2023
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Preference shares that are non-redeemable, non-voting and non-interest bearing are also classified as equity.
Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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.
Sandy Park Hotel Limited
(Registration number: 10667155)
Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2023
Turnover |
The analysis of the company's Turnover for the period from continuing operations is as follows:
31 December |
30 June |
|
Food and beverage |
|
|
Hotel accommodation |
|
|
Other revenue |
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the period is as follows:
31 December |
30 June |
|
Miscellaneous other operating income |
|
|
Operating loss |
Arrived at after charging/(crediting)
31 December |
30 June |
|
Depreciation expense |
|
|
Operating lease expense - plant and machinery |
|
|
Other interest receivable and similar income |
31 December |
30 June |
|
Interest income on bank deposits |
|
|
Interest payable and similar expenses |
31 December |
30 June |
|
Interest on bank overdrafts and borrowings |
|
|
Interest expense on other finance liabilities |
|
|
Foreign exchange gains |
|
|
|
|
Sandy Park Hotel Limited
(Registration number: 10667155)
Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2023
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
31 December |
30 June |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including directors) during the period, analysed by category was as follows:
31 December |
30 June |
|
Administration and support |
|
|
Sales, marketing and distribution |
|
|
Other departments |
|
|
|
|
Auditors' remuneration |
31 December |
30 June |
|
Audit of the financial statements |
|
|
Sandy Park Hotel Limited
(Registration number: 10667155)
Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2023
Taxation |
Tax charged/(credited) in the profit and loss account
31 December |
30 June |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
- |
( |
The tax on profit before tax for the period is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
31 December |
30 June |
|
Loss before tax |
( |
( |
Corporation tax at standard rate |
( |
( |
Increase from tax losses for which no deferred tax asset was recognised |
|
|
Deferred tax credit from unrecognised temporary difference from a prior period |
( |
( |
Tax increase from effect of capital allowances and depreciation |
|
|
Total tax credit |
- |
( |
As of 1 April 2023, the main rate of UK corporation tax increased from 19% to 25%. The company's previous financial period straddled this date and a blended corporation tax was applied in the previous year.
Sandy Park Hotel Limited
(Registration number: 10667155)
Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2023
Deferred tax
Deferred tax assets and liabilities
31 December 2023 |
Asset |
Liability |
Differences between accumulated depreciation and capital allowances |
( |
- |
Accumulated tax losses |
|
- |
Other timing differences |
|
- |
|
- |
30 June 2023 |
Asset |
Liability |
Differences between accumulated depreciation and capital allowances |
( |
- |
Accumulated tax losses |
|
- |
Other timing differences |
|
- |
|
- |
The directors have considered the deferred tax assets and liabilities and concluded that due to the level of reversal being dependant on events which are not yet known, it is not possible to accurately state the estimated amounts which will reverse within the next 12 months. However it is considered that the vast majority of the balance will reverse over a preiod greater than 12 months after the year end.
Sandy Park Hotel Limited
(Registration number: 10667155)
Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2023
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 July 2023 |
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Additions |
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At 31 December 2023 |
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Depreciation |
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At 1 July 2023 |
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Charge for the period |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 30 June 2023 |
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Included within the net book value of land and buildings above is £35,663,714 (2023 - £35,826,093) in respect of freehold land and buildings.
Stocks |
31 December |
30 June |
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Other stocks |
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Sandy Park Hotel Limited
(Registration number: 10667155)
Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2023
Debtors |
Note |
31 December |
30 June |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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Deferred tax assets |
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Less non-current portion |
( |
( |
|
Total current trade and other debtors |
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Details of non-current trade and other debtors
£531,989 (2023 -£531,989) of debtors is classified as non-current. This balance is in relation to the deferred tax asset.
Cash and cash equivalents |
31 December |
30 June |
|
Cash on hand |
|
|
Cash at bank |
|
|
|
|
|
Bank overdrafts |
( |
- |
Cash and cash equivalents in statement of cash flows |
190,547 |
430,036 |
Creditors |
Note |
31 December |
30 June |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Social security and other taxes |
|
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Outstanding defined contribution pension costs |
- |
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Other creditors |
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Accruals |
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Corporation tax liability |
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Sandy Park Hotel Limited
(Registration number: 10667155)
Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2023
Note |
31 December |
30 June |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
31 December |
30 June |
|
Current loans and borrowings |
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Bank borrowings |
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|
Bank overdrafts |
|
- |
Other borrowings |
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- |
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|
31 December |
30 June |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
- |
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Bank borrowings
The loans are secured by way of a fixed and floating charge over the assets of the company. |
Included in the loans and borrowings are the following amounts due after more than five years:
31 December |
30 June |
|
After more than five years by instalments |
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|
- |
- |
Sandy Park Hotel Limited
(Registration number: 10667155)
Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2023
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
31 December |
30 June |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
- |
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the period was £
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £Nil (2023 - £
Share capital |
Allotted, called up and fully paid shares
31 December |
30 June |
|||
No. |
£ |
No. |
£ |
|
|
|
313 |
|
313 |
|
|
300 |
|
300 |
|
|
6,000,000 |
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3,000,000 |
|
|
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New shares allotted
During the period 3,000,000 |
Sandy Park Hotel Limited
(Registration number: 10667155)
Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2023
Rights, preferences and restrictions
Ordinary A have the following rights, preferences and restrictions: |
Ordinary B have the following rights, preferences and restrictions: |
Preference have the following rights, preferences and restrictions: |
Reserves |
Called up share capital
Called up share capital represents the nominal value of the shares issued.
Profit and loss account
Profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.
Capital contribution reserve
Capital contribution reserve represents the accumulated capital contributions made to the company by shareholders.
Analysis of changes in net debt |
At 1 July 2023 |
Financing cash flows |
At 31 December 2023 |
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Cash and cash equivalents |
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Cash |
430,036 |
(127,010) |
303,026 |
Overdrafts |
- |
(112,479) |
(112,479) |
430,036 |
(239,489) |
190,547 |
|
Borrowings |
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Long term borrowings |
(19,356,981) |
228,942 |
(19,128,039) |
( |
( |
( |
|
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Sandy Park Hotel Limited
(Registration number: 10667155)
Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2023
Related party transactions |
Income and receivables from related parties
31 December 2023 |
Other group entities |
Amounts receivable from related party |
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|
30 June 2023 |
Other group entities |
Receipt of services |
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Expenditure with and payables to related parties
31 December 2023 |
Entities with joint control or significant influence |
Other group entities |
Rendering of services |
- |
|
Amounts payable to related party |
|
- |
|
30 June 2023 |
Entities with joint control or significant influence |
Other group entities |
Rendering of services |
- |
|
Amounts payable to related party |
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|
|
Loans to related parties
31 December 2023 |
Other group entities |
Total |
At start of period |
( |
( |
Advanced |
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|
At end of period |
( |
( |
|
30 June 2023 |
Other group entities |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
( |
( |
|
Terms of loans to related parties
Sandy Park Hotel Limited
(Registration number: 10667155)
Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2023
Loans from related parties
31 December 2023 |
Entities with joint control or significant influence |
Key management |
Total |
At start of period |
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|
|
Advanced |
|
|
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Repaid |
( |
- |
( |
At end of period |
|
|
|
|
30 June 2023 |
Entities with joint control or significant influence |
Key management |
Total |
At start of period |
- |
|
|
Advanced |
|
|
|
At end of period |
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Terms of loans from related parties
Summary of transactions with entities with joint control or significant interest
In addition to the above transactions, the company continued to receive a capital contribution from Exeter Rugby Group Plc, an entity with significant influence. At the year end, the balance due to Exeter Rugby Group Plc was £9,869,568 consisting of a capital contribution of £4,834,074 (30 June 2023: £9,869,568) and scheduled repayments included within current liabilities of £5,035,494 (30 June 2023: £3,000,000). No interest is payable on these amounts. The capital contribution is classed as equity due to the terms of the contribution which require repayment only on sale of the hotel by Sandy Park Hotel Limited. The capital contribution is secured against a charge over all freehold and leasehold land and property owned by Sandy Park Hotel Limited.
Parent and ultimate parent undertaking |
The ultimate controlling party is
Sandy Park Hotel Limited
(Registration number: 10667155)
Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2023
Non adjusting events after the financial period |
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