REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
Black Sheep Adventures Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
Black Sheep Adventures Limited |
Black Sheep Adventures Limited (Registered number: SC700030) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Black Sheep Adventures Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Ground Floor |
Hygeia Building |
66-68 College Road |
Harrow |
Middlesex |
HA1 1BE |
Black Sheep Adventures Limited (Registered number: SC700030) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Black Sheep Adventures Limited (Registered number: SC700030) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Black Sheep Adventures LImited is a private company, limited by shares, registered in Scotland. The company's registered number and registered office address can be found on the Company Information page. The company changed its name from Glengarry Timber Limited on 12 July 2022. |
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. |
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 |
Plant and machinery etc | - |
Financial instruments |
Classification |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties. |
Recognition and measurement |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other |
debtors and creditors, are initially measured at present value of the future cash flows and subsequently at |
amortised cost using the effective interest method. |
Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
Impairment |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account. |
For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an |
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Black Sheep Adventures Limited (Registered number: SC700030) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period 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 period 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. |
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 |
The directors have prepared the financial statement on a going concern basis. The basis is considered appropriate as the intermediate parent company, Mars Hospitality (UK) Limited, has confirmed that it will provide financial and operating support to enable the company to continue trading and meeting it's liabilities as they fall due. |
Cash & 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 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. |
Share capital |
Ordinary shares are 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Black Sheep Adventures Limited (Registered number: SC700030) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Amounts owed by group company |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Black Sheep Adventures Limited (Registered number: SC700030) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | RELATED PARTY DISCLOSURES |
At the year end, the amounts owed to and from the other companies within the group was as follows. It should be noted that all amounts are interest free and repayable on demand. |
The company owed a loan balance of £191,500 (2023: £82,000) to Mars Hospitality (UK) Ltd, (the company's parent company). This loan is secured by way of a floating charge over the Company's entire property. The company was owed a balance of £716 (2023: £5,292) by Mars Hospitality (UK) Ltd for expenses paid on their behalf. |
The Company owed BLack Sheep Management Services Limited £nil (2023: £205) for expenses paid on its behalf. |
The company was owed £5,977 (2023: £nil) by Black Sheep Management Services Limited, a fellow subsidiary for expenses paid on their behalf. |
9. | ULTIMATE CONTROLLING PARTY |
The company is a 100% subsidiary of Mars Hospitality (UK) Ltd. The ultimate holding company is Mars Enterprises & Hospitality Pvt Ltd, a company registered in India. |
The smallest and the largest group for which consolidated financial statements are prepared, is that group headed by the ultimate parent undertaking , Mars Enterprises & Hospitality Pvt Ltd. Copies of these accounts can be obtained from Mars Enterprises & Hospitality Private Limited, Georgina C, Sherly Rajan Road, Bandra West, Mumbai 400 050, Maharashtra, India. |