Company registration number 04403028 (England and Wales)
SWEETCOMBE COTTAGE HOLIDAYS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SWEETCOMBE COTTAGE HOLIDAYS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
SWEETCOMBE COTTAGE HOLIDAYS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
7,172
9,780
Tangible assets
4
55,348
37,573
Investments
5
2,081,862
1,941,666
2,144,382
1,989,019
Current assets
Stocks
100
100
Debtors
6
141,278
163,948
Cash at bank and in hand
1,156,932
1,010,388
1,298,310
1,174,436
Creditors: amounts falling due within one year
7
(778,742)
(698,563)
Net current assets
519,568
475,873
Total assets less current liabilities
2,663,950
2,464,892
Provisions for liabilities
(99,178)
(66,914)
Net assets
2,564,772
2,397,978
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
9
245,821
168,530
Distributable profit and loss reserves
2,318,851
2,229,348
Total equity
2,564,772
2,397,978
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SWEETCOMBE COTTAGE HOLIDAYS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
Mrs T J Gater
Mrs P Cochrane
Director
Director
Company registration number 04403028 (England and Wales)
SWEETCOMBE COTTAGE HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Sweetcombe Cottage Holidays Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 10, Alexandria Industrial Estate, Sidmouth, Devon, EX10 9HL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT. Agency commission and booking fees, in respect of holidaymaker letting of properties, are recognised when the entitlement to the income becomes unconditional, typically once the letting period has commenced.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
10% per annum on cost
Plant and equipment
25% per annum on net book value
Fixtures and fittings
25% per annum on net book value
Cycle to work scheme Bicycle
Straight line over the period of the scheme
Motor vehicles
25% per annum on net book value
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.
1.4
Fixed asset investments
Interests in subsidiaries are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. The securities in the investment portfolio have been revalued to their fair value using market information provided by the asset fund manager.
Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
SWEETCOMBE COTTAGE HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
11
9
SWEETCOMBE COTTAGE HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Intangible fixed assets
Goodwill
Website
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
22,322
10,432
32,754
Amortisation and impairment
At 1 April 2023
22,322
652
22,974
Amortisation charged for the year
2,608
2,608
At 31 March 2024
22,322
3,260
25,582
Carrying amount
At 31 March 2024
7,172
7,172
At 31 March 2023
9,780
9,780
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
33,110
128,692
161,802
Additions
31,274
31,274
At 31 March 2024
33,110
159,966
193,076
Depreciation and impairment
At 1 April 2023
16,555
107,674
124,229
Depreciation charged in the year
3,311
10,188
13,499
At 31 March 2024
19,866
117,862
137,728
Carrying amount
At 31 March 2024
13,244
42,104
55,348
At 31 March 2023
16,555
21,018
37,573
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,677,761
1,574,706
Other investments other than loans
404,101
366,960
2,081,862
1,941,666
SWEETCOMBE COTTAGE HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Fixed asset investments
(Continued)
- 6 -
Fixed asset investments revalued
The securities in the investment portfolio have been revalued to their fair value using market information provided by the asset fund manager. The investment in the subsidiary has been revalued using a valuation as at 31 March 2024, provided by an independent third party. The cost values at 31 March 2024 were £1,666,624 (2023: £1,661,030).
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2023
1,574,706
366,960
1,941,666
Additions
-
6,779
6,779
Valuation changes
103,055
26,093
129,148
Disposals
-
4,269
4,269
At 31 March 2024
1,677,761
404,101
2,081,862
Carrying amount
At 31 March 2024
1,677,761
404,101
2,081,862
At 31 March 2023
1,574,706
366,960
1,941,666
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
141,278
163,948
7
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
79,419
97,577
Other creditors
699,323
600,986
778,742
698,563
SWEETCOMBE COTTAGE HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
(4,632)
(3,245)
Investments
103,810
70,159
99,178
66,914
2024
Movements in the year:
£
Liability at 1 April 2023
66,914
Charge to profit or loss
32,264
Liability at 31 March 2024
99,178
The deferred tax liability set out above relates to fair value movements on listed and unlisted investments. The reversal of the liability is expected on disposal of the underlying investments.
9
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
168,530
131,629
Non distributable profits in the year
77,291
36,901
At the end of the year
245,821
168,530
Non-distributable reserves comprise revaluations of an investment in a subsidiary company, net of taxation.
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
5,100
4,800
SWEETCOMBE COTTAGE HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
11
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Connected company loan
During the year the company continued to extend a loan to a company with family connections to one of the directors. The loan balance of £75,000 (2023 - £75,000) was interest free, unsecured and deemed repayable on demand.
Advances to a participator
During the period advances were made from the company to a participator. At 31 March 2024 there was a balance of £14,826 (2023 - £23,532) owed back to the company. Interest was charged on outstanding balances at a rate of 2.25%. The advances were unsecured and deemed repayable on demand.
12
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Three directors
2.25
59,810
594,402
11,769
(621,504)
44,477
59,810
594,402
11,769
(621,504)
44,477
Advances to the directors were unsecured and repayable on demand.