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REGISTERED NUMBER: 01325054 (England and Wales)













Unaudited Financial Statements

for the Year Ended 30 April 2024

for

Downs Holdings Limited

Downs Holdings Limited (Registered number: 01325054)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Downs Holdings Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: Mrs A Downs
Mr S M Downs





SECRETARY: Mr S M Downs





REGISTERED OFFICE: 3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX





REGISTERED NUMBER: 01325054 (England and Wales)





ACCOUNTANTS: Anderson Barrowcliff Limited
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

Downs Holdings Limited (Registered number: 01325054)

Statement of Financial Position
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,086,108 4,163,025

CURRENT ASSETS
Stocks 23,684 30,688
Debtors 5 446,735 632,775
Cash at bank and in hand 45,354 241,726
515,773 905,189
CREDITORS
Amounts falling due within one year 6 3,661,580 3,945,127
NET CURRENT LIABILITIES (3,145,807 ) (3,039,938 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

940,301

1,123,087

CREDITORS
Amounts falling due after more than one
year

7

132,767

17,802
NET ASSETS 807,534 1,105,285

CAPITAL AND RESERVES
Called up share capital 9 25,000 25,000
Retained earnings 782,534 1,080,285
SHAREHOLDERS' FUNDS 807,534 1,105,285

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Downs Holdings Limited (Registered number: 01325054)

Statement of Financial Position - continued
30 April 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 January 2025 and were signed on its behalf by:





Mr S M Downs - Director


Downs Holdings Limited (Registered number: 01325054)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Downs Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and the Republic of Ireland" (FRS102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the company.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going Concern
The company directors are of the opinion that the company is a going concern. This is on the basis that the bank continues to support the company with its current loan facility. However we have not received confirmation of this support.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts in respect of the sale of goods and services.

Grants received
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - Between 1% and 1 1/3% on cost
Plant, machinery, fixtures & fittings - Between 10% and 15% on cost
Computer equipment - 25% on cost

Fixed assets are stated at cost net of depreciation and any provision for impairment.

Depreciation is not provided on freehold land.

The company capitalises directly attributable finance costs on tangible fixed assets in the course of construction. Rates of capitalisation depend on whether a specific loan has been taken out (when the actual interest rate and interest paid are used), or whether the construction has been financed by general borrowings. Other directly attributable finance costs actually incurred are also capitalised where appropriate.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.


Downs Holdings Limited (Registered number: 01325054)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year 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 statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates defined contribution pension schemes. Contributions are charged to the Profit and Loss as they accrue.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss.

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.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

Judgements and key sources of estimation uncertainty
In the application of the companies accounting policies, which are described above, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Downs Holdings Limited (Registered number: 01325054)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 75 (2023 - 129 ) .

4. TANGIBLE FIXED ASSETS
Plant,
machinery,
Freehold fixtures Computer
property & fittings equipment Totals
£    £    £    £   
COST
At 1 May 2023 7,147,018 1,410,019 6,623 8,563,660
Additions - 775 - 775
At 30 April 2024 7,147,018 1,410,794 6,623 8,564,435
DEPRECIATION
At 1 May 2023 3,252,081 1,144,557 3,997 4,400,635
Charge for year 42,617 34,243 832 77,692
At 30 April 2024 3,294,698 1,178,800 4,829 4,478,327
NET BOOK VALUE
At 30 April 2024 3,852,320 231,994 1,794 4,086,108
At 30 April 2023 3,894,937 265,462 2,626 4,163,025

Included in freehold land & buildings is land valued at £500,000 (2023 : £500,000) which is not depreciated.

Included within freehold land and buildings cost carried forward are finance and related costs of £240,348 (2023 : £240,348) which were capitalised during the construction of the expansion at Gomersal.

The freehold property has been pledged to secure the borrowings of the company (see note 11).

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant,
machinery,
fixtures
& fittings
£   
COST
At 1 May 2023
and 30 April 2024 31,892
DEPRECIATION
At 1 May 2023 5,754
Charge for year 3,189
At 30 April 2024 8,943
NET BOOK VALUE
At 30 April 2024 22,949
At 30 April 2023 26,138

Downs Holdings Limited (Registered number: 01325054)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 37,624 63,358
Other debtors 409,111 569,417
446,735 632,775

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 2,799,911 2,864,115
Hire purchase contracts 6,638 5,970
Trade creditors 110,817 201,390
Taxation and social security 20,898 110,559
Other creditors 723,316 763,093
3,661,580 3,945,127

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 107,941 -
Hire purchase contracts 11,163 17,802
Payment received on account 13,663 -
132,767 17,802

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 2,907,852 2,864,115
Hire purchase contracts 17,801 23,772
2,925,653 2,887,887

The bank loans are secured by charges over Gomersal Park Hotel and on a Scottish Equitable life insurance policy in the name of S M Downs.

The hire purchase and finance lease liabilities are secured on the assets to which they relate.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
25,000 Ordinary £1 25,000 25,000

Downs Holdings Limited (Registered number: 01325054)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to the directors subsisted during the years ended 30 April 2024 and 30 April 2023:

20242023
££
Balance outstanding at start of year111,546203,239
Amounts advanced--
Amounts repaid(102,173)(91,693)
Balance outstanding at end of year9,373111,546

The loans to/from the directors are repayable on demand and interest free.

11. RELATED PARTY DISCLOSURES

At the year end, included in other debtors is an employee loan of £244,101 (2023 - £246,249) to Mrs S Downs, the wife of Mr SM Downs, a Director of the company. The interest free loan has no formal repayment terms and is repayable on demand.

Included within other creditors is money due to related parties being the shareholders and related parties of the shareholders. The amount owed at the balance sheet date is £145,000 (2023 : £145,000). This amount is interest free, has no formal repayment terms and is repayable on demand.

12. CONTROL RELATIONSHIP

The Directors have determined that there is no controlling party as no individual shareholder is considered to hold a controlling interest in the Company.