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Registration number: 04395545

SNB Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 March 2024

 

SNB Holdings Limited

Contents

Company Information

1

Strategic Report

2

Director's Report

3 to 4

Statement of Director's Responsibilities

5

Independent Auditor's Report

6 to 9

Consolidated Profit and Loss Account

10

Consolidated Balance Sheet

11

Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Financial Statements

16 to 29

 

SNB Holdings Limited

Company Information

Director

Mr SN Bhattessa

Company secretary

Mr K Jegeswaran

Registered office

Marygreen Manor Hotel
London Road
Brentwood
CM14 4NR

Auditors

Xeinadin Audit Limited
Chartered Accountants and Statutory AuditorsLeavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

 

SNB Holdings Limited

Strategic Report for the Year Ended 31 March 2024

The director presents his strategic report for the year ended 31 March 2024.

Fair review of the business

The group owns and operates a luxury hotel in Brentwood, The Marygreen Manor Hotel.

The hotel have maintained their reputation for excellence as evidenced by the AA 4 star accreditation awarded to Marygreen Manor Hotel.

Following the sale of The Barn, the director is taking the opportunity to invest in The Marygreen Manor Hotel to further improve the facilities and other investment opportunities as they arise.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

3,058,095

4,158,071

Gross profit margin

%

25

41

Profit/(loss) before tax

£

(634,072)

(241,669)

At the end of the year, the net assets totalled £7,418,721 (2023: £8,201,408).

Principal risks and uncertainties

The directors themselves are aware and keep themselves informed about the current downturn in the global economy.

They have taken measures to mitigate risks and have further plans to manage the adverse effects that may impact on the hotel and leisure industry.

Approved and authorised by the director on 14 March 2025
 

.........................................
Mr K Jegeswaran
Company secretary

 

SNB Holdings Limited

Director's Report for the Year Ended 31 March 2024

The director presents his report and the for the year ended 31 March 2024.

Director of the group

The director who held office during the year was as follows:

Mr SN Bhattessa

Financial instruments

Objectives and policies

The company's principal financial instruments comprise bank balances, bank overdrafts and loans to the company. The main purpose of these loans is to raise funds for the company's operations and to finance the company's operations.

Due to the nature of the financial instruments used by the company, there is no exposure to price risk. The company's approach to managing other risks is applicable to the financial instruments concerned, is shown below.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between continuity of funding and flexibility through the use of overdrafts at floating rates of interest. Any excess funds are held on high interest deposit accounts.

In respect of loans, these comprise loans from financial institutions. The interest rates on the loans from institutions are variable but the monthly repayments are fixed. The company manages the liquidity risk by ensuring there are sufficient funds to meet the payments.

Price risk, credit risk, liquidity risk and cash flow risk

The business' principal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors and loans to the business. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debts. Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Loans comprise loans from the director and from financial institutions. The interest rate and monthly repayments on the loans from financial institutions are fixed. The business manages the liquidity risk by ensuring that there are sufficient funds to meet the payments.

Statement of director's responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

SNB Holdings Limited

Director's Report for the Year Ended 31 March 2024

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

Disclosure of information to the auditor

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Xeinadin Audit Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the director on 14 March 2025
 

.........................................
Mr K Jegeswaran
Company secretary

 

SNB Holdings Limited

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

SNB Holdings Limited

Independent Auditor's Report to the Members of SNB Holdings Limited

Opinion

We have audited the financial statements of SNB Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated 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 group's and the parent company's affairs as at 31 March 2024 and of the group's loss for the year 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 group 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 group'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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director 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.

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.

 

SNB Holdings Limited

Independent Auditor's Report to the Members of SNB Holdings Limited

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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Director's 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 Director's 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the statement of director's responsibilities [set out on page 3], the director is 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 director determines 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 director is responsible for assessing the group’s and the parent 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 director either intends to liquidate the group or the parent 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

SNB Holdings Limited

Independent Auditor's Report to the Members of SNB Holdings Limited

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 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
and data protection, anti-bribery, employment, environmental and health and safety legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries
of management and inspecting 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.

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.

 

SNB Holdings Limited

Independent Auditor's Report to the Members of SNB Holdings Limited

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.

......................................
Philip Cole FCA (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited
Chartered Accountants
Statutory Auditors
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

14 March 2025

 

SNB Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 31 March 2024

Note

Total
2024
£

Total
2023
£

Turnover

3

3,058,095

4,158,071

Cost of sales

 

(2,303,607)

(2,464,127)

Gross profit

 

754,488

1,693,944

Administrative expenses

 

(1,423,150)

(1,715,719)

Operating loss

4

(668,662)

(21,775)

Income from other Fixed assets investments

 

44,774

(52,726)

Other interest receivable and similar income

131,701

-

Interest payable and similar expenses

5

(141,885)

(167,168)

   

34,590

(219,894)

Loss before tax

 

(634,072)

(241,669)

Tax on loss

9

1,385

(10,521)

Loss for the financial year

 

(632,687)

(252,190)

Profit/(loss) attributable to:

 

Owners of the company

 

(632,687)

(252,190)

The group has no recognised gains or losses for the year other than the results above.

 

SNB Holdings Limited

(Registration number: 04395545)
Consolidated Balance Sheet as at 31 March 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Tangible assets

11

 

7,350,025

 

6,569,027

Other financial assets

13

 

726,009

 

1,400,553

   

8,076,034

 

7,969,580

Current assets

   

 

Stocks

14

43,928

 

71,015

 

Debtors

15

877,129

 

166,565

 

Cash at bank and in hand

 

929,308

 

2,454,786

 

 

1,850,365

 

2,692,366

 

Creditors: Amounts falling due within one year

17

(926,152)

 

(870,269)

 

Net current assets

   

924,213

 

1,822,097

Total assets less current liabilities

   

9,000,247

 

9,791,677

Creditors: Amounts falling due after more than one year

17

 

(1,508,940)

 

(1,517,683)

Provisions for liabilities

18

 

(72,586)

 

(72,586)

Net assets

   

7,418,721

 

8,201,408

Capital and reserves

   

 

Called up share capital

20

100

 

100

 

Other reserves

10,672,175

 

10,672,175

 

Retained earnings

(3,253,554)

 

(2,470,867)

 

Equity attributable to owners of the company

 

7,418,721

 

8,201,408

 

Shareholders' funds

   

7,418,721

 

8,201,408

Approved and authorised by the director on 14 March 2025
 

.........................................
Mr SN Bhattessa
Director

 

SNB Holdings Limited

(Registration number: 04395545)
Balance Sheet as at 31 March 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Investments

12

 

1,100

 

1,100

Current assets

   

 

Debtors

15

500,445

 

667,967

 

Creditors: Amounts falling due within one year

17

(31,022)

 

(65,663)

 

Net current assets

   

469,423

 

602,304

Net assets

   

470,523

 

603,404

Capital and reserves

   

 

Called up share capital

20

100

 

100

 

Retained earnings

470,423

 

603,304

 

Shareholders' funds

   

470,523

 

603,404

The company made a profit after tax for the financial year of £17,119 (2023 - profit of £24,433).

Approved and authorised by the director on 14 March 2025
 

.........................................
Mr SN Bhattessa
Director

 

SNB Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 March 2024
Equity attributable to the parent company

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 April 2023

100

10,672,175

(2,470,867)

8,201,408

Loss for the year

-

-

(632,687)

(632,687)

Dividends

-

-

(150,000)

(150,000)

At 31 March 2024

100

10,672,175

(3,253,554)

7,418,721

Total equity
£

At 1 April 2023

8,201,408

Loss for the year

(632,687)

Dividends

(150,000)

At 31 March 2024

7,418,721

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 April 2022

100

10,672,175

(1,868,677)

8,803,598

Loss for the year

-

-

(252,190)

(252,190)

Dividends

-

-

(350,000)

(350,000)

At 31 March 2023

100

10,672,175

(2,470,867)

8,201,408

Total equity
£

At 1 April 2022

8,803,598

Loss for the year

(252,190)

Dividends

(350,000)

At 31 March 2023

8,201,408

 

SNB Holdings Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

100

603,304

603,404

Profit for the year

-

17,119

17,119

Dividends

-

(150,000)

(150,000)

At 31 March 2024

100

470,423

470,523

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

100

928,871

928,971

Profit for the year

-

24,433

24,433

Dividends

-

(350,000)

(350,000)

At 31 March 2023

100

603,304

603,404

 

SNB Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 31 March 2024

Note

2024
£

2023
£

Cash flows from operating activities

Loss for the year

 

(632,687)

(252,190)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

115,852

91,803

Loss on disposal of tangible assets

37,225

95,765

Loss from disposals of investments

51,725

-

Finance income

(176,475)

52,726

Finance costs

5

130,296

167,168

Income tax expense

9

(1,385)

10,521

 

(475,449)

165,793

Working capital adjustments

 

Decrease/(increase) in stocks

14

27,087

(10,850)

Increase in trade debtors

15

(373,848)

(42,248)

Decrease in trade creditors

17

(287,975)

(477,914)

Cash generated from operations

 

(1,110,185)

(365,219)

Income taxes paid

9

-

(39,803)

Net cash flow from operating activities

 

(1,110,185)

(405,022)

Cash flows from investing activities

 

Interest received

63,739

-

Acquisitions of tangible assets

(938,605)

(34,758)

Proceeds from sale of tangible assets

 

4,530

7,404,235

Dividend income from financial assets

67,962

-

Acquisition of financial investments other than trading investments

 

(291,299)

(1,453,279)

Proceeds from disposal of financial investments other than trading investments

 

958,892

-

Net cash flows from investing activities

 

(134,781)

5,916,198

Cash flows from financing activities

 

Interest paid

5

(130,102)

(167,168)

Repayment of bank borrowing

 

(21,243)

(2,632,316)

Proceeds from other borrowing draw downs

 

20,833

-

Dividends paid

(150,000)

(350,000)

Net cash flows from financing activities

 

(280,512)

(3,149,484)

Net (decrease)/increase in cash and cash equivalents

 

(1,525,478)

2,361,692

Cash and cash equivalents at 1 April

 

2,454,786

93,094

Cash and cash equivalents at 31 March

 

929,308

2,454,786

 

SNB Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Marygreen Manor Hotel
London Road
Brentwood
CM14 4NR
England

2

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.

 

SNB Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2024.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

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 group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group 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 group's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

SNB Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. On transition to FRS 102, the company elected to use the revalued amounts for Land and buildings as deemed cost.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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 and long leasehold land & buildings

Over 125 years

Fixtures and fittings

12.5% straight line basis

Equipment

25% straight line basis

Motor vehicles

25% straight line basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Amortised over 7 years

 

SNB Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 recognised at the transaction price 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 transaction.

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.

Trade creditors

Trade creditors are recognised at the transaction price, and 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.

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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

SNB Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost.
 

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services

3,058,095

4,158,071

4

Operating loss

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

115,852

91,803

Loss on disposal of property, plant and equipment

37,225

95,765

 

SNB Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

5

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

128,345

163,561

Interest on obligations under finance leases and hire purchase contracts

534

-

Interest expense on other finance liabilities

1,417

3,607

Foreign exchange gains

11,589

-

141,885

167,168

6

Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,650,079

1,634,573

Social security costs

108,521

140,278

Pension costs, defined contribution scheme

34,070

38,662

1,792,670

1,813,513

The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

17

22

Sales

47

39

64

61

7

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

21,850

-

8

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

23,292

22,500

Other fees to auditors

Taxation compliance services

14,750

12,500

All other assurance services

11,486

6,737

26,236

19,237

 

SNB Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024


 

9

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

3,934

5,731

UK corporation tax adjustment to prior periods

(5,319)

4,790

(1,385)

10,521

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Loss before tax

(634,072)

(241,669)

Corporation tax at standard rate

(158,518)

(45,917)

(Decrease)/increase in UK and foreign current tax from adjustment for prior periods

(5,319)

4,790

Tax increase from effect of capital allowances and depreciation

5,991

6,170

Effect of expense not deductible in determining taxable profit (tax loss)

12,631

19,357

Tax increase from effect of unrelieved tax losses carried forward

160,386

24,847

Tax decrease from effect of dividends from UK companies

(16,991)

-

Tax increase from changes in pension fund prepayment

435

1,274

Total tax (credit)/charge

(1,385)

10,521

Deferred tax

Group

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Revaluation of property

-

72,586

-

72,586

2023

Asset
£

Liability
£

Revaluation of property

-

72,586

-

72,586

 

SNB Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

10

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

1,800,001

1,800,001

At 31 March 2024

1,800,001

1,800,001

Amortisation

At 1 April 2023

1,800,001

1,800,001

At 31 March 2024

1,800,001

1,800,001

Carrying amount

At 31 March 2024

-

-

 

SNB Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

11

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

7,123,802

1,997,019

95,640

9,216,461

Additions

769,771

54,934

113,900

938,605

Disposals

-

(1,274,759)

(44,646)

(1,319,405)

At 31 March 2024

7,893,573

777,194

164,894

8,835,661

Depreciation

At 1 April 2023

626,532

1,925,397

95,505

2,647,434

Charge for the year

63,149

23,469

29,234

115,852

Eliminated on disposal

-

(1,233,004)

(44,646)

(1,277,650)

At 31 March 2024

689,681

715,862

80,093

1,485,636

Carrying amount

At 31 March 2024

7,203,892

61,332

84,801

7,350,025

At 31 March 2023

6,497,270

71,622

135

6,569,027

Included within the net book value of land and buildings above is £7,023,092 (2023 - £6,314,870) in respect of freehold land and buildings.
 

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Motor vehicles

39,958

-

   

Restriction on title and pledged as security

Land and buildings with a carrying amount of £7,203,892 (2023 - £6,497,270) has been pledged as security for bank loans.

Furniture, fittings, tools and equipment with a carrying amount of £61,332 (2023 - £71,622) has been pledged as security for bank loans.

 

SNB Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

12

Investments

Company

2024
£

2023
£

Investments in subsidiaries

1,100

1,100

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Pantheon Hotels and Leisure Limited

Ordinary shares

100%

100%

 

     

Mulberry Enterprises Limited

Ordinary shares

100%

100%

 

     

Subsidiary undertakings

Pantheon Hotels and Leisure Limited

The principal activity of Pantheon Hotels and Leisure Limited is operation and management of hotels.

Mulberry Enterprises Limited

The principal activity of Mulberry Enterprises Limited is dormant company.

The subsidiary Mulberry Enterprises Limited has taken advantage of the exemption under s.479a of the Companies Act 2006 not requiring an audit.

 

SNB Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

13

Other financial assets

Group

Financial assets at fair value through profit and loss
£

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

1,157,503

243,050

1,400,553

Fair value adjustments

44,774

-

44,774

Additions

291,299

-

291,299

Disposals

(1,010,617)

-

(1,010,617)

At 31 March 2024

482,959

243,050

726,009

Carrying amount

At 31 March 2024

482,959

243,050

726,009

14

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Other inventories

43,928

71,015

-

-

15

Debtors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

4,493

14,789

-

-

Amounts owed by group undertakings

24

-

-

359,328

652,944

Other debtors

 

829,786

108,599

141,117

15,023

Prepayments

 

42,850

43,177

-

-

 

877,129

166,565

500,445

667,967

 

SNB Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

16

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

2,500

2,500

-

-

Cash at bank

926,808

2,452,286

-

-

929,308

2,454,786

-

-

17

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

21

73,333

65,000

-

-

Trade creditors

 

210,635

173,601

-

-

Amounts owed to group undertakings

24

-

-

11,450

49,725

Social security and other taxes

 

108,386

138,407

-

-

Outstanding defined contribution pension costs

 

13,057

9,767

-

-

Other creditors

 

156,030

138,167

-

-

Accruals

 

38,250

22,500

-

-

Corporation tax

9

326,461

322,827

19,572

15,938

 

926,152

870,269

31,022

65,663

Due after one year

 

Loans and borrowings

21

1,508,940

1,517,683

-

-

18

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 April 2023

72,586

72,586

At 31 March 2024

72,586

72,586

19

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £34,070 (2023 - £38,662).

 

SNB Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

20

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

21

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

1,487,690

1,503,933

-

-

Hire purchase contracts

12,500

-

-

-

Other borrowings

8,750

13,750

-

-

1,508,940

1,517,683

-

-

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

60,000

60,000

-

-

Hire purchase contracts

8,333

-

-

-

Other borrowings

5,000

5,000

-

-

73,333

65,000

-

-

Group

Bank borrowings

The bank has a floating charge over the company's assets to secure the bank loan and overdraft. The loans in respect of the bank loans are secured against the assets to which they relate.

22

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £1,500 (2023 - £3,500) per ordinary share

 

150,000

 

350,000

 

SNB Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

23

Financial guarantee contracts

Group

Two of the subsidiaries have entered into a guarantee dated 10 January 2012. Each company has provided a cross guarantee to National Westminster Bank Plc as security for monies due.

The amount of the financial guarantee contract is £1,500,000.

24

Related party transactions

Group

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr SN Bhattessa

Amounts due from/(to) director

14,296

271,269

(150,000)

135,565

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr SN Bhattessa

Amounts due from/(to) director

(54,727)

440,654

(371,631)

14,296