Company Registration No. 03091757 (England and Wales)
Salperton Park Estate Limited
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Salperton Park Estate Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 10
Salperton Park Estate Limited
Statement of financial position
As at 31 March 2024
31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,909,636
10,787,133
Investments
4
2,805,118
2,805,118
13,714,754
13,592,251
Current assets
Stocks
533,265
634,418
Debtors
6
621,436
694,953
Cash at bank and in hand
46,875
547,041
1,201,576
1,876,412
Creditors: amounts falling due within one year
7
(992,922)
(1,303,708)
Net current assets
208,654
572,704
Total assets less current liabilities
13,923,408
14,164,955
Creditors: amounts falling due after more than one year
8
(5,477,681)
(5,519,815)
Provisions for liabilities
9
(352,418)
(393,235)
Net assets
8,093,309
8,251,905
Capital and reserves
Called up share capital
10
8,601,624
8,601,624
Capital redemption reserve
292,676
292,676
Profit and loss reserves
(800,991)
(642,395)
Total equity
8,093,309
8,251,905
Salperton Park Estate Limited
Statement of financial position (continued)
As at 31 March 2024
31 March 2024
2
The director of the company has elected not to include a copy of the income statement 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 director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 25 March 2025
Jason Houghton
Director
Company Registration No. 03091757
Salperton Park Estate Limited
Notes to the financial statements
For the year ended 31 March 2024
3
1
Accounting policies
Company information
Salperton Park Estate Limited is a private company limited by shares incorporated in England and Wales. The registered office is St John's Court, Easton Street, High Wycombe, HP11 1JX.
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 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 goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land
Nil
Freehold buildings
0 - 2% on cost
Improvements to premises
2 - 10% on cost
Plant and machinery etc
2.5 - 20% on cost
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.
Salperton Park Estate Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
4
1.4
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
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
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
Cash at bank and in hand are basic financial assets represents cash in hand.
Salperton Park Estate Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
5
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Salperton Park Estate Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
6
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including director) employed by the company during the year was:
2024
2023
Number
Number
Total
13
13
Salperton Park Estate Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
3
Tangible fixed assets
Freehold property
Improvements to premises
Fixtures & Fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
6,928,265
3,375,917
2,729,771
35,100
13,069,053
Additions
143,536
417,291
14,500
575,327
Disposals
(144,750)
(18,500)
(163,250)
At 31 March 2024
6,928,265
3,519,453
3,002,312
31,100
13,481,130
Depreciation and impairment
At 1 April 2023
296,399
770,239
1,196,505
18,777
2,281,920
Depreciation charged in the year
16,088
80,997
265,255
4,166
366,506
Eliminated in respect of disposals
(60,708)
(16,224)
(76,932)
At 31 March 2024
312,487
851,236
1,401,052
6,719
2,571,494
Carrying amount
At 31 March 2024
6,615,778
2,668,217
1,601,260
24,381
10,909,636
At 31 March 2023
6,631,866
2,605,678
1,533,266
16,323
10,787,133
Included in freehold property is land stated at cost of £2,564,666 (2023: £2,564,666) which is not depreciated.
The net book value of tangible fixed assets includes £553,516 (2023: £529,310) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £185,527 (2023: £157,402) for the period.
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2,805,118
2,805,118
Salperton Park Estate Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
8
5
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Registered office
Class of shares held
% Held
Direct
Indirect
Salperton Park House Limited
England and Wales
Ordinary
100
-
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
391,046
516,529
Corporation tax recoverable
13,744
Other debtors
216,646
178,424
621,436
694,953
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
22,508
26,625
Obligations under finance leases
96,074
112,487
Trade creditors
186,849
304,669
Corporation tax
13,721
Other taxation and social security
61,163
58,607
Other creditors
626,328
787,599
992,922
1,303,708
Salperton Park Estate Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
9
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
608,790
627,182
Obligations under finance leases
76,596
100,338
Amounts owed to group undertakings
2,805,118
2,805,118
Amounts owed to related parties
1,987,177
1,987,177
5,477,681
5,519,815
The bank loans are secured by a legal charge over the property Penhill Farm and land at Glebe Farm, Shipton Oliffe. The loans bear interest at a rate of 2.00% above the Barclays Bank Base Rate.
Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.
Amounts included above which fall due after five years are as follows:
Payable by instalments
518,757
520,681
9
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
352,418
393,235
2024
Movements in the year:
£
Liability at 1 April 2023
393,235
Credit to profit or loss
(40,817)
Liability at 31 March 2024
352,418
The deferred tax liability set out above is expected to reverse in line with the stated depreciation policies, and relates to accelerated capital allowances that are expected to mature within the same period.
Salperton Park Estate Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
10
10
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
8,601,624 ordinary shares of £1 each
8,601,624
8,601,624
The shares have attached to them full voting, dividend and capital distribution (including upon windup) rights. They do not confer any rights of redemption.
11
Directors' transactions
During the year, rental income of £15,600 (2023: £15,600) is recognised relating to property rented to Director Jason Houghton. At the yearend, £3,900 (2023: £5,098) was owed to the company and is recognised within trade debtors.
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