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REGISTERED NUMBER: 07210121 (England and Wales)




















Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 June 2024

for

Summer Isles Enterprises Limited

Summer Isles Enterprises Limited (Registered number: 07210121)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


Summer Isles Enterprises Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: Dr R D Irvine
Miss R R King
Mr A P R Blaker
Mr B Linton





REGISTERED OFFICE: Hermes House
Fire Fly Avenue
Swindon
Wiltshire
SN2 2GA





REGISTERED NUMBER: 07210121 (England and Wales)

Summer Isles Enterprises Limited (Registered number: 07210121)

Strategic Report
for the Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

PRINCIPAL ACTIVITY AND REVIEW OF BUSINESS
The principal activity of the company is to create a world class global destination with considered restoration and community central to its unique offering. The company continues to oversee the renovation and restoration process and it is estimated there is another 6-12 months of this phase prior to development of the hospitality and charitable offering. Continued investment has been made in developing and increasing the management capability of the company.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties affecting the company currently relate to the company's ability to continue with its renovation and restoration program. The company continually reviews and evolves processes to mitigate the risks associated to this.

The company's ability to continue to fund the ambitious program is mitigated by the financial support of its shareholder. The company's shareholder is financially robust and continues to provide necessary financial resources for the restoration and renovation process.

There is a risk that the imposition of regulatory permissions and warrants could impact the company's ability to deliver the full restoration within the time frame. The management team have established good working relationships with the relevant regulatory bodies and other stakeholders to address the necessary mitigation.

FINANCIAL AND OTHER KEY PERFORMANCE INDICATORS
The company's turnover for the year amounted to £539,767 (2023: £425,341) which was a 27% increase year on year. There was an operating loss for the year of £9,142,857 (2023: £8,698,289) which was a 5% increase in operating loss year on year. Administrative expenses of £9,368,662 (2023: £8,853,013) increased by 5% year on year driven by an increase in employee costs (the average headcount increased from 66 in 2023 to 72 in 2024). The increase in interest payable (on the intercompany loan) accounted for £1m of the increase in the loss before taxation year on year. Shareholders' funds at the statement of financial position date amounted to a negative balance of £21,036,943 (2023: £8,230,263). The company continues to rely on its parent to fund the renovation and redevelopment process.

Given the current simple nature of the business, the directors are of the opinion that analysis with any additional key performance indicators is not necessary for an understanding or the current development, performance or position of the business.

POST BALANCE SHEET EVENTS
The company made three strategic property acquisitions after the 30 June 2024 financial year end:

1. On 29th October 2024, SIE acquired a portion of the Badentarbet Estate for £1.5m. The acquisition of this particular Estate was a rare opportunity, and unique fit, for SIE. The location of the Estate is in very close proximity to the island and presents an opportunity for SIE to expand both its charitable and commercial activities. This acquisition by SIE sat alongside a separate acquisition carried out by a local charity called the Coigach Community Development Company (CCDC). The impact of CCDC's acquisition, when coupled with SIE's acquisition, is high. It has resulted in a substantial proportion of the Coigach peninsula being in charitable hands controlled by the community and SIE, providing opportunities for community and commercial advancement for generations to come.

2. On 11th November 2024, SIE acquired the Summer Isles Hotel in Achiltibuie for £850k. The hotel has an established name and clientele, as well as a long history in SIE's area of operation. Its geographic location and proximity to the SIE property portfolio means that the hotel site is uniquely positioned to both take advantage of and complement SIE logistics, facilities, and infrastructure. The hotel will provide additional hospitality capacity.

3. On 26th September 2024, SIE acquired the Old Smokehouse in Altandhu for £200k. The Smokehouse will become an operational hub for SIE by providing a dry store, laundry and staff accommodation.

ON BEHALF OF THE BOARD:





Miss R R King - Director


30 January 2025

Summer Isles Enterprises Limited (Registered number: 07210121)

Report of the Directors
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

Dr R D Irvine
Miss R R King

Other changes in directors holding office are as follows:

Mr A P R Blaker - appointed 24 April 2024
Mr B Linton - appointed 24 April 2024

FINANCIAL INSTRUMENTS (CASHFLOW AND LIQUIDITY)
The company's activities expose it to a number of financial risks including cash flow risk and liquidity risk. The company's ability to continue to fund the ambitious program is mitigated by the financial support of its shareholder. The company's shareholder is financially robust and continues to provide necessary financial resources for the restoration and renovation process. The company and its shareholder monitor the company's cashflow requirements on a regular basis to ensure there are sufficient resources to continue operating.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Miss R R King - Director


30 January 2025

Report of the Independent Auditors to the Members of
Summer Isles Enterprises Limited

Opinion
We have audited the financial statements of Summer Isles Enterprises Limited (the 'company') for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 company's affairs as at 30 June 2024 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 directors' 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters 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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the 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 or the Report of the Directors.

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Summer Isles Enterprises Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment law and company legislation and we considered the extent to which
non-compliance might have a material effect on the financial statements of the company. We also considered those
laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Corporation Tax Act 2010. We evaluated management's incentives and opportunities for fraudulent
manipulation of the financial statements (including the risk of override of controls), and determined that the principal
risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:


-
Discussions with management, including consideration of known or suspected instances of non-compliance with
laws and regulations and fraud;
- Understanding of management's internal controls designed to prevent and detect irregularities, and fraud;
- Reviewing the company's legal costs to check for non-compliance with laws and regulations and fraud;
- Review of tax compliance;

-
Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of
expenses
- Testing transactions entered into outside of the normal course of the company's business; and

-
Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as journals
with round numbers.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with
laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Summer Isles Enterprises 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 a Report of the Auditors 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.




David Iain Black (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited
Statutory Auditors
Hermes House
Fire Fly Avenue
Swindon
Wiltshire
SN2 2GA

31 January 2025

Summer Isles Enterprises Limited (Registered number: 07210121)

Statement of Comprehensive
Income
for the Year Ended 30 June 2024

2024 2023
Notes £    £   

TURNOVER 539,767 425,341

Cost of sales 346,937 281,736
GROSS PROFIT 192,830 143,605

Administrative expenses 9,368,662 8,853,013
(9,175,832 ) (8,709,408 )

Other operating income 32,975 11,119
OPERATING LOSS 4 (9,142,857 ) (8,698,289 )

Interest receivable and similar income 1,895 -
(9,140,962 ) (8,698,289 )

Interest payable and similar expenses 5 3,665,718 2,672,751
LOSS BEFORE TAXATION (12,806,680 ) (11,371,040 )

Tax on loss 6 - -
LOSS FOR THE FINANCIAL YEAR (12,806,680 ) (11,371,040 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(12,806,680

)

(11,371,040

)

Summer Isles Enterprises Limited (Registered number: 07210121)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 70,191,642 61,061,826

CURRENT ASSETS
Debtors 8 787,880 587,528
Cash at bank 1,694,500 1,153,392
2,482,380 1,740,920
CREDITORS
Amounts falling due within one year 9 1,117,330 905,091
NET CURRENT ASSETS 1,365,050 835,829
TOTAL ASSETS LESS CURRENT
LIABILITIES

71,556,692

61,897,655

CREDITORS
Amounts falling due after more than one
year

10

92,593,635

70,127,918
NET LIABILITIES (21,036,943 ) (8,230,263 )

CAPITAL AND RESERVES
Called up share capital 12 5 5
Share premium 20,402,460 20,402,460
Retained earnings (41,439,408 ) (28,632,728 )
SHAREHOLDERS' FUNDS (21,036,943 ) (8,230,263 )

The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by:





Miss R R King - Director


Summer Isles Enterprises Limited (Registered number: 07210121)

Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 July 2022 5 (17,261,688 ) 20,402,460 3,140,777

Changes in equity
Total comprehensive income - (11,371,040 ) - (11,371,040 )
Balance at 30 June 2023 5 (28,632,728 ) 20,402,460 (8,230,263 )

Changes in equity
Total comprehensive income - (12,806,680 ) - (12,806,680 )
Balance at 30 June 2024 5 (41,439,408 ) 20,402,460 (21,036,943 )

Summer Isles Enterprises Limited (Registered number: 07210121)

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

1. STATUTORY INFORMATION

Summer Isles Enterprises 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The
Financial Reporting Standard applicable in the UK and Republic of Ireland" including the Companies Act 2006.

The financial statements have been prepared under the historical cost convention.

Going Concern
For the period ended 30 June 2024 the Company incurred a loss before tax of £12,806,680 (2023: £11,371,040). As at 30 June 2024 the Company had net liabilities of £21,036,943 (2023: £8,230,263). The management of the Company have assessed its ability to continue as a going concern and deems that the going concern assertion is appropriate.

The Company has the continued support of its parent company who are able to provide funds to the Company as necessary.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirement of paragraph 33.7.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.

Depreciation and residual values

Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life as follows:

Freehold property - 2% on straight line basis
Improvements to property - 2% on straight line basis
Plant and machinery - 5% - 12.5% on straight line basis
Fixtures and fittings - 12.5% on straight line basis
Motor vehicles - 25% on straight line basis
Computer equipment - 33% on straight line basis

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any changes is accounted for prospectively.

Assets still under construction are not depreciated until they have been brought into a working condition. At which point they are transferred to the relevant category and depreciated accordingly.

Repairs and maintenance costs are expensed as incurred.

Summer Isles Enterprises Limited (Registered number: 07210121)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are classified by the directors as basic or advanced following conditions in FRS 102 Section 11.

Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,708,449 2,242,216
Social security costs 263,039 237,867
Other pension costs 82,915 148,718
3,054,403 2,628,801

The average number of employees during the year was as follows:
2024 2023

General 72 66

2024 2023
£    £   
Directors' remuneration 120,645 32,500
Directors' pension contributions to money purchase schemes 4,164 980

Summer Isles Enterprises Limited (Registered number: 07210121)

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

3. EMPLOYEES AND DIRECTORS - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 1

4. OPERATING LOSS

The operating loss is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 2,764,996 2,489,883
Profit on disposal of fixed assets (23,251 ) (9,771 )
Auditors' remuneration 19,528 18,105
Auditors' remuneration for non audit work 37,301 35,818

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Loan 3,665,718 2,672,751

6. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 30 June 2024 nor for the year ended 30 June 2023.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Loss before tax (12,806,680 ) (11,371,040 )
Loss multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 20.500%)

(3,201,670

)

(2,331,063

)

Effects of:
Capital allowances in excess of depreciation (1,288,667 ) (1,686,830 )
Tax losses carried forward 4,490,337 4,017,893
Total tax charge - -

The standard rate of corporation tax in the United Kingdom was 25% for the year ended 30 June 2024.

Summer Isles Enterprises Limited (Registered number: 07210121)

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

7. TANGIBLE FIXED ASSETS
Assets Improvements
Freehold under to Plant and
property construction property machinery
£    £    £    £   
COST
At 1 July 2023 5,723,926 9,883,549 32,977,754 19,042,445
Additions - 3,286,098 7,588,007 923,854
Disposals - - - -
At 30 June 2024 5,723,926 13,169,647 40,565,761 19,966,299
DEPRECIATION
At 1 July 2023 107,291 - 1,693,979 5,336,330
Charge for year 35,298 - 741,752 1,762,388
Eliminated on disposal - - - -
At 30 June 2024 142,589 - 2,435,731 7,098,718
NET BOOK VALUE
At 30 June 2024 5,581,337 13,169,647 38,130,030 12,867,581
At 30 June 2023 5,616,635 9,883,549 31,283,775 13,706,115

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2023 284,353 691,203 117,858 68,721,088
Additions 9,023 58,999 30,772 11,896,753
Disposals - (51,438 ) - (51,438 )
At 30 June 2024 293,376 698,764 148,630 80,566,403
DEPRECIATION
At 1 July 2023 167,419 307,404 46,839 7,659,262
Charge for year 35,119 153,789 36,650 2,764,996
Eliminated on disposal - (49,497 ) - (49,497 )
At 30 June 2024 202,538 411,696 83,489 10,374,761
NET BOOK VALUE
At 30 June 2024 90,838 287,068 65,141 70,191,642
At 30 June 2023 116,934 383,799 71,019 61,061,826

Included in cost of land and buildings is freehold land of £ 3,870,711 (2023 - £ 3,870,711 ) which is not depreciated.

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 143,437 24,483
VAT 644,443 563,045
787,880 587,528

Summer Isles Enterprises Limited (Registered number: 07210121)

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

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 371,416 378,238
Social security and other taxes 75,270 86,238
Other creditors 50,647 29,449
Accruals and deferred income 619,997 411,166
1,117,330 905,091

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 92,593,635 70,127,918

The rate of interest on the Intercompany Project Facility Loan (up to £90m) is 5% a year. The rate of interest on the Intercompany Working Capital Facility Loan is 3% (up to £10m). The intercompany loan and any accrued interest is repayable by March 2031.

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Amounts owed to group 92,593,635 70,127,918

The Parent Company has a fixed and floating charge over the company's assets in relation to a loan provided by the Parent Company.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5 Ordinary £1 5 5

All shares rank equally in regards to voting rights.

The shares have a nominal value of £1 of the shares 4 were issued at par and one share was issued at a premium.

All shares rank equally in regards to dividends by class. Dividends can be issued to shares of different classes.

All shares rank equally with regards to capital distributions including on winding up or other repayment of capital.

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year there were purchases from businesses where both a director and a related party (by virtue of being key management of the parent entity) had significant influence or control - £1,280,743 (2023: £775,497). At the year end there was a balance of £1,242 (2023: £NIL) due to the businesses.

During the year there were also sales to businesses where a related party (by virtue of being key management of the parent entity) had significant influence or control - £256,400 (2023: £201,200). At the year end there was a balance of £57,120 (2023: £NIL) due from the businesses.

During the year there were sales to a related party (by virtue of being key management of the parent entity) - £87,673 (2023: £123,700). At the year end, the balance owed by the individual was £34,341(2023: £nil).

Summer Isles Enterprises Limited (Registered number: 07210121)

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

14. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent and controlling party is The Jagclif Charitable Trust, a charity registered in the UK, which is the parent undertaking of the smallest and largest group to consolidate these financial statements. Copies of The Jagclif Charitable Trust consolidated accounts can be obtained from The Jagclif Charitable Trust, George House, 131 Sloane Street, London, SW1X 9AT.