REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
ESCAPADE SILVERSTONE LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
ESCAPADE SILVERSTONE LIMITED |
ESCAPADE SILVERSTONE LIMITED (REGISTERED NUMBER: 10566181) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ESCAPADE SILVERSTONE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Building 1000 |
Cambridge Research Park |
Waterbeach |
Cambridgeshire |
CB25 9PD |
ESCAPADE SILVERSTONE LIMITED (REGISTERED NUMBER: 10566181) |
BALANCE SHEET |
31 JULY 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium |
Revaluation reserve | 9 |
Capital redemption reserve |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ESCAPADE SILVERSTONE LIMITED (REGISTERED NUMBER: 10566181) |
BALANCE SHEET - continued |
31 JULY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ESCAPADE SILVERSTONE LIMITED (REGISTERED NUMBER: 10566181) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
1. | Statutory information |
Escapade Silverstone Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Revenue |
Revenue is recognised when the performance obligation associated with sale is completed. The transaction price comprises the fair value of the consideration received or receivable, net of discounts, rebates, value added tax, and other sales taxes. Revenue relates to commercial property and land sales. |
Revenue is recognised in the income statement when control is transferred to the customer. This is deemed to be when title of the property passes to the customer on legal completion and the performance obligation associated with the sale is completed. |
Revenue in respect of the sale of commercial properties is recognised at the fair value of the consideration received or receivable on legal completion. |
Cost of sales |
The company determines the value of stock charged to cost of sales based on the total budgeted current cost of developing the site. Once the total expected costs of development are established, they are allocated to individual plots to achieve a consistent margin for the site. To the extent that the additional costs or savings are identified, including experienced inflation, as the site progresses, these are recognised over the remaining plots unless they are specific to a particular plot, in which case they are recognised in the income statement in the point of sale. |
Tangible fixed assets |
Office equipment | 3 years |
Computer equipment | 3 years |
Land has not been depreciated. |
Stocks |
Stocks are initially stated at cost and held at the lower of this initial amount and net realisable value. Work in progress comprise direct materials and, where applicable, direct labour and those overheads that have been incurred in bringing the stocks to their present location and condition. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling, and distribution. Land is recognised in stock when the significant risks and rewards of ownership have been transferred to the company. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
ESCAPADE SILVERSTONE LIMITED (REGISTERED NUMBER: 10566181) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
2. | Accounting policies - continued |
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 |
The average number of employees during the year was |
4. | Tangible fixed assets |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Cost or valuation |
At 1 August 2023 |
Additions |
Reclassification/transfer | ( |
) | ( |
) |
At 31 July 2024 |
Depreciation |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
Net book value |
At 31 July 2024 |
At 31 July 2023 |
5. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
ESCAPADE SILVERSTONE LIMITED (REGISTERED NUMBER: 10566181) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
6. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors | 1,623,523 | 426,028 |
Taxation and social security | 267,164 | - |
Other creditors | 46,579,953 | 31,433,514 |
Secured debt | 1,638,329 | - |
Deferred income | 63,750 | 263,000 |
50,172,719 | 32,122,542 |
7. | Secured debts |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Other loans |
The company has an outstanding development loan with Unbranded Finance 2 LLP which is repayable within one year and is secured by a fixed and floating charge over the land. The interest rate on the loan is 15.00%. |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1,650 | 1,000 |
During the year the following share transactions were made: |
Bonus issue of £1,000 Ordinary shares of £1 each on 15/09/2023. |
Capital reduction process on 15/09/2023. |
Company purchase of 900 of it's own Ordinary shares of £1 each on 27/09/2023. |
Share issue of 550 Ordinary shares of £1 at £7,272 premium each on 27/09/2023. |
9. | Reserves |
Revaluation reserve | Capital redemption reserve |
£ | £ |
At 1 August 2023 | 6,000,000 | - |
Bonus share issue | (6,000,000 | ) | - |
Purchase of own shares | - | 900 |
At 31 July 2024 | - | 900 |
ESCAPADE SILVERSTONE LIMITED (REGISTERED NUMBER: 10566181) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
10. | Related party disclosures |
2024 | 2023 |
Name of related party |
Relationship |
Owed (to / from |
) |
Owed (to / from |
) |
Emerging Advisory Limited | A company with common directors | 14,210 | (790 | ) |
Escapade Living Limited | A company with common directors | (3,500 | ) | - |
Escapade Silverstone Management Limited |
A company with common directors |
23 |
23 |
These amounts are interest free, unsecured, and repayable on demand. |
11. | Stocks |
2024 | 2023 |
£ | £ |
Land | 4,100,000 | - |
Work in progress | 48,051,929 | 35,657,892 |
52,151,929 | 35,657,892 |