Snetterton Park Limited
Unaudited Financial Statements
For the Year ended 30 September 2024
Pages for filing with registrar
Company Registration No. 02910978 (England and Wales)
SNETTERTON PARK LIMITED
Snetterton Park Limited
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
71,880
79,853
Investment property
5
12,959,779
11,625,000
Investments
10
102
101
13,031,761
11,704,954
Current assets
Debtors
6
606,542
383,432
Cash at bank and in hand
327,654
-
0
934,196
383,432
Creditors: amounts falling due within one year
8
(3,588,889)
(2,921,987)
Net current liabilities
(2,654,693)
(2,538,555)
Total assets less current liabilities
10,377,068
9,166,399
Creditors: amounts falling due after more than one year
9
(4,013,854)
(2,905,643)
Provisions for liabilities
11
(1,856,514)
(1,914,603)
Net assets
4,506,700
4,346,153
Capital and reserves
Called up share capital
300
300
Revaluation reserve
12
39,808
39,808
Non-distributable profits reserve
13
2,045,123
2,045,123
Distributable profit and loss reserves
2,421,469
2,260,922
Total equity
4,506,700
4,346,153
SNETTERTON PARK LIMITED
Snetterton Park Limited
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
J Read
C Read-Musgrave
Director
Director
L Read-Farrell
Director
Company registration number 02910978 (England and Wales)
SNETTERTON PARK LIMITED
Snetterton Park Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Snetterton Park Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3f Snetterton Business Park, Harling Road, Snetterton, Norfolk, NR16 2JU.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

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.

Going Concern

 

At the time of approving the directors, with the continued support of creditors, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

Fixtures, fittings & equipment
20% straight line
Motor vehicles
25% reducing balance
1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

SNETTERTON PARK LIMITED
Snetterton Park Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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 balance sheet 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 and cash and bank balances, 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.

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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

SNETTERTON PARK LIMITED
Snetterton Park Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
3
Tangible fixed assets
Plant and machinery etc
Other assets
Total
£
£
£
Cost or valuation
At 1 October 2023
39,106
248,347
287,453
Additions
484
34,606
35,090
Disposals
-
0
(14,325)
(14,325)
At 30 September 2024
39,590
268,628
308,218
Depreciation and impairment
At 1 October 2023
25,240
182,359
207,599
Depreciation charged in the year
4,746
38,318
43,064
Eliminated in respect of disposals
-
0
(14,325)
(14,325)
At 30 September 2024
29,986
206,352
236,338
Carrying amount
At 30 September 2024
9,604
62,276
71,880
At 30 September 2023
13,865
65,988
79,853
SNETTERTON PARK LIMITED
Snetterton Park Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
4
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(58,089)
340,726
5
Investment property
2024
£
Fair value
At 1 October 2023
11,624,999
Additions/transfers
1,609,384
Disposals
(274,604)
At 30 September 2024
12,959,779

Investment property comprises land and buildings at Snetterton, Norfolk. The fair value of the investment property has been arrived at on the basis of a valuation provided by the directors.    

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
487,861
301,946
Other debtors
118,681
81,486
606,542
383,432
7
Subsidiaries

Details of the company's subsidiary at 30 September 2024 is as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Cliffsky Limited
England
Ordinary
100
Snetterton Commercial Hub Limited
England
Ordinary
25
Snetterton East Limited
England
Ordinary
50
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Cliffsky Limited
13,325,576
(328,055)
0
Snetterton Commercial Hub Limited
(488)
0
(905)
0
SNETTERTON PARK LIMITED
Snetterton Park Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
7
Subsidiaries
(Continued)
- 7 -

The accounts figures disclosed for Snetterton Commercial Hub Limited are for the accounting period ended 31 January 2025, being the latest statutory accounts available.

 

No disclosure has been made for Snetterton East Limited as the company was only incorporated on 2 March 2024 and no statutory accounts are yet available.

 

8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
100,000
101,875
Trade creditors
216,284
79,350
Amounts owed to group undertakings
2,364,358
1,237,142
Taxation and social security
39,033
49,486
Other creditors
869,214
1,454,134
3,588,889
2,921,987

The bank loan is secured by a fixed and floating charge over the assets of the company.

9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,000,000
2,900,000
Other creditors
13,854
5,643
4,013,854
2,905,643

The bank loan is secured by a fixed and floating charge over the assets of the company.

10
Fixed asset investments
2024
2023
£
£
Investments
102
101
SNETTERTON PARK LIMITED
Snetterton Park Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 October 2023
101
Additions
1
At 30 September 2024
102
Carrying amount
At 30 September 2024
102
At 30 September 2023
101
11
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
1,856,514
1,914,603
12
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
39,808
39,808
13
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
2,045,123
1,205,485
Non distributable profits in the year
-
839,638
At the end of the year
2,045,123
2,045,123
SNETTERTON PARK LIMITED
Snetterton Park Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
14
Transactions with related parties

Foxmoor Property Consultants Ltd.

During the year £51,205 (net) of consultancy fees were charged by Foxmoor Property Consultants Ltd in respect of professional advice and commission, a company which had 1 common director with Cliffsky Ltd who has since resigned. At the year end £12,011 (2023: £4,584) is outstanding.

 

Foxmoor Technologies Ltd.

During the year £50 (net) of fees were charged by Foxmoor Technology Ltd in respect of IT software and consumables, a company which had 1 common director with Cliffsky Ltd who has since resigned. At the year end £60 (2023: £nil) is outstanding.

 

Snetterton Commercial Properties Ltd.

As at 30 September 2024 £373,883 (2023: £752,957) was due to Snetterton Commercial Properties Ltd (parent company) from Snetterton Park Ltd (subsidiary).

 

Reads Property Development Ltd.

During the year labour of £79,416 was recharged by Read Property Developments Ltd, a company which has 1 common director with Snetterton Park Ltd. At the year end £83,539 (2023: £nil) was outstanding.

 

Structural Holdings & Consulting Ltd.

During the year labour of £23,207 was recharged by Structural Holdings & Consulting Ltd, a company which has 1 common director with Snetterton Park Ltd. At the year end £20,672 (2023: £22,726) was outstanding.

 

Snetterton Telcom Limited.

As at 30 September 2024 there is a loan balance of £40,851 (2023: £14,239) in debtors repayable to Snetterton Telcom Ltd, a company which has 2 common directors with Snetterton Park Ltd.

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