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COMPANY REGISTRATION NUMBER: 03413692
Birch's Park Homes Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2021
Birch's Park Homes Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
£
Fixed assets
Tangible assets
5
957,067
882,222
Current assets
Stocks and work in progress
7,875,425
6,724,473
Debtors
6
2,980,176
2,759,914
Cash at bank and in hand
5,079,571
4,893,089
-------------
-------------
15,935,172
14,377,476
Creditors: amounts falling due within one year
7
2,319,650
1,807,027
-------------
-------------
Net current assets
13,615,522
12,570,449
-------------
-------------
Total assets less current liabilities
14,572,589
13,452,671
Creditors: amounts falling due after more than one year
8
6,085,174
5,849,523
Provisions
Taxation including deferred tax
39,238
19,927
-------------
-------------
Net assets
8,448,177
7,583,221
-------------
-------------
Capital and reserves
Called up share capital
20,000
20,000
Profit and loss account
8,428,177
7,563,221
------------
------------
Shareholders funds
8,448,177
7,583,221
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
Birch's Park Homes Limited
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 25 August 2022 , and are signed on behalf of the board by:
Mr C E Birch
Director
Company registration number: 03413692
Birch's Park Homes Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bluebell Woods, Ely Road, Waterbeach, Cambridge, CB25 9NW, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Revenue recognition
The turnover shown in the profit and loss account represents the sale of park homes, properties, commissions, pitch fees exclusive of Value Added Tax and discounts and the sale of cars. Park home sales and commission is recognised when the risks and rewards of ownership are transferred to the customer, usually on occupation or when legal completion takes place. Pitch fees are recognised as they fall due. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to stage of completion.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
See below
Plant & machinery
-
25% straight line
Motor vehicles
-
25% straight line
Equipment
-
25% straight line
Land and buildings components are depreciated as follows: Land - Not depreciated Buildings - 4% straight line Static Homes - 5% straight line
Stocks
Stocks, which include park homes and properties for resale, are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is based on purchase price. Work in progress Speculative work in progress (park home site development) is valued on the basis of direct costs plus attributable overheads based on a normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included within the valuation of speculative work in progress.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Governments grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2020: 8 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2021
633,208
218,812
189,128
16,800
1,057,948
Additions
91,976
84,033
89,386
6,177
271,572
Disposals
( 122,782)
( 122,782)
---------
---------
---------
--------
------------
At 31 December 2021
725,184
302,845
155,732
22,977
1,206,738
---------
---------
---------
--------
------------
Depreciation
At 1 January 2021
24,626
94,665
52,695
3,740
175,726
Charge for the year
8,236
66,414
43,919
4,463
123,032
Disposals
( 49,087)
( 49,087)
---------
---------
---------
--------
------------
At 31 December 2021
32,862
161,079
47,527
8,203
249,671
---------
---------
---------
--------
------------
Carrying amount
At 31 December 2021
692,322
141,766
108,205
14,774
957,067
---------
---------
---------
--------
------------
At 31 December 2020
608,582
124,147
136,433
13,060
882,222
---------
---------
---------
--------
------------
Included within land and buildings above is land of £528,000 which is not depreciated (2020: £528,000).
6. Debtors
2021
2020
£
£
Trade debtors
7,035
3,306
Other debtors
2,973,141
2,756,608
------------
------------
2,980,176
2,759,914
------------
------------
The debtors above include the following amounts falling due after more than one year:
2021
2020
£
£
Other debtors
2,656,018
2,256,018
------------
------------
Amounts falling due after more than one year include £2,656,018 (2020: £2,256,018) in respect of a loan to a company under common control. The interest due for the year 1 January 2021 to 31 December 2021 has been waived.
7. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
76,925
75,170
Trade creditors
473,962
207,078
Amounts owed to group undertakings
10,190
9,999
Social security and other taxes
248,591
251,353
Other creditors
1,509,982
1,263,427
------------
------------
2,319,650
1,807,027
------------
------------
The above bank loan liabilities disclosed under creditors falling due within one year are secured on the assets of the company.
8. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
4,104,674
4,181,423
Other creditors
1,980,500
1,668,100
------------
------------
6,085,174
5,849,523
------------
------------
The above bank loan liabilities disclosed under creditors falling due after more than one year are secured on the assets of the company.
Included within creditors: amounts falling due after more than one year is an amount of £201,589 (2020: £2,845,217) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.