Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-3132021-01-01falseHoliday resort2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12653990 2021-01-01 2021-12-31 12653990 2020-06-08 2020-12-31 12653990 2021-12-31 12653990 2020-12-31 12653990 c:Director1 2021-01-01 2021-12-31 12653990 d:Buildings d:LongLeaseholdAssets 2021-01-01 2021-12-31 12653990 d:Buildings d:LongLeaseholdAssets 2021-12-31 12653990 d:Buildings d:LongLeaseholdAssets 2020-12-31 12653990 d:PlantMachinery 2021-01-01 2021-12-31 12653990 d:PlantMachinery 2021-12-31 12653990 d:PlantMachinery 2020-12-31 12653990 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 12653990 d:FurnitureFittings 2021-01-01 2021-12-31 12653990 d:FurnitureFittings 2021-12-31 12653990 d:FurnitureFittings 2020-12-31 12653990 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 12653990 d:OfficeEquipment 2021-01-01 2021-12-31 12653990 d:OfficeEquipment 2021-12-31 12653990 d:OfficeEquipment 2020-12-31 12653990 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 12653990 d:OtherPropertyPlantEquipment 2021-01-01 2021-12-31 12653990 d:OtherPropertyPlantEquipment 2021-12-31 12653990 d:OtherPropertyPlantEquipment 2020-12-31 12653990 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 12653990 d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 12653990 d:ComputerSoftware 2021-12-31 12653990 d:ComputerSoftware 2020-12-31 12653990 d:OtherResidualIntangibleAssets 2021-01-01 2021-12-31 12653990 d:CurrentFinancialInstruments 2021-12-31 12653990 d:CurrentFinancialInstruments 2020-12-31 12653990 d:Non-currentFinancialInstruments 2021-12-31 12653990 d:Non-currentFinancialInstruments 2020-12-31 12653990 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 12653990 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 12653990 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 12653990 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 12653990 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-12-31 12653990 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2020-12-31 12653990 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-12-31 12653990 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2020-12-31 12653990 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2021-12-31 12653990 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2020-12-31 12653990 d:ShareCapital 2021-12-31 12653990 d:ShareCapital 2020-12-31 12653990 d:RetainedEarningsAccumulatedLosses 2021-12-31 12653990 d:RetainedEarningsAccumulatedLosses 2020-12-31 12653990 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 12653990 d:AcceleratedTaxDepreciationDeferredTax 2020-12-31 12653990 d:TaxLossesCarry-forwardsDeferredTax 2021-12-31 12653990 d:TaxLossesCarry-forwardsDeferredTax 2020-12-31 12653990 c:OrdinaryShareClass1 2021-01-01 2021-12-31 12653990 c:OrdinaryShareClass1 2021-12-31 12653990 c:OrdinaryShareClass1 2020-12-31 12653990 c:FRS102 2021-01-01 2021-12-31 12653990 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 12653990 c:FullAccounts 2021-01-01 2021-12-31 12653990 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 12653990 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2021-01-01 2021-12-31 12653990 2 2021-01-01 2021-12-31 12653990 d:ComputerSoftware d:OwnedIntangibleAssets 2021-01-01 2021-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12653990










MEADOW SPRINGS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2021

 
MEADOW SPRINGS LIMITED
REGISTERED NUMBER:12653990

BALANCE SHEET
AS AT 31 DECEMBER 2021

As restated
2021
2020
Note
£
£

Fixed assets
  

Intangible assets
  
5,040
-

Tangible assets
 6 
2,729,958
928,941

  
2,734,998
928,941

Current assets
  

Stocks
  
631,290
-

Debtors: amounts falling due within one year
 7 
162,174
76,118

Cash at bank and in hand
 8 
250,312
9,236

  
1,043,776
85,354

Creditors: amounts falling due within one year
 9 
(1,446,319)
(1,030,963)

Net current liabilities
  
 
 
(402,543)
 
 
(945,609)

Total assets less current liabilities
  
2,332,455
(16,668)

Creditors: amounts falling due after more than one year
  
(2,509,513)
-

  

Net liabilities
  
(177,058)
(16,668)


Capital and reserves
  

Called up share capital 
 13 
100
100

Profit and loss account
  
(177,158)
(16,768)

  
(177,058)
(16,668)


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MEADOW SPRINGS LIMITED
REGISTERED NUMBER:12653990
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 September 2022.




J E Williams
Director

The notes on pages 3 to 15 form part of these financial statements.

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MEADOW SPRINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

Meadow Springs Limited, 12653990, is a private company limited by shares, incorporated in England and Wales, with its registered office and principal place of business at Ffinnant, Trefeglwys, Caersws, Powys, SY17 5QY.
The principal activity of the Company relates to holiday centres and villages.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis and required the continues support of the bank, directors and other creditors. 

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MEADOW SPRINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

img6997.png Page 4

 
MEADOW SPRINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer costs
-
5
years

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MEADOW SPRINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
No depreciation
Plant and machinery
-
20%
Fixtures and fittings
-
20%
Office equipment
-
20%
Kitchen equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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MEADOW SPRINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates nor assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.


4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2020 - 2).

img1757.png Page 7

 
MEADOW SPRINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

5.


Intangible assets




Computer software

£



Cost


Additions
6,300



At 31 December 2021

6,300



Amortisation


Charge for the year on owned assets
1,260



At 31 December 2021

1,260



Net book value



At 31 December 2021
5,040



At 31 December 2020
-



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MEADOW SPRINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

6.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Fixtures and fittings
Office equipment
Kitchen equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2021
928,018
955
-
-
-
928,973


Additions
1,662,934
63,317
78,362
5,527
19,491
1,829,631



At 31 December 2021

2,590,952
64,272
78,362
5,527
19,491
2,758,604



Depreciation


At 1 January 2021
-
32
-
-
-
32


Charge for the year on owned assets
-
12,848
9,788
1,105
4,873
28,614



At 31 December 2021

-
12,880
9,788
1,105
4,873
28,646



Net book value



At 31 December 2021
2,590,952
51,392
68,574
4,422
14,618
2,729,958



At 31 December 2020 (as restated)
928,018
923
-
-
-
928,941

img5133.png Page 9

 
MEADOW SPRINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

7.


Debtors

As restated
2021
2020
£
£


Trade debtors
13,006
-

Amounts owed by group undertakings
1,103
1,090

Other debtors
68,429
71,095

Prepayments and accrued income
360
-

Deferred taxation
79,276
3,933

162,174
76,118



8.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
250,312
9,236

250,312
9,236


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MEADOW SPRINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

9.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank loans
73,576
-

Payments received on account
5,175
-

Trade creditors
772,301
306,119

Other taxation and social security
3,189
-

Other creditors
288,229
724,044

Accruals and deferred income
303,849
800

1,446,319
1,030,963


The following liabilities were secured:

2021
2020
£
£



Bank loans
73,576
-

73,576
-

Details of security provided:

The bank loan is secured against the Meadow Springs Holiday Resort and Penddol Caravan Park.

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MEADOW SPRINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

10.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Bank loans
2,509,513
-

2,509,513
-


The following liabilities were secured:

2021
2020
£
£



Bank loans
2,509,513
-

2,509,513
-

Details of security provided:

The bank loan is secured against the Meadow Springs Holiday Resort and Penddol Caravan Park.

img3527.png Page 12

 
MEADOW SPRINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

11.


Loans


Analysis of the maturity of loans is given below:


2021
2020
£
£

Amounts falling due within one year

Bank loans
73,576
-


73,576
-

Amounts falling due 1-2 years

Bank loans
111,035
-


111,035
-

Amounts falling due 2-5 years

Bank loans
265,002
-


265,002
-

Amounts falling due after more than 5 years

Bank loans
2,133,476
-

2,133,476
-

2,583,089
-


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MEADOW SPRINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

12.


Deferred taxation




2021


£






At beginning of year
3,933


Charged to profit or loss
75,343



At end of year
79,276

The deferred tax asset is made up as follows:

2021
2020
£
£


Accelerated capital allowances
(341,404)
3,933

Tax losses carried forward
420,680
-

79,276
3,933


13.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



100 (2020 - 100) Ordinary shares of £1.00 each
100
100



14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £635 (2020: £Nil). Contributions totalling £365 (2020: £Nil) were payable to the fund at the balance sheet date and are included in creditors.

img0b83.png Page 14

 
MEADOW SPRINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

15.


Related party transactions

Included within other creditors is an amount due in the sum of £258,119 (2020: £723,898) to Mid Wales Shooting Centre Limited (Mr J E Williams is a director of both companies). No repayments have been made in the period and no interest has been charged on the amount. The balance is repayable on demand. 
Included within other debtors is an amount due in the sum of £1,103 (2020: £1,090) from The Oaks Leisure Group Limited (parent company). No repayments have been made during the period and no interest has been charged on the amount. The balance is repayable on demand. 


16.


Controlling party

The ultimate holding company is The Oaks Leisure Group Limited, which own 100% of the issued share capital, and is a UK registered company. The registered office address is the same as this Company. 

 
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