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Registration number: 02939210

Monger Caravan & Resorts Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 December 2021

 

Monger Caravan & Resorts Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Monger Caravan & Resorts Limited

Company Information

Director

Mr Michael J Monger

Registered office

9 Riverside
Waters Meeting Road
Bolton
BL1 8TU

Accountants

HML Davies Limited
Chartered Certified Accountants
9 Riverside
Waters Meeting Road
Bolton
BL1 8TU

 

Monger Caravan & Resorts Limited

(Registration number: 02939210)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

2,199,072

2,191,060

Current assets

 

Stocks

5

103,867

78,700

Debtors

6

5,229

6,253

Cash at bank and in hand

 

25,331

148,834

 

134,427

233,787

Creditors: Amounts falling due within one year

7

(180,946)

(232,675)

Net current (liabilities)/assets

 

(46,519)

1,112

Total assets less current liabilities

 

2,152,553

2,192,172

Creditors: Amounts falling due after more than one year

7

(640,906)

(696,192)

Provisions for liabilities

(238,432)

(238,432)

Net assets

 

1,273,215

1,257,548

Capital and reserves

 

Called up share capital

1

1

Share premium reserve

124,409

124,409

Revaluation reserve

1,016,475

1,016,475

Retained earnings

132,330

116,663

Shareholders' funds

 

1,273,215

1,257,548

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Monger Caravan & Resorts Limited

(Registration number: 02939210)
Balance Sheet as at 31 December 2021

Approved and authorised by the director on 13 September 2022
 

.........................................
Mr Michael J Monger
Director

 

Monger Caravan & Resorts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital , incorporated in England and Wales.

The address of its registered office is:
9 Riverside
Waters Meeting Road
Bolton
BL1 8TU

The principal place of business is:
Ty Newydd Leisure Park
Llanbedrgoch
Isle of Anglesey
LL76 8TZ

These financial statements were authorised for issue by the director on 13 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Monger Caravan & Resorts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% and 20% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Boats

Nil

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Monger Caravan & Resorts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2020 - 6).

 

Monger Caravan & Resorts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Boat
£

Motor vehicles
 £

Cost or valuation

At 1 January 2021

2,157,330

74,199

60,959

38,819

3,000

Additions

-

2,480

15,080

-

-

Disposals

-

-

(11,645)

-

-

At 31 December 2021

2,157,330

76,679

64,394

38,819

3,000

Depreciation

At 1 January 2021

-

71,455

54,066

16,977

750

Charge for the year

-

783

4,148

-

562

Eliminated on disposal

-

-

(7,591)

-

-

At 31 December 2021

-

72,238

50,623

16,977

1,312

Carrying amount

At 31 December 2021

2,157,330

4,441

13,771

21,842

1,688

At 31 December 2020

2,157,330

2,745

6,893

21,842

2,250

Total
£

Cost or valuation

At 1 January 2021

2,334,307

Additions

17,560

Disposals

(11,645)

At 31 December 2021

2,340,222

Depreciation

At 1 January 2021

143,248

Charge for the year

5,493

Eliminated on disposal

(7,591)

At 31 December 2021

141,150

Carrying amount

At 31 December 2021

2,199,072

At 31 December 2020

2,191,060

 

Monger Caravan & Resorts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Included within the net book value of land and buildings above is £2,157,330 (2020 - £2,157,330) in respect of freehold land and buildings.
 

Revaluation

Land and buildings.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £Nil (2020 - £862,423).

5

Stocks

2021
£

2020
£

Other inventories

103,867

78,700

6

Debtors

Current

2021
£

2020
£

Prepayments

440

1,253

Other debtors

4,789

5,000

 

Monger Caravan & Resorts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Bank loans and overdrafts

8

64,405

48,800

Trade creditors

 

34,234

7,473

Taxation and social security

 

-

20,021

Accruals and deferred income

 

25,047

14,047

Other creditors

 

57,260

142,334

 

180,946

232,675

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

8

640,906

696,192

8

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

634,292

696,192

Hire purchase contracts

6,614

-

640,906

696,192

2021
£

2020
£

Current loans and borrowings

Bank borrowings

60,954

45,500

Hire purchase contracts

3,451

3,300

64,405

48,800