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REGISTRAR OF COMPANIES

Registration number: 09371989

Queensland Country Park Limited

Unaudited Financial Statements

31 December 2021

image-name

 

Queensland Country Park Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Queensland Country Park Limited
for the Year Ended 31 December 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Queensland Country Park Limited for the year ended 31 December 2021 as set out on pages 2 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Queensland Country Park Limited, as a body, in accordance with the terms of our engagement letter dated 31 July 2019. Our work has been undertaken solely to prepare for your approval the accounts of Queensland Country Park Limited and state those matters that we have agreed to state to the Board of Directors of Queensland Country Park Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Queensland Country Park Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Queensland Country Park Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Queensland Country Park Limited. You consider that Queensland Country Park Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Queensland Country Park Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

25 May 2022

 

Queensland Country Park Limited

(Registration number: 09371989)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Intangible assets

4

3,767

4,267

Tangible assets

5

1,291,163

1,110,222

 

1,294,930

1,114,489

Current assets

 

Stocks

751,451

758,280

Debtors

6

313,927

62,653

Cash at bank and in hand

 

414,824

914

 

1,480,202

821,847

Creditors: Amounts falling due within one year

7

(1,283,700)

(854,842)

Net current assets/(liabilities)

 

196,502

(32,995)

Total assets less current liabilities

 

1,491,432

1,081,494

Creditors: Amounts falling due after more than one year

7

(939,343)

(975,000)

Provisions for liabilities

(12,565)

(10,501)

Net assets

 

539,524

95,993

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

539,424

95,893

Total equity

 

539,524

95,993

 

Queensland Country Park Limited

(Registration number: 09371989)
Balance Sheet as at 31 December 2021 (continued)

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.

Directors' 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 directors acknowledge their 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.

Approved and authorised by the Board on 25 May 2022 and signed on its behalf by:
 

.........................................

P H Thompson

Director

.........................................

M L Thompson

Director

 

Queensland Country Park 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:
Queensland
Carr Lane
Hambleton
POULTON LE FYLDE
FY6 9BA

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.


Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

Tax

The tax expense for the period comprises current and deferred 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.

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.

 

Queensland Country Park Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Land and buildings

2% straight line basis

Plant and equipment

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Office equipment, fixtures and fittings

33% straight line basis and 15% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 10 years

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.

 

Queensland Country Park Limited

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

Trade debtors

Trade debtors are amounts due from customers for the sale of goods 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

 

Queensland Country Park Limited

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

 

Queensland Country Park Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2021

4,996

4,996

At 31 December 2021

4,996

4,996

Amortisation

At 1 January 2021

729

729

Amortisation charge

500

500

At 31 December 2021

1,229

1,229

Carrying amount

At 31 December 2021

3,767

3,767

At 31 December 2020

4,267

4,267

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Office equipment, fixtures and fittings
 £

Total
£

Cost or valuation

At 1 January 2021

1,029,517

93,251

53,225

7,547

1,183,540

Additions

488,216

249

31,670

2,992

523,127

Disposals

(290,593)

-

-

-

(290,593)

At 31 December 2021

1,227,140

93,500

84,895

10,539

1,416,074

Depreciation

At 1 January 2021

24,604

45,132

554

3,028

73,318

Charge for the year

24,543

12,046

13,828

1,176

51,593

At 31 December 2021

49,147

57,178

14,382

4,204

124,911

Carrying amount

At 31 December 2021

1,177,993

36,322

70,513

6,335

1,291,163

At 31 December 2020

1,004,913

48,119

52,671

4,519

1,110,222

 

Queensland Country Park Limited

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

6

Debtors

2021
£

2020
£

Trade debtors

284,234

17,252

Other debtors

29,693

45,401

313,927

62,653

7

Creditors

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

8

598,274

590,609

Trade creditors

 

73,787

101,880

Corporation tax liability

 

107,761

-

Other creditors

 

503,878

162,353

 

1,283,700

854,842

Due after one year

 

Loans and borrowings

8

939,343

975,000

 

Queensland Country Park Limited

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

8

Loans and borrowings

2021
£

2020
£

Current loans and borrowings

Bank borrowings

49,511

25,000

Bank overdrafts

-

327,388

Other borrowings

548,763

238,221

598,274

590,609

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2021
£

2020
£

Bank borrowings

49,511

25,000

Bank overdrafts

-

327,388

49,511

352,388

Bank borrowings are secured by fixed and floating charges over the company's assets.

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

939,343

975,000

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2021
£

2020
£

Bank borrowings

939,343

975,000

Bank borrowings are secured by fixed and floating charges over the company's assets.