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Lauderdale Holidays Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2023

Registration number: 00645739

 

Lauderdale Holidays Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 9

 

Lauderdale Holidays Limited

Balance Sheet

31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,607,029

1,606,021

Investment property

6

300,000

300,000

Other financial assets

7

921,823

984,518

 

2,828,852

2,890,539

Current assets

 

Stocks

16,082

11,500

Debtors

8

29,479

8,128

Cash at bank and in hand

 

241,091

375,458

 

286,652

395,086

Creditors: Amounts falling due within one year

9

(227,116)

(224,329)

Net current assets

 

59,536

170,757

Total assets less current liabilities

 

2,888,388

3,061,296

Creditors: Amounts falling due after more than one year

9

(970,000)

(970,000)

Net assets

 

1,918,388

2,091,296

Capital and reserves

 

Called up share capital

10

6,600

6,600

Profit and loss account

1,911,788

2,084,696

Shareholders' funds

 

1,918,388

2,091,296

 

Lauderdale Holidays Limited

Balance Sheet

31 March 2023

For the financial year ending 31 March 2023 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 November 2023 and signed on its behalf by:
 

.........................................
Mr R D Hassell
Director

Company Registration Number: 00645739

 

Lauderdale Holidays Limited

Notes to the Financial Statements

Year Ended 31 March 2023

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:
Old School House
Lower Dunstone
Widecombe in the Moor
Devon
TQ13 7TH

The principal place of business is:
Ilsington Country House
Ilsington Village
Newton Abbot
Devon
TQ13 9RR

These financial statements were authorised for issue by the Board on 9 November 2023.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006.

There are no material departures from FRS 102.

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 represents the net amount receivable from accommodation, bar, catering and other facilities excluding value added tax. Revenue is recognised when the good or services are provided.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual vale, over the useful economic life of that asset.

 

Lauderdale Holidays Limited

Notes to the Financial Statements

Year Ended 31 March 2023

Asset class

Amortisation method and rate

Goodwill

Over 15 years

Government grants

Grant income is accounted for using the accruals method. Revenue grants are recognised on a systematic basis over the periods to which the costs to which the grants relate are recognised. Capital grants are recognised over the useful life of the related asset on the same basis as depreciation is charged.

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 provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Property

2% straight line

Computer equipment

25% straight line

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Investment property

Investment properties are included at the directors' estimation of their open market value at each balance sheet date. Valuations are determined by a combination of techniques including reference to recent sales of similar properties, and know yields for similar properties within the same location.

Fair value movements on investment properties are recognised in the profit and loss account under the heading Other operating income.

Investments

Investments are included in the balance sheet at fair value.

Dividends are accounted for on the basis of cash received.

Foreign currency transactions and balances

Assets and liabilities, other than fixed assets, expressed in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions, other than purchases or sales of properties, in foreign currencies are translated at the average rate for the year. Property transactions in foreign currencies are translated at the rate of exchange at the date of the transaction. Exchange differences are taken into account at arriving at the operating profit.

 

Lauderdale Holidays Limited

Notes to the Financial Statements

Year Ended 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.

Tax

Deferred tax is recognised on all timing differences at the balance sheet date between the treatments of transactions or events for taxation and accounting purposes which have occurred but not yet reversed by the balance sheet date.

Movements in deferred tax relating to revalued assets are included in the revaluation reserve.

Deferred tax is determined using tax rates and laws (including indexation relief) that have been enacted or substantively enacted by the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 33 (2022 - 33).

 

Lauderdale Holidays Limited

Notes to the Financial Statements

Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

15,000

15,000

At 31 March 2023

15,000

15,000

Amortisation

At 1 April 2022

15,000

15,000

At 31 March 2023

15,000

15,000

Carrying amount

At 31 March 2023

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

1,863,938

1,529,410

27,500

3,420,848

Additions

-

15,848

83,525

99,373

At 31 March 2023

1,863,938

1,545,258

111,025

3,520,221

Depreciation

At 1 April 2022

535,184

1,272,768

6,875

1,814,827

Charge for the year

34,525

37,803

26,037

98,365

At 31 March 2023

569,709

1,310,571

32,912

1,913,192

Carrying amount

At 31 March 2023

1,294,229

234,687

78,113

1,607,029

At 31 March 2022

1,328,754

256,642

20,625

1,606,021

Included within the net book value of land and buildings above is £1,294,229 (2022 - £1,328,754) in respect of freehold land and buildings.
 

The cost of soft furnishings amounting to £26,529 (2022 - £26,529) is included in furniture, fittings and equipment. No depreciation is provided on this cost.

 

Lauderdale Holidays Limited

Notes to the Financial Statements

Year Ended 31 March 2023

6

Investment properties

2023
£

At 1 April 2022

300,000

At 31 March 2023

300,000

Details of the basis of valuation can be found in accounting policies.

There has been no valuation of investment property by an independent valuer.

7

Listed investments

Total
£

Cost or valuation

At 1 April 2022

984,518

Fair value adjustments

(39,782)

Additions

187,041

Disposals

(209,954)

At 31 March 2023

921,823

Carrying amount

At 31 March 2023

921,823

8

Debtors

2023
£

2022
£

Trade debtors

7,164

3,692

Prepayments

16,380

196

Other debtors

5,935

4,240

29,479

8,128

 

Lauderdale Holidays Limited

Notes to the Financial Statements

Year Ended 31 March 2023

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

100,510

102,866

Taxation and social security

38,895

26,062

Other creditors

50,331

62,881

Accruals and deferred income

37,380

32,520

227,116

224,329

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

12

970,000

970,000

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Class 'A' Shares of £1 each

1,766

1,766

1,766

1,766

Ordinary Class 'B' Shares of £1 each

800

800

800

800

Ordinary Class 'C' Shares of £1 each

800

800

800

800

Ordinary Class 'D' Shares of £1 each

3,234

3,234

3,234

3,234

Redeemable preference shares of £1 each

970,000

970,000

970,000

970,000

 

976,600

976,600

976,600

976,600

 

Lauderdale Holidays Limited

Notes to the Financial Statements

Year Ended 31 March 2023

11

Reserves

Included within the profit and loss account balance carried forward are non-distributable reserves of £172,034 (2022: £211,816). These reserves represent the cumulative revaluation gains on the company's investment portfolio and investment properties, less any disposals made in the year.

12

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

Redeemable preference shares

970,000

970,000