Year Ended
Registration number:
Lauderdale Holidays Limited
Balance Sheet
31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Other financial assets |
921,823 |
984,518 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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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:
• |
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• |
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
......................................... |
Company Registration Number: 00645739
Lauderdale Holidays Limited
Notes to the Financial Statements
Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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
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
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
• Short term trade and other debtors and creditors;
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Lauderdale Holidays Limited
Notes to the Financial Statements
Year Ended 31 March 2023
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 April 2022 |
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At 31 March 2023 |
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Amortisation |
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At 1 April 2022 |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
- |
- |
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
- |
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At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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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
Investment properties |
2023 |
|
At 1 April 2022 |
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At 31 March 2023 |
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Details of the basis of valuation can be found in accounting policies.
There has been no valuation of investment property by an independent valuer.
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 |
Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Lauderdale Holidays Limited
Notes to the Financial Statements
Year Ended 31 March 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
|
|
|
1,766 |
|
1,766 |
|
|
800 |
|
800 |
|
|
800 |
|
800 |
|
|
3,234 |
|
3,234 |
|
|
970,000 |
|
970,000 |
|
|
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Lauderdale Holidays Limited
Notes to the Financial Statements
Year Ended 31 March 2023
Reserves |
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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.
Loans and borrowings |
2023 |
2022 |
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Loans and borrowings due after one year |
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Redeemable preference shares |
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