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Registration number: 06302668

Wells Holiday Park Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Wells Holiday Park Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Wells Holiday Park Limited

Company Information

Directors

D L Wilton

J Wilton

Company secretary

Burton Sweet

Registered office

Wells Holiday Park
Haybridge
Wells
Somerset
BA5 1AJ

Accountants

Burton Sweet Limited
Chartered Accountants and Business Advisers
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

 

Wells Holiday Park Limited

(Registration number: 06302668)
Balance Sheet
31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

677,505

454,380

Current assets

 

Stocks

5

68,367

4,067

Debtors

6

39,959

134,253

Cash at bank and in hand

 

236,923

293,833

 

345,249

432,153

Creditors: Amounts falling due within one year

7

(369,069)

(297,219)

Net current (liabilities)/assets

 

(23,820)

134,934

Total assets less current liabilities

 

653,685

589,314

Creditors: Amounts falling due after more than one year

7

(363,627)

(407,336)

Net assets

 

290,058

181,978

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

289,058

180,978

Shareholders' funds

 

290,058

181,978

 

Wells Holiday Park Limited

(Registration number: 06302668)
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 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.

Approved and authorised by the Board on 10 November 2023 and signed on its behalf by:
 



J Wilton
Director

 

Wells Holiday Park Limited

Notes to the Unaudited 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:
Wells Holiday Park
Haybridge
Wells
Somerset
BA5 1AJ

These financial statements were authorised for issue by the Board on 10 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 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 value added tax.

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.

 

Wells Holiday Park Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

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.

The current corporation 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

Freehold buildings

4% per annum straight line

Plant, machinery & vehicles

10-25% per annum straight line & reducing balance

Office equipment

33% per annum straight line

Fixtures & Fittings

10% per annum straight line

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. 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.

 

Wells Holiday Park Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers and are recognised at transaction price. 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.

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.

 

Wells Holiday Park Limited

Notes to the Unaudited 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

Wells Holiday Park Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles & boats
 £

Total
£

Cost or valuation

At 1 April 2022

314,421

61,479

131,871

9,118

456,993

973,882

Additions

253,534

4,775

15,841

3,378

11,666

289,194

Disposals

-

(14,157)

(11,445)

(511)

(18,342)

(44,455)

At 31 March 2023

567,955

52,097

136,267

11,985

450,317

1,218,621

Depreciation

At 1 April 2022

276,237

41,834

59,502

4,716

137,213

519,502

Charge for the year

3,164

4,692

12,263

2,853

35,530

58,502

Eliminated on disposal

-

(12,356)

(10,640)

(511)

(13,381)

(36,888)

At 31 March 2023

279,401

34,170

61,125

7,058

159,362

541,116

Carrying amount

At 31 March 2023

288,554

17,927

75,142

4,927

290,955

677,505

At 31 March 2022

38,184

19,645

72,369

4,402

319,780

454,380

 

Wells Holiday Park Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

5

Stocks

2023
£

2022
£

Other inventories

68,367

4,067

6

Debtors

2023
£

2022
£

Trade debtors

1,477

5,552

Other debtors

35,687

123,876

Prepayments

2,795

4,825

39,959

134,253

 

Wells Holiday Park Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and Borrowings

8

46,735

33,128

Trade creditors

 

31,207

63,507

Taxation and social security

 

38,909

21,797

Accruals and deferred income

 

31,104

12,931

Other creditors

 

221,114

165,856

 

369,069

297,219

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

363,627

407,336

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

357,981

391,593

Hire purchase contracts

5,646

15,743

363,627

407,336

2023
£

2022
£

Current loans and borrowings

Bank borrowings

39,597

28,948

Hire purchase contracts

7,138

4,180

46,735

33,128