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Registration number: SC621664

Crieff Caravan Park Ltd

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Crieff Caravan Park Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

Crieff Caravan Park Ltd

(Registration number: SC621664)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

886,567

881,061

Current assets

 

Debtors

5

295

1,612

Cash at bank and in hand

 

16

9,335

 

311

10,947

Creditors: Amounts falling due within one year

6

(1,191,384)

(1,056,974)

Net current liabilities

 

(1,191,073)

(1,046,027)

Net liabilities

 

(304,506)

(164,966)

Capital and reserves

 

Called up share capital

10

10

Retained earnings

(304,516)

(164,976)

Shareholders' deficit

 

(304,506)

(164,966)

For the financial year ending 28 February 2023 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 her 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 November 2023
 

.........................................
T Mohammed
Company secretary and director

 

Crieff Caravan Park Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
14-15 Main Street
Longniddry
East Lothian
EH32 0NF

These financial statements were authorised for issue by the director on 16 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.

Going concern

The financial statements have been prepared on a going concern basis as the company relies on the continued support of the director.

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 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.

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.

 

Crieff Caravan Park Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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

Fixtures, fittings and caravans

15% straight line

Plant and equipment

15% straight line

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.

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.

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 the director) during the year, was 0 (2022 - 0).

 

Crieff Caravan Park Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

500,828

423,567

35,550

959,945

Additions

17,719

78,853

-

96,572

At 28 February 2023

518,547

502,420

35,550

1,056,517

Depreciation

At 1 March 2022

10,017

63,535

5,332

78,884

Charge for the year

10,371

75,363

5,332

91,066

At 28 February 2023

20,388

138,898

10,664

169,950

Carrying amount

At 28 February 2023

498,159

363,522

24,886

886,567

At 28 February 2022

490,811

360,032

30,218

881,061

Included within the net book value of land and buildings above is £498,159 (2022 - £490,811) in respect of freehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Other debtors

295

1,612

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

283,500

283,500

Other creditors

 

101,742

100,450

Directors loan

 

745,889

642,352

Inter company loan

 

60,253

30,672

 

1,191,384

1,056,974

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

283,500

283,500