Caseware UK (AP4) 2022.0.179 2022.0.179 2022-09-282022-09-28false2022-01-01false2223trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03294333 2022-01-01 2022-09-28 03294333 2021-01-01 2021-12-31 03294333 2022-09-28 03294333 2021-12-31 03294333 c:Director1 2022-01-01 2022-09-28 03294333 d:Buildings 2022-01-01 2022-09-28 03294333 d:Buildings 2022-09-28 03294333 d:Buildings 2021-12-31 03294333 d:Buildings d:OwnedOrFreeholdAssets 2022-01-01 2022-09-28 03294333 d:LandBuildings 2022-09-28 03294333 d:LandBuildings 2021-12-31 03294333 d:PlantMachinery 2022-01-01 2022-09-28 03294333 d:PlantMachinery 2022-09-28 03294333 d:PlantMachinery 2021-12-31 03294333 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-01-01 2022-09-28 03294333 d:MotorVehicles 2022-01-01 2022-09-28 03294333 d:MotorVehicles 2022-09-28 03294333 d:MotorVehicles 2021-12-31 03294333 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-01-01 2022-09-28 03294333 d:FurnitureFittings 2022-01-01 2022-09-28 03294333 d:FurnitureFittings 2022-09-28 03294333 d:FurnitureFittings 2021-12-31 03294333 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-01-01 2022-09-28 03294333 d:ComputerEquipment 2022-01-01 2022-09-28 03294333 d:ComputerEquipment 2022-09-28 03294333 d:ComputerEquipment 2021-12-31 03294333 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-09-28 03294333 d:OwnedOrFreeholdAssets 2022-01-01 2022-09-28 03294333 d:CurrentFinancialInstruments 2022-09-28 03294333 d:CurrentFinancialInstruments 2021-12-31 03294333 d:Non-currentFinancialInstruments 2022-09-28 03294333 d:Non-currentFinancialInstruments 2021-12-31 03294333 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-28 03294333 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 03294333 d:Non-currentFinancialInstruments d:AfterOneYear 2022-09-28 03294333 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 03294333 d:ShareCapital 2022-09-28 03294333 d:ShareCapital 2021-12-31 03294333 d:RevaluationReserve 2022-09-28 03294333 d:RevaluationReserve 2021-12-31 03294333 d:RetainedEarningsAccumulatedLosses 2022-09-28 03294333 d:RetainedEarningsAccumulatedLosses 2021-12-31 03294333 d:AcceleratedTaxDepreciationDeferredTax 2022-09-28 03294333 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 03294333 d:RetirementBenefitObligationsDeferredTax 2022-09-28 03294333 d:RetirementBenefitObligationsDeferredTax 2021-12-31 03294333 d:OtherDeferredTax 2022-09-28 03294333 d:OtherDeferredTax 2021-12-31 03294333 c:OrdinaryShareClass1 2022-01-01 2022-09-28 03294333 c:OrdinaryShareClass1 2022-09-28 03294333 c:OrdinaryShareClass1 2021-12-31 03294333 c:FRS102 2022-01-01 2022-09-28 03294333 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-09-28 03294333 c:FullAccounts 2022-01-01 2022-09-28 03294333 c:PrivateLimitedCompanyLtd 2022-01-01 2022-09-28 03294333 d:HirePurchaseContracts d:WithinOneYear 2022-09-28 03294333 d:HirePurchaseContracts d:WithinOneYear 2021-12-31 03294333 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-09-28 03294333 d:HirePurchaseContracts d:BetweenOneFiveYears 2021-12-31 03294333 2 2022-01-01 2022-09-28 03294333 5 2022-01-01 2022-09-28 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 03294333









SHERWOOD CASTLE LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 28 SEPTEMBER 2022

 
SHERWOOD CASTLE LIMITED
REGISTERED NUMBER: 03294333

BALANCE SHEET
AS AT 28 SEPTEMBER 2022

28 September
31 December
2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,451,062
291,012

  
6,451,062
291,012

Current assets
  

Stocks
  
1,500
1,500

Debtors: amounts falling due within one year
 6 
171,135
15,047

Cash at bank and in hand
  
134,598
679,949

  
307,233
696,496

Creditors: amounts falling due within one year
 7 
(179,364)
(164,175)

Net current assets
  
 
 
127,869
 
 
532,321

Total assets less current liabilities
  
6,578,931
823,333

Creditors: amounts falling due after more than one year
  
(4,751)
-

Provisions for liabilities
  

Deferred tax
  
(1,431,282)
(3,299)

  
 
 
(1,431,282)
 
 
(3,299)

Net assets
  
5,142,898
820,034


Capital and reserves
  

Called up share capital 
  
75,400
75,400

Revaluation reserve
  
4,564,769
-

Profit and loss account
  
502,729
744,634

  
5,142,898
820,034


Page 1

 
SHERWOOD CASTLE LIMITED
REGISTERED NUMBER: 03294333

BALANCE SHEET (CONTINUED)
AS AT 28 SEPTEMBER 2022

The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The Director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






................................................
Mr Mitchell Barney
Director

Date: 16 November 2023

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
SHERWOOD CASTLE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 SEPTEMBER 2022

1.


General information

Sherwood Castle Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is 22 Chester Road, Sutton Coldfield, England, B73 5DA. 
The principal activity of the Company continued to be that of holiday park operators.
The Company is part of the Grandular Living Limited Group.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company's functional and presentational currency is Pounds sterling.
The level of rounding is to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Director has considered the going concern basis in preparing these financial statements. He
has concluded that the going concern basis is appropriate because sufficient funds will be generated from future trading and continued support from the Director and Group companies for a period of at least twelve months from the date of the approval of these financial statements to enable the company to meet its liabilities as they arise. 
The financial statements do not include any adjustments that would result from the withdrawal of this support.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

All revenue is recognised on an accruals basis in the period to which it relates.

 
2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
SHERWOOD CASTLE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 SEPTEMBER 2022

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Corporation and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
SHERWOOD CASTLE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 SEPTEMBER 2022

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property
-
not depreciated
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Prior to the acquisition of the company into the Grandular Living group freehold property was depreciated. Following a revaluation of the property all depreciation previously provided was reversed and ceased to be charged.
No depreciation has been provided on freehold property and site improvements as the property is
maintained in such a state of repair that its residual value is at least equal to its net book value. As a
result the corresponding depreciation would not be material, and therefore is not charged to the
profit and loss account.

 
2.10

Revaluation of tangible fixed assets

Individual freehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 5

 
SHERWOOD CASTLE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 SEPTEMBER 2022

2.Accounting policies (continued)

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.12

Debtors

Short-term debtors are measured at transaction price.

 
2.13

Creditors

Short-term creditors are measured at the transaction price.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each
reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the period was 22 (2021 - 23).

Page 6

 


 
SHERWOOD CASTLE LIMITED


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 SEPTEMBER 2022


4.


Tangible fixed assets









Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2022
770,602
103,017
21,175
145,893
1,302
1,041,989


Additions
-
10,658
-
676
-
11,334


Disposals
(335,828)
-
(17,175)
-
(1,302)
(354,305)


Revaluations
5,990,390
-
-
-
-
5,990,390



At 28 September 2022

6,425,164
113,675
4,000
146,569
-
6,689,408



Depreciation


At 1 January 2022
499,505
96,692
20,008
134,189
582
750,976


Charge for the period on owned assets
(163,677)
1,915
178
2,321
-
(159,263)


Disposals
(335,828)
-
(16,957)
-
(582)
(353,367)



At 28 September 2022

-
98,607
3,229
136,510
-
238,346



Net book value



At 28 September 2022
6,425,164
15,068
771
10,059
-
6,451,062



At 31 December 2021
271,097
6,325
1,167
11,704
719
291,012

Page 7

 
SHERWOOD CASTLE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 SEPTEMBER 2022

           4.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


28 September
31 December
2022
2021
£
£

Freehold
6,425,164
271,097

6,425,164
271,097


Cost or valuation at 28 September 2022 is as follows:

Land and buildings
£


At cost
434,774
At valuation:

Director's valuation - 28 September 2022
5,990,390



6,425,164

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

28 September
31 December
2022
2021
£
£



Cost
434,774
770,602

Accumulated depreciation
-
(499,505)

Net book value
434,774
271,097


5.


Stocks

28 September
31 December
2022
2021
£
£

Finished goods and goods for resale
1,500
1,500

1,500
1,500


Page 8

 
SHERWOOD CASTLE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 SEPTEMBER 2022

6.


Debtors

28 September
31 December
2022
2021
£
£


Trade debtors
581
-

Amounts owed by group undertakings
82,981
-

Other debtors
68,287
15,047

Prepayments and accrued income
19,286
-

171,135
15,047



7.


Creditors: Amounts falling due within one year

28 September
31 December
2022
2021
£
£

Trade creditors
34,366
30,030

Amounts owed to group undertakings
26,595
-

Corporation tax
16,767
84,706

Other taxation and social security
82,943
14,736

Obligations under finance lease and hire purchase contracts
2,715
-

Other creditors
2,499
33,483

Accruals and deferred income
13,479
1,220

179,364
164,175



8.


Creditors: Amounts falling due after more than one year

28 September
31 December
2022
2021
£
£

Net obligations under finance leases and hire purchase contracts
4,751
-

4,751
-


Page 9

 
SHERWOOD CASTLE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 SEPTEMBER 2022

9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

28 September
31 December
2022
2021
£
£


Within one year
2,715
-

Between 1-5 years
4,801
-

7,516
-


10.


Deferred taxation






2022


£






At beginning of year
(3,299)


Charged to profit or loss
(2,362)


Charged to other comprehensive income
(1,425,621)



At end of year
(1,431,282)

The provision for deferred taxation is made up as follows:

28 September
31 December
2022
2021
£
£


Accelerated capital allowances
(6,286)
(3,299)

Pension liability
625
-

Revaluation
(1,425,621)
-

(1,431,282)
(3,299)

Page 10

 
SHERWOOD CASTLE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 SEPTEMBER 2022

11.


Share capital

28 September
31 December
2022
2021
£
£
Allotted, called up and fully paid



75,400 (2021 - 75,400) shares shares of £1.00 each
75,400
75,400



12.


Prior year adjustment

A restatement of figures in the profit and loss has been posted which has reduced cost of sales by £93,654 and increased admin expenses by the same amount. 
Per the filed 2021 accounts there were laundry costs of £25,081 and repairs of £68,573 within cost of sales. The restated figures show the repairs within the £107,915 repairs and maintenance figure and the laundry costs within the cleaning figure of £40,321. 


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund and amounted to £1,315 (2021 - £3,632).
Contributions totalling £2,499 (2021 - £2,363) were payable to the fund at the balance sheet date.


14.


Related party transactions

During the year ended 28 September 2022 the Company operated intercompany loans with its parent and fellow subsidiaries. The net balance due to the Company as at the year end was £56,386 (2021 - £Nil). The balances are interest free, unsecured and repayable on demand.
At 28 September 2022 the Director owed the Company £5,530 (2021 - £31,120 owed to the Director). 


15.


Controlling party

The controlling party of the Company is Carworgie Limited by virtue of its 100% shareholding in Sherwood Castle Limited.
The Ultimate Controlling Party is Mr M E Barney by virtue of a 100% controlling interest of Grandular Living Limited, the Ultimate Parent Company.


Page 11