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REGISTERED NUMBER: 00739136 (England and Wales)








Unaudited Financial Statements

For The Year Ended 28 February 2023

for

Wallsend Estates Limited

Wallsend Estates Limited (Registered number: 00739136)






Contents of the Financial Statements
For The Year Ended 28 February 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


Wallsend Estates Limited (Registered number: 00739136)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 5,481,353 5,565,021
Investments 6 63,463 70,163
5,544,816 5,635,184

CURRENT ASSETS
Stocks 1,141,333 780,237
Debtors 7 1,601,989 1,522,075
Cash at bank 4,402,105 3,953,259
7,145,427 6,255,571
CREDITORS
Amounts falling due within one year 8 2,690,811 2,600,042
NET CURRENT ASSETS 4,454,616 3,655,529
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,999,432

9,290,713

PROVISIONS FOR LIABILITIES 206,614 224,149
NET ASSETS 9,792,818 9,066,564

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Retained earnings 9,692,818 8,966,564
SHAREHOLDERS' FUNDS 9,792,818 9,066,564

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2023 and were signed on its behalf by:




P C Langmaid - Director


Wallsend Estates Limited (Registered number: 00739136)

Notes to the Financial Statements
For The Year Ended 28 February 2023

1. STATUTORY INFORMATION

Wallsend Estates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 00739136

Registered office: Harscombe House
1 Darklake View
Plymouth
Devon
PL6 7TL

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover primarily represents the amount receivable from Mother Ivey's Bay and Martha's Orchard holiday park operations net of any associated value added tax.

Revenue recognition on the sale of caravans
Caravan sales are included in turnover at the date at which they are invoiced.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of three years.

Goodwill was fully amortised in the accounts for the year ended 28 February 2015.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the depreciable amount of each asset over its estimated useful economic life. The depreciable amount of each asset is calculated on a straight line basis as follows:

Freehold land- nil
Freehold buildings- nil
Plant and machinery- 4 years
Fixtures and fittings- 4 years
Lodges and decking- 10 years up to 75% of the value of the asset

The lodges and attached decking are depreciated over 10 years up to 75% of the value of the asset, with the remaining 25% being the residual value.

The directors consider that, given the nature of the properties held and the policy of maintaining them to their original condition, the economic lives of these properties and their residual values are such that any depreciation charge would not be material. Residual values are regularly reviewed in order to identify any impairment in value that could lead to changes in the depreciable amount.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments are recognised at amortised cost.

Investments in listed ordinary shares which are measured at fair value, with changes recognised in profit or loss. Investments in subsidiary undertakings are recognised at cost.

Deferred taxation
Provision is made at current rates for taxation deferred or accelerated in respect of all material differences except to the extent that, in the opinion of the directors, there is a reasonable probability that a net liability will not arise in the foreseeable future.

Wallsend Estates Limited (Registered number: 00739136)

Notes to the Financial Statements - continued
For The Year Ended 28 February 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2022 - 27 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2022
and 28 February 2023 160,000
AMORTISATION
At 1 March 2022
and 28 February 2023 160,000
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2022 4,884,652 1,496,626 6,381,278
Additions 17,849 53,925 71,774
Disposals - (28,544 ) (28,544 )
At 28 February 2023 4,902,501 1,522,007 6,424,508
DEPRECIATION
At 1 March 2022 - 816,257 816,257
Charge for year - 155,442 155,442
Eliminated on disposal - (28,544 ) (28,544 )
At 28 February 2023 - 943,155 943,155
NET BOOK VALUE
At 28 February 2023 4,902,501 578,852 5,481,353
At 28 February 2022 4,884,652 680,369 5,565,021

6. FIXED ASSET INVESTMENTS


Other
investments
£   

Cost or valuation at 1 March 2022 65,660
Fair value adjustment (6,700 )
Cost or valuation at 28 February 2023 58,960


Unlisted shares of £4,503 are held at historical cost. Listed shares of £58,960 are held at market value, the historical cost of these shares is £65,803.

Wallsend Estates Limited (Registered number: 00739136)

Notes to the Financial Statements - continued
For The Year Ended 28 February 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 1,465,058 1,296,800
Other debtors 136,931 225,275
1,601,989 1,522,075

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade creditors 2,231,298 2,205,713
Taxation and social security 363,526 269,781
Other creditors 95,987 124,548
2,690,811 2,600,042

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
28.2.23 28.2.22
£    £   
Within one year 9,181 9,181
Between one and five years 2,295 11,476
11,476 20,657