REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
BICESTER HERITAGE PARK LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
BICESTER HERITAGE PARK LIMITED |
BICESTER HERITAGE PARK LIMITED (REGISTERED NUMBER: 10421288) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
BICESTER HERITAGE PARK LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Hillside |
Albion Street |
Chipping Norton |
Oxfordshire |
OX7 5BH |
BICESTER HERITAGE PARK LIMITED (REGISTERED NUMBER: 10421288) |
BALANCE SHEET |
31 MARCH 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors | 7 |
Investments | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 13 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
BICESTER HERITAGE PARK LIMITED (REGISTERED NUMBER: 10421288) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Bicester Heritage Park Limited is a |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from rent and related income is recognised as it falls due under the contractual arrangements of the agreement. |
Turnover from events is recognised within the period in which the event has occurred. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
The website is amortised evenly over its estimated useful life of 3 years. |
Tangible fixed assets |
Freehold land and buildings | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Freehold property is depreciated over its estimated useful life of 50 years, however in the opinion of the directors the residual value of the freehold property after 50 years is not materially different to the current value, and therefore no depreciation has been provided. |
BICESTER HERITAGE PARK LIMITED (REGISTERED NUMBER: 10421288) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Website |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
AMORTISATION |
Amortisation for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
BICESTER HERITAGE PARK LIMITED (REGISTERED NUMBER: 10421288) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
6. | TANGIBLE FIXED ASSETS |
Freehold | Fixtures |
land and | Plant and | and |
buildings | machinery | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Cost or valuation at 31 March 2023 is represented by: |
Freehold | Fixtures |
land and | Plant and | and |
buildings | machinery | fittings |
£ | £ | £ |
Valuation in 2022 | 750,000 | - | - |
Cost | 33,627,268 | 147,994 | 69,720 |
34,377,268 | 147,994 | 69,720 |
BICESTER HERITAGE PARK LIMITED (REGISTERED NUMBER: 10421288) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
6. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2022 | - | - | 750,000 |
Cost | 21,678 | 37,585 | 33,904,245 |
21,678 | 37,585 | 34,654,245 |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
31.3.23 | 31.3.22 |
£ | £ |
Cost | 33,627,268 | 18,993,491 |
Freehold land and buildings were valued on an open market basis basis on 31 March 2023 by the directors . |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2022 |
and 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
7. | DEBTORS |
31.3.23 | 31.3.22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Accrued income |
Prepayments |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
BICESTER HERITAGE PARK LIMITED (REGISTERED NUMBER: 10421288) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
8. | CURRENT ASSET INVESTMENTS |
31.3.23 | 31.3.22 |
£ | £ |
Fixed term deposits | 4,005,032 | - |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans and overdrafts (see note 11) |
Hire purchase contracts |
Trade creditors |
Social security and other taxes |
VAT | 537,544 | 245,524 |
Rent deposits held |
Credit card | 5,990 | - |
Rent overpaid to be returned | 1,085 | - |
Accrued expenses |
Other deferred income | 335,310 | 120,505 |
Event income received |
in advance | 179,244 | - |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans (see note 11) |
Hire purchase contracts |
Amounts owed to group undertakings |
11. | LOANS |
An analysis of the maturity of loans is given below: |
31.3.23 | 31.3.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
BICESTER HERITAGE PARK LIMITED (REGISTERED NUMBER: 10421288) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
12. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans |
The bank loan facility is secured by five separate charges. |
1. Fixed and floating charge over freehold property. The Debenture is in favour of Handlesbanken and is dated 7 February 2017. The agreed loan facility available to drawdown amounts to £1,680,000. |
2. A first legal charge over the Technical Area, Bicester Heritage, Buckingham Road, Bicester, OX27 8AL and its associated assets, in favour of Handelsbanken and dated 16 January 2017. A debenture over the Company's whole assets and undertaking. A memorandum of deposit over the sum of £165,000. The agreed loan facility available to drawdown amounts to £1,320,000. |
3. A fixed charge over the New Technical Area, Bicester Heritage, Buckingham Road, Bicester, OX27 8AL and its associated assets, in favour of Handelsbanken and dated 21 November 2019. |
4. A fixed charge over the Entrance, Land & Buildings at 146 & 147, Bicester Motion, Buckingham Road, Bicester, OX27 8AL and its associated assets, in favour of Handelsbanken and dated 12 March 2021. Together with a £90,000 security deposit and a deed of postponement & subordination of £8,926,000 with the parent company, Bicester Motion Limited. |
5. A fixed charge of the Hangers 79,108,113,137 & associated buildings at Bicester Motion, Buckingham Road. Bicester, OX27 8AL, in favour of Handelsbanken and dated 20 October 2022. |
13. | PROVISIONS FOR LIABILITIES |
31.3.23 | 31.3.22 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Other timing differences | 142,500 | - |
342,642 | - |
Deferred |
tax |
£ |
Provided during year |
Revaluation reserve | 142,500 |
Balance at 31 March 2023 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
BICESTER HERITAGE PARK LIMITED (REGISTERED NUMBER: 10421288) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
15. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
16. | ULTIMATE CONTROLLING PARTY |
The controlling party is Bicester Motion Limited. |
Bicester Motion Limited prepares consolidated financial statements for the group. The registered office is Bicester Heritage, Buckingham Road, Bicester, Oxfordshire, OX27 8AL. |