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REGISTERED NUMBER: 10421288 (England and Wales)















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: Mr D Geoghegan
Mrs S Curtis





REGISTERED OFFICE: Bicester Heritage
Buckingham Road
BICESTER
Oxfordshire
OX27 8AL





REGISTERED NUMBER: 10421288 (England and Wales)





AUDITORS: Bronsens
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 19,200 28,800
Tangible assets 6 34,497,442 19,888,271
34,516,642 19,917,071

CURRENT ASSETS
Debtors 7 1,345,057 209,945
Investments 8 4,005,032 -
Cash at bank and in hand 402,013 168,033
5,752,102 377,978
CREDITORS
Amounts falling due within one year 9 2,488,628 1,410,216
NET CURRENT ASSETS/(LIABILITIES) 3,263,474 (1,032,238 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

37,780,116

18,884,833

CREDITORS
Amounts falling due after more than one
year

10

(33,192,240

)

(15,290,164

)

PROVISIONS FOR LIABILITIES 13 (342,642 ) -
NET ASSETS 4,245,234 3,594,669

CAPITAL AND RESERVES
Called up share capital 14 100 100
Revaluation reserve 607,500 750,000
Retained earnings 3,637,634 2,844,569
SHAREHOLDERS' FUNDS 4,245,234 3,594,669

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 October 2023 and were signed on its behalf by:





Mr D Geoghegan - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold land and buildings - not provided - see below
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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 11 (2022 - 13 ) .

5. INTANGIBLE FIXED ASSETS
Website
£   
COST
At 1 April 2022
and 31 March 2023 28,800
AMORTISATION
Amortisation for year 9,600
At 31 March 2023 9,600
NET BOOK VALUE
At 31 March 2023 19,200
At 31 March 2022 28,800

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 19,743,491 147,994 56,297
Additions 14,633,777 - 13,423
At 31 March 2023 34,377,268 147,994 69,720
DEPRECIATION
At 1 April 2022 - 54,421 30,043
Charge for year - 23,394 8,050
At 31 March 2023 - 77,815 38,093
NET BOOK VALUE
At 31 March 2023 34,377,268 70,179 31,627
At 31 March 2022 19,743,491 93,573 26,254

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 April 2022 21,678 32,718 20,002,178
Additions - 4,867 14,652,067
At 31 March 2023 21,678 37,585 34,654,245
DEPRECIATION
At 1 April 2022 14,819 14,624 113,907
Charge for year 1,715 9,737 42,896
At 31 March 2023 16,534 24,361 156,803
NET BOOK VALUE
At 31 March 2023 5,144 13,224 34,497,442
At 31 March 2022 6,859 18,094 19,888,271

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 71,265 21,678 92,943
DEPRECIATION
At 1 April 2022 17,902 14,819 32,721
Charge for year 13,341 1,715 15,056
At 31 March 2023 31,243 16,534 47,777
NET BOOK VALUE
At 31 March 2023 40,022 5,144 45,166
At 31 March 2022 53,363 6,859 60,222

7. DEBTORS
31.3.23 31.3.22
£    £   
Amounts falling due within one year:
Trade debtors 755,526 119,276
Other debtors 10,505 -
Accrued income 23,294 -
Prepayments 151,942 70,185
941,267 189,461

Amounts falling due after more than one year:
Amounts owed by group undertakings 403,790 20,484

Aggregate amounts 1,345,057 209,945

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) 474,000 474,000
Hire purchase contracts 18,833 20,379
Trade creditors 326,951 179,466
Social security and other taxes 10,492 -
VAT 537,544 245,524
Rent deposits held 289,650 147,974
Credit card 5,990 -
Rent overpaid to be returned 1,085 -
Accrued expenses 309,529 222,368
Other deferred income 335,310 120,505
Event income received
in advance 179,244 -
2,488,628 1,410,216

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans (see note 11) 13,204,900 11,257,500
Hire purchase contracts 12,496 31,329
Amounts owed to group undertakings 19,974,844 4,001,335
33,192,240 15,290,164

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 474,000 474,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 13,204,900 11,257,500

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 13,678,900 11,731,500

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 200,142 -
Other timing differences 142,500 -
342,642 -

Deferred
tax
£   
Provided during year 200,142
Revaluation reserve 142,500
Balance at 31 March 2023 342,642

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
100 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.

Philip Burton BSc FCA (Senior Statutory Auditor)
for and on behalf of Bronsens

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.