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REGISTERED NUMBER: SC088900 (Scotland)















PETTYCUR BAY HOLIDAY PARK LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023






PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3 to 4

Report of the Independent Auditors 5 to 8

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16 to 17

Notes to the Consolidated Financial Statements 18 to 31


PETTYCUR BAY HOLIDAY PARK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: T Wallace
M Wallace
A J Wallace
T J Wallace



SECRETARY: M Wallace



REGISTERED OFFICE: Pettycur Bay Holiday Park
Burntisland Road
Kinghorn
Fife
KY3 9YE



REGISTERED NUMBER: SC088900 (Scotland)



AUDITORS: Milne Craig
Chartered accountants
Statutory auditor
Abercorn House
79 Renfrew Road
Paisley
Renfrewshire
PA3 4DA



BANKERS: The Royal Bank of Scotland
23/25 Rosslyn Street
Kirkcaldy
KY1 3HA



SOLICITORS: James Thomson and Son
51A High Street
Kirkcaldy
Fife
KY1 1LJ

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023

The directors present their strategic report of the company and the group for the year ended 28 February 2023.

REVIEW OF BUSINESS
The key financial highlights are as follows:

28/2/23 28/2/22 2021
£ £ £

Turnover 9,838,633 8,068,605 4,316,590
Turnover growth 21.94% 86.92% (17.76% )
Profit before tax 1,818,604 3,519,640 1,110,215

The net assets of the group have increased from £15,334,926 at 28 February 2022 to £16,265,008 at 28 February 2023. The directors are confident that the group will continue to trade in a similar manner in the coming year.

PRINCIPAL RISKS AND UNCERTAINTIES
Competitive pressure has increased in the marketplace and margins remain under pressure.

The directors seek to control overhead costs in order to maintain the profitability of the group.

FY24 is expected to be a satisfactory year as the hospitality and leisure sectors are in high demand but pressures now exist with regards to the cost of living crisis which will undoubtedly impact demand for holidays, due to the squeeze on household income.

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, trade creditors and loans from related parties. The main purpose of these instruments is to finance the company's operations.

Trade debtors are managed in respect of credit and cashflow risk by policies concerning the credit offered to customers and the monitoring of amounts outstanding.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

ENVIRONMENT
The company recognises the importance of its environmental responsibilities, and has policies in place to manage its impact on the environment.

ON BEHALF OF THE BOARD:





A J Wallace - Director


14 November 2023

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 28 FEBRUARY 2023

The directors present their report with the financial statements of the company and the group for the year ended 28 February 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the operation of a holiday park and hotel at Pettycur Bay and a holiday park at Kinghorn, Fife.

DIVIDENDS
An interim dividend of £37.73 per share was paid on 28 February 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 28 February 2023 will be £ 560,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 March 2022 to the date of this report.

T Wallace
M Wallace
A J Wallace
T J Wallace

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 28 FEBRUARY 2023


AUDITORS
The auditors, Milne Craig, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



A J Wallace - Director


14 November 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PETTYCUR BAY HOLIDAY PARK LIMITED

Opinion
We have audited the financial statements of Pettycur Bay Holiday Park Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 28 February 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PETTYCUR BAY HOLIDAY PARK LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PETTYCUR BAY HOLIDAY PARK LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group, and determined that the most significant are those that relate to the form and content of the financial statements such as the accounting policies and the UK Companies Act 2006.

We assessed how the Group is complying with these frameworks by observing the oversight of those charged with governance, the culture of honesty and ethical behaviours and a strong emphasis placed on fraud prevention, which may reduce opportunities for fraud to take place, and fraud deterrence, which could persuade individuals not to commit fraud because of the likelihood of detection and punishment.

We assessed the susceptibility of the Group's financial statements to material misstatement, including how fraud might occur, by making an assessment of the key fraud risks to the Group, and the manner in which such risks may occur in practice, based on our previous knowledge of the Group, as well as an assessment of the current business environment.

Based on this understanding, we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered higher, we performed audit procedures to address each identified fraud risk, including management override of controls. These procedures included testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud or error. We evaluated the design and operational effectiveness of controls put in place to address the risks identified, or that otherwise prevent, deter and detect fraud.

In addition, our audit procedures included enquiring of management concerning actual and potential litigation and claims, and performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. We addressed the fraud risk in relation to revenue recognition by testing completeness and cut off of income.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards.

As with any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance, and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PETTYCUR BAY HOLIDAY PARK LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Kirsty Mackie BAcc CA (Senior Statutory Auditor)
for and on behalf of Milne Craig
Chartered accountants
Statutory auditor
Abercorn House
79 Renfrew Road
Paisley
Renfrewshire
PA3 4DA

14 November 2023

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2023

28/2/23 28/2/22
Notes £    £   

TURNOVER 9,838,633 8,068,605

Cost of sales (2,717,519 ) (1,540,081 )
GROSS PROFIT 7,121,114 6,528,524

Administrative expenses (5,356,992 ) (3,528,658 )
1,764,122 2,999,866

Other operating income 87,446 258,770
OPERATING PROFIT 1,851,568 3,258,636

Income from fixed asset investments 137,108 60,328
Interest receivable and similar income 13,534 2,651
2,002,210 3,321,615
Amounts written off investments 4 (242,472 ) 198,025
Gain/loss on revaluation of assets 58,866 -
PROFIT BEFORE TAXATION 5 1,818,604 3,519,640

Tax on profit 6 (327,900 ) (903,620 )
PROFIT FOR THE FINANCIAL YEAR 1,490,704 2,616,020
Profit attributable to:
Owners of the parent 1,490,704 2,616,020

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2023

28/2/23 28/2/22
Notes £    £   

PROFIT FOR THE YEAR 1,490,704 2,616,020


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,490,704

2,616,020

Total comprehensive income attributable to:
Owners of the parent 1,490,704 2,616,020

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

CONSOLIDATED BALANCE SHEET
28 FEBRUARY 2023

28/2/23 28/2/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 9,796,421 9,471,137
Investments 10 - -
9,796,421 9,471,137

CURRENT ASSETS
Stocks 11 2,121,367 528,925
Debtors 12 1,017,433 731,211
Investments 13 5,214,638 5,529,962
Cash at bank and in hand 2,161,688 2,990,556
10,515,126 9,780,654
CREDITORS
Amounts falling due within one year 14 3,160,144 3,023,083
NET CURRENT ASSETS 7,354,982 6,757,571
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,151,403

16,228,708

PROVISIONS FOR LIABILITIES 17 885,774 893,783
NET ASSETS 16,265,629 15,334,925

CAPITAL AND RESERVES
Called up share capital 18 50,000 50,000
Retained earnings 19 16,215,629 15,284,925
SHAREHOLDERS' FUNDS 16,265,629 15,334,925

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:





A J Wallace - Director


PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

COMPANY BALANCE SHEET
28 FEBRUARY 2023

28/2/23 28/2/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 9,796,421 9,471,137
Investments 10 100 -
9,796,521 9,471,137

CURRENT ASSETS
Stocks 11 800,640 528,925
Debtors 12 2,338,060 731,211
Investments 13 5,214,638 5,529,962
Cash at bank and in hand 2,161,688 2,990,556
10,515,026 9,780,654
CREDITORS
Amounts falling due within one year 14 3,160,144 3,023,082
NET CURRENT ASSETS 7,354,882 6,757,572
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,151,403

16,228,709

PROVISIONS FOR LIABILITIES 17 885,774 893,783
NET ASSETS 16,265,629 15,334,926

CAPITAL AND RESERVES
Called up share capital 18 50,000 50,000
Retained earnings 19 16,215,629 15,284,926
SHAREHOLDERS' FUNDS 16,265,629 15,334,926

Company's profit for the financial year 1,490,703 2,616,021

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:





A J Wallace - Director


PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 March 2021 50,000 13,341,905 13,391,905

Changes in equity
Dividends - (673,000 ) (673,000 )
Total comprehensive income - 2,616,020 2,616,020
Balance at 28 February 2022 50,000 15,284,925 15,334,925

Changes in equity
Dividends - (560,000 ) (560,000 )
Total comprehensive income - 1,490,704 1,490,704
Balance at 28 February 2023 50,000 16,215,629 16,265,629

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 March 2021 50,000 13,341,905 13,391,905

Changes in equity
Dividends - (673,000 ) (673,000 )
Total comprehensive income - 2,616,021 2,616,021
Balance at 28 February 2022 50,000 15,284,926 15,334,926

Changes in equity
Dividends - (560,000 ) (560,000 )
Total comprehensive income - 1,490,703 1,490,703
Balance at 28 February 2023 50,000 16,215,629 16,265,629

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2023

28/2/23 28/2/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 147,342 3,817,797
Tax paid (603,540 ) (191,737 )
Net cash from operating activities (456,198 ) 3,626,060

Cash flows from investing activities
Purchase of tangible fixed assets (1,101,582 ) (1,695,533 )
Sale of tangible fixed assets 794,439 655,769
Sale of current asset investments 250,000 (1,000,000 )
Investment fees paid 21,454 16,784
Interest received 13,534 2,651
Dividends received 137,108 60,328
Net cash from investing activities 114,953 (1,960,001 )

Cash flows from financing activities
Amount introduced by directors 635,211 671,134
Amount withdrawn by directors (557,422 ) (748,119 )
Loans advanced to related parties (18,827 ) (440,899 )
Equity dividends paid (560,000 ) (673,000 )
Net cash from financing activities (501,038 ) (1,190,884 )

(Decrease)/increase in cash and cash equivalents (842,283 ) 475,175
Cash and cash equivalents at beginning of
year

2

2,990,556

2,515,381

Cash and cash equivalents at end of year 2 2,148,273 2,990,556

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
28/2/23 28/2/22
£    £   
Profit before taxation 1,818,604 3,519,640
Depreciation charges 520,581 407,653
Profit on disposal of fixed assets (538,722 ) (465,975 )
Gain on revaluation of fixed assets (58,866 ) -
Fair value adjustment to investments 242,472 (198,025 )
Investment income (137,108 ) (60,328 )
Interest received on investments (2,629 ) (157 )
Finance income (150,642 ) (62,979 )
1,693,690 3,139,829
Increase in stocks (1,592,442 ) (129,549 )
(Increase)/decrease in trade and other debtors (343,888 ) 7,726
Increase in trade and other creditors 389,982 799,791
Cash generated from operations 147,342 3,817,797

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 28 February 2023
28/2/23 1/3/22
£    £   
Cash and cash equivalents 2,161,688 2,990,556
Bank overdrafts (13,415 ) -
2,148,273 2,990,556
Year ended 28 February 2022
28/2/22 1/3/21
£    £   
Cash and cash equivalents 2,990,556 2,515,381


PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2023

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/3/22 Cash flow At 28/2/23
£    £    £   
Net cash
Cash at bank and in hand 2,990,556 (828,868 ) 2,161,688
Bank overdrafts - (13,415 ) (13,415 )
2,990,556 (842,283 ) 2,148,273

Liquid resources
Current asset investments 5,529,962 (315,324 ) 5,214,638
5,529,962 (315,324 ) 5,214,638
Total 8,520,518 (1,157,607 ) 7,362,911

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

Pettycur Bay Limited is a private company, limited by shares, registered in Scotland. The Company's registered number is SC088900 and registered office address is Pettycur Bay Holiday Park, Burntisland Road, Kinghorn, Fife KY3 9YE.

The nature of the company's operations and its principal activities is that of the operation of a holiday park and hotel at Pettycur Bay and a holiday park at Kinghorn, Fife.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in 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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In preparing these financial statements, the directors have made the following judgements:

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Assets are considered for indications of impairment. If required an impairment review will be carried out and a decision made on possible impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Bad debts are provided for where objective evidence of the need for a provision exists.

Inventories are assessed for evidence of obsolescence and a provision is made against any inventory unlikely to be sold, or where stock is sold post year end at a loss.

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued

Turnover
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. Consideration is given to the point at which the Company is entitled to receive the income, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from the provision of services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due;
- the costs incurred can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 10% on cost

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 ' Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.


PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Deferred tax assets and deferred tax liabilities are offset only if the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

Leases
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3. EMPLOYEES AND DIRECTORS
28/2/23 28/2/22
£    £   
Wages and salaries 1,968,805 1,309,539
Social security costs 148,164 103,744
Other pension costs 31,266 20,219
2,148,235 1,433,502

The average number of employees during the year was as follows:
28/2/23 28/2/22

Administration 5 5
Park 12 10
Bar / Leisure / Restaurant 101 66
118 81

The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2022 - NIL).

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

3. EMPLOYEES AND DIRECTORS - continued

28/2/23 28/2/22
£    £   
Directors' remuneration - -

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

4. AMOUNTS WRITTEN OFF INVESTMENTS
28/2/23 28/2/22
£    £   
Fair value adjustment on
investments 242,472 (198,025 )

5. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

28/2/23 28/2/22
£    £   
Hire of plant and machinery 540 1,198
Depreciation - owned assets 520,581 407,653
Profit on disposal of fixed assets (538,722 ) (465,975 )
Auditors' remuneration 19,500 19,500

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
28/2/23 28/2/22
£    £   
Current tax:
UK corporation tax 335,910 603,541
Adjustment in respect of
prior periods (1 ) (56 )
Total current tax 335,909 603,485

Deferred tax:
Originating and reversal of
timing differences (8,009 ) 300,135
Tax on profit 327,900 903,620

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

28/2/23 28/2/22
£    £   
Profit before tax 1,818,604 3,519,640
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2022 - 19 %)

345,535

668,732

Effects of:
Adjustments to tax charge in respect of previous periods (1 ) (55 )
Disallowed expenses and non-taxable income 40,640 (61,802 )
Deferred tax rate changes (1,922 ) 214,508
Indexation allowances and rebasing (56,352 ) 82,237
Total tax charge 327,900 903,620

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
28/2/23 28/2/22
£    £   
Ordinary A shares of £1 each
Interim 560,000 673,000

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

9. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 March 2022 11,935,397 384,301 1,015,672
Additions 249,389 123,436 634,905
Disposals (66,247 ) - (447,919 )
At 28 February 2023 12,118,539 507,737 1,202,658
DEPRECIATION
At 1 March 2022 3,615,899 206,191 460,796
Charge for year 243,020 53,832 146,385
Eliminated on disposal (24,510 ) - (234,040 )
At 28 February 2023 3,834,409 260,023 373,141
NET BOOK VALUE
At 28 February 2023 8,284,130 247,714 829,517
At 28 February 2022 8,319,498 178,110 554,876

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2022 161,366 519,564 14,016,300
Additions 78,665 15,187 1,101,582
Disposals (7,575 ) - (521,741 )
At 28 February 2023 232,456 534,751 14,596,141
DEPRECIATION
At 1 March 2022 95,024 167,253 4,545,163
Charge for year 24,759 52,585 520,581
Eliminated on disposal (7,474 ) - (266,024 )
At 28 February 2023 112,309 219,838 4,799,720
NET BOOK VALUE
At 28 February 2023 120,147 314,913 9,796,421
At 28 February 2022 66,342 352,311 9,471,137

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

9. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 March 2022 11,935,397 384,301 1,015,672
Additions 249,389 123,436 634,905
Disposals (66,247 ) - (447,919 )
At 28 February 2023 12,118,539 507,737 1,202,658
DEPRECIATION
At 1 March 2022 3,615,899 206,191 460,796
Charge for year 243,020 53,832 146,385
Eliminated on disposal (24,510 ) - (234,040 )
At 28 February 2023 3,834,409 260,023 373,141
NET BOOK VALUE
At 28 February 2023 8,284,130 247,714 829,517
At 28 February 2022 8,319,498 178,110 554,876

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2022 161,366 519,564 14,016,300
Additions 78,665 15,187 1,101,582
Disposals (7,575 ) - (521,741 )
At 28 February 2023 232,456 534,751 14,596,141
DEPRECIATION
At 1 March 2022 95,024 167,253 4,545,163
Charge for year 24,759 52,585 520,581
Eliminated on disposal (7,474 ) - (266,024 )
At 28 February 2023 112,309 219,838 4,799,720
NET BOOK VALUE
At 28 February 2023 120,147 314,913 9,796,421
At 28 February 2022 66,342 352,311 9,471,137

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
Additions 100
At 28 February 2023 100
NET BOOK VALUE
At 28 February 2023 100

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Formula Wallace Ltd
Registered office: Building 1000 Cambridge Research Park, Waterbeach, Inited Kingdom, CB25 9PD
Nature of business: Letting and operating of real estate
%
Class of shares: holding
Ordinary 100.00
28/2/23
£   
Aggregate capital and reserves 100


11. STOCKS

Group Company
28/2/23 28/2/22 28/2/23 28/2/22
£    £    £    £   
Finished goods 800,640 528,925 800,640 528,925
Construction in progress 1,320,727 - - -
2,121,367 528,925 800,640 528,925

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
28/2/23 28/2/22 28/2/23 28/2/22
£    £    £    £   
Trade debtors 397,095 83,108 397,095 83,108
Amounts owed by group undertakings - - 1,320,627 -
Amounts owed by associates 477,468 458,641 477,468 458,641
Directors' current accounts - 76,493 - 76,493
VAT - 3,681 - 3,681
Prepayments and accrued income 142,870 109,288 142,870 109,288
1,017,433 731,211 2,338,060 731,211

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

13. CURRENT ASSET INVESTMENTS

Group Company
28/2/23 28/2/22 28/2/23 28/2/22
£    £    £    £   
Listed investments 5,214,638 5,529,962 5,214,638 5,529,962

Market value of listed investments at 28 February 2023 held by the group and the company - £ (5,214,638) (2022 - £ (5,529,962) ).

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
28/2/23 28/2/22 28/2/23 28/2/22
£    £    £    £   
Bank loans and overdrafts (see note 15) 13,415 - 13,415 -
Trade creditors 2,521,499 2,101,124 2,521,499 2,101,123
Corporation tax 335,910 603,541 335,910 603,541
Social security and other taxes 23,202 21,937 23,202 21,937
VAT 16,926 - 16,926 -
Other creditors 127,759 158,497 127,759 158,497
Directors' current accounts 1,296 - 1,296 -
Accruals and deferred income 120,137 137,984 120,137 137,984
3,160,144 3,023,083 3,160,144 3,023,082

15. LOANS

An analysis of the maturity of loans is given below:

Group Company
28/2/23 28/2/22 28/2/23 28/2/22
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 13,415 - 13,415 -

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

16. FINANCIAL INSTRUMENTS

The carrying amount for each category of financial instrument is as follows:

Group
28/2/23 28/2/22
£ £
Financial assets
Financial assets that are debt instruments measured at amortised cost 844,563 618,242
Financial assets measured at fair value through profit and loss 5,214,638 5,529,962
Cash and cash equivalents 2,161,688 2,990,556
8,220,889 9,138,760
Financial liabilities
Financial liabilities measured at amortised cost 2,663,968 2,259,620

Company
28/2/23 28/2/22
£ £
Financial assets
Financial assets that are debt instruments measured at amortised cost 2,195,190 618,242
Financial assets measured at fair value through profit and loss 5,214,638 5,529,962
Cash and cash equivalents 2,161,688 2,990,556
9,571,516 9,138,760
Financial liabilities
Financial liabilities measured at amortised cost 2,663,968 2,259,620

17. PROVISIONS FOR LIABILITIES

Group Company
28/2/23 28/2/22 28/2/23 28/2/22
£    £    £    £   
Deferred tax 885,774 893,783 885,774 893,783

Group
Deferred
tax
£   
Balance at 1 March 2022 893,783
Origination and reversal of
timing differences 206,499
Effect of changes in tax rates (214,508 )
Balance at 28 February 2023 885,774

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

17. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 March 2022 893,783
Originating and reversal of 206,499
timing differences
Effect of changes in tax rates (214,508 )
Balance at 28 February 2023 885,774

Details of the provision for deferred taxation are given below:

Group
28/2/23 28/2/22
£ £

Accelerated capital allowances 655,158 584,229
Other timing differences (478 ) (371 )
Rollover or holdover gains 231,094 309,925
885,774 893,783

Details of the provision for deferred taxation are given below:

Company
28/2/23 28/2/22
£ £

Accelerated capital allowances 655,158 584,229
Other timing differences (478 ) (371 )
Rollover or holdover gains 231,094 309,925
885,774 893,783

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Nominal 28/2/23 28/2/22
Number: Class: value: £ £

15,000 Ordinary A £1 15,000 15,000
19,800 Ordinary B £1 19,800 19,800
15,000 Ordinary C £1 15,000 15,000
200 Ordinary D £1 200 200
50,000 50,000

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

19. RESERVES

Group
Retained
earnings
£   

At 1 March 2022 15,284,925
Profit for the year 1,490,704
Dividends (560,000 )
At 28 February 2023 16,215,629

Company
Retained
earnings
£   

At 1 March 2022 15,284,926
Profit for the year 1,490,703
Dividends (560,000 )
At 28 February 2023 16,215,629


20. PENSION COMMITMENTS

The group operates a defined contribution pension scheme. During the year the company made contributions of £31,266 to the scheme (2022 - £20,219). At the year end, there is a balance of £5,102 (2022 - £3,961) included in creditors relating to pension contributions.

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 28 February 2023, the balance due from the company to the directors family loan account was £1,296 (2022 - due to the company £74,493).

The company was under the control of the directors throughout the current and previous year.

22. RELATED PARTY DISCLOSURES

During the year, total dividends of £560,000 (2022 - £673,000) were paid to the directors .

Included in debtors is a balance of £473,894 (2022 - £458,641) due from A&T Residential Properties Limited, a company with common directors.

During the year, the total paid to the group's key management personnel was £nil (2022 - £nil).