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Registered number: 02309503









MOOR VALLEY COUNTRY PARK LTD

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
MOOR VALLEY COUNTRY PARK LTD (PREVIOUSLY KNOWN AS MOOR VALLEY LEISURE LIMITED)
REGISTERED NUMBER: 02309503

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,149,382
3,029,135

  
3,149,382
3,029,135

Current assets
  

Stocks
 5 
614,897
226,604

Debtors: amounts falling due within one year
 6 
158,207
157,307

Cash at bank and in hand
  
989,860
69,158

  
1,762,964
453,069

Creditors: amounts falling due within one year
 7 
(1,490,422)
(970,237)

Net current assets/(liabilities)
  
 
 
272,542
 
 
(517,168)

Total assets less current liabilities
  
3,421,924
2,511,967

Creditors: amounts falling due after more than one year
 8 
(2,583)
(4,500)

Provisions for liabilities
  

Deferred tax
 9 
(31,996)
(30,865)

  
 
 
(31,996)
 
 
(30,865)

Net assets
  
3,387,345
2,476,602


Capital and reserves
  

Called up share capital 
  
825,000
825,000

Revaluation reserve
  
1,062,555
1,059,242

Profit and loss account
  
1,499,790
592,360

  
3,387,345
2,476,602


Page 1

 
MOOR VALLEY COUNTRY PARK LTD (PREVIOUSLY KNOWN AS MOOR VALLEY LEISURE LIMITED)
REGISTERED NUMBER: 02309503

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

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: 






................................................
Matthew Knowles
Director

Date: 1 February 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
MOOR VALLEY COUNTRY PARK LTD (PREVIOUSLY KNOWN AS MOOR VALLEY LEISURE LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Moor Valley Country Park Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is C/O Prestige Country Parks Melbourne Road, Allerthorpe, York, Yorkshire, United Kingdom, YO42 4RL. The principal activity of the Company continued to be that of a holiday rental park.
The Company is part of the Prestige Country Parks 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 directors have considered the going concern basis in preparing these financial statements. They
have concluded that the going concern basis is appropriate because sufficient funds will be
generated from future trading and continued group support 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 be result from the withdrawal of
this support.

 
2.3

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sales of Mobile Homes, Recharge of expenses
Sales of mobile homes are recognised when the risks and rewards of ownership are transferred to the customer, usually on occupation when the park home agreement is signed or legal completion takes place. 
Recharge of expenses, Membership income & Management charge received
The recharge of expenses are recognised on an accruals basis in the period to which they relate.
Non-Refundable Deposit
Non-refundable deposits are recognised when customers pull out of previously reserved sales..

 
2.4

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.

Page 3

 
MOOR VALLEY COUNTRY PARK LTD (PREVIOUSLY KNOWN AS MOOR VALLEY LEISURE LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Current and deferred taxation

The tax expense for the year 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 current 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

 
MOOR VALLEY COUNTRY PARK LTD (PREVIOUSLY KNOWN AS MOOR VALLEY LEISURE LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.7

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Plant and machinery
-
20%
Motor vehicles
-
25%
Fixtures and fittings
-
20%

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.

No depreciation has been provided on freehold property 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.

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value 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.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

Page 5

 
MOOR VALLEY COUNTRY PARK LTD (PREVIOUSLY KNOWN AS MOOR VALLEY LEISURE LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).


4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2022
3,000,000
94,976
9,800
9,771
3,114,547


Additions
54,250
2,760
68,799
6,928
132,737



At 31 December 2022

3,054,250
97,736
78,599
16,699
3,247,284



Depreciation


At 1 January 2022
-
66,665
9,800
8,947
85,412


Charge for the year on owned assets
-
6,411
5,655
424
12,490



At 31 December 2022

-
73,076
15,455
9,371
97,902



Net book value



At 31 December 2022
3,054,250
24,660
63,144
7,328
3,149,382



At 31 December 2021
3,000,000
28,311
-
824
3,029,135

Page 6

 
MOOR VALLEY COUNTRY PARK LTD (PREVIOUSLY KNOWN AS MOOR VALLEY LEISURE LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Cost or valuation at 31 December 2022 is as follows:

Land and buildings
£


At cost
1,959,496
At valuation:

Market value 2022
1,094,754



3,054,250

The property was valued in May 2021 by Avison Young. The directors accept this valuation for the year
ended December 2022.

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

2022
2021
£
£



Cost
1,959,496
1,905,246

Net book value
1,959,496
1,905,246


5.


Stocks

2022
2021
£
£

Finished goods and goods for resale
614,897
226,604

614,897
226,604



6.


Debtors

2022
2021
£
£


Trade debtors
107,965
142,586

Amounts owed by group undertakings
25
-

Other debtors
22,860
3,358

Prepayments and accrued income
27,357
11,363

158,207
157,307


Page 7

 
MOOR VALLEY COUNTRY PARK LTD (PREVIOUSLY KNOWN AS MOOR VALLEY LEISURE LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
164,502
47,563

Amounts owed to group undertakings
637,193
423,444

Corporation tax
246,026
31,477

Other taxation and social security
-
31,462

Other creditors
1,612
-

Accruals and deferred income
441,089
436,291

1,490,422
970,237



8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Accruals and deferred income
2,583
4,500

2,583
4,500


Page 8

 
MOOR VALLEY COUNTRY PARK LTD (PREVIOUSLY KNOWN AS MOOR VALLEY LEISURE LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Deferred taxation




2022
2021


£

£






At beginning of year
(30,865)
-


Charged to profit or loss
(4,444)
4,647


Charged to other comprehensive income
3,313
(35,512)



At end of year
(31,996)
(30,865)

The provision for deferred taxation is made up as follows:

2022
2021
£
£


Accelerated capital allowances
203
4,647

Revalution of freehold property
(32,199)
(35,512)

(31,996)
(30,865)


10.


Related party transactions

During the year ended 31 December 2022 the Company operated intercompany loans with its parent and fellow subsidiaries. The net balance due from the Company as at the year end was £637,168 (2021 £423,444). The balances are unsecured, interest free and repayable on demand.
During the year the Company paid management charges to group companies totalling £406,184 (2021 - £130,038) the charges were made on a commercial basis.


11.


Controlling party

The controlling party of the Company is Prestige Country Parks Limited by virtue of its 100% shareholding in Moor Valley Country Park Limited.
The Ultimate Controlling Parties are Mr M Knowles and Mrs J Knowles by virtue of their joint shareholding in Prestige Country Parks Limited.

Page 9

 
MOOR VALLEY COUNTRY PARK LTD (PREVIOUSLY KNOWN AS MOOR VALLEY LEISURE LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was qualified.

The qualification in the audit report was as follows:
We were appointed as auditors of the group on 10 September 2023 and thus did not observe the counting of the physical inventories at 31 December 2021 or 31 December 2022. For the year ended 31 December 2022 we were able to satisfy ourselves as to the stock figure of £614,897 by alternative means however we were unable to satisfy ourselves by alternative means concerning stock quantities held at 31 December 2021 of £226,604.
Since stock enters into the determination of financial performance we were unable to determine whether adjustments might have been necessary in respect of the profit for the year reported in the Statement of Comprehensive Income.  
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 company 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. 

The audit report was signed on 1 February 2024 by R C Dilley FCA FCCA (Senior Statutory Auditor) on behalf of George Hay Partnership LLP.


Page 10