Company registration number 11878618 (England and Wales)
HORIZON HOLIDAY PARKS (TROSSACHS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
HORIZON HOLIDAY PARKS (TROSSACHS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
HORIZON HOLIDAY PARKS (TROSSACHS) LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
30 June 2023
31 March 2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,645,979
4,336,613
Current assets
Stocks
1,677,668
945,375
Debtors
4
3,676,377
2,443,749
Cash at bank and in hand
61,120
132,958
5,415,165
3,522,082
Creditors: amounts falling due within one year
5
(6,581,885)
(4,538,569)
Net current liabilities
(1,166,720)
(1,016,487)
Total assets less current liabilities
3,479,259
3,320,126
Creditors: amounts falling due after more than one year
6
(1,660,060)
(1,731,070)
Provisions for liabilities
(204,748)
(146,950)
Net assets
1,614,451
1,442,106
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,614,351
1,442,006
Total equity
1,614,451
1,442,106

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

HORIZON HOLIDAY PARKS (TROSSACHS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 March 2024 and are signed on its behalf by:
Mr B Ward
Director
Company registration number 11878618 (England and Wales)
HORIZON HOLIDAY PARKS (TROSSACHS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Horizon Holiday Parks (Trossachs) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dalton Meadows Country Park, West Lane, Dalton on Tees, Darlington, DL2 2PT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Reporting period

These financial statements are for the period from 1 April 2022 to 30 June 2023 with comparative figures for the year ended 31 March 2022. The comparative figures are therefore not entirely comparable. The accounting reference date has been amended for operational reasons.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Not provided
Rental units
Not provided
Plant and equipment
25% on cost
Motor vehicles
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

HORIZON HOLIDAY PARKS (TROSSACHS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
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 transaction 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.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

HORIZON HOLIDAY PARKS (TROSSACHS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

HORIZON HOLIDAY PARKS (TROSSACHS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2022
Number
Number
Total
11
13
3
Tangible fixed assets
Freehold land and buildings
Rental units
Plant and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
3,621,155
345,445
311,872
156,050
4,434,522
Additions
93,565
32,000
171,487
223,173
520,225
Disposals
-
0
(15,204)
-
0
(57,496)
(72,700)
At 30 June 2023
3,714,720
362,241
483,359
321,727
4,882,047
Depreciation and impairment
At 1 April 2022
3,091
-
0
42,118
52,700
97,909
Depreciation charged in the period
1,546
-
0
122,493
39,066
163,105
Eliminated in respect of disposals
-
0
-
0
-
0
(24,946)
(24,946)
At 30 June 2023
4,637
-
0
164,611
66,820
236,068
Carrying amount
At 30 June 2023
3,710,083
362,241
318,748
254,907
4,645,979
At 31 March 2022
3,618,064
345,445
269,754
103,350
4,336,613
HORIZON HOLIDAY PARKS (TROSSACHS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 7 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,376,662
2,069,131
Other debtors
217,694
363,982
Prepayments and accrued income
59,410
10,636
3,653,766
2,443,749
2023
2022
Amounts falling due after more than one year:
£
£
Corporation tax recoverable
22,611
-
0
Total debtors
3,676,377
2,443,749
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
131,151
125,701
Obligations under finance leases
97,900
30,185
Trade creditors
4,488,048
2,413,581
Taxation and social security
157,319
176,407
Other creditors
1,403,981
1,441,589
Accruals and deferred income
303,486
351,106
6,581,885
4,538,569
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
1,514,596
1,682,070
Obligations under finance leases
145,464
49,000
1,660,060
1,731,070
Amounts included above which fall due after five years are as follows:
Payable by instalments
977,382
1,150,599
HORIZON HOLIDAY PARKS (TROSSACHS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 8 -
7
Secured creditors

Bank loans and overdrafts of £1,615,821,676 (2022 : £1,765,676) are secured against the assets of the company. Obligations under finance leases of £243,364 (2022 : £79,185) are secured against the assets to which they relate.

8
Financial commitments, guarantees and contingent liabilities

Grants receivable may be repayable in part or in full if certain conditions associated with the grants are not met.

9
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2022
£
£
Acquisition of tangible fixed assets
-
6,250
10
Directors' transactions

During the period advances totalling £17,777 (2022 - £35,643) were made to the directors. Repayments totalling £3,106 (2022 - £9,144) were made by the directors in respect of those advances. Interest of 2% and 2.25% was charged on the advances and the advances were repayable on demand.

11
Prior period adjustment

A prior period adjustment has been made so as to more accurately reflect the substance of the transactions arising on the acquisition of a business. As a result, the profit after tax in respect of the year ended 31 March 2022 has increased by £235,218 and net assets at that date have increased by £594,779.

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