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Registration number: 00598895

Seadown Holiday Park Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Seadown Holiday Park Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Seadown Holiday Park Limited

(Registration number: 00598895)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

8,289,452

8,036,168

Current assets

 

Stocks

6

87,624

20,500

Debtors

7

91,384

23,874

Cash at bank and in hand

 

998,093

1,293,668

 

1,177,101

1,338,042

Creditors: Amounts falling due within one year

8

(1,522,836)

(1,737,627)

Net current liabilities

 

(345,735)

(399,585)

Total assets less current liabilities

 

7,943,717

7,636,583

Provisions for liabilities

(675,766)

(598,988)

Net assets

 

7,267,951

7,037,595

Capital and reserves

 

Called up share capital

2,000

2,000

Revaluation reserve

445,371

452,501

Other reserves

4,000

4,000

Retained earnings

6,816,580

6,579,094

Total equity

 

7,267,951

7,037,595

 

Seadown Holiday Park Limited

(Registration number: 00598895)
Balance Sheet as at 30 November 2023

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 April 2024 and signed on its behalf by:
 

Mr M E Osborne
Director

   
     
 

Seadown Holiday Park Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Seadown Caravan Park Bridge Road
Charmouth
Bridport
Dorset
DT6 6QS

These financial statements were authorised for issue by the Board on 5 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
 

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are accrued on a systematic basis over the period that the related costs have been recognised. Where the costs have already been incurred then government grants are credited to the profit and loss account in full.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Seadown Holiday Park Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

0 - 2% straight line

Plant and machinery

10% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

 

Seadown Holiday Park Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 20 (2022 - 20).

 

Seadown Holiday Park Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

300,002

300,002

At 30 November 2023

300,002

300,002

Amortisation

At 1 December 2022

300,002

300,002

At 30 November 2023

300,002

300,002

Carrying amount

At 30 November 2023

-

-

5

Tangible assets

Freehold land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

7,222,333

2,637,582

130,453

9,990,368

Additions

55,555

614,547

-

670,102

Disposals

-

(262,749)

-

(262,749)

At 30 November 2023

7,277,888

2,989,380

130,453

10,397,721

Depreciation

At 1 December 2022

1,023,287

860,164

70,749

1,954,200

Charge for the year

76,252

166,636

14,926

257,814

Eliminated on disposal

-

(103,745)

-

(103,745)

At 30 November 2023

1,099,539

923,055

85,675

2,108,269

Carrying amount

At 30 November 2023

6,178,349

2,066,325

44,778

8,289,452

At 30 November 2022

6,199,046

1,777,418

59,704

8,036,168

Included within the net book value of land and buildings above is £6,178,349 (2022 - £6,199,046) in respect of freehold land and buildings.
 

 

Seadown Holiday Park Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Revaluation

The fair value of the company's land and buildings was revalued on 14 July 1998 by an independent valuer.
This was carried out by Fleury Manico.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £5,613,297 (2022 - £5,627,090).

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

87,624

20,500

7

Debtors

Note

2023
£

2022
£

Other debtors

 

75,554

-

Prepayments

 

15,830

17,811

Income tax asset

-

6,063

 

91,384

23,874

8

Creditors

Due within one year

Note

2023
£

2022
£

 

Trade creditors

 

-

721

Social security and other taxes

 

35,475

14,441

Other creditors

 

1,293,104

1,169,849

Accruals

 

119,926

487,616

Corporation tax liability

15,414

-

Deferred income

 

58,917

65,000

 

1,522,836

1,737,627