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COMPANY REGISTRATION NUMBER: 4907094
Broad Haven Holiday Park Limited
Filleted Unaudited Financial Statements
31 October 2023
Broad Haven Holiday Park Limited
Financial Statements
Year ended 31 October 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
Broad Haven Holiday Park Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
774,459
788,246
Current assets
Stocks
35,775
8,200
Debtors
7
22,190
13,865
Cash at bank and in hand
768,043
655,482
---------
---------
826,008
677,547
Creditors: amounts falling due within one year
8
( 231,962)
( 225,864)
---------
---------
Net current assets
594,046
451,683
------------
------------
Total assets less current liabilities
1,368,505
1,239,929
Creditors: amounts falling due after more than one year
9
( 304,838)
( 400,853)
Provisions
Taxation including deferred tax
10
( 9,147)
( 7,728)
------------
------------
Net assets
1,054,520
831,348
------------
------------
Capital and reserves
Called up share capital
12
2
2
Profit and loss account
1,054,518
831,346
------------
---------
Shareholders funds
1,054,520
831,348
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Broad Haven Holiday Park Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 29 April 2024 , and are signed on behalf of the board by:
Mr A.S. Mock
Director
Company registration number: 4907094
Broad Haven Holiday Park Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Broad Haven Holiday Park, Broad Haven, Haverfordwest, Pembrokeshire, SA62 3JD.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2% straight line
Plant & Equipment
-
20% reducing balance
Motor Vehicles
-
20% reducing balance
No depreciation is provided for on Freehold Land.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 9 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
74,508
38,331
Deferred tax:
Origination and reversal of timing differences
1,418
931
--------
--------
Tax on profit
75,926
39,262
--------
--------
6. Tangible assets
Freehold Land & Property
Plant & Equipment
Motor Vehicles
Total
£
£
£
£
Cost
At 1 November 2022
852,360
421,688
17,320
1,291,368
Additions
5,057
5,057
---------
---------
--------
------------
At 31 October 2023
852,360
426,745
17,320
1,296,425
---------
---------
--------
------------
Depreciation
At 1 November 2022
104,790
386,078
12,254
503,122
Charge for the year
9,698
8,133
1,013
18,844
---------
---------
--------
------------
At 31 October 2023
114,488
394,211
13,267
521,966
---------
---------
--------
------------
Carrying amount
At 31 October 2023
737,872
32,534
4,053
774,459
---------
---------
--------
------------
At 31 October 2022
747,570
35,610
5,066
788,246
---------
---------
--------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor Vehicles
£
At 31 October 2023
4,913
-------
At 31 October 2022
6,141
-------
7. Debtors
2023
2022
£
£
Trade debtors
12,271
6,809
Other debtors
9,919
7,056
--------
--------
22,190
13,865
--------
--------
Other debtors include an amount of £nil (2022 - £nil) falling due after more than one year.
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts (secured)
92,361
89,310
Trade creditors
14,595
7,025
Hire purchase agreements (secured)
603
2,244
Corporation tax
74,508
38,331
Social security and other taxes
22,527
15,323
Other creditors
27,368
73,631
---------
---------
231,962
225,864
---------
---------
The bank facilities are secured by a debenture dated 3 November 2003 and a legal charge dated 28 May 2010, held by Barclays Bank Plc over the assets of the company.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts (secured)
304,838
400,250
Hire purchase agreements (secured)
603
---------
---------
304,838
400,853
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £121,785 (2022: £137,608) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10. Provisions
Deferred tax (note 11)
£
At 1 November 2022
7,728
Additions
1,419
-------
At 31 October 2023
9,147
-------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 10)
9,147
7,728
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
9,147
7,728
-------
-------
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares shares of £ 1 each
2
2
2
2
----
----
----
----
13. Related party transactions
The company was under the control of Mr A.S. Mock and Mrs N.A. Mock throughout the current and previous year. Mr A.S. Mock and Mrs N.A. Mock are the managing directors and majority shareholders. During the year the company paid rent of £80,280 (2022 - £80,280) and dividends of £18,000 (2022 - £20,000) to Mr A.S. Mock and Mrs N.A. Mock, the managing directors.