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Registered number: 09634517









GALTRES RETREAT & LODGE PARK LTD
(FORMERLY KNOWN AS GROVE COUNTRY PARK LIMITED)

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 MARCH 2023

 
GALTRES RETREAT & LODGE PARK LTD
 
(FORMERLY KNOWN AS GROVE COUNTRY PARK LIMITED)
REGISTERED NUMBER: 09634517

BALANCE SHEET
AS AT 30 MARCH 2023

30 March
31 March
2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
  
4,251,501
2,202,031

  
4,251,501
2,202,031

Current assets
  

Work in progress
 6 
3,810
3,810

Debtors: amounts falling due within one year
 7 
4,410
93,315

Cash at bank and in hand
  
14,091
14,542

  
22,311
111,667

Creditors: amounts falling due within one year
 8 
(1,402,962)
(1,573,582)

Net current liabilities
  
 
 
(1,380,651)
 
 
(1,461,915)

Total assets less current liabilities
  
2,870,850
740,116

Provisions for liabilities
  

Deferred tax
 9 
(600,495)
(88,107)

  
 
 
(600,495)
 
 
(88,107)

Net assets
  
2,270,355
652,009


Capital and reserves
  

Called up share capital 
 10 
1
1

Revaluation reserve
  
1,800,360
262,860

Profit and loss account
  
469,994
389,148

  
2,270,355
652,009


Page 1

 
GALTRES RETREAT & LODGE PARK LTD
 
(FORMERLY KNOWN AS GROVE COUNTRY PARK LIMITED)
REGISTERED NUMBER: 09634517

BALANCE SHEET (CONTINUED)
AS AT 30 MARCH 2023

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 income and retained earnings 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: 






................................................
Mr M W Knowles
Director

Date: 9 April 2024

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

Page 2

 
GALTRES RETREAT & LODGE PARK LTD

(FORMERLY KNOWN AS GROVE COUNTRY PARK LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2023

1.


General information

Galtres Retreat & Lodge Park Ltd is a private Company limited by shares incorporated in England and Wales, within the United Kingom. The address of the registered office is Prestige Country Parks Melbourne Road, Allerthorpe, York, Yorkshire, United Kingdom, YO42 4RL.
The principal activity of the Company is that of the management of a holiday park site and the sale and purchase of park homes.
During the year the company was part of the Baslow Park Limited Group, but was sold after the year end, see related party transaction note for more details.
The Company changed its name to Galtres Retreat & Lodge Park Ltd on 12 March 2024.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 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. 
 
The current plans and forecasts indicate that the company will require the continued support of the group for the foreseeable future and the directors are confident that the group has the intention and ability to provide the support required.
Accordingly the directors consider it appropriate to prepare the financial statements on the going concern basis and no adjustments have been made should the company not be able to continue as a going concern.

 
2.3

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. Revenue 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 revenue is recognised:

Income from Gas Well Lease, Rent Received and Recharges are recognised on an accruals basis in the period to which they relate.

Page 3

 
GALTRES RETREAT & LODGE PARK LTD

(FORMERLY KNOWN AS GROVE COUNTRY PARK LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2023

2.Accounting policies (continued)

 
2.4

Corporation and deferred taxation

The tax expense for the period 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

 
GALTRES RETREAT & LODGE PARK LTD

(FORMERLY KNOWN AS GROVE COUNTRY PARK LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2023

2.Accounting policies (continued)

 
2.5

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. 

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Fixtures and fittings
-
20% - straight line basis

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 profit or loss.

 
2.6

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.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value.

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.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
GALTRES RETREAT & LODGE PARK LTD

(FORMERLY KNOWN AS GROVE COUNTRY PARK LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2023

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in Statement of Cromprehensive Income.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Land and buildings are stated at fair value based upon the valuation performed by an independent professional valuer. The valuers have recent experience in the location and category of the property valued. The valuer used observable market prices adjusted as necessary for any difference in the future, location or condition of the specific asset. The Directors therefore rely on the calculations provided by third party property valuers which are prepared on generally accepted valuation methods.


4.


Employees




The average monthly number of employees, including directors, during the period was 2 (2022 - 2).

Page 6

 
GALTRES RETREAT & LODGE PARK LTD

(FORMERLY KNOWN AS GROVE COUNTRY PARK LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2023

5.


Tangible fixed assets







Freehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 April 2022
2,200,000
2,649
2,202,649


Revaluations
2,050,000
-
2,050,000



At 30 March 2023

4,250,000
2,649
4,252,649



Depreciation


At 1 April 2022
-
618
618


Charge for the period on owned assets
-
530
530



At 30 March 2023

-
1,148
1,148



Net book value



At 30 March 2023
4,250,000
1,501
4,251,501



At 31 March 2022
2,200,000
2,031
2,202,031

Cost or valuation at 30 March 2023 is as follows:

Land and buildings
£


At cost
1,849,520
At valuation:

March 2023
2,400,480



4,250,000

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

30 March
31 March
2023
2022
£
£



Cost
1,849,520
1,849,520

The property was professionally valued by CBRE in September 2023, at market value, the directors adopted this valuation as at 30 March 2023.

Page 7

 
GALTRES RETREAT & LODGE PARK LTD

(FORMERLY KNOWN AS GROVE COUNTRY PARK LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2023

6.


Work in Progress

30 March
31 March
2023
2022
£
£

Work in progress
3,810
3,810



7.


Debtors

30 March
31 March
2023
2022
£
£


Trade debtors
-
10,500

Amounts owed by group undertakings
-
78,500

Other debtors
46
4,315

Prepayments and accrued income
4,364
-

4,410
93,315



8.


Creditors: Amounts falling due within one year

30 March
31 March
2023
2022
£
£

Trade creditors
21,720
8,451

Amounts owed to group undertakings
1,351,856
1,549,297

Corporation tax
19,386
192

Accruals and deferred income
10,000
15,642

1,402,962
1,573,582


Page 8

 
GALTRES RETREAT & LODGE PARK LTD

(FORMERLY KNOWN AS GROVE COUNTRY PARK LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2023

9.


Deferred taxation






2023
2022


£

£






At beginning of year
(88,107)
(67,078)


Charged to profit or loss
112
-


Charged to other comprehensive income
(512,500)
(21,029)



At end of year
(600,495)
(88,107)

The provision for deferred taxation is made up as follows:

30 March
31 March
2023
2022
£
£


Accelerated capital allowances
(375)
(487)

Deferred tax on freehold property
(600,120)
(87,620)

(600,495)
(88,107)


10.


Share capital

30 March
31 March
2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



11.


Related party transactions

During the period the Company continued the intercompany loan with its immediate parent. The balance is interest free and repayable on demand and shown within creditors. The balance of the intercompany loan payable to Baslow Holdings Developments Limited as at 30 March 2023 is £1,351,856 (2022 - £1,549,297). The Company also continued the intercompany loans with fellow group companies, these balances are interest free and repayable on demand. The amount payable to fellow group companies is £Nil (2022 - £50,000) and this is shown within creditors. The amount receivable from fellow group companies is £Nil (2021 - £78,500) and this is shown within debtors.
During the period the Company paid management charges to group companies in respect of the management of the company. The aggregate total of management charges for 2023 was £12,000 (2022 - £50,000). The Company received rent of £93,000 (2022 - £45,500) from other group companies. The charges were made on a commercial basis.

Page 9

 
GALTRES RETREAT & LODGE PARK LTD

(FORMERLY KNOWN AS GROVE COUNTRY PARK LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2023

12.


Post balance sheet events

On 18 October 2023 100% of the company's share capital was sold to Prestige Country Parks Limited for £4,250,000. See note 13 for more details.


13.


Controlling party

During the period the Controlling Immediate Parent was Baslow Holdings Developments Limited, by way of its 100% shareholding in the Company. The Company's Ultimate Parent was Baslow Parks Limited. 
During the period the Ultimate Controlling Party was Mr A J Barney and Mrs D M Barney by way of their 100% shareholding in Baslow Parks Limited.
Since 18 October 2023 the Controlling Party is Prestige Country Parks Limited by virtue of its 100% shareholding. The Ultimate Controlling Party is Mr M W Knowles and Ms J A Knowles by way of their 100% shareholding in Prestige Country Parks Limited.


14.


Auditors' information

The auditors' report on the financial statements for the period ended 30 March 2023 was unqualified.

The audit report was signed on 22 April 2024 by Emma Wilsher FCA (Senior Statutory Auditor) on behalf of George Hay Partnership LLP.


Page 10