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SBL Parks & Leisure Holdings Limited

Annual Report and Consolidated Financial Statements
Year Ended 31 October 2023

Registration number: 11876205

 

SBL Parks & Leisure Holdings Limited

Contents

Company Information

1

Strategic Report

2 to 3

Director's Report

4

Statement of Director's Responsibilities

5

Independent Auditor's Report

6 to 9

Consolidated Profit and Loss Account

10

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Financial Statements

17 to 33

 

SBL Parks & Leisure Holdings Limited

Company Information

Director

Mr M J Taylor

Registered office

South West Caravan Centre
The Airfield
Winkleigh
EX19 8DW

Auditors

PKF Francis Clark
Statutory Auditor
Melville Building East
Unit 18, 23 Royal William Yard
Plymouth
Devon
PL1 3GW

 

SBL Parks & Leisure Holdings Limited

Strategic Report

Year Ended 31 October 2023

The director presents his strategic report for the year ended 31 October 2023.

Principal activity

The principal activity of the company is that of a holding company. The principal activity of the group is the retailing and refurbishing of caravans and operating caravan parks.

Fair review of the business

Whilst globally the economy has yet again suffered in general, sales have remained at similar levels as pre-pandemic times. The Holiday Home industry we believe, has a proven track record to cope with dramatic increases in cost due to supply issues and conflicts such as Ukraine, we continue to report positive results, thus proving the sustainability of our industry.

We have however seen a slow down to the level of both retail and trade sales over the last 6 months, and this has been due to the increase to both inflation and the exponential rise in interest rates. This has resulted in our end consumer tempering their lust for new product towards the back end of the season and perhaps opting to stay in their current unit for longer. Due to this knock-on effect, hire fleet orders were depressed and with excess unsold stock available, sales have been harder to come by.

Moving forward and with sales returning to pre-pandemic levels and with both interest rates and inflation starting to reduce we expect to see a return to normal trading at those levels. The amount of interest in retail holiday home purchases on parks is still strong and with the vast majority of our customer base aged between 55 to 75, in general they are less affected by inflation and interest rates fluctuations. Uncertainty abroad and extreme weather conditions only serve to make the UK a safe and attractive proposition.

The used caravan sales market has been a far more competitive place than in the previous three seasons, largely due to increased stock becoming available, however, we have managed to maintain our sales numbers year on year. Higher wage costs following the increase in NMW and increased material prices, both used in the refurbishment process, increased our overhead costs but we still managed to retain strong margins and more on a par with the pre pandemic seasons, which would now be considered a more comparable year and market for comparison. As we go into the new season, we would expect this year’s sales numbers to be broadly similar and although the market is more competitive, causing a reduction in prices, we are still seeing good interest from our established customer base who are continuing to purchase where they see value.

Interest in booking Holidays were up slightly from the previous year and although household finances are under pressure, bookings for this season coming appear to be positive, peak dates remain strong and we would anticipate that with more focus and flexibility with pricing, again, we should achieve similar levels.

Whilst we continue to invest in upgrading the caravan hire fleet on certain Parks where we see growth, the decision elsewhere is still to reduce fleet units to increase retail sales bases instead, this was to match the needs of the market. This will remain the policy for the current season also. High end holidays continue to be sort after, so bookings within our premium sectors i.e., apartments, bungalows, cottages and lodges, remain strong, which justifies the continued investment in our properties we currently own and in the pursuit of further acquisitions where they are viable.

The ability to recruit staff with the correct skill set is still a challenge, however, in taking the time to employ the right type of person, and good training, we feel, is the only way to attract new business and increase our market share and margin, which continues to be our focus.

 

SBL Parks & Leisure Holdings Limited

Strategic Report

Year Ended 31 October 2023

The balance sheet remains strong, and the Directors consider that the results are encouraging considering what has been another challenging year whilst there are still conflicts around the world and with the UK’s economic turbulence. we are gradually settling back to pre-pandemic trading, and we remain confident that our balance sheet for this year will continue to be positive.

The group's key financial and other performance indicators during the year were as follows:

 

Unit

2023

2022

Sales

£m

32

33

Gross profit

%

19

20

Profit before tax

£m

2

3

Net profit margin

%

5

8

Principal risks and uncertainties

Below are the principal risks that could impact the groups business model and future performance.

The directors are aware that the principal risks to the company relate to the wider economic uncertainties and may influence the demand for products and holidays.

Multiple interest rate rises and inclement weather can play a substantial role in depressing the market and inefficient production in the manufacturing process could have an impact on our product supply.

Approved by the director on 12 July 2024 and signed on its behalf by:

.........................................
Mr M J Taylor
Director

   
     
 

SBL Parks & Leisure Holdings Limited

Director's Report

Year Ended 31 October 2023

The director presents his report and the for the year ended 31 October 2023.

Director of the group

The director who held office during the year was as follows:

Mr M J Taylor

Financial risk management objectives and policies

The main risks facing the company are set out below:

Price risk, credit risk, liquidity risk and cash flow risk

The group considers the major financial risks of the business to be linked to liquidity, cash flow and cyclical changes in the economy. The group mitigates these risks by carefully managing cash, stock and debt levels through forecasting and budgeting. The group also maintains close contact with its bank keeping them informed of developments and changes within the business. The experience of management enables the company to respond to changes in the economy and to adapt the group's strategy accordingly.

Trustee holdings
A discretionary trust owns 80% of the Ordinary shares in the company. Mr P Collings is one of the three trustees of this trust and is also a Partner of PKF Francis Clark, the company's auditor. Mr P Collings is neither a beneficiary of the trust or a responsible individual for the purposes of Audit Regulation and has no involvement in the audit of the company's accounts.

Disclosure of information to the auditor

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.

Approved and authorised by the director on 12 July 2024
 

.........................................
Mr M J Taylor
Director

 

SBL Parks & Leisure Holdings Limited

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

SBL Parks & Leisure Holdings Limited

Independent Auditor's Report to the Members of SBL Parks & Leisure Holdings Limited

Opinion

We have audited the financial statements of SBL Parks & Leisure Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 October 2023 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

SBL Parks & Leisure Holdings Limited

Independent Auditor's Report to the Members of SBL Parks & Leisure Holdings Limited

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities set out on page 5, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

 

SBL Parks & Leisure Holdings Limited

Independent Auditor's Report to the Members of SBL Parks & Leisure Holdings Limited

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the company. We gained an understanding of the company and the industry in which the company operates as part of this assessment to identify the key laws and regulations affecting the company.

We identified the principal risks of non-compliance with laws and regulations as relating to the laws and regulations that have a direct impact on the preparation of the financial statements, including, but not limited to the reporting framework (FRS 102 and Companies Act 2006) and the relevant tax compliance regulations in the UK. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements including the risk of override of controls, and determined that the principal risks were related to fraudulent financial reporting.

We discussed with management how the compliance with these laws and regulations is monitored and obtained copies of the key policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the company complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non compliance with laws and regulations on the company’s ability to continue trading and the risk of material misstatement to the accounts.

We also addressed the risk of management override of internal controls, including testing of journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

SBL Parks & Leisure Holdings Limited

Independent Auditor's Report to the Members of SBL Parks & Leisure Holdings Limited

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
James Barrett (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor

Melville Building East
Unit 18, 23 Royal William Yard
Plymouth
Devon
PL1 3GW

12 July 2024

 

SBL Parks & Leisure Holdings Limited

Consolidated Profit and Loss Account

Year Ended 31 October 2023

Note

2023
 £

2022
 £

Turnover

3

32,415,647

33,069,410

Cost of sales

 

(26,344,512)

(26,303,485)

Gross profit

 

6,071,135

6,765,925

Administrative expenses

 

(3,502,796)

(3,248,092)

Operating profit

4

2,568,339

3,517,833

Interest payable and similar charges

8

(376,980)

(175,190)

Profit before tax

 

2,191,359

3,342,643

Taxation

9

(545,561)

(680,498)

Profit for the financial year

 

1,645,798

2,662,145

Profit/(loss) attributable to:

 

Owners of the company

 

1,645,798

2,662,145

 

SBL Parks & Leisure Holdings Limited

Consolidated Statement of Comprehensive Income

Year Ended 31 October 2023

2023
£

2022
£

Profit for the year

1,645,798

2,662,145

Surplus/(deficit) on revaluation of fixed assets

-

2,469,358

Deferred tax movement on revalued fixed assets

24,378

(605,308)

24,378

1,864,050

Total comprehensive income for the year

1,670,176

4,526,195

Total comprehensive income attributable to:

Owners of the company

1,670,176

4,526,195

 

SBL Parks & Leisure Holdings Limited

Consolidated Balance Sheet

31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

10

9,000

12,000

Tangible assets

11

18,749,590

16,845,411

 

18,758,590

16,857,411

Current assets

 

Stocks

13

14,894,973

4,822,193

Debtors

14

8,476,661

9,305,525

Cash at bank and in hand

 

110,401

2,185,431

 

23,482,035

16,313,149

Creditors: Amounts falling due within one year

16

(18,409,463)

(11,350,082)

Net current assets

 

5,072,572

4,963,067

Total assets less current liabilities

 

23,831,162

21,820,478

Creditors: Amounts falling due after more than one year

16

(12,455,229)

(11,965,349)

Provisions for liabilities

20

(1,273,576)

(1,182,827)

Net assets

 

10,102,357

8,672,302

Capital and reserves

 

Called up share capital

22

100

100

Revaluation reserve

1,825,972

1,899,106

Merger reserve

724,565

724,565

Profit and loss account

7,551,720

6,048,531

Equity attributable to owners of the company

 

10,102,357

8,672,302

Total equity

 

10,102,357

8,672,302

Approved and authorised by the director on 12 July 2024
 

.........................................
Mr M J Taylor
Director

Company Registration Number: 11876205

 

SBL Parks & Leisure Holdings Limited

Balance Sheet

31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

12

9,550,099

9,550,099

Current assets

 

Cash at bank and in hand

 

1

1

Creditors: Amounts falling due within one year

16

(1,500,000)

(1,500,000)

Net current liabilities

 

(1,499,999)

(1,499,999)

Total assets less current liabilities

 

8,050,100

8,050,100

Creditors: Amounts falling due after more than one year

16

(8,050,000)

(8,050,000)

Net assets

 

100

100

Capital and reserves

 

Called up share capital

22

100

100

Shareholders' funds

 

100

100

The company has taken the exemption in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The company made a profit after tax for the financial year of £240,121 (2022 - profit of £655,550).

Approved and authorised by the director on 12 July 2024
 

.........................................
Mr M J Taylor
Director

Company Registration Number: 11876205

 

SBL Parks & Leisure Holdings Limited

Consolidated Statement of Changes in Equity

Year Ended 31 October 2023

Share capital
£

Revaluation reserve
£

Merger reserve
£

Profit and loss account
£

Total
£

At 1 November 2022

100

1,899,106

724,565

6,048,531

8,672,302

Profit for the year

-

-

-

1,645,798

1,645,798

Other comprehensive income

-

24,378

-

-

24,378

Total comprehensive income

-

24,378

-

1,645,798

1,670,176

Dividends

-

-

-

(240,121)

(240,121)

Transfers

-

(97,512)

-

97,512

-

At 31 October 2023

100

1,825,972

724,565

7,551,720

10,102,357

Share capital
£

Revaluation reserve
£

Merger reserve
£

Profit and loss account
£

Total
£

At 1 November 2021

100

35,056

724,565

4,050,986

4,810,707

Profit for the year

-

-

-

2,662,145

2,662,145

Other comprehensive income

-

1,864,050

-

-

1,864,050

Total comprehensive income

-

1,864,050

-

2,662,145

4,526,195

Dividends

-

-

-

(664,600)

(664,600)

At 31 October 2022

100

1,899,106

724,565

6,048,531

8,672,302

 

SBL Parks & Leisure Holdings Limited

Statement of Changes in Equity

Year Ended 31 October 2023

Share capital
£

Profit and loss account
£

Total
£

At 1 November 2022

100

-

100

Profit for the year

-

240,121

240,121

Dividends

-

(240,121)

(240,121)

At 31 October 2023

100

-

100

Share capital
£

Profit and loss account
£

Total
£

At 1 November 2021

100

-

100

Profit for the year

-

655,550

655,550

Total comprehensive income

-

655,550

655,550

Dividends

-

(655,550)

(655,550)

At 31 October 2022

100

-

100

 

SBL Parks & Leisure Holdings Limited

Consolidated Statement of Cash Flows

Year Ended 31 October 2023

Note

2023
 £

2022
 £

Cash flows from operating activities

Profit for the year

 

1,645,798

2,662,145

Adjustments to cash flows from non-cash items;

 

Depreciation and amortisation

4

427,660

324,314

(Profit)/loss on disposal of tangible assets

(68,856)

54,644

Finance costs

8

376,980

175,190

Income tax expense

9

545,561

680,498

 

2,927,143

3,896,791

Working capital adjustments

 

Increase in stocks

13

(10,072,780)

(1,926,174)

Decrease/(increase) in trade debtors

14

828,864

(3,162,390)

Increase in trade creditors

16

6,881,762

2,351,142

Cash generated from operations

 

564,989

1,159,369

Income taxes paid

9

(682,851)

(838,226)

Net cash flow from operating activities

 

(117,862)

321,143

Cash flows from investing activities

 

Acquisitions of tangible assets

(2,368,084)

(1,073,871)

Proceeds from sale of tangible assets

 

108,100

25,875

Acquisition of intangible assets

10

-

(15,000)

Net cash flows from investing activities

 

(2,259,984)

(1,062,996)

Cash flows from financing activities

 

Interest paid

8

(325,747)

(163,740)

Proceeds from bank borrowing draw downs

 

850,000

-

Repayment of bank borrowing

 

(358,009)

(367,319)

Proceeds from other borrowing draw downs

 

355,214

-

Payments to finance lease creditors

 

(71,137)

(10,615)

Interest on preference shares

 

(9,050)

(9,050)

Dividends paid

(240,121)

(664,600)

Net cash flows from financing activities

 

201,150

(1,215,324)

Net decrease in cash and cash equivalents

 

(2,176,696)

(1,957,177)

Cash and cash equivalents at 1 November

 

2,185,431

4,142,608

Cash and cash equivalents at 31 October

15

8,735

2,185,431

 

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 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:
South West Caravan Centre
The Airfield
Winkleigh
EX19 8DW
England

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 October 2023.

As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

 

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Judgements

The company obtains periodic independent valuations of its freehold property and caravan fleet asset classes to ensure that carrying value in the financial statements does not differ materially from fair value. The directors have judged that based on the latest valuation obtained the fair value of freehold property and the caravan fleet considered individually does not differ materially from the carrying value of these assets at year end.

Key sources of estimation uncertainty

The directors estimate the recovery of all amounts included in trade debtors and provide for a bad debt provision. This estimate is subject to increased uncertainty due to the long credit terms offered to customers. As at the year end the company has estimated that the potential bad debt provision is immaterial to the accounts.

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 group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The group 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 group's activities.

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.

The current corporation 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 group operates and generates taxable income.

 

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the consolidated profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Land

Not depreciated

Freehold and long leasehold buildings

2% straight line

Fixtures and fittings

10% reducing balance

Motor vehicles

25% reducing balance

Caravan fleet

10 - 15% reducing balance

Plant and machinery

10% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

20% Straightline

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

 

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

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.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

3

Turnover

The analysis of the group's revenue for the year from continuing operations is as follows:

2023
£

Sale of goods

29,610,028

Rendering of services

2,805,619

32,415,647

The analysis of the group's turnover for the year by market is as follows:

2023
£

UK

30,130,491

Europe

2,285,156

32,415,647

 

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

4

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

424,660

321,314

Amortisation expense

3,000

3,000

Operating lease expense - property

32,400

36,600

Operating lease expense - plant and machinery

996

699

Operating lease expense - other

65,271

-

(Profit)/loss on disposal of property, plant and equipment

(68,856)

54,644

5

Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

2023
£

2022
£

Wages and salaries

1,667,846

1,550,830

Social security costs

177,793

156,650

Pension costs, defined contribution scheme

26,501

34,885

1,872,140

1,742,365

The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:

2023
No.

2022
No.

Production

33

36

Administration and support

23

22

56

58

 

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

6

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

14,613

42,999

Contributions paid to money purchase schemes

118

1,543

14,731

44,542

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

1

1

7

Auditor's remuneration

2023
£

2022
£

Audit of these financial statements

2,500

2,000

Audit of the financial statements of subsidiaries of the company pursuant to legislation

13,000

12,500

15,500

14,500


 

8

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

325,747

163,740

Interest on preference shares

9,050

9,050

Interest on obligations under finance leases and hire purchase contracts

42,183

2,400

376,980

175,190

 

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

9

Taxation

Tax charged/(credited) in the profit and loss account

2023
 £

2022
 £

Current taxation

UK corporation tax

430,434

584,910

Deferred taxation

Arising from origination and reversal of timing differences

115,127

95,588

Tax expense in the income statement

545,561

680,498

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2021: lower).
The differences are reconciled below:

2023
£

2022
£

Profit before tax

2,191,359

3,342,643

Corporation tax at standard rate

504,013

635,102

Effect of expense not deductible in determining taxable profit (tax loss)

30,243

29,401

Deferred tax expense relating to changes in tax rates or laws

11,431

22,941

Decrease from effect of tax incentives

(126)

(6,946)

Total tax charge

545,561

680,498

On 1 April 2023 there was an increase in the main rate of corporation tax to 25%, with the rate prior to that date being 19%. Consequently there has been an increase in the applicable tax rate to 22.52% (2022 - 19%), being the average rate for the year.

Deferred tax

Group

Deferred tax assets and liabilities

2023

Liability
£

Differences between accumulated depreciation and capital allowances

441,976

Deferred tax on revalued property, plant and equipment

831,600

1,273,576

 

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

2022

Liability
£

Differences between accumulated depreciation and capital allowances

326,849

Deferred tax on revalued property, plant and equipment

855,978

1,182,827

Tax relating to items recognised in other comprehensive income or equity - group

2023
£

2022
£

Deferred tax related to items recognised as items of other comprehensive income

(24,378)

605,308

10

Intangible assets

Group & company

Website
 £

Cost or valuation

At 1 November 2022

15,000

At 31 October 2023

15,000

Amortisation

At 1 November 2022

3,000

Amortisation charge

3,000

At 31 October 2023

6,000

Carrying amount

At 31 October 2023

9,000

At 31 October 2022

12,000

 

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

11

Tangible assets

Group

Land and buildings
£

Plant and machinery
£

Fixtures and fittings
 £

Motor vehicles
 £

Caravan fleet
 £

Total
£

Cost or valuation

At 1 November 2022

16,268,207

1,270,339

441,124

214,627

1,553,272

19,747,569

Additions

1,873,899

42,121

14,919

-

437,145

2,368,084

Disposals

-

-

-

(44,977)

(150,718)

(195,695)

At 31 October 2023

18,142,106

1,312,460

456,043

169,650

1,839,699

21,919,958

Depreciation

At 1 November 2022

695,301

746,776

282,926

146,133

1,031,024

2,902,160

Charge for the year

206,414

56,568

17,311

10,641

133,726

424,660

Eliminated on disposal

-

-

-

(33,429)

(123,023)

(156,452)

At 31 October 2023

901,715

803,344

300,237

123,345

1,041,727

3,170,368

Carrying amount

At 31 October 2023

17,240,391

509,116

155,806

46,305

797,972

18,749,590

At 31 October 2022

15,572,906

523,563

158,200

68,494

522,248

16,845,411

Included within the net book value of land and buildings above is £17,240,390 in respect of freehold land and buildings and £1 in respect of short leasehold land and buildings.
 

Revaluation

The fair value of the company's Freehold land and buildings and Caravan fleet was revalued on 2 March 2023 by an independent valuer.

The valuation was performed based on market value of the assets. Based on this valuation the fair value of the assets was found not to be materially different from the carrying value in the financial statements. Owing to the age of the assets it has not been possible to identify the carrying amount under the historical cost model.
.
 

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

 

2023
£

2022
£

Motor vehicles

-

9,067

     
 

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

Restriction on title and pledged as security

All fixed assets of the group with a carrying amount of £18,749,591 (2022 - £16,845,409) has been pledged as security for the bank loans.

12

Investments

Company

2023
£

2022
£

Investments in subsidiaries

9,550,099

9,550,099

Subsidiaries

£

Cost or valuation

At 1 November 2022

9,550,099

At 31 October 2023

9,550,099

Carrying amount

At 31 October 2023

9,550,099

At 31 October 2022

9,550,099

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

3T's Leisure Limited

The South West Caravan Centre
The Airfield
Winkleigh
Devon
EX19 8DW

England and Wales

Ordinary shares

100%

100%

 

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

Subsidiary undertakings

3T's Leisure Limited

The principal activity of 3T's Leisure Limited is that of retailing and refurbishing caravans and operating caravan parks.

13

Stocks

 

Group

2023
£

2022
£

Work in progress

63,738

65,640

Other inventories

14,831,235

4,756,553

14,894,973

4,822,193

14

Debtors

 

Group

2023
£

2022
£

Trade debtors

7,375,614

8,821,152

Other debtors

1,009,309

409,639

Prepayments

91,738

74,734

8,476,661

9,305,525

15

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash on hand

20,606

19,683

1

1

Cash at bank

89,795

2,165,748

-

-

110,401

2,185,431

1

1

Bank overdrafts

(101,666)

-

-

-

Cash and cash equivalents in statement of cash flows

8,735

2,185,431

1

1

 

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

16

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

17

1,822,011

1,391,975

1,000,000

1,000,000

Trade creditors

 

16,081,229

8,914,551

-

-

Amounts due to group undertakings

24

-

-

500,000

500,000

Corporation tax

 

1,498

253,915

-

-

Social security and other taxes

 

32,137

33,735

-

-

Outstanding defined contribution pension costs

 

6,297

5,543

-

-

Other creditors

 

216,115

374,402

-

-

Accrued expenses

 

250,176

375,961

-

-

 

18,409,463

11,350,082

1,500,000

1,500,000

Due after one year

 

Loans and borrowings

17

12,455,229

11,965,349

8,050,000

8,050,000

17

Loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

4,126,133

3,915,349

-

-

Hire purchase contracts

279,096

-

-

-

Redeemable preference shares

8,050,000

8,050,000

8,050,000

8,050,000

12,455,229

11,965,349

8,050,000

8,050,000

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Current loans and borrowings

Bank borrowings

669,948

388,741

-

-

Bank overdrafts

101,666

-

-

-

Hire purchase contracts

50,397

3,234

-

-

Redeemable preference shares

1,000,000

1,000,000

1,000,000

1,000,000

1,822,011

1,391,975

1,000,000

1,000,000

 

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

Group

Included in the loans and borrowings are the following amounts due after more than five years:

2023
£

2022
£

After more than five years by instalments

1,426,580

1,466,316

Bank loans and overdrafts

The bank loans are repayable by instalments with the final instalment scheduled to be paid within 2-20 years from the balance sheet date. Interest is chargeable on the bank loans at 2.0% above the bank base rate. The loans are secured by a First Legal Charge over the Freehold Property of the company and additional charges over all other assets of the company.

18

Analysis of changes in net debt

Group

At 1 November 2022

Cash flow

Non-cash movement

At 31 October 2023

£

£

£

£

Cash at bank and on hand

2,185,430

(2,075,030)

-

110,400

Bank overdrafts

-

(101,666)

-

(101,666)

Cash and cash equivalents

2,185,430

(2,176,696)

-

8,734

Bank loans

(4,304,090)

(491,991)

-

(4,796,081)

Hire purchase contracts

(3,234)

28,954

(355,213)

(329,493)

Preference shares

(9,050,000)

-

-

(9,050,000)

Net debt

(11,171,894)

(2,639,733)

(355,213)

(14,166,840)

19

Obligations under leases and hire purchase contracts

Group

Finance leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

50,745

3,582

Later than one year and not later than five years

202,979

-

Later than five years

76,117

-

329,841

3,582

 

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

66,885

40,847

Later than one year and not later than five years

62,608

1,551

129,493

42,398

The amount of non-cancellable operating lease payments recognised as an expense during the year was £97,671 (2022 - £68,746).

20

Provisions for liabilities

Group

Deferred tax
£

At 1 November 2022

1,182,827

Increase in existing provisions

90,749

At 31 October 2023

1,273,576

21

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £26,501.

Contributions totalling £6,297 were payable to the scheme at the end of the year and are included in creditors.

22

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £0.01 each

9,000

90.00

9,000

90.00

Ordinary B of £0.01 each

500

5.00

500

5.00

Ordinary C of £0.01 each

50

0.50

50

0.50

Ordinary D of £0.01 each

225

2.25

225

2.25

Ordinary E of £0.01 each

225

2.25

225

2.25

 

10,000

100

10,000

100

 

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

Redeemable preference shares

The Preference shares are redeemable at the option of the holder. They are redeemable at £1 per share and carry no voting rights.

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
All ordinary shares have identical rights and rank pari passu. Dividends may be paid to the holders of one or more classes of shares to the exclusion of the other classes and at different rates.

Preference shares have the following rights, preferences and restrictions:
The preference shares are redeemable at the option of the holder but to protect the liquidity of the company each shareholder is entitled to redeem a maximum of £500,000 per annum, on a calendar year basis, without the approval of the company.

23

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £2 (2022 - £10) per each Ordinary A shares

 

16,921

 

88,000

Interim dividend of £313 (2022 - £1,108) per each Ordinary B shares

 

156,600

 

554,000

Interim dividend of £1,292 (2022 - £372) per each Ordinary C shares

 

64,600

 

18,600

Interim dividend of £4 (2022 - £9) per each Ordinary D shares

 

1,000

 

2,000

Interim dividend of £4 (2022 - £9) per each Ordinary E Shares

 

1,000

 

2,000

   

240,121

 

664,600

24

Related party transactions

Group

The company has taken advantage of the exemption in FRS 102 "Related Party Disclosures" from disclosing transactions with wholly owned members of the group.

Transactions with the director

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Director 1

Interest free, unsecured and repayable on demand

39,264

557,188

(394,771)

201,681

         
       

 

 

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

2022

At 1 November 2021
£

Advances to director
£

Repayments by director
£

At 31 October 2022
£

Director 1

Interest free, unsecured and repayable on demand

459,112

306,706

(726,554)

39,264

         
       

 

Expenditure with and payables to related parties

During the year the company entered into transactions with a director's SIPP. Transactions entered into, and trading balances outstanding at the year end, are shown below. Outstanding balances with entities are unsecured, interest free and cash settled.

2023

Other related parties
£

Purchase of land

201,915

Leases

2,400

204,315

2022

Other related parties
£

Leases

6,750

25

Parent and ultimate parent undertaking

The ultimate controlling party is Mr M J Taylor throughout the current year by virtue of shares held by the John and Sylvia Taylor Settlement Trust (in which he is the beneficiary) and his individual shareholding in the company.