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Registered number: 12535220










BROADS HOLIDAYS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
BROADS HOLIDAYS LIMITED
REGISTERED NUMBER: 12535220

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
7,537,500
7,537,500

  
7,537,500
7,537,500

Current assets
  

Debtors: amounts falling due within one year
 5 
1,282,858
1,347,867

Cash at bank and in hand
 6 
3,435
9,867

  
1,286,293
1,357,734

Creditors: amounts falling due within one year
 7 
(109,855)
(109,750)

Net current assets
  
 
 
1,176,438
 
 
1,247,984

Total assets less current liabilities
  
8,713,938
8,785,484

Creditors: amounts falling due after more than one year
 8 
(1,243,504)
(1,280,468)

  

Net assets
  
7,470,434
7,505,016


Capital and reserves
  

Called up share capital 
  
7,500,000
7,500,000

Profit and loss account
  
(29,566)
5,016

  
7,470,434
7,505,016


Page 1

 
BROADS HOLIDAYS LIMITED
REGISTERED NUMBER: 12535220
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 income statement 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: 




C J Richardson
Director

Date: 26 July 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
BROADS HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Broads Holidays Limited is a private company limited by shares and incorporated in England and Wales, registration number 12535220. The registered office is 1st Floor, Prospect House, Rouen Road, Norwich, NR1 1RE.

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

The following principal accounting policies have been applied:

 
2.2

Revenue

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
BROADS HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Income statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.6

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.

 
2.7

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.

 
2.8

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.

 
2.9

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the
Page 4

 
BROADS HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 November 2022
7,537,500



At 31 October 2023
7,537,500




Page 5

 
BROADS HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Debtors

As restated
2023
2022
£
£


Amounts owed by group undertakings
1,282,858
1,347,867

1,282,858
1,347,867



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,435
9,867

3,435
9,867



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
70,000
70,000

Other creditors
38,000
38,000

Accruals and deferred income
1,855
1,750

109,855
109,750



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
1,243,504
1,280,468

1,243,504
1,280,468


The loan is secured on a fixed charge against freehold property held within the group.

Page 6

 
BROADS HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
70,000
70,000


70,000
70,000

Amounts falling due 1-2 years

Bank loans
70,000
70,000


70,000
70,000

Amounts falling due 2-5 years

Bank loans
210,000
210,000


210,000
210,000

Amounts falling due after more than 5 years

Bank loans
963,504
1,000,468

963,504
1,000,468

1,313,504
1,350,468



10.


Prior year adjustment

A prior year adjustment has been made to correctly account for the freehold property in its subsidiary as per the legal title.


11.


Related party transactions

The company took advantage of the exemption in section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions with wholly owned companies within the group. 

 
Page 7