Year Ended
Registration number:
SBL Parks & Leisure Holdings Limited
Contents
Company Information |
|
Strategic Report |
|
Director's Report |
|
Statement of Director's Responsibilities |
|
Independent Auditor's Report |
|
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 |
|
Notes to the Financial Statements |
SBL Parks & Leisure Holdings Limited
Company Information
Director |
Mr M J Taylor |
Registered office |
|
Auditors |
|
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
......................................... |
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:
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
......................................... |
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.
......................................
Melville Building East
Unit 18, 23 Royal William Yard
Devon
PL1 3GW
SBL Parks & Leisure Holdings Limited
Consolidated Profit and Loss Account
Year Ended 31 October 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Interest payable and similar charges |
( |
( |
|
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
|
Profit/(loss) attributable to: |
|||
Owners of the company |
|
|
SBL Parks & Leisure Holdings Limited
Consolidated Statement of Comprehensive Income
Year Ended 31 October 2023
2023 |
2022 |
|
Profit for the year |
|
|
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 |
|
|
Total comprehensive income attributable to: |
||
Owners of the company |
|
|
SBL Parks & Leisure Holdings Limited
Consolidated Balance Sheet
31 October 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
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
......................................... |
Company Registration Number: 11876205
SBL Parks & Leisure Holdings Limited
Balance Sheet
31 October 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Investments |
|
|
|
Current assets |
|||
Cash at bank and in hand |
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
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
......................................... |
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 |
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
Other comprehensive income |
- |
|
- |
- |
|
Total comprehensive income |
- |
|
- |
|
|
Dividends |
- |
- |
- |
( |
( |
Transfers |
- |
(97,512) |
- |
97,512 |
- |
At 31 October 2023 |
|
|
|
|
|
Share capital |
Revaluation reserve |
Merger reserve |
Profit and loss account |
Total |
|
At 1 November 2021 |
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
Other comprehensive income |
- |
|
- |
- |
|
Total comprehensive income |
- |
|
- |
|
|
Dividends |
- |
- |
- |
( |
( |
At 31 October 2022 |
|
|
|
|
|
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 |
|
- |
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 October 2023 |
|
- |
|
Share capital |
Profit and loss account |
Total |
|
At 1 November 2021 |
|
- |
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 31 October 2022 |
|
- |
|
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 |
|
|
|
Adjustments to cash flows from non-cash items; |
|||
Depreciation and amortisation |
|
|
|
(Profit)/loss on disposal of tangible assets |
( |
|
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Increase in stocks |
( |
( |
|
Decrease/(increase) in trade debtors |
|
( |
|
Increase in trade creditors |
|
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
( |
|
|
Cash flows from investing activities |
|||
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Acquisition of intangible assets |
- |
( |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from bank borrowing draw downs |
|
- |
|
Repayment of bank borrowing |
( |
( |
|
Proceeds from other borrowing draw downs |
|
- |
|
Payments to finance lease creditors |
( |
( |
|
Interest on preference shares |
( |
( |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
|
( |
|
Net decrease in cash and cash equivalents |
( |
( |
|
Cash and cash equivalents at 1 November |
|
|
|
Cash and cash equivalents at 31 October |
8,735 |
2,185,431 |
SBL Parks & Leisure Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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
• 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
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.
Turnover |
The analysis of the group's revenue for the year from continuing operations is as follows:
2023 |
|
Sale of goods |
|
Rendering of services |
|
|
The analysis of the group's turnover for the year by market is as follows:
2023 |
|
UK |
|
Europe |
|
|
SBL Parks & Leisure Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2023
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Operating lease expense - property |
32,400 |
36,600 |
Operating lease expense - plant and machinery |
|
|
Operating lease expense - other |
|
- |
(Profit)/loss on disposal of property, plant and equipment |
( |
|
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:
2023 |
2022 |
|
Production |
|
|
Administration and support |
|
|
|
|
SBL Parks & Leisure Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2023
Director's remuneration |
The director's remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
14,731 |
44,542 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2023 |
2022 |
|
Accruing benefits under money purchase pension scheme |
|
|
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 |
|
|
Interest payable and similar expenses |
2023 |
2022 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on preference shares |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
|
SBL Parks & Leisure Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2023
Taxation |
Tax charged/(credited) in the profit and loss account
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Tax expense in the income statement |
|
|
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 |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Deferred tax expense relating to changes in tax rates or laws |
|
|
Decrease from effect of tax incentives |
( |
( |
Total tax charge |
|
|
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 |
|
Deferred tax on revalued property, plant and equipment |
|
|
SBL Parks & Leisure Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2023
2022 |
Liability |
Differences between accumulated depreciation and capital allowances |
|
Deferred tax on revalued property, plant and equipment |
|
|
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 |
( |
|
Intangible assets |
Group & company
Website |
|
Cost or valuation |
|
At 1 November 2022 |
|
At 31 October 2023 |
|
Amortisation |
|
At 1 November 2022 |
|
Amortisation charge |
|
At 31 October 2023 |
|
Carrying amount |
|
At 31 October 2023 |
|
At 31 October 2022 |
|
SBL Parks & Leisure Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2023
Tangible assets |
Group
Land and buildings |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Caravan fleet |
Total |
|
Cost or valuation |
||||||
At 1 November 2022 |
|
|
|
|
|
|
Additions |
|
|
|
- |
|
|
Disposals |
- |
- |
- |
( |
( |
( |
At 31 October 2023 |
|
|
|
|
|
|
Depreciation |
||||||
At 1 November 2022 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
- |
( |
( |
( |
At 31 October 2023 |
|
|
|
|
|
|
Carrying amount |
||||||
At 31 October 2023 |
|
|
|
|
|
|
At 31 October 2022 |
|
|
|
|
|
|
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
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
Investments |
Company
2023 |
2022 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 November 2022 |
|
At 31 October 2023 |
|
Carrying amount |
|
At 31 October 2023 |
|
At 31 October 2022 |
|
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 |
|||||||
|
The South West Caravan Centre
England and Wales |
|
|
|
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 |
Stocks |
Group |
||
2023 |
2022 |
|
Work in progress |
|
|
Other inventories |
|
|
|
|
Debtors |
Group |
||
2023 |
2022 |
|
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
Cash and cash equivalents |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Cash on hand |
|
|
|
|
Cash at bank |
|
|
- |
- |
|
|
|
|
|
Bank overdrafts |
( |
- |
- |
- |
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
Creditors |
Group |
Company |
||||
Note |
2023 |
2022 |
2023 |
2022 |
|
Due within one year |
|||||
Loans and borrowings |
|
|
|
|
|
Trade creditors |
|
|
- |
- |
|
Amounts due to group undertakings |
- |
- |
|
|
|
Corporation tax |
1,498 |
253,915 |
- |
- |
|
Social security and other taxes |
|
|
- |
- |
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
Other creditors |
|
|
- |
- |
|
Accrued expenses |
|
|
- |
- |
|
|
|
|
|
||
Due after one year |
|||||
Loans and borrowings |
|
|
|
|
Loans and borrowings |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Non-current loans and borrowings |
||||
Bank borrowings |
|
|
- |
- |
Hire purchase contracts |
|
- |
- |
- |
Redeemable preference shares |
|
|
|
|
|
|
|
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Current loans and borrowings |
||||
Bank borrowings |
|
|
- |
- |
Bank overdrafts |
|
- |
- |
- |
Hire purchase contracts |
|
|
- |
- |
Redeemable preference shares |
|
|
|
|
|
|
|
|
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 |
|
|
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.
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) |
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 |
|
|
Later than one year and not later than five years |
|
- |
Later than five years |
|
- |
|
|
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 |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Provisions for liabilities |
Group
Deferred tax |
|
At 1 November 2022 |
|
Increase in existing provisions |
|
At 31 October 2023 |
|
|
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 £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
90.00 |
|
90.00 |
|
|
5.00 |
|
5.00 |
|
|
0.50 |
|
0.50 |
|
|
2.25 |
|
2.25 |
|
|
2.25 |
|
2.25 |
|
|
|
|
SBL Parks & Leisure Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2023
Redeemable preference shares
The |
Rights, preferences and restrictions
Ordinary shares have the following rights, preferences and restrictions: |
Preference shares have the following rights, preferences and restrictions: |
Dividends |
Interim dividends paid
2023 |
2022 |
|||
Interim dividend of £ |
|
|
||
Interim dividend of £ |
|
|
||
Interim dividend of £ |
|
|
||
Interim dividend of £ |
|
|
||
Interim dividend of £ |
|
|
||
|
|
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 |
|
|
( |
|
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 |
|
|
( |
|
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 |
|
Leases |
|
|
|
|
2022 |
Other related parties |
Leases |
|
|
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.