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Registered number: 05149944









HERITAGE LEISURE PARKS LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
HERITAGE LEISURE PARKS LIMITED
REGISTERED NUMBER: 05149944

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
As restated 2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,226,711
3,229,127

  
3,226,711
3,229,127

Current assets
  

Stocks
  
200,000
200,000

Debtors: amounts falling due within one year
 5 
157,448
191,904

Cash at bank and in hand
  
183,609
468,518

  
541,057
860,422

Creditors: amounts falling due within one year
 6 
(607,566)
(1,125,657)

Net current liabilities
  
 
 
(66,509)
 
 
(265,235)

Total assets less current liabilities
  
3,160,202
2,963,892

Creditors: amounts falling due after more than one year
 7 
(1,286,971)
(1,399,374)

  

Net assets
  
1,873,231
1,564,518


Capital and reserves
  

Called up share capital 
 9 
2,000
2,000

Profit and loss account
  
1,871,231
1,562,518

  
1,873,231
1,564,518


Page 1

 
HERITAGE LEISURE PARKS LIMITED
REGISTERED NUMBER: 05149944

BALANCE SHEET (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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






................................................
Mr A J White
Director

Date: 1 August 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
HERITAGE LEISURE PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Heritage Leisure Parks Limited is a private Company limited by shares incorporated in England and Wales, within the United Kingdom. The address of the registered office is Tennyson House, Cambridge Business Park, Cambridge, Cambridgeshire, CB4 0WZ.
The principal activity of the Company continued to be that of operating a residential park.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The Company's functional and presentational currency is pounds sterling.
The level of rounding is to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Director has considered the going concern basis in preparing these financial statements. He has concluded that the going concern basis is appropriate because sufficient funds will be generated from future trading for a period of at least twelve months from the date of the approval of these financial statements to enable the Company to meet its liabilities as they arise.

 
2.3

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:
Pitch fees, recharges and commission are recognised on an accruals basis to which they relate. 
Sales of lodges are recognised when the risks and rewards of ownership are transferred to the customer, usually on occupation when the park home agreement is signed or legal completion takes place.

Page 3

 
HERITAGE LEISURE PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property
-
not depreciated
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

No depreciation has been provided on freehold property as the property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result the corresponding depreciation would not be material and therefore is not charged to profit or loss

Page 4

 
HERITAGE LEISURE PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

Financial instruments

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


3.


Employees

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

Page 5

 
HERITAGE LEISURE PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Tangible fixed assets





Freehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 November 2022
3,226,711
31,792
64,857
3,323,360


Disposals
-
(31,792)
-
(31,792)



At 31 October 2023

3,226,711
-
64,857
3,291,568



Depreciation


At 1 November 2022
-
29,376
64,857
94,233


Charge for the year on owned assets
-
604
-
604


Disposals
-
(29,980)
-
(29,980)



At 31 October 2023

-
-
64,857
64,857



Net book value



At 31 October 2023
3,226,711
-
-
3,226,711



At 31 October 2022
3,226,711
2,416
-
3,229,127


5.


Debtors

2023
As restated 2022
£
£


Trade debtors
39,252
39,249

Amounts owed by associated undertakings
118,196
-

Other debtors
-
152,655

157,448
191,904


Page 6

 
HERITAGE LEISURE PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Creditors: Amounts falling due within one year

2023
As restated 2022
£
£

Bank loans
148,724
105,499

Trade creditors
13,800
10,720

Amounts owed to associates
-
63,469

Corporation tax
271,594
454,996

Other creditors
168,448
221,081

Accruals and deferred income
5,000
269,892

607,566
1,125,657



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
1,286,971
1,399,374



8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
148,724
105,499

Amounts falling due 1-2 years

Bank loans
106,653
153,742

Amounts falling due 2-5 years

Bank loans
319,960
353,200

Amounts falling due after more than 5 years

Bank loans
860,358
892,432

1,435,695
1,504,873


Page 7

 
HERITAGE LEISURE PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) ordinary shares of £2,000.00
2,000
2,000



10.


Prior year adjustment

Waterbeach Court Sale:
The introduction fee less legal costs in relation to the sale on Waterbeach Court Limited were previously posted to the directors loan account in error. This resulted in profit increasing in 2022 by £255,861, resulting in the profit and loss reserves also increasing by this amount.
Purchase of land:
In 2019 the cost of the purchase of the land at Ranksborough was posted to other debtors instead of the profit and loss on sale of fixed assets. This resulted in a decrease in the profit and loss reserve of £1,250,000.
Intercomany loan write off:
In the 2022 accounts there was an intercompany loan write off in relation to associated companies that was not recognised. As a result there was a bad debt write off of £450,132 and this decreased the profit and loss reserves.
Corporation tax:
In 2019 the corporation tax provision was understated by £285,248, In 2020 interest on the under provision was not posted totalling £5,815. In 2021 interest and penalties in relation to corporation tax were omitted totalling £7,815. In 2022 corporation tax was understated by £25,845 and interest and penalties were omitted totalling £62,863.81. This has had an overall effect of decreasing the profit and loss reserved by £387,588.


11.


Related party transactions

During the year the Company operated loans with associated companies, the balance due to the Company at the year end is £118,197 (2022 - £63,200 owed from the Company).
At the year end, the balance owed by the Company to the Director is £168,449 (2022 - £706,942). This is interest free and repayable on demand.


12.


Controlling party

The ultimate controlling party is Mr A J White by virtue of his majority shareholding in the Company.


Page 8