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Registration number: 14545036

Beverley Holidays Leisure Limited

Annual Report and Consolidated Financial Statements

for the Period from 16 December 2022 to 30 November 2023

 

Beverley Holidays Leisure Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Consolidated Profit and Loss Account and Statement of Retained Earnings

10

Consolidated Statement of Comprehensive Income

11

Consolidated Statement of Financial Position

12

Statement of Financial Position

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 28

 

Beverley Holidays Leisure Limited

Company Information

Directors

Mr AS Jeavons

Mrs CA Flower

Mrs NC Furneaux

Mrs LC Richards

Registered office

Jordan & Company
Knighton House
62 Hagley Road
Stourbridge
West Midlands
DY8 1QD

Auditors

Jordan & Company
Knighton House
62 Hagley Road
Stourbridge
West Midlands
DY8 1QD

 

Beverley Holidays Leisure Limited

Strategic Report for the period from 16 December 2022 to 30 November 2023

The directors present their strategic report for the period from 16 December 2022 to 30 November 2023.

Principal activity

The principal activity of the group is the hiring and selling of holiday homes. An award winning 65 year old business operating in picturesque South Devon.

The main activities of the company are:
Selling holiday homes
Providing self-catering and touring holidays
Leisure facilities inclusive of multiple swimming pools
Food and beverage activities

Fair review of the business

Turnover from continued operations for the year is £8,108,695.
Profit for the year, after taxation is £525,279.

Continued investment in projects around the park to facilities and accommodation has increased customer satisfaction and retention, along with booking revenue and holiday home sales ownership. Much investment has also been made into the park infrastructure, and the business has also prioritised resource into ongoing technology improvements.

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

Financial KPIs

Unit

2023

Turnover

£

8,108,695

Gross Profit

£

6,488,054

Administrative and Other Overheads

£

5,604,612

Profit before Taxation

£

883,442

In addition to the above, the directors track occupancy levels, monitor revenue, and gross profits from all revenue streams.

Principal risks and uncertainties

The principal risks and uncertainties facing the company are broadly grouped as competitive and economic.

Competitive risks
The number of holiday parks in the local area is high, and therefore the company is constantly competing to acquire new customers, and also retain the existing customer base.

Economic risks
Inflationary rises meant we encountered numerous supplier price increases throughout the year, both in terms of raw materials, and also finished goods. Some of this cost was cascaded to our customers, however the company also had to bear some of the additional costs.

 

Beverley Holidays Leisure Limited

Strategic Report for the period from 16 December 2022 to 30 November 2023

Approved and authorised by the Board on 28 February 2024 and signed on its behalf by:
 

.........................................
Mrs CA Flower
Director

 

Beverley Holidays Leisure Limited

Directors' Report for the Period from 16 December 2022 to 30 November 2023

The directors present their report and the audited financial statements for the period from 16 December 2022 to 30 November 2023.

Incorporation

The company was incorporated on 16 December 2022.

Directors of the group

The directors who held office during the period were as follows:

Mr AS Jeavons (appointed 24 February 2023)

Mrs CA Flower (appointed 16 December 2022)

Mrs NC Furneaux (appointed 24 February 2023)

Mrs LC Richards (appointed 24 February 2023)

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

The exposure of the company to price risk, credit risk, liquidity risk and cash flow risk is not material for the assessment of the assets, liabilities, financial position and profit or loss of the company.

Future developments

The directors continually assess the future business of the company and strive to maximise the profitability when considering the service provided for guests and holiday home owners. The likely future developments of the business currently consider the expansion of the owners fleet which is a growing trend of similar size park operators. Additionally, there will be continual investment in the park facilities and infrastructure.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

The auditors Jordan & Company are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the Board on 28 February 2024 and signed on its behalf by:
 

.........................................
Mrs CA Flower
Director

 

Beverley Holidays Leisure Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

 

Beverley Holidays Leisure Limited

Independent Auditor's Report to the Members of Beverley Holidays Leisure Limited

Opinion

We have audited the financial statements of Beverley Holidays Leisure Limited (the 'parent company') and its subsidiaries (the 'group') for the period from 16 December 2022 to 30 November 2023, which comprise the Consolidated Profit and Loss Account and Statement of Retained Earnings, Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Statement of Financial Position, 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 30 November 2023 and of the group's profit for the period 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'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 directors 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.

 

Beverley Holidays Leisure Limited

Independent Auditor's Report to the Members of Beverley Holidays Leisure Limited

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.

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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' 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 Directors' 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 directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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.

 

Beverley Holidays Leisure Limited

Independent Auditor's Report to the Members of Beverley Holidays Leisure Limited

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience.

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and employment regulations.

 

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

 

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships.

tested journal entries to identify unusual transactions.

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

investigated the rationale behind significant or unusual transactions.

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation.

testing control systems by undertaking walkthrough directional testing procedures.

 

There are inherent limitations in our audit procedures described above. The more removed that laws
and regulations are from financial transactions, the less likely it is that we would become aware of
non-compliance.

 

Auditing standards also limit the audit procedures required to identify
non-compliance with laws and regulations to enquiry of the directors and other management and the
inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error
as they may involve deliberate concealment or collusion.

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.

 

Beverley Holidays Leisure Limited

Independent Auditor's Report to the Members of Beverley Holidays Leisure 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.

......................................
Mark Jordan FCA (Senior Statutory Auditor)
For and on behalf of Jordan & Company, Statutory Auditor

Knighton House
62 Hagley Road
Stourbridge
West Midlands
DY8 1QD

28 February 2024

 

Beverley Holidays Leisure Limited

Consolidated Profit and Loss Account and Statement of Retained Earnings for the Period from 16 December 2022 to 30 November 2023

Note

2023
£

Turnover

3

8,108,695

Cost of sales

 

(1,620,641)

Gross profit

 

6,488,054

Administrative expenses

 

(5,445,585)

Operating profit

5

1,042,469

Other interest receivable and similar income

6

34,396

Interest payable and similar charges

7

(193,423)

 

(159,027)

Profit before tax

 

883,442

Taxation

11

(358,163)

Profit for the financial period

 

525,279

Profit/(loss) attributable to:

 

Owners of the company

 

525,279

Retained earnings brought forward

 

-

Retained earnings carried forward

 

525,279

 

Beverley Holidays Leisure Limited

Consolidated Statement of Comprehensive Income for the Period from 16 December 2022 to 30 November 2023

2023
£

Profit for the period

525,279

Total comprehensive income for the period

525,279

Total comprehensive income attributable to:

Owners of the company

525,279

 

Beverley Holidays Leisure Limited

(Registration number: 14545036)
Consolidated Statement of Financial Position as at 30 November 2023

Note

2023
£

Fixed assets

 

Tangible assets

12

10,648,101

Current assets

 

Stocks

14

1,396,088

Debtors

15

216,153

Cash at bank and in hand

 

1,480,988

 

3,093,229

Creditors: Amounts falling due within one year

17

(2,202,216)

Net current assets

 

891,013

Total assets less current liabilities

 

11,539,114

Creditors: Amounts falling due after more than one year

17

(2,916,381)

Provisions for liabilities

18

(523,000)

Net assets

 

8,099,733

Capital and reserves

 

Called up share capital

20

5

Other reserves

7,574,449

Retained earnings

525,279

Equity attributable to owners of the company

 

8,099,733

Shareholders' funds

 

8,099,733

Approved and authorised by the Board on 28 February 2024 and signed on its behalf by:
 

.........................................
Mrs CA Flower
Director

 

Beverley Holidays Leisure Limited

(Registration number: 14545036)
Statement of Financial Position as at 30 November 2023

Note

2023
£

Fixed assets

 

Investments

13

7,350,020

Current assets

 

Debtors

15

5

Creditors: Amounts falling due within one year

17

(20)

Net current liabilities

 

(15)

Net assets

 

7,350,005

Capital and reserves

 

Called up share capital

20

5

Retained earnings

7,350,000

Shareholders' funds

 

7,350,005

The company made a profit after tax for the financial period of £7,350,000.

Approved and authorised by the Board on 28 February 2024 and signed on its behalf by:
 

.........................................
Mrs CA Flower
Director

 

Beverley Holidays Leisure Limited

Consolidated Statement of Changes in Equity for the Period from 16 December 2022 to 30 November 2023
Equity attributable to the parent company

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

Profit for the period

-

-

525,279

525,279

New share capital subscribed

5

-

-

5

Other movements on reserves

-

7,574,449

-

7,574,449

At 30 November 2023

5

7,574,449

525,279

8,099,733

Total equity
£

Profit for the period

525,279

New share capital subscribed

5

Other movements on reserves

7,574,449

At 30 November 2023

8,099,733

 

Beverley Holidays Leisure Limited

Statement of Changes in Equity for the Period from 16 December 2022 to 30 November 2023

Share capital
£

Retained earnings
£

Total
£

Profit for the period

-

7,350,000

7,350,000

New share capital subscribed

5

-

5

At 30 November 2023

5

7,350,000

7,350,005

 

Beverley Holidays Leisure Limited

Consolidated Statement of Cash Flows for the Period from 16 December 2022 to 30 November 2023

Note

2023
£

Cash flows from operating activities

Profit for the period

 

525,279

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

424,772

Profit on disposal of tangible assets

4

(286,486)

Finance income

(34,396)

Finance costs

193,423

Income tax expense

11

358,163

 

1,180,755

Working capital adjustments

 

Increase in stocks

14

(462,744)

Increase in trade debtors

15

(69,972)

Increase in trade creditors

17

384,564

Cash generated from operations

 

1,032,603

Income taxes paid

11

(497,326)

Net cash flow from operating activities

 

535,277

Cash flows from investing activities

 

Interest received

34,396

Acquisition of subsidiaries

13

(7,350,020)

Acquisitions of tangible assets

(723,186)

Proceeds from sale of tangible assets

 

946,329

Net cash flows from investing activities

 

(7,092,481)

Cash flows from financing activities

 

Interest paid

(193,423)

Proceeds from issue of ordinary shares, net of issue costs

 

5

Proceeds from bank borrowing draw downs

 

2,055,396

Net cash flows from financing activities

 

1,861,978

Net decrease in cash and cash equivalents

 

(4,695,226)

Cash and cash equivalents at 16 December

 

6,176,214

Cash and cash equivalents at 30 November

 

1,480,988

 

Beverley Holidays Leisure Limited

Notes to the Financial Statements for the Period from 16 December 2022 to 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Jordan & Company
Knighton House
62 Hagley Road
Stourbridge
West Midlands
DY8 1QD
United Kingdom

These financial statements were authorised for issue by the Board on 28 February 2024.

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 United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

The financial statements are prepared in sterling which is the functional currency of the company.

Summary of disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented,
(b) No statement of cash flows has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented,
(d) No disclosure has been given for the aggregate remuneration of key management personnel.

 

Beverley Holidays Leisure Limited

Notes to the Financial Statements for the Period from 16 December 2022 to 30 November 2023

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 November 2023.

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 Income Statement 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.

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.

Going concern

The financial statements have been prepared on a going concern basis. The directors have carefully considered the economic climate on the company's financial position, liquidity and future performance. As set out in the strategic report, the company has continued to trade strongly and the directors believe that it is maintaining strong profit margins. Therefore, the directors believe that the company is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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 sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

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.
Specifically, revenue from the sale of holiday homes is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the unit.

 

Beverley Holidays Leisure Limited

Notes to the Financial Statements for the Period from 16 December 2022 to 30 November 2023

Tax

The tax expense for the period comprises current and deferred 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 income 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

Assets held under finance leases are depreciated in the same manner as owned assets.

Land and buildings held and used for operational activities are stated in the statement of financial position at their revalued amounts.

The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the reporting date. Any revaluation increase or decrease is credited to the revaluation reserve.

At each reporting date, a review of the carrying amounts of property, plant and equipment is undertaken to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss.

If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

 

Beverley Holidays Leisure Limited

Notes to the Financial Statements for the Period from 16 December 2022 to 30 November 2023

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:

No depreciation is charged on freehold land.

Asset class

Depreciation method and rate

Freehold property

3% straight line

Caravans and equipment

15% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Beverley Holidays Leisure Limited

Notes to the Financial Statements for the Period from 16 December 2022 to 30 November 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to a passage of time is recognised as interest expense.

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. Any initial direct costs of the lease are added to the amount recognised as an asset.

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

 

Beverley Holidays Leisure Limited

Notes to the Financial Statements for the Period from 16 December 2022 to 30 November 2023

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost

 

3

Turnover

The analysis of the group's turnover for the period from continuing operations is as follows:

2023
£

Hire/sale of holiday home units and associated revenues within the UK

8,108,695

4

Other gains and losses

The analysis of the group's other gains and losses for the period is as follows:

2023
£

Gain on disposal of tangible assets

286,486

5

Operating profit

Arrived at after charging/(crediting)

2023
£

Depreciation expense

424,772

Profit on disposal of property, plant and equipment

(286,486)

6

Other interest receivable and similar income

2023
£

Interest income on bank deposits

34,396

 

Beverley Holidays Leisure Limited

Notes to the Financial Statements for the Period from 16 December 2022 to 30 November 2023

7

Interest payable and similar expenses

2023
£

Interest on bank overdrafts and borrowings

177,470

Interest on obligations under finance leases and hire purchase contracts

15,953

193,423

8

Staff costs

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

2023
£

Wages and salaries

2,290,731

Social security costs

162,482

Pension costs, defined contribution scheme

137,878

2,591,091

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

2023
No.

Management and administrative staff

25

Site, facilities and other staff

97

122

9

Directors' remuneration

The directors' remuneration for the period was as follows:

2023
£

Directors remuneration

332,549

 

Beverley Holidays Leisure Limited

Notes to the Financial Statements for the Period from 16 December 2022 to 30 November 2023

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

2023
No.

Accruing benefits under defined benefit pension scheme

3

In respect of the highest paid director:

2023
£

Remuneration

104,391

10

Auditors' remuneration

2023
£

Audit of these financial statements

14,000


 

11

Taxation

Tax charged/(credited) in the consolidated income statement

2023
£

Current taxation

UK corporation tax

185,163

Deferred taxation

Arising from origination and reversal of timing differences

173,000

Tax expense in the income statement

358,163

The tax on profit before tax for the period is the same as the standard rate of corporation tax in the UK of 23%.

The differences are reconciled below:

2023
£

Profit before tax

883,442

Corporation tax at standard rate

203,192

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

51,379

Tax increase from effect of capital allowances and depreciation

103,592

Total tax charge

358,163

 

Beverley Holidays Leisure Limited

Notes to the Financial Statements for the Period from 16 December 2022 to 30 November 2023

12

Tangible assets

Group

Freehold land and property
£

Fixtures and fittings
£

Caravans and equipment
£

Motor vehicles
 £

Cost or valuation

At 16 December 2022

9,342,350

318,147

3,716,794

159,319

Additions

283,910

69,386

358,590

11,300

Disposals

(625,000)

(15,746)

(77,995)

-

At 30 November 2023

9,001,260

371,787

3,997,389

170,619

Depreciation

At 16 December 2022

434,847

199,593

1,812,917

79,723

Charge for the period

69,957

36,213

297,690

20,912

Eliminated on disposal

-

(12,925)

(45,973)

-

At 30 November 2023

504,804

222,881

2,064,634

100,635

Carrying amount

At 30 November 2023

8,496,456

148,906

1,932,755

69,984

Total
£

Cost or valuation

At 16 December 2022

13,536,610

Additions

723,186

Disposals

(718,741)

At 30 November 2023

13,541,055

Depreciation

At 16 December 2022

2,527,080

Charge for the period

424,772

Eliminated on disposal

(58,898)

At 30 November 2023

2,892,954

Carrying amount

At 30 November 2023

10,648,101

Included within the net book value of land and buildings above is £8,496,456 in respect of freehold land and buildings.

The individual parent company has no tangible assets.

 

Beverley Holidays Leisure Limited

Notes to the Financial Statements for the Period from 16 December 2022 to 30 November 2023

13

Investments

Company

2023
£

Investments in subsidiaries

7,350,020

Subsidiaries

£

Cost or valuation

Additions

7,350,020

Provision

Carrying amount

At 30 November 2023

7,350,020

14

Stocks

 

Group

Company

2023
£

2023
£

Holiday home stock and goods for resale

1,396,088

-

15

Debtors

   

Group

Company

Current

Note

2023
£

2023
£

Trade debtors

 

32,004

-

Other debtors

 

5

5

Prepayments

 

149,307

-

Income tax asset

11

34,837

-

   

216,153

5

16

Cash and cash equivalents

 

Group

Company

2023
£

2023
£

Cash on hand

33,812

-

Cash at bank

1,447,176

-

1,480,988

-

 

Beverley Holidays Leisure Limited

Notes to the Financial Statements for the Period from 16 December 2022 to 30 November 2023

17

Creditors

   

Group

Company

Note

2023
£

2023
£

Due within one year

 

Loans and borrowings

21

389,172

-

Trade creditors

 

1,178,472

20

Social security and other taxes

 

118,616

-

Other payables

 

10

-

Accruals

 

515,946

-

 

2,202,216

20

Due after one year

 

Loans and borrowings

21

2,916,381

-

 

Beverley Holidays Leisure Limited

Notes to the Financial Statements for the Period from 16 December 2022 to 30 November 2023

18

Provisions for liabilities

19

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the group to the scheme and amounted to £137,878.

20

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary Shares of £0.00 each

5,102

5

     

21

Loans and borrowings

 

Group

Company

2023
£

2023
£

Non-current loans and borrowings

Bank borrowings

2,885,318

-

Hire purchase contracts

31,063

-

2,916,381

-

 

Group

Company

2023
£

2023
£

Current loans and borrowings

Bank borrowings

240,000

-

Hire purchase contracts

149,172

-

389,172

-