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Registration number: 10445698

Beverley Parks (Paignton) Limited

Annual Report and Financial Statements

for the Year Ended 30 November 2023

 

Beverley Parks (Paignton) Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Income Statement

9

Statement of Comprehensive Income

10

Statement of Financial Position

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Financial Statements

14 to 26

 

Beverley Parks (Paignton) Limited

Company Information

Directors

Mr AS Jeavons

Mrs NC Furneaux

Mrs C A Flower

Mrs LC Richards

Mr G Furneaux

Registered office

Knighton House
62 Hagley Road
Stourbridge
West Midlands
DY8 1QD

Solicitors

Tozers
Broadwalk House
Southernhay West
Exeter
Devon
EX1 1UA

Auditors

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

 

Beverley Parks (Paignton) Limited

Strategic Report for the Year Ended 30 November 2023

The directors present their strategic report for the year ended 30 November 2023.

Principal activity

The principal activity of the company is 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 company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Turnover

£

8,108,695

8,197,858

Gross Profit

£

6,488,054

6,675,601

Administrative and Other Overheads

£

5,604,612

4,930,766

Profit before Taxation

£

883,442

1,744,835

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.

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

.........................................
Mrs C A Flower
Director

 

Beverley Parks (Paignton) Limited

Directors' Report for the Year Ended 30 November 2023

The directors present their report and the financial statements for the year ended 30 November 2023.

Directors of the company

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

Mr AS Jeavons

Mrs NC Furneaux

Mrs C A Flower

Mr M J S Jeavons (ceased 24 February 2023)

Mrs LC Richards

Mrs K V Lamsin (ceased 24 February 2023)

Mr G Furneaux (appointed 1 April 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 auditors

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 auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are 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 C A Flower
Director

 

Beverley Parks (Paignton) 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 company and of the profit or loss of the company 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 United Kingdom 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 company's transactions and disclose with reasonable accuracy at any time the financial position of 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 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 Parks (Paignton) Limited

Independent Auditor's Report to the Members of Beverley Parks (Paignton) Limited

Opinion

We have audited the financial statements of Beverley Parks (Paignton) Limited (the 'company') for the year ended 30 November 2023, which comprise the Income Statement, Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, 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 company's affairs as at 30 November 2023 and of its 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 company 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 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 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.

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.

 

Beverley Parks (Paignton) Limited

Independent Auditor's Report to the Members of Beverley Parks (Paignton) 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 Directors' Report for the financial year 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, or returns adequate for our audit have not been received from branches not visited by us; or

the 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 4], 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.

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.

 

Beverley Parks (Paignton) Limited

Independent Auditor's Report to the Members of Beverley Parks (Paignton) Limited

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 Parks (Paignton) Limited

Independent Auditor's Report to the Members of Beverley Parks (Paignton) 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 Parks (Paignton) Limited

Income Statement for the Year Ended 30 November 2023

Note

2023
£

2022
£

Turnover

3

8,108,695

8,197,858

Cost of sales

 

(1,620,641)

(1,522,257)

Gross profit

 

6,488,054

6,675,601

Administrative expenses

 

(5,445,585)

(4,891,176)

Other operating income

4

-

6,000

Operating profit

6

1,042,469

1,790,425

Other interest receivable and similar income

7

34,396

12,145

Interest payable and similar expenses

8

(193,423)

(57,735)

   

(159,027)

(45,590)

Profit before tax

 

883,442

1,744,835

Tax on profit

12

(358,163)

(346,288)

Profit for the financial year

 

525,279

1,398,547

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Beverley Parks (Paignton) Limited

Statement of Comprehensive Income for the Year Ended 30 November 2023

2023
£

2022
£

Profit for the year

525,279

1,398,547

Total comprehensive income for the year

525,279

1,398,547

 

Beverley Parks (Paignton) Limited

(Registration number: 10445698)
Statement of Financial Position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

13

10,648,101

11,009,530

Current assets

 

Stocks

1,396,088

933,344

Debtors

15

216,108

111,304

Cash at bank and in hand

 

1,480,988

6,176,214

 

3,093,184

7,220,862

Creditors: Amounts falling due within one year

17

(2,202,166)

(2,114,348)

Net current assets

 

891,018

5,106,514

Total assets less current liabilities

 

11,539,119

16,116,044

Creditors: Amounts falling due after more than one year

17

(2,916,381)

(841,585)

Provisions for liabilities

18

(523,000)

(350,000)

Net assets

 

8,099,738

14,924,459

Capital and reserves

 

Called up share capital

20

20

Retained earnings

8,099,718

14,924,439

Shareholders' funds

 

8,099,738

14,924,459

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

.........................................
Mrs C A Flower
Director

 

Beverley Parks (Paignton) Limited

Statement of Changes in Equity for the Year Ended 30 November 2023

Share capital
£

Retained earnings
£

Total
£

At 1 December 2022

20

14,924,439

14,924,459

Profit for the year

-

525,279

525,279

Dividends

-

(7,350,000)

(7,350,000)

At 30 November 2023

20

8,099,718

8,099,738

Share capital
£

Retained earnings
£

Total
£

At 1 December 2021

20

13,525,892

13,525,912

Profit for the year

-

1,398,547

1,398,547

At 30 November 2022

20

14,924,439

14,924,459

 

Beverley Parks (Paignton) Limited

Statement of Cash Flows for the Year Ended 30 November 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

525,279

1,398,547

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

424,772

464,716

Profit on disposal of tangible assets

5

(286,486)

(93,689)

Finance income

7

(34,396)

(12,145)

Finance costs

8

193,423

57,735

Corporation tax expense

12

358,163

346,288

 

1,180,755

2,161,452

Working capital adjustments

 

Increase in stocks

(462,744)

(550,236)

(Increase)/decrease in trade debtors

15

(69,967)

8,548

Increase in trade creditors

17

384,544

221,733

Cash generated from operations

 

1,032,588

1,841,497

Corporation tax paid

12

(497,326)

(155,074)

Net cash flow from operating activities

 

535,262

1,686,423

Cash flows from investing activities

 

Interest received

7

34,396

12,145

Acquisitions of tangible assets

(723,186)

(594,941)

Proceeds from sale of tangible assets

 

946,329

324,533

Net cash flows from investing activities

 

257,539

(258,263)

Cash flows from financing activities

 

Interest paid

8

(193,423)

(57,735)

Proceeds from bank borrowing draw downs

 

2,275,318

(248,925)

Payments to finance lease creditors

 

(219,922)

(378,185)

Dividends paid

23

(7,350,000)

-

Net cash flows from financing activities

 

(5,488,027)

(684,845)

Net (decrease)/increase in cash and cash equivalents

 

(4,695,226)

743,315

Cash and cash equivalents at 1 December

 

6,176,214

5,432,899

Cash and cash equivalents at 30 November

 

1,480,988

6,176,214

 

Beverley Parks (Paignton) Limited

Notes to the Financial Statements for the Year Ended 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:
Knighton House
62 Hagley Road
Stourbridge
West Midlands
DY8 1QD
United Kingdom

The principal place of business is:
Beverley Holidays
Goodrington Road
Paignton
Devon
TQ4 7JE

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.

Going concern

The financial statements have been prepared on a going concern basis. 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.

 

Beverley Parks (Paignton) Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

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 company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company 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 company's activities.

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

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 company operates and generates taxable income.

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

 

Beverley Parks (Paignton) Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

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 balance sheet 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 balance sheet date. Any revaluation increase or decrease is credited to the revaluation reserve.

At each balance sheet date, the company reviews the carrying amounts of its property, plant and equipment 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.

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.

 

Beverley Parks (Paignton) Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

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 company 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 company 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.

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 company 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.

 

Beverley Parks (Paignton) Limited

Notes to the Financial Statements for the Year Ended 30 November 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. 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 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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company 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.

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.

 

 

Beverley Parks (Paignton) Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

3

Revenue

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

2023
£

2022
£

Sale of goods and services in the UK

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

8,108,695

8,197,858

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2023
£

2022
£

Government grants

-

6,000

5

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2023
£

2022
£

Gain on disposal of tangible assets

286,486

93,689

6

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

424,772

464,716

Profit on disposal of property, plant and equipment

(286,486)

(93,689)

7

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

34,396

9,183

Other finance income

-

2,962

34,396

12,145

 

Beverley Parks (Paignton) Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

8

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

177,470

38,776

Interest on obligations under finance leases and hire purchase contracts

15,953

18,959

193,423

57,735

9

Staff costs

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

2023
£

2022
£

Wages and salaries

2,290,731

2,089,685

Social security costs

162,482

158,441

Pension costs, defined contribution scheme

137,878

46,924

2,591,091

2,295,050

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

2023
No.

2022
No.

Site, facilities and other staff

97

91

Management and administrative staff

25

26

122

117

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Directors remuneration

332,549

337,595

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

2023
No.

2022
No.

Accruing benefits under defined benefit pension scheme

3

3

 

Beverley Parks (Paignton) Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

In respect of the highest paid director:

2023
£

2022
£

Remuneration

104,391

75,950

11

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

14,000

13,500


 

12

Taxation

Tax charged/(credited) in the income statement

2023
£

2022
£

Current taxation

UK corporation tax

185,163

280,288

Deferred taxation

Arising from origination and reversal of timing differences

173,000

66,000

Tax expense in the income statement

358,163

346,288

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 23% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

883,442

1,744,835

Corporation tax at standard rate

203,192

331,519

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

51,379

3,501

Tax increase/(decrease) from effect of capital allowances and depreciation

103,592

(54,732)

Tax increase from other short-term timing differences

-

66,000

Total tax charge

358,163

346,288

 

Beverley Parks (Paignton) Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

13

Tangible assets

Freehold land and property
£

Fixtures and fittings
£

Caravans and equipment
£

Motor vehicles
 £

Cost or valuation

At 1 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 1 December 2022

434,847

199,593

1,812,917

79,723

Charge for the year

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

At 30 November 2022

8,907,503

118,554

1,903,877

79,596

Total
£

Cost or valuation

At 1 December 2022

13,536,610

Additions

723,186

Disposals

(718,741)

At 30 November 2023

13,541,055

Depreciation

At 1 December 2022

2,527,080

Charge for the year

424,772

Eliminated on disposal

(58,898)

At 30 November 2023

2,892,954

Carrying amount

At 30 November 2023

10,648,101

At 30 November 2022

11,009,530

Included within the net book value of land and buildings above is £8,496,456 (2022 - £8,907,503) in respect of freehold land and buildings.
 

 

Beverley Parks (Paignton) Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

14

Stocks

2023
£

2022
£

Holiday home stock and goods for resale

1,396,088

933,344

15

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

31,964

9,641

Prepayments

 

149,307

101,663

Income tax asset

12

34,837

-

   

216,108

111,304

16

Cash and cash equivalents

2023
£

2022
£

Cash on hand

33,812

34,372

Cash at bank

1,447,176

6,141,842

1,480,988

6,176,214

17

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

21

389,172

408,572

Trade creditors

 

1,178,432

806,272

Social security and other taxes

 

118,616

110,101

Accruals

 

515,946

512,077

Corporation tax liability

12

-

277,326

 

2,202,166

2,114,348

Due after one year

 

Loans and borrowings

21

2,916,381

841,585

 

Beverley Parks (Paignton) Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

18

Provisions for liabilities

Deferred tax
£

Total
£

At 1 December 2022

350,000

350,000

Increase (decrease) in existing provisions

173,000

173,000

At 30 November 2023

523,000

523,000

The deferred tax account consists of the tax effect of timing differences in respect of accelerated capital allowances.

19

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £137,878 (2022 - £46,924).

20

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.001 each

19,800

20

19,800

20

         
 

Beverley Parks (Paignton) Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

21

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

2,885,318

650,000

Hire purchase contracts

31,063

191,585

2,916,381

841,585

2023
£

2022
£

Current loans and borrowings

Bank borrowings

240,000

200,000

Hire purchase contracts

149,172

208,572

389,172

408,572

Bank borrowings

The company has a Commercial Mortgage Loan facility with HSBC Bank repayable in instalments. The carrying amount at year end is £3,125,318 (2022 - £Nil).

The Commercial Motrgage Loan facility was granted in the year by HSBC UK bank plc and is repayable in monthly instalements. There is a first legal charge over the property at Beverley Park Holiday Centre and a debenture including a fixed charge over all present freehold property.

The company has a Coronavirus Business Interuption Loan facility with HSBC Bank repayable in instalments. The carrying amount at year end is £Nil (2022 - £850,000).

This facility was provided by HSBC Bank and is unsecured. The loan has been fully repaid within the year.

22

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

149,172

208,572

Later than one year and not later than five years

31,063

191,585

180,235

400,157

 

Beverley Parks (Paignton) Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

23

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of £371 (2022 - £Nil) per each ordinary share

 

7,350,000

 

-

         

24

Parent and ultimate parent undertaking

On 24 February 2023 the company's parent and holding company changed from Beverley Parks Group Limited to Beverley Holidays Leisure Limited in a share for share exchange.

 The company's immediate parent is Beverley Holidays Leisure Limited, incorporated in England, company number 14545036.

The registered office of the parent company is:

Knighton House
62 Hagley Road
Stourbridge
West Midlands
DY8 1QD