Company registration number 09588955 (England and Wales)
WILLOWTREE HOLIDAY PARK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
WILLOWTREE HOLIDAY PARK LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
WILLOWTREE HOLIDAY PARK LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,087,772
1,090,856
Investments
5
100
-
0
1,087,872
1,090,856
Current assets
Debtors
7
100,400
103,496
Cash at bank and in hand
91,978
32,711
192,378
136,207
Creditors: amounts falling due within one year
8
(81,615)
(27,806)
Net current assets
110,763
108,401
Total assets less current liabilities
1,198,635
1,199,257
Creditors: amounts falling due after more than one year
9
(295,000)
(295,000)
Provisions for liabilities
(134,723)
(100,526)
Net assets
768,912
803,731
Capital and reserves
Called up share capital
2
2
Revaluation reserve
650,541
650,541
Profit and loss reserves
118,369
153,188
Total equity
768,912
803,731

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 12 August 2024 and are signed on its behalf by:
Mr Philip Rock
Director
Company Registration No. 09588955
WILLOWTREE HOLIDAY PARK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 March 2022
2
650,541
158,326
808,869
Year ended 28 February 2023:
Loss and total comprehensive income
-
-
(5,138)
(5,138)
Balance at 28 February 2023
2
650,541
153,188
803,731
Year ended 28 February 2024:
Loss and total comprehensive income
-
-
(34,819)
(34,819)
Balance at 28 February 2024
2
650,541
118,369
768,912
WILLOWTREE HOLIDAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Willowtree Holiday Park Limited is a private company limited by shares incorporated in England and Wales. The registered office is Grovedell House, 15 Knightswick Road, Canvey Island, Essex, SS8 9PA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised based on invoices raised in the period and is shown net of VAT and other sales related taxes

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
2% Straight line
Fixtures, fittings & equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

WILLOWTREE HOLIDAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

WILLOWTREE HOLIDAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

WILLOWTREE HOLIDAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Tangible fixed assets
Land and buildings Freehold
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 March 2023 and 28 February 2024
1,097,851
5,000
1,102,851
Depreciation and impairment
At 1 March 2023
10,745
1,250
11,995
Depreciation charged in the year
2,148
936
3,084
At 28 February 2024
12,893
2,186
15,079
Carrying amount
At 28 February 2024
1,084,958
2,814
1,087,772
At 28 February 2023
1,087,106
3,750
1,090,856
WILLOWTREE HOLIDAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
4
Tangible fixed assets
(Continued)
- 7 -

At the year end the land and property are represented in the accounts at the 2018 valuation less depreciation on the buildings element included within land and property. The valuation has been provided by professional valuers as at the 28th February 2018 and the Directors believe that there is no indication of any impairment or significant deviation from the valuation since the aforementioned date.

 

Included within land and buildings is land valued at £992,550 which has not been depreciated.

5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
-
0
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 March 2023
-
Additions
100
At 28 February 2024
100
Carrying amount
At 28 February 2024
100
At 28 February 2023
-
6
Subsidiaries

Details of the company's subsidiaries at 28 February 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Willowtree Holiday Park Estate Ltd
Grovedell House, 15 Knightswick Road, Canvey Island, Essex. SS8 9PA
Ordinary shares
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Willowtree Holiday Park Estate Ltd
100
-
0
WILLOWTREE HOLIDAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 8 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
91,295
48,701
Corporation tax recoverable
1,605
1,605
Other debtors
7,500
53,190
100,400
103,496
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
7,576
-
0
Corporation tax
577
-
0
Other taxation and social security
33,114
22,192
Other creditors
40,348
5,614
81,615
27,806
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
295,000
295,000
10
Related party transactions

There is a loan balance with Fastglobe (Mastics) Limited, a company with mutual Directors and control. At the year end a balance was owed by Willowtree Holiday Park Limited of £295,000 (2023 £295,000).

 

During the year there were various movements in the loan balance with Palm Tree Management Limited, a company with mutual Directors and control. This included management charges levied to Palm Tree Management Ltd of £151,954 (2023 £200,000 to Palm Tree Management ltd). At the year end a balance was owed by Willowtree Holiday Park Limited of £12,294 (2023 £45,690 owed to Willowtree Holiday Park Limited).

 

At the year end a balance was owed to Willowtree Holiday Park Limited of £7,500 (2023 £7,500) from Copperfield Holiday Park ltd,a company with mutual Directors and control.

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