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Wilson Leisure Limited

Annual Report and Financial Statements
Year Ended 30 November 2023

Registration number: 03054402

 

Wilson Leisure Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 11

 

Wilson Leisure Limited

Balance Sheet

30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

3,268,172

2,556,119

Investments

6

118,101

118,101

 

3,386,273

2,674,220

Current assets

 

Stocks

7

36,123

692,894

Debtors

8

12,672,401

9,469,153

Cash at bank and in hand

 

4,989,425

8,279,038

 

17,697,949

18,441,085

Creditors: Amounts falling due within one year

9

(2,704,588)

(2,758,729)

Net current assets

 

14,993,361

15,682,356

Total assets less current liabilities

 

18,379,634

18,356,576

Creditors: Amounts falling due after more than one year

9

(944)

(3,637)

Provisions for liabilities

(107,000)

(80,000)

Net assets

 

18,271,690

18,272,939

Capital and reserves

 

Called up share capital

14

2,000,000

2,000,000

Share premium reserve

305,049

305,049

Capital redemption reserve

954,800

954,800

Profit and loss account

15,011,841

15,013,090

Shareholders' funds

 

18,271,690

18,272,939

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 August 2024 and signed on its behalf by:
 

.........................................
Mr L M P Hutchings
Director

Company Registration Number: 03054402

 

Wilson Leisure Limited

Notes to the Financial Statements

Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

The principal place of business is:
Lakeside Holiday Park
Westfield Road
Burnham on Sea
TA8 2AE

These financial statements were authorised for issue by the Board on 15 August 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 have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The functional currency of Wilson Leisure Limited is considered to be pounds sterling because this is the currency of the primary economic environment in which the company operates.

Group accounts not prepared

The company and its subsidiary undertaking comprise a small group. The company has taken the advantage of the exemption provided by Section 398 of the Companies Act 2006 in relation to the preparation of group accounts. These financial statement reflect the results of Wilson Leisure Limited only.

Going concern

The financial statements have been prepared on a going concern basis. The directors have reviewed the level of core overheads of the business to determine if there is sufficient working capital to meet these requirements for a period of at least twelve months from the date of approval of these financial statements. Following this review, based on the information available to date the directors are satisfied that the company has sufficient cash balances to meet these requirements and, should there be any unforeseen issues, the company has support from other companies within the group. Therefore the directors continue to adopt the going concern basis of presentation.

 

Wilson Leisure Limited

Notes to the Financial Statements

Year Ended 30 November 2023

Revenue recognition

Turnover represents amounts receivable for goods and services net of VAT and trade discounts as follows:

Site rents, bookings and pitch fees - income is recognised over the rental period on a straight line basis.

Caravan sales - income is recognised when significant risks and rewards have transferred which is typically when the caravan is delivered to the customer.

Sundry turnover - all other income is recognised when goods or services have been supplied.

Investment income
Investment income represents the company's share of profits in the Devon Valley partnership. The share of profits is determined by time apportioning the profits of the partnership for the accounting period ended 28 February each year and the estimated profits for the remaining 9 months to 30 November.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Wilson Leisure Limited

Notes to the Financial Statements

Year Ended 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:

Asset class

Depreciation method and rate

Freehold Land

Not depreciated

Freehold buildings

2% straight line

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Furniture and fittings

15% reducing balance

Equipment and furnishings

15% reducing balance

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Other investments represent the company's capital account in an unincorporated partnership which is recorded at cost. The company's share of profit for the year is recorded as investment income and any unremitted profit is shown within other debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) 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 profit and loss account 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.

 

Wilson Leisure Limited

Notes to the Financial Statements

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. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

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

Defined contribution pension obligation

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

 

Wilson Leisure Limited

Notes to the Financial Statements

Year Ended 30 November 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Redeemable preference shares;
• Short term inter group balances;
• Cash and bank balances; and
• Bank borrowings.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for preference shares and bank borrowings, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Redeemable preference shares are initially measured at transaction price. Consequentially dividends payable are included as interest payable and other similar charges in the profit and loss account.

Bank borrowings are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 11).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

114,596

53,716

Gain on disposal of subsidiary (see note 6)

-

(9,217,562)

Exceptional staff expenses

-

234,954

 

Wilson Leisure Limited

Notes to the Financial Statements

Year Ended 30 November 2023

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2022

2,532,345

58,500

221,307

2,812,152

Additions

105,136

-

74,498

179,634

Disposals

(18,743)

-

-

(18,743)

Transfer between asset class

(143,400)

-

143,400

-

Transfer from stock

645,143

-

20,539

665,682

At 30 November 2023

3,120,481

58,500

459,744

3,638,725

Depreciation

At 1 December 2022

95,084

50,973

109,976

256,033

Charge for the year

34,480

1,882

78,234

114,596

Eliminated on disposal

(76)

-

-

(76)

At 30 November 2023

129,488

52,855

188,210

370,553

Carrying amount

At 30 November 2023

2,990,993

5,645

271,534

3,268,172

At 30 November 2022

2,437,261

7,527

111,331

2,556,119

 

Wilson Leisure Limited

Notes to the Financial Statements

Year Ended 30 November 2023

6

Investments

2023
£

2022
£

Investments in subsidiaries and joint ventures

118,101

118,101

Subsidiaries

£

Cost or valuation

At 1 December 2022

118,101

At 30 November 2023

118,101

Provision

Carrying amount

At 30 November 2023

118,101

At 30 November 2022

118,101

Details of undertakings

Details of the investments in which the company holds any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Newport Park Limited

Ordinary shares

100%

100%

       

Devon Valley Park Limited

Ordinary shares

100%

100%

       

Devon Valley Holiday Village (*)

Share in partnership

100%

100%

         
 

Wilson Leisure Limited

Notes to the Financial Statements

Year Ended 30 November 2023

Subsidiary undertakings

Newport Park Limited

The principal activity of Newport Park Limited is letting of property.

Devon Valley Park Limited

The principal activity of Devon Valley Park Limited is that of running a holiday park.

Devon Valley Holiday Village (*)

The principal activity of Devon Valley Holiday Village (*) is operation of a holiday park.

The registered office of the subsidiairies held at the year end is that of Wilson Leisure Limited and is disclosed in Note 1.

(*) A 40% share in Devon Valley Holiday Village is held directly by Wilson Leisure Limited. The other 60% share in the partnership is owned by Devon Valley Park Limited.

During the prior year, the trade and assets of Lakeside Holiday Park were distributed by way of a capital contribution by Wilson Leisure to LS Somerset Limited. The shareholding in LS Somerset was subsequently sold.

7

Stocks

2023
£

2022
£

Lodges for resale

35,793

691,343

Stocks

330

1,551

36,123

692,894

8

Debtors

2023
 £

2022
 £

Trade debtors

9,032

5,066

Amounts due from group undertakings

10,485,652

9,221,937

Other debtors

2,134,825

234,302

Prepayments

42,892

7,848

 

12,672,401

9,469,153

Less non-current portion

(750,000)

-

11,922,401

9,469,153

 

Wilson Leisure Limited

Notes to the Financial Statements

Year Ended 30 November 2023

Details of non-current trade and other debtors

£750,000 (2022 -£Nil) of Other debtors is classified as non current. This is a secured loan facility to a related party, details of which can be found in the related party transactions note.

9

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

2,704

2,523

Trade creditors

 

45,026

189,974

Corporation tax

 

3,000

-

Taxation and social security

 

30,516

3,195

Other creditors

 

1,095,604

1,104,506

Accruals and deferred income

 

1,527,738

1,458,531

 

2,704,588

2,758,729

Included within other creditors are preference shares of £1,045,200 (2022: £1,045,200).

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

944

3,637

10

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

HP and finance lease liabilities

944

3,637

2023
£

2022
£

Current loans and borrowings

HP and finance lease liabilities

2,704

2,523

Hire purchase agreements are secured on the assets to which they relate.

11

Dividends

There are £1,451,588 (2022: £1,399,995) fixed cumulative dividends in arrears in relation to 5% cumulative preference shares. The amount accruing during the year has been included within interest payable and accruals.

 

Wilson Leisure Limited

Notes to the Financial Statements

Year Ended 30 November 2023

12

Related party transactions

The company has taken advantage of the exemption in FRS 102 from disclosing transactions with its wholly owned subsidiaries.

Summary of transactions with other related parties

Within other debtors are two loans to related parties.

One is a secured loan facility of £750,000 to a close family member of one of the directors that was used to purchase a property. The loan is secured on the property it was used to purchase. The repayments are interest only at the prevailing HMRC rate for beneficial loan arrangements. The borrower must repay the capital element of the loan within 10 business days of the sale of the secured property. Total interest accrued for the period was £13,716. The loan was repaid after the year end.

The other is an unsecured loan for £1,132,000 to a company owned by a close family member of one of the directors that is repayable on demand. Interest is being charged at 4% with £15,631 being accrued for the period.

 

13

Reserves

The profit and loss account reserve includes £3,889,744 which is regarded as unrealised as it relates to an intra-group asset sale which has yet to be settled.

14

Share capital

Allotted, called up and fully paid shares

 

No.

2023
£

No.

2022
£

Ordinary Shares of £1 each

2,000,000

2,000,000

2,000,000

2,000,000

5% Cumulative preference shares of £1 each

1,045,200

1,045,200

1,045,200

1,045,200

 

3,045,200

3,045,200

3,045,200

3,045,200

Redeemable preference shares

The 5% Cumulative preference shares are redeemable at the option of the company or holder. They are redeemable at £1 per share and carry no voting rights. On a winding up of the company the holders of the shares have a right to receive repayment of the amounts paid on their shares and payment of any arrears of preference dividend. After the year end, 445,000 of the shares were redeemed at par and the related accrued dividends were paid.

15

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Neil Hitchings, who signed for and on behalf of PKF Francis Clark on 15 August 2024.