Year Ended
Registration number:
Wilson Leisure Limited
Balance Sheet
30 November 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Capital redemption reserve |
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Profit and loss account |
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Shareholders' funds |
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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
......................................... |
Company Registration Number: 03054402
Wilson Leisure Limited
Notes to the Financial Statements
Year Ended 30 November 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
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
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
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
• 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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
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Depreciation expense |
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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
Tangible assets |
Land and buildings |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 December 2022 |
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Additions |
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- |
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Disposals |
( |
- |
- |
( |
Transfer between asset class |
( |
- |
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- |
Transfer from stock |
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- |
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At 30 November 2023 |
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Depreciation |
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At 1 December 2022 |
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Charge for the year |
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Eliminated on disposal |
( |
- |
- |
( |
At 30 November 2023 |
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Carrying amount |
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At 30 November 2023 |
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At 30 November 2022 |
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Wilson Leisure Limited
Notes to the Financial Statements
Year Ended 30 November 2023
Investments |
2023 |
2022 |
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Investments in subsidiaries and joint ventures |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 December 2022 |
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At 30 November 2023 |
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Provision |
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Carrying amount |
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At 30 November 2023 |
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At 30 November 2022 |
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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 |
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2023 |
2022 |
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Subsidiary undertakings |
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Ordinary shares |
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Ordinary shares |
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Share in partnership |
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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 |
Devon Valley Park Limited The principal activity of Devon Valley Park Limited is |
Devon Valley Holiday Village (*) The principal activity of Devon Valley Holiday Village (*) is |
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.
Stocks |
2023 |
2022 |
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Lodges for resale |
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Stocks |
330 |
1,551 |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Amounts due from group undertakings |
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Other debtors |
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Prepayments |
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Less non-current portion |
( |
- |
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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.
Creditors |
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Corporation tax |
3,000 |
- |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Included within other creditors are preference shares of £1,045,200 (2022: £1,045,200).
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2023 |
2022 |
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Loans and borrowings due after one year |
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HP and finance lease liabilities |
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2023 |
2022 |
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Current loans and borrowings |
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HP and finance lease liabilities |
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Hire purchase agreements are secured on the assets to which they relate.
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
Related party transactions |
Summary of transactions with other 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.
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.
Share capital |
Allotted, called up and fully paid shares
No. |
2023 |
No. |
2022 |
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2,000,000 |
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2,000,000 |
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1,045,200 |
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1,045,200 |
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Redeemable preference shares
The |
Audit report |