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Registration number: 04663164

King's Lynn Caravan & Camping Park Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

King's Lynn Caravan & Camping Park Limited

Contents

Company Information

1

Statement of financial position

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

King's Lynn Caravan & Camping Park Limited

Company Information

Directors

Mr P Yallop

Mrs CR Yallop

Mr D Yallop

Company secretary

Mrs CR Yallop

Registered office

19 King Street
King's Lynn
Norfolk
PE30 1HB

Accountants

Hayhow & Co
Chartered Certified Accountants & Business Advisers
19 King Street
King's Lynn
Norfolk
PE30 1HB

 

King's Lynn Caravan & Camping Park Limited

(Registration number: 04663164)
Statement of financial position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,490,269

1,191,125

Current assets

 

Stocks

5

35,250

16,500

Debtors

6

627,572

638,527

Cash at bank and in hand

 

360,750

190,725

 

1,023,572

845,752

Creditors: Amounts falling due within one year

7

(528,942)

(269,067)

Net current assets

 

494,630

576,685

Total assets less current liabilities

 

1,984,899

1,767,810

Provisions for liabilities

(326,074)

(266,483)

Net assets

 

1,658,825

1,501,327

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

1,658,725

1,501,227

Shareholders' funds

 

1,658,825

1,501,327

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of comprehensive income.

Approved and authorised by the Board on 12 August 2024 and signed on its behalf by:
 

 

King's Lynn Caravan & Camping Park Limited

(Registration number: 04663164)
Statement of financial position as at 31 May 2024

.........................................
Mr P Yallop
Director

 

King's Lynn Caravan & Camping Park Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
19 King Street
King's Lynn
Norfolk
PE30 1HB

These financial statements were authorised for issue by the Board on 12 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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

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

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.

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.

 

King's Lynn Caravan & Camping Park Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

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.

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

Lodges

20% Straight Line

Long leasehold Property

Not depreciated

Plant and Machinery

25% Reducing Balance

Fixtures, fittings and equipment

15% Reducing Balance

Motor Vehicles

25% Reducing Balance

Cash and cash equivalents

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

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the 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 is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

King's Lynn Caravan & Camping Park Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 9).

 

King's Lynn Caravan & Camping Park Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Lodges and pods
£

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Improvements of tangible assets
 £

Total
£

Cost or valuation

At 1 June 2023

697,420

324,121

100,130

156,318

237,619

101,282

1,616,890

Additions

-

252,205

29,053

34,222

173,620

-

489,100

Disposals

-

-

-

(28,750)

(30,000)

-

(58,750)

At 31 May 2024

697,420

576,326

129,183

161,790

381,239

101,282

2,047,240

Depreciation

At 1 June 2023

174,338

16,206

42,691

88,417

104,113

-

425,765

Charge for the year

34,513

27,961

12,903

24,468

73,617

-

173,462

Eliminated on disposal

-

-

-

(24,912)

(17,344)

-

(42,256)

At 31 May 2024

208,851

44,167

55,594

87,973

160,386

-

556,971

Carrying amount

At 31 May 2024

488,569

532,159

73,589

73,817

220,853

101,282

1,490,269

At 31 May 2023

523,082

307,915

57,439

67,901

133,506

101,282

1,191,125

 

King's Lynn Caravan & Camping Park Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

35,250

16,500

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

4,421

40,000

Amounts owed by related parties

9

532,170

432,211

Prepayments

 

35,665

30,051

Other debtors

 

55,316

136,265

   

627,572

638,527

Other debtors include amounts owing from the directors of £54,248 (2023 £121,394 This loan will be repaid within nine months of the year end.

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

24,179

30,289

Amounts due to related parties

9

482,832

230,975

Social security and other taxes

 

7,563

-

Outstanding defined contribution pension costs

 

23

20

Other payables

 

1,616

(1,081)

Accruals

 

10,395

8,864

Tax liability

2,334

-

 

528,942

269,067

8

Share capital

Allotted, called up and fully paid shares

 

King's Lynn Caravan & Camping Park Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

2024

2023

No.

£

No.

£

Ordinary A of £1 each

40

40

40

40

Ordinary B of £1 each

40

40

40

40

Ordinary C of £1 each

10

10

10

10

Ordinary D of £1 each

10

10

10

10

100

100

100

100

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

9

Related party transactions

Summary of transactions with other related parties

At the year end the Company was owed from J Yallop £20,381 (2023 owed from - £16,706) who is the son of directors Paul Yallop and Claire Yallop.
The Company owed Oakkeepers Trust £482,832 (2023 - £230,976) of which director Daniel Yallop is a beneficiary and directors Paul Yallop and Claire Yallop are trustees.
The company was owed £356,006 from Yallop Holdings Limited (2023- £415,506) a company which has mutual directors.The company was also owed £155,783 from the R D Yallop Will Trust of which Daniel Yallop is a beneficiary.