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Company registration number: 05449875
Burnbake Campsite Limited
Unaudited filleted financial statements
31 December 2023
Burnbake Campsite Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Burnbake Campsite Limited
Directors and other information
Directors D Ryder
GJD Ryder
PM Ryder
AW Fortescue
ML Stickland
Secretary GJD Ryder
Company number 05449875
Registered office The Estate Office
Cow Lane
WAREHAM
BH20 4RD
Business address Burnbake
Rempstone, Corfe Castle
WAREHAM
BH20 5JH
Accountants Harding Redmans
Bridge House
Court Road
SWANAGE
BH19 1DX
Bankers Santander UK plc
Bridle Road
BOOTLE
L30 4GB
Burnbake Campsite Limited
Accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Burnbake Campsite Limited
Year ended 31 December 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2023 which comprise the statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Bridge House Harding Redmans
Court Road Accountants
SWANAGE
BH19 1DX
2 August 2024
Burnbake Campsite Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 3,347,153 3,479,315
_______ _______
3,347,153 3,479,315
Current assets
Stocks 6 18,581 16,000
Debtors 7 22,592 11,277
Cash at bank and in hand 410,281 362,914
_______ _______
451,454 390,191
Creditors: amounts falling due
within one year 8 ( 438,001) ( 561,577)
_______ _______
Net current assets/(liabilities) 13,453 ( 171,386)
_______ _______
Total assets less current liabilities 3,360,606 3,307,929
Creditors: amounts falling due
after more than one year 9 ( 3,186,678) ( 3,394,000)
Provisions for liabilities
Deferred tax ( 25,918) -
_______ _______
Net assets/(liabilities) 148,010 ( 86,071)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 147,910 ( 86,171)
_______ _______
Shareholders funds/(deficit) 148,010 ( 86,071)
_______ _______
For the year ending 31 December 2023 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 August 2024 , and are signed on behalf of the board by:
D Ryder
Director
Company registration number: 05449875
Burnbake Campsite Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is The Estate Office, Cow Lane, WAREHAM, BH20 4RD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property improvements - Straight line over the term of the lease
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured 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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2022: 17 ).
5. Tangible assets
Property improvements Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 January 2023 4,396,170 122,922 269,192 18,567 4,806,851
Additions 32,299 555 21,378 - 54,232
_______ _______ _______ _______ _______
At 31 December 2023 4,428,469 123,477 290,570 18,567 4,861,083
_______ _______ _______ _______ _______
Depreciation
At 1 January 2023 984,508 101,076 229,190 12,762 1,327,536
Charge for the year 163,998 5,600 15,345 1,451 186,394
_______ _______ _______ _______ _______
At 31 December 2023 1,148,506 106,676 244,535 14,213 1,513,930
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2023 3,279,963 16,801 46,035 4,354 3,347,153
_______ _______ _______ _______ _______
At 31 December 2022 3,411,662 21,846 40,002 5,805 3,479,315
_______ _______ _______ _______ _______
6. Stocks
2023 2022
£ £
Stock 18,581 16,000
_______ _______
7. Debtors
2023 2022
£ £
Trade debtors 578 531
Other debtors 22,014 10,746
_______ _______
22,592 11,277
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Santander Bounce Back Loan 10,000 10,000
Loan - The Agricultural Mortgage Corporation 191,356 191,626
Loan - Manor of Wareham BGDR 7,500 7,500
Loan - Rempstone Estate Trust Campsite - 25,000
Payments received on account 88,049 93,177
Trade creditors 62,126 36,562
Accruals and deferred income 40,144 160,970
Corporation tax 7,391 -
Social security and other taxes 8,619 7,862
Obligations under finance leases 22,816 28,570
Other creditors - 310
_______ _______
438,001 561,577
_______ _______
The loans with the Agricultural Mortgage Corporation (AMC) are secured on the leasehold property at Burnbake Campsite under a charge dated 22 March 2019. The AMC loan repayments are due over a term of no less than 18 years starting from January 2017 with the exception of £298,700 which has been provided on an interest only term of 10 years from September 2021.
The loans from the Rempstone Estate Trustees Ltd and Ryder Trustees Ltd are repayable in instalments over a term of 10 years from January 2019. A capital repayment holiday for a period of 5 years was agreed following the 1 April 2023 capital repayment instalment. Interest continues to be charged and repaid on the remaining outstanding balance since that time.
Obligations under finance leases are repayable within 7 years. The finance leases are secured on the assets concerned.
The loan from the Manor of Wareham BGDR is unsecured. No formal loan agreement is in place, at present, however the directors anticipate that the loan will be repaid by instalments within 5 years.
The Santander Bounce Back Loan is also unsecured and repayable by instalments over a period of 5 years commencing June 2021.
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Loan - Rempstone Estate Trust Campsite 108,360 108,360
Loan - Rempstone Estate Trust Build 160,320 160,320
Loan - The Agricultural Mortgage Corporation 2,796,776 2,981,422
Loan - Manor of Wareham BGDR 22,500 22,500
Santander Bounce Back Loan 14,167 24,070
Obligations under finance leases 84,555 97,328
_______ _______
3,186,678 3,394,000
_______ _______
The loans with the Agricultural Mortgage Corporation (AMC) are secured on the leasehold property at Burnbake Campsite under a charge dated 22 March 2019. The AMC loan repayments are due over a term of no less than 18 years starting from January 2017 with the exception of £298,700 which has been provided on an interest only term of 10 years from September 2021.
The loans from the Rempstone Estate Trustees Ltd and Ryder Trustees Ltd are repayable in instalments over a term of 10 years from January 2019. A capital repayment holiday for a period of 5 years was agreed following the 1 April 2023 capital repayment instalment. Interest continues to be charged and repaid on the remaining outstanding balance since that time.
Obligations under finance leases are repayable within 7 years. The finance leases are secured on the assets concerned.
The loan from the Manor of Wareham BGDR is unsecured. No formal loan agreement is in place, at present, however the directors anticipate that the loan will be repaid by instalments within 5 years.
The Santander Bounce Back Loan is also unsecured and repayable by instalments over a period of 5 years commencing June 2021.
10. Related party transactions
The joint shareholders of the company are the Rempstone Estate Trustees Ltd and Ryder Trustees Ltd that are controlled by the Trustees of the Rempstone Estate Trust . The company has a long-term loan from the joint shareholders. The balance at the end of the year amounted to £268,680 (2022 £293,680). A formal loan agreement has been made in respect of both interest and capital repayments. A capital repayment holiday has been agreed since 1 April 2023. The Trustees of the Rempstone Estate Trust charged annual aggregate rent of £58,429 (2022 - £57,250) to Burnbake Campsite Limited under a lease and licence on normal commercial terms. At 31 December 2023 the balance of rent payable in accordance with the terms of the lease and licence amounted to £5,929 (2022 - £27,250).
11. Controlling party
The company's entire issued ordinary share capital is owned jointly by Rempstone Estate Trustees Ltd (Company Number 08308180) a private company limited by guarantee without share capital and Ryder Trustees Ltd (Company Number 08307678) a private company limited by guarantee without share capital.
12. Operating lease commitments
At 31 December 2023 the company had operating lease commitments which are not included under the statement of financial position headings of creditors through the terms of a lease over the Burnbake Campsite which ends 31 March 2044. The minimum total amount of financial commitment over the remaining term of the lease is anticipated to be £1,104,375. The full commitment could be greater than this, however, this is dependent on future trading results.