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Company No: 07864896 (England and Wales)

NEWPORT PARK LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

NEWPORT PARK LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

NEWPORT PARK LIMITED

COMPANY INFORMATION

For the financial year ended 30 November 2023
NEWPORT PARK LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 November 2023
DIRECTOR Mrs P A Hardick
REGISTERED OFFICE Centenary House Peninsula Park
Rydon Lane
Exeter
EX2 7XE
United Kingdom
COMPANY NUMBER 07864896 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
NEWPORT PARK LIMITED

BALANCE SHEET

As at 30 November 2023
NEWPORT PARK LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 7,685,605 7,742,250
7,685,605 7,742,250
Current assets
Stocks 4 485,605 276,617
Debtors 5 57,064 196,038
Cash at bank and in hand 15,462 4,045
558,131 476,700
Creditors: amounts falling due within one year 6 ( 6,243,581) ( 6,894,877)
Net current liabilities (5,685,450) (6,418,177)
Total assets less current liabilities 2,000,155 1,324,073
Provision for liabilities ( 681,100) ( 687,000)
Net assets 1,319,055 637,073
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 1,318,955 636,973
Total shareholder's funds 1,319,055 637,073

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Newport Park Limited (registered number: 07864896) were approved and authorised for issue by the Director on 28 August 2024. They were signed on its behalf by:

Mrs P A Hardick
Director
NEWPORT PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
NEWPORT PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Newport Park Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom.
The principal place of business is: Newport Park, Topsham Road, Exeter, EX2 7DT.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises rent receivable during the year from group undertakings and sales of homes to third parties. Rents are recognised on a straight line basis over the lease period. Sales of homes are recognised when the risk and rewards are transferred to the customer (on completion of the sale).

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings 0 - 50 years straight line
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The Freehold Land, included in Land and buildings, is not depreciated.

Stocks

Stock is static caravans bought and held for sale, including the costs of bringing them to the right location and condition. Stock is stated at the lower of cost and estimated selling price less costs to sell.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Land and buildings Fixtures and fittings Total
£ £ £
Cost
At 01 December 2022 8,017,383 1,085 8,018,468
At 30 November 2023 8,017,383 1,085 8,018,468
Accumulated depreciation
At 01 December 2022 275,585 633 276,218
Charge for the financial year 56,428 217 56,645
At 30 November 2023 332,013 850 332,863
Net book value
At 30 November 2023 7,685,370 235 7,685,605
At 30 November 2022 7,741,798 452 7,742,250

4. Stocks

2023 2022
£ £
Stocks 485,605 276,617

The title for the homes for resale remains with the supplier until the homes are either sold or full payment is made. Deferred payment for the homes is included within the trade creditors and this is due to be paid within one year.

5. Debtors

2023 2022
£ £
Prepayments 653 0
VAT recoverable 5,715 0
Other debtors 50,696 196,038
57,064 196,038

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 746 0
Amounts owed to Group undertakings 5,978,368 6,734,215
Accruals 45,667 3,096
Taxation and social security 218,800 57,566
Other creditors 0 100,000
6,243,581 6,894,877

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Amounts owed to Group Undertakings 5,978,368 6,734,215

During the year a loan existed between Newport Park Limited and Wilson Leisure Limited. This Loan is interest free and repayable on demand. The balance due to Wilson Leisure Limited as at 30 November 2023 is £5,978,368 (2022: £6,734,215)
During the year, the company charged rent of £75,000 (2022: £75,000) to the parent company. This has been paid in full during the year.