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Registration number: 13751079

Odyssey Lodge and Park Homes Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Odyssey Lodge and Park Homes Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Odyssey Lodge and Park Homes Ltd

Company Information

Directors

Mr Charlie Nicholas Jones

Nicholas David Jones

Mr Ryan David Jones

Registered office

The Acorns
Yarkhill
Hereford
HR1 3SX

Accountants

R M Willgoose, Chartered Accountant
Chestnut End
Leddington
Ledbury
Herefordshire
HR8 2LG

 

Odyssey Lodge and Park Homes Ltd

(Registration number: 13751079)
Balance Sheet as at 30 November 2023

Note

30 November
2023
£

30 November
2022
£

Fixed assets

 

Tangible assets

4

1,600

2,000

Current assets

 

Stocks

5

40,900

8,500

Debtors

6

126,310

64,856

Cash at bank and in hand

 

26,535

8,359

 

193,745

81,715

Creditors: Amounts falling due within one year

7

(109,459)

(70,030)

Net current assets

 

84,286

11,685

Total assets less current liabilities

 

85,886

13,685

Provisions for liabilities

(353)

(380)

Net assets

 

85,533

13,305

Capital and reserves

 

Called up share capital

3

3

Retained earnings

85,530

13,302

Shareholders' funds

 

85,533

13,305

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.

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 within Part 15 of the Companies Act 2006.

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 Profit and Loss Account.

Approved and authorised by the Board on 29 August 2024 and signed on its behalf by:
 

 

Odyssey Lodge and Park Homes Ltd

(Registration number: 13751079)
Balance Sheet as at 30 November 2023

.........................................
Mr Charlie Nicholas Jones
Director

 

Odyssey Lodge and Park Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
The Acorns
Yarkhill
Hereford
HR1 3SX

These financial statements were authorised for issue by the Board on 29 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.

 

Odyssey Lodge and Park Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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 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.

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

Plant and machinery

20% reducing balance basis

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.

 

Odyssey Lodge and Park Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 8).

 

Odyssey Lodge and Park Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

2,500

2,500

At 30 November 2023

2,500

2,500

Depreciation

At 1 December 2022

500

500

Charge for the year

400

400

At 30 November 2023

900

900

Carrying amount

At 30 November 2023

1,600

1,600

At 30 November 2022

2,000

2,000

5

Stocks

30 November
2023
£

30 November
2022
£

Raw materials and consumables

15,900

8,500

Work in progress

25,000

-

40,900

8,500

6

Debtors

Current

30 November
2023
£

30 November
2022
£

Trade debtors

79,000

47,000

Prepayments

251

-

Other debtors

47,059

17,856

 

126,310

64,856

 

Odyssey Lodge and Park Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

30 November
2023
£

30 November
2022
£

Due within one year

Trade creditors

16,835

29,653

Taxation and social security

88,512

11,620

Accruals and deferred income

3,250

2,250

Other creditors

862

26,507

109,459

70,030

8

Dividends

30 November
2023

30 November
2022

£

£

Interim dividend of £8,000.00 (2022 - £1,000.00) per ordinary share

24,000

3,000

 

 

9

Related party transactions

Two of the directors jointly own a partnership to which goods were sold during the accounting period. Sales to the partnership, net of VAT, amounted to £594,750 (2022 - £183,000). £36,850, net of VAT, (2022 - £47,000) was owed by the partnership to the company at the period end in respect of the sale of goods.

Management charges, net of VAT, of £23,957 (2022 - £4,380) were charged to the company by this partnership during the accounting period. At the period end £nil (2022 - £4,536) was owed by the company to the partnership in respect of these management charges.