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Company No: 05097413 (England and Wales)

SALCOMBE PARK LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

SALCOMBE PARK LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

SALCOMBE PARK LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
SALCOMBE PARK LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTOR Mr R A Hardick
REGISTERED OFFICE Centenary House Peninsula Park
Rydon Lane
Exeter
EX2 7XE
United Kingdom
COMPANY NUMBER 05097413 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
SALCOMBE PARK LIMITED

BALANCE SHEET

As at 31 December 2023
SALCOMBE PARK LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,210,902 1,208,082
1,210,902 1,208,082
Current assets
Stocks 2,686 4,831
Debtors 4 760,987 750,430
Cash at bank and in hand 9,083 10,752
772,756 766,013
Creditors: amounts falling due within one year 5 ( 193,829) ( 153,109)
Net current assets 578,927 612,904
Total assets less current liabilities 1,789,829 1,820,986
Creditors: amounts falling due after more than one year 6 ( 587,869) ( 632,878)
Provision for liabilities ( 220,450) ( 223,145)
Net assets 981,510 964,963
Capital and reserves
Called-up share capital 7 240 240
Revaluation reserve 687,790 730,529
Capital redemption reserve 240 240
Profit and loss account 293,240 233,954
Total shareholder's funds 981,510 964,963

For the financial 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.

Director's responsibilities:

The financial statements of Salcombe Park Limited (registered number: 05097413) were approved and authorised for issue by the Director on 29 August 2024. They were signed on its behalf by:

Mr R A Hardick
Director
SALCOMBE PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
SALCOMBE PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Salcombe 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 Salcombe Retreat, Soar Mill Cove, Salcombe, TQ7 3DC.

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 the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is stated net of VAT, rebates and trade discounts, and after eliminating sales within the company.

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 or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 25 % reducing balance
Vehicles 4 years straight line
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 0 0

3. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 January 2023 1,219,188 13,645 36,490 1,269,323
Additions 18,830 10,781 0 29,611
At 31 December 2023 1,238,018 24,426 36,490 1,298,934
Accumulated depreciation
At 01 January 2023 48,082 7,077 6,082 61,241
Charge for the financial year 16,027 1,642 9,122 26,791
At 31 December 2023 64,109 8,719 15,204 88,032
Net book value
At 31 December 2023 1,173,909 15,707 21,286 1,210,902
At 31 December 2022 1,171,106 6,568 30,408 1,208,082

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

4. Debtors

2023 2022
£ £
Trade debtors 1,095 9,840
Amounts owed by related parties 739,793 724,523
Prepayments and accrued income 16,006 6,308
VAT recoverable 4,093 5,459
Corporation tax 0 4,300
760,987 750,430

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 45,009 43,828
Trade creditors 746 1,082
Accruals and deferred income 69,843 47,758
Taxation and social security 7,790 0
Other creditors 70,441 60,441
193,829 153,109

Bank loans of £45,009 (2022: £43,828) are secured over the company's assets by way of a fixed and floating charge in favour of Lloyds bank.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 587,869 632,878

Bank loans of £587,869 (2022: £632,878) are secured over the company's assets by way of a fixed and floating charge in favour of Lloyds bank.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (secured / repayable by instalments) 395,366 445,429

Bank loans of £395,366 (2022: £445,429) are secured over the company's assets by way of a fixed and floating charge in favour of Lloyds bank.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
240 Ordinary shares of £ 1.00 each 240 240

8. Related party transactions

Other related party transactions

During the year, a loan existed between Salcombe Park Limited and Ocean Cove Limited, a company under common control. At the balance sheet date the amount due from Ocean Cove Limited was £28,462 (2022: £13,192). The balance is repayable on demand.

During the year, a loan existed between Salcombe Park Limited and Ocean Cove Parks Limited, a parent company. At the balance sheet date the amount due from Ocean Cove Parks Limited was £711,331 (2022: £711,331). The balance is repayable on demand.

During the year, a loan existed between Brechin Investments Limited and Salcombe Park Limited, a related company. At the balance sheet date the amount due to Brechin Investments Limited was £70,441 (2022: £60,441). The balance is repayable on demand.