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Company No: 12985593 (England and Wales)

ROSS PARK HOMES LIMITED

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

ROSS PARK HOMES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

ROSS PARK HOMES LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
ROSS PARK HOMES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS C H Barton (Resigned 13 April 2023)
T R Hardick
A J Newing
REGISTERED OFFICE Centenary House Peninsula Park
Rydon Lane
Exeter
EX2 7XE
United Kingdom
BUSINESS ADDRESS The Old Barn
Ipplepen
Newton Abbot
Devon
TQ12 5TT
COMPANY NUMBER 12985593 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
ROSS PARK HOMES LIMITED

BALANCE SHEET

As at 31 December 2023
ROSS PARK HOMES LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 31.12.2023 31.12.2022
£ £
Fixed assets
Intangible assets 4 321,625 368,125
Tangible assets 5 5,041,048 4,950,388
5,362,673 5,318,513
Current assets
Stocks 1,018,991 981,742
Debtors 6 45,247 65,899
Cash at bank and in hand 10,901 130,808
1,075,139 1,178,449
Creditors: amounts falling due within one year 7 ( 5,433,491) ( 5,960,323)
Net current liabilities (4,358,352) (4,781,874)
Total assets less current liabilities 1,004,321 536,639
Creditors: amounts falling due after more than one year 8 ( 848,336) 0
Provision for liabilities ( 11,250) ( 2,900)
Net assets 144,735 533,739
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 144,635 533,639
Total shareholders' funds 144,735 533,739

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.

Directors' responsibilities:

The financial statements of Ross Park Homes Limited (registered number: 12985593) were approved and authorised for issue by the Board of Directors on 04 September 2024. They were signed on its behalf by:

T R Hardick
Director
ROSS PARK HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
ROSS PARK HOMES 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

Ross Park Homes 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 The Old Barn, Ipplepen, Newton Abbot, Devon, TQ12 5TT.

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 £.

Prior year adjustment

The nature and effects of a prior year error are disclosed in note 2 of the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Turnover from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

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

Land and buildings not depreciated
Plant and machinery 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.

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.

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.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Government grants

Grant income is included in other operating income. It comprises the fair value of the consideration received or receivable for the year.

During the prior year, the business received grants relating to Local Authority Grants. The total of grants received during the year amounted to £Nil (2022: £6,000).

2. Prior year adjustment

The prior year figures have been amended to account for the purchase of stock and existence of closing stock within the Profit & Loss report. The overall impact on profitability is £Nil.

As previously reported Adjustment As restated
Year ended 31 December 2022 £ £ £
Direct costs 728,253 981,742 1,709,995
Closing Stock (P&L) 0 981,742 981,742

3. Employees

31.12.2023 31.12.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 465,000 465,000
At 31 December 2023 465,000 465,000
Accumulated amortisation
At 01 January 2023 96,875 96,875
Charge for the financial year 46,500 46,500
At 31 December 2023 143,375 143,375
Net book value
At 31 December 2023 321,625 321,625
At 31 December 2022 368,125 368,125

5. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost
At 01 January 2023 4,938,617 18,596 4,957,213
Additions 78,832 26,946 105,778
Disposals ( 10,500) 0 ( 10,500)
At 31 December 2023 5,006,949 45,542 5,052,491
Accumulated depreciation
At 01 January 2023 0 6,825 6,825
Charge for the financial year 0 4,618 4,618
At 31 December 2023 0 11,443 11,443
Net book value
At 31 December 2023 5,006,949 34,099 5,041,048
At 31 December 2022 4,938,617 11,771 4,950,388

6. Debtors

31.12.2023 31.12.2022
£ £
Trade debtors 5,933 6,063
Other debtors 39,314 59,836
45,247 65,899

7. Creditors: amounts falling due within one year

31.12.2023 31.12.2022
£ £
Bank loans (secured) 46,557 2,056,886
Trade creditors 52,941 54,137
Amounts owed to Group undertakings 3,797,644 3,336,923
Taxation and social security 7,300 154,709
Other creditors 1,529,049 357,668
5,433,491 5,960,323

The bank loans are secured by way of fixed and floating charges over the property and undertaking of the company.

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

31.12.2023 31.12.2022
£ £
Bank loans (secured) 848,336 0

The bank loans are secured by way of fixed and floating charges over the property and undertaking of the company.

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

31.12.2023 31.12.2022
£ £
Bank loans 624,111 0

9. Called-up share capital

31.12.2023 31.12.2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

10. Related party transactions

Transactions with owners holding a participating interest in the entity

During the current year, a loan existed between Brechin Investments Limited and Ross Park Homes Limited. Interest of £160,721 was charged on the loan and the balance is repayable on demand. At the balance sheet date the amount due to Brechin Investments Limited was £3,797,644 (2022: £2,653,408).

During the current year, an interest-free loan existed between Barton Park Estates Limited and Ross Park Homes Limited. The loan was repaid in full during the financial year. At the balance sheet date the amount due to Barton Park Estates Limited was £Nil (2022: £638,515).