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REGISTERED NUMBER: 00739136 (England and Wales)








Unaudited Financial Statements

For The Year Ended 29 February 2024

for

Wallsend Estates Limited

Wallsend Estates Limited (Registered number: 00739136)






Contents of the Financial Statements
For The Year Ended 29 February 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


Wallsend Estates Limited (Registered number: 00739136)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 5,554,901 5,481,353
Investments 6 31,303 63,463
5,586,204 5,544,816

CURRENT ASSETS
Stocks 1,614,249 1,141,333
Debtors 7 1,334,999 1,601,989
Cash at bank 4,334,700 4,402,105
7,283,948 7,145,427
CREDITORS
Amounts falling due within one year 8 2,324,761 2,690,811
NET CURRENT ASSETS 4,959,187 4,454,616
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,545,391

9,999,432

PROVISIONS FOR LIABILITIES 200,153 206,614
NET ASSETS 10,345,238 9,792,818

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Retained earnings 10,245,238 9,692,818
SHAREHOLDERS' FUNDS 10,345,238 9,792,818

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2024 and were signed on its behalf by:




P C Langmaid - Director


Wallsend Estates Limited (Registered number: 00739136)

Notes to the Financial Statements
For The Year Ended 29 February 2024

1. STATUTORY INFORMATION

Wallsend Estates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 00739136

Registered office: Harscombe House
1 Darklake View
Plymouth
Devon
PL6 7TL

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover primarily represents the amount receivable from Mother Ivey's Bay and Martha's Orchard holiday park operations net of any associated value added tax.

Revenue recognition on the sale of caravans
Caravan sales are included in turnover at the date at which they are invoiced.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of three years.

Goodwill was fully amortised in the accounts for the year ended 28 February 2015.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the depreciable amount of each asset over its estimated useful economic life. The depreciable amount of each asset is calculated on a straight line basis as follows:

Freehold land- nil
Freehold buildings- nil
Plant and machinery- 4 years
Fixtures and fittings- 4 years
Lodges and decking- 10 years up to 75% of the value of the asset

The lodges and attached decking are depreciated over 10 years up to 75% of the value of the asset, with the remaining 25% being the residual value.

The directors consider that, given the nature of the properties held and the policy of maintaining them to their original condition, the economic lives of these properties and their residual values are such that any depreciation charge would not be material. Residual values are regularly reviewed in order to identify any impairment in value that could lead to changes in the depreciable amount.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments are recognised at amortised cost.

Investments in listed ordinary shares which are measured at fair value, with changes recognised in profit or loss. Investments in subsidiary undertakings are recognised at cost.

Deferred taxation
Provision is made at current rates for taxation deferred or accelerated in respect of all material differences except to the extent that, in the opinion of the directors, there is a reasonable probability that a net liability will not arise in the foreseeable future.

Wallsend Estates Limited (Registered number: 00739136)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2023 - 27 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 160,000
AMORTISATION
At 1 March 2023
and 29 February 2024 160,000
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2023 4,902,501 1,522,007 6,424,508
Additions 140,165 121,886 262,051
Disposals - (55,898 ) (55,898 )
At 29 February 2024 5,042,666 1,587,995 6,630,661
DEPRECIATION
At 1 March 2023 - 943,155 943,155
Charge for year - 176,237 176,237
Eliminated on disposal - (43,632 ) (43,632 )
At 29 February 2024 - 1,075,760 1,075,760
NET BOOK VALUE
At 29 February 2024 5,042,666 512,235 5,554,901
At 28 February 2023 4,902,501 578,852 5,481,353

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 March 2023 63,463
Revaluations (32,160 )
At 29 February 2024 31,303
NET BOOK VALUE
At 29 February 2024 31,303
At 28 February 2023 63,463

Wallsend Estates Limited (Registered number: 00739136)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024

6. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 29 February 2024 is represented by:

Other
investments
£   
Valuation in 2017 (6,973 )
Valuation in 2018 13,531
Valuation in 2019 (5,361 )
Valuation in 2020 (8,040 )
Valuation in 2021 (6,700 )
Valuation in 2022 13,400
Valuation in 2023 (6,700 )
Valuation in 2024 (32,160 )
Cost 70,306
31,303

Unlisted shares of £4,503 are held at historical cost. Listed shares of £26,800 are held at market value, the historical cost of these shares is £65,803.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 1,142,822 1,465,058
Other debtors 192,177 136,931
1,334,999 1,601,989

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade creditors 2,072,673 2,231,298
Taxation and social security 144,369 363,526
Other creditors 107,719 95,987
2,324,761 2,690,811

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
29.2.24 28.2.23
£    £   
Within one year 17,300 9,181
Between one and five years 30,274 2,295
47,574 11,476