Company registration number 03261226 (England and Wales)
DRUSILLAS ZOO PARK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
DRUSILLAS ZOO PARK LIMITED
COMPANY INFORMATION
Directors
Mrs C Smith
Mr L E Smith
Mrs C J Poland
Mrs C V Steer
Mr O L Smith
Secretary
Mr L E Smith
Mr O L Smith
Company number
03261226
Registered office
Drusillas Park
Alfriston Road
Alfriston
Polegate
East Sussex
United Kingdom
BN26 5QS
Auditor
Azets Audit Services
Gladstone House
77-79 High Street
Egham
Surrey
United Kingdom
TW20 9HY
Bankers
National Westminster Bank PLC
96 Terminus Road
Eastbourne
East Sussex
United Kingdom
BN21 3LX
DRUSILLAS ZOO PARK LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 24
DRUSILLAS ZOO PARK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of business

Following a turbulent few years of ups and downs, 2023 brought a feeling of normality and relief where operations were concerned. We were able to ride through some of the worst of the weather and post some strong financial results over the course of the year, which was pleasing to see. There were significant investments attributed to the zoo in 2023 with major projects and refurbishments spanning across the entirety of the year. Our largest project being the Eurasian Lynx habitat which was a real success with customers and staff. The animals look well suited to their naturalistic space and they are firm favourites with everyone in the Park. While the projects seemingly always take the headlines, refurbishment and maintenance are just as important in the zoo world, and 2023 saw some significant upgrades to older habitats enabling us to extend their longevity well into the future.

 

2023 has undoubtedly been a positive year for Drusillas, however there are still persisting concerns over the UK’s economic health. In the last 2 and a half years, interest rates were increased from 0.1% in December 2021 to 5.25% in August 2023, signalling an economy that needs urgent redirection and a major decrease in inflation. And it is not only interest rates that were on the rise, but labour, energy, food and everything in-between. The cost of living crisis effects everyone, and businesses are very much included. The hope is that the situation starts to even itself out, or in some cases, correct itself, so we are not hamstrung by increasing costs and can operate more freely.  

Principal risks and uncertainties

The company's principal risks and financial risk management objectives and policies are discussed in the directors report.

Earning before interest, tax, depreciation and amortisation (EBITDA)

 

2023

2022

2021

2020

 

 

 

 

 

 

£

£

£

£

Profit before taxation

548,126

630,334

835,702

745,351

Add back:

 

 

 

 

Finance costs

122,295

116,171

141,300

128,818

Depreciation

574,658

542,019

512,531

546,309

Amortisation

855

-

29,235

29,235

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA

1,245,934

1,338,524

1,517,768

1,449,713

 

 

 

 

 

 

 

 

 

 

On behalf of the board

Mr L E Smith
Director
1 September 2024
DRUSILLAS ZOO PARK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company in the year under review was that of the operation of a zoo with allied retail, leisure and catering facilities.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs C Smith
Mr L E Smith
Mrs C J Poland
Mrs C V Steer
Mr O L Smith
Results and dividends

The results for the year are set out on page 7.

Final dividends totalling 2.72p per share were paid during the year ended 31 December 2023 (2022 - 2.96p) to the A1 Ordinary shareholders.

 

Final dividends totalling 6.30p per share were paid during the year ended 31 December 2023 (2022 - 8.17p) to the A2 Ordinary shareholders.

 

Final dividends totalling 25.30p per share were paid during the year ended 31 December 2023 (2022 - 28.30p) to the B Ordinary shareholders.

 

Final dividends totalling 25.30p per share were paid during the year ended 31 December 2023 (2022 - 28.30p) to the C Ordinary shareholders.

 

Final dividends totalling 3.00p per share were paid during the year ended 31 December 2023 (2022 - 6.01p) to the D Ordinary shareholders.

 

The total distribution of dividends for the year ended 31 December 2023 was £389,376 (2022 - £459,376).

Financial instruments

The company's financial instruments at the balance sheet date comprises of finance leases and hire purchase, cash and liquid resources. The main purposes of these financial statements is to provide finance for the company's operations. The company has various other financial instruments such as trade debtors and trade creditors, that arise directly from its operations.

 

It is, and has been throughout the year under review, the company's policy that no trading in financial instruments shall be undertaken.

 

The main risks arising from the company's financial instruments are interest rate risk and liquidity risk.

Liquidity risk

The company's objective is to maintain a balance between continuity of funding and the flexible use of funding by way of overdrafts, loans and similar financial arrangements. Short term flexibility is achieved by overdraft facilities.

Interest rate risk

The company has a policy to manage any exposure to interest rate fluctuations so as to finance its operations through retained profits and borrowing.

DRUSILLAS ZOO PARK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Financial assets

The company has no financial assets other than short-term debtors and cash at bank.

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr L E Smith
Director
1 September 2024
DRUSILLAS ZOO PARK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DRUSILLAS ZOO PARK LIMITED
- 4 -
Opinion

We have audited the financial statements of Drusillas Zoo Park Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

DRUSILLAS ZOO PARK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DRUSILLAS ZOO PARK LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

DRUSILLAS ZOO PARK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DRUSILLAS ZOO PARK LIMITED
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Sam Thomas
Senior Statutory Auditor
For and on behalf of Azets Audit Services
5 September 2024
Chartered Accountants
Statutory Auditor
Gladstone House
77-79 High Street
Egham
Surrey
United Kingdom
TW20 9HY
DRUSILLAS ZOO PARK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
6,019,500
6,058,657
Cost of sales
(1,074,653)
(1,055,392)
Gross profit
4,944,847
5,003,265
Administrative expenses
(4,395,578)
(4,337,359)
Other operating income
46,489
61,672
Operating profit
4
595,758
727,578
Interest receivable and similar income
8
7,990
2,683
Interest payable and similar expenses
9
(55,622)
(49,927)
Profit before taxation
548,126
680,334
Tax on profit
10
(137,247)
(201,434)
Profit for the financial year
410,879
478,900

The profit and loss account has been prepared on the basis that all operations are continuing operations.

DRUSILLAS ZOO PARK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
12
1,711
-
0
Tangible assets
13
8,533,935
8,217,078
Investment property
14
900,000
900,000
9,435,646
9,117,078
Current assets
Stocks
16
143,395
140,731
Debtors
15
157,379
141,700
Cash at bank and in hand
526,046
1,120,008
826,820
1,402,439
Creditors: amounts falling due within one year
17
(1,571,258)
(1,862,591)
Net current liabilities
(744,438)
(460,152)
Total assets less current liabilities
8,691,208
8,656,926
Creditors: amounts falling due after more than one year
18
(570,299)
(681,239)
Provisions for liabilities
Deferred tax liability
21
636,506
512,787
(636,506)
(512,787)
Net assets
7,484,403
7,462,900
Capital and reserves
Called up share capital
23
6,658,286
6,658,286
Profit and loss reserves
826,117
804,614
Total equity
7,484,403
7,462,900
The financial statements were approved by the board of directors and authorised for issue on 1 September 2024 and are signed on its behalf by:
Mr L E Smith
Mr O L Smith
Director
Director
Company Registration No. 03261226
DRUSILLAS ZOO PARK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
6,658,286
785,090
7,443,376
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
478,900
478,900
Dividends
11
-
(459,376)
(459,376)
Balance at 31 December 2022
6,658,286
804,614
7,462,900
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
410,879
410,879
Dividends
11
-
(389,376)
(389,376)
Balance at 31 December 2023
6,658,286
826,117
7,484,403
DRUSILLAS ZOO PARK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
933,469
984,145
Interest paid
(55,622)
(49,927)
Income taxes paid
(74,894)
(30,771)
Net cash inflow from operating activities
802,953
903,447
Investing activities
Purchase of intangible assets
(2,566)
-
0
Purchase of tangible fixed assets
(941,394)
(738,381)
Proceeds on disposal of tangible fixed assets
37,421
13,112
Interest received
7,990
2,683
Net cash used in investing activities
(898,549)
(722,586)
Financing activities
Repayment of borrowings
(144,018)
(166,482)
Payment of finance leases obligations
35,028
(20,262)
Dividends paid
(389,376)
(459,376)
Net cash used in financing activities
(498,366)
(646,120)
Net decrease in cash and cash equivalents
(593,962)
(465,259)
Cash and cash equivalents at beginning of year
1,120,008
1,585,267
Cash and cash equivalents at end of year
526,046
1,120,008
DRUSILLAS ZOO PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information

Drusillas Zoo Park Limited is a private company limited by shares incorporated in England and Wales. The registered office is Drusillas Park, Alfriston Road, Alfriston, Polegate, East Sussex, United Kingdom, BN26 5QS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

1.2
Going concern

After reviewing the company's forecasts and projections and taking in to account the economic conditions and possible changes in trading performance, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.true

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 

Revenue is for sales of retail goods, catering, activities (operations) and gate takings are recognised at the point of sale.

 

Revenue relating to Annual Club Membership is recognised on a straight line basis over the membership term.

1.4
Intangible fixed assets - goodwill

Purchased goodwill is amortised on a straight-line basis over its estimated useful economic life of 20 years.

1.5
Intangible fixed assets other than goodwill

License rights that are acquired by the company are stated at cost lest accumulated amortisation and impairment losses.

 

App
3 years straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

DRUSILLAS ZOO PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land
not provided
Freehold buildings
50 years straight line
Animal enclosures and attractions (included in land and buildings)
25 years straight line
Plant and machinery
7%-33% on cost
Water treatment system (included in land and buildings)
25 years straight line
Computer equipment
33% on cost
Motor vehicles
25% on reducing balance
Zoo livestock
not provided

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, property, plant and equipment are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

 

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

1.7
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.8
Stocks

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

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Trade and other receivables

Trade and other receivables are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future receipts discounted at the prevailing marketing rate of interest. Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method.

DRUSILLAS ZOO PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.11
Trade and other payables

Trade and other payables are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at the prevailing marketing rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividend distributions payable to equity shareholders are included in "accruals" when the dividends are approved in general meeting prior to the balance sheet date.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against future taxable profits or against a reversal of deferred tax liabilities.

 

Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

1.14
Employee benefits

Short term employee benefits including holiday entitlement and other non-monetary benefits, and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

 

The company recognises an accrual for accumulated annual leave by employees as a result of services rendered in the current period for which employees can carry forward and use within the next year. The accrual is measured at the salary cost of the respective employee in relation to the period of absence.

1.15
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the profit and loss account.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

DRUSILLAS ZOO PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease. Lease incentives are recognised over the lease term on straight line basis.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

DRUSILLAS ZOO PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 15 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Provision for slow and obsolete stock

The estimation for the provision of slow and obsolete stock is based on managements expectations regarding the timings, expected sales price and the condition of the stock held. The estimate requires a significant degree of judgement. The provision represents managements best estimate of the unsaleable stock at the year end.

Impairment of goodwill and other intangibles

The Company tests annually whether goodwill and other intangibles has suffered any impairment in accordance with the accounting policy stated. The recoverable amounts of cash-generating units have been determined based on value-in-use calculations.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates. See note 10 for the carrying amounts of the property, plant and equipment and note 2 for the useful economic lives for each class of assets.

Valuation of investment proprty

The company's investment property is measured at fair value. The valuation is carried out by the directors' by comparison to other properties in the area on an annual basis.

3
Turnover and other revenue

The turnover and profit before tax are attributable to the one principal activity of the company.

 

All turnover arise within the United Kingdom.

4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
715
570
Government grants
-
(18,519)
Fees payable to the company's auditor for the audit of the company's financial statements
15,400
13,350
Depreciation of owned tangible fixed assets
556,159
530,239
Depreciation of tangible fixed assets held under finance leases
18,499
11,780
Loss on disposal of tangible fixed assets
12,458
1,981
Amortisation of intangible assets
855
-
Hire of plant and machinery
7,227
11,093
DRUSILLAS ZOO PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
15,400
13,350
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Directors
5
5
Managers
6
6
Zoo
21
20
Education
2
2
Retail
9
9
Catering
41
43
Operations
49
48
Estate
6
4
Administration
6
6
Total
145
143

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
2,247,502
2,170,213
Social security costs
180,045
168,285
Pension costs
59,077
49,080
2,486,624
2,387,578
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
206,167
203,289
Company pension contributions to defined contribution schemes
20,000
20,000
226,167
223,289

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).

DRUSILLAS ZOO PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
7,990
2,683
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Bank overdraft and loan
36,040
20,953
Other finance costs:
Interest on finance leases and hire purchase contracts
19,582
28,974
55,622
49,927

Bank overdraft and loan interest relates to interest on bank overdrafts and bank loans which are repayable within 5 years.

 

Loan interest relates to interest on other loans which are repayable within 5 years.

10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
13,527
74,892
Deferred tax
Origination and reversal of timing differences
123,720
126,542
Total tax charge
137,247
201,434
DRUSILLAS ZOO PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 18 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
548,126
680,334
Expected tax charge based on the standard rate of corporation tax in the UK of 24.00% (2022: 19.00%)
131,550
129,263
Tax effect of expenses that are not deductible in determining taxable profit
-
0
19
Capital allowances in excess of depreciation
32,727
71,573
Tax at marginal rate
(26,345)
-
0
Pension creditor
(685)
579
Taxation charge for the year
137,247
201,434
11
Dividends
2023
2022
£
£
Final paid
389,376
459,376
12
Intangible fixed assets
Goodwill
App
Total
£
£
£
Cost
At 1 January 2023
100,000
-
0
100,000
Additions
-
0
2,566
2,566
At 31 December 2023
100,000
2,566
102,566
Amortisation and impairment
At 1 January 2023
100,000
-
0
100,000
Amortisation charged for the year
-
0
855
855
At 31 December 2023
100,000
855
100,855
Carrying amount
At 31 December 2023
-
0
1,711
1,711
At 31 December 2022
-
0
-
0
-
0
DRUSILLAS ZOO PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
13
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Computer equipment
Motor vehicles
Zoo livestock
Total
£
£
£
£
£
£
Cost
At 1 January 2023
9,050,823
8,032,326
332,222
138,508
103,647
17,657,526
Additions
550,320
244,758
66,721
73,995
5,600
941,394
Disposals
-
0
(33,585)
(13,970)
(71,807)
-
0
(119,362)
At 31 December 2023
9,601,143
8,243,499
384,973
140,696
109,247
18,479,558
Depreciation and impairment
At 1 January 2023
3,672,610
5,369,465
303,101
95,272
-
0
9,440,448
Depreciation charged in the year
75,189
431,348
46,387
21,734
-
0
574,658
Eliminated in respect of disposals
-
0
(14,000)
(13,970)
(41,513)
-
0
(69,483)
At 31 December 2023
3,747,799
5,786,813
335,518
75,493
-
0
9,945,623
Carrying amount
At 31 December 2023
5,853,344
2,456,686
49,455
65,203
109,247
8,533,935
At 31 December 2022
5,378,213
2,662,861
29,121
43,236
103,647
8,217,078

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£
£
Motor vehicles
55,496
35,341

Included in cost of land and buildings is freehold land of £4,600,000 (2022 - £4,600,000) which is not depreciated.

14
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
900,000

The investment property was valued on an open market basis by the directors.

DRUSILLAS ZOO PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
15
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
36,006
22,799
Other debtors
6,866
1,816
Prepayments and accrued income
114,507
117,085
157,379
141,700
16
Stocks
2023
2022
£
£
Stocks
143,395
140,731
17
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Obligations under finance leases
20
15,598
8,995
Other borrowings
19
165,114
169,767
Trade creditors
276,039
488,554
Corporation tax
13,527
74,893
Other taxation and social security
174,349
157,187
Other creditors
248,001
289,450
Accruals and deferred income
678,630
673,745
1,571,258
1,862,591

Obligations under finance leases and other borrowings are secured on the underlying assets to which they relate to.

18
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
20
28,425
-
0
Other borrowings
19
541,874
681,239
570,299
681,239

Obligations under finance leases and other borrowings are secured on the underlying assets to which they relate to.

DRUSILLAS ZOO PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18
Creditors: amounts falling due after more than one year
(Continued)
- 21 -
Amounts included above which fall due after five years are as follows:
Payable by instalments
336,000
364,000
19
Loans and overdrafts
2023
2022
£
£
Other loans
706,988
851,006
Payable within one year
165,114
169,767
Payable after one year
541,874
681,239
20
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
44,023
8,995
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
637,007
514,016
Pension timing differences
(501)
(1,229)
636,506
512,787
2023
Movements in the year:
£
Liability at 1 January 2023
512,787
Charge to profit or loss
123,719
Liability at 31 December 2023
636,506
DRUSILLAS ZOO PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
59,077
49,080

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

 

At 31 December 2023 contributions amounting to £10,785 (2022 - £10,017) were payable to the funds and are included within creditors.

23
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A1 Ordinary of £1 each
4,063,551
4,063,551
4,063,551
4,063,551
A2 Ordinary of £1 each
1,595,990
1,595,990
1,595,990
1,595,990
B Ordinary of £1 each
332,915
332,915
332,915
332,915
C Ordinary of £1 each
332,915
332,915
332,915
332,915
D Ordinary of £1 each
332,915
332,915
332,915
332,915
6,658,286
6,658,286
6,658,286
6,658,286
24
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
11,207
11,084
Between two and five years
12,142
17,199
23,349
28,283
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2022
£
£
Acquisition of tangible fixed assets
71,155
70,244
DRUSILLAS ZOO PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
26
Related party transactions
Remuneration of key management personnel

Key management personnel are the directors of the company, details of their remuneration is disclosed in Note 6.

Other information

Other creditors includes a loan of £98,774 (2022 - £174,106) from the directors. The loan is interest free and has no set repayment terms.

 

During the year the company was invoiced £5,409 (2022 - £5,151) by its directors in respect of rent for Starlings Paddock.

 

The company declared aggregate dividends of £389,376 (2022 - £459,376 ) in the year to the directors,.

 

During the year the company bought services totalling £2,820 (2022 - £3,708 ) from Sussex Top Attractions Limited, a related party by virtue of common directorship.

27
Ultimate controlling party

The company has been controlled throughout the year by Mr L E Smith and Mrs C J Smith, both directors and shareholders.

28
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
410,879
478,900
Adjustments for:
Taxation charged
137,247
201,434
Finance costs
55,622
49,927
Investment income
(7,990)
(2,683)
Loss on disposal of tangible fixed assets
12,458
1,981
Amortisation and impairment of intangible assets
855
-
0
Depreciation and impairment of tangible fixed assets
574,658
542,019
Movements in working capital:
Increase in stocks
(2,664)
(3,066)
(Increase)/decrease in debtors
(15,679)
30,374
Decrease in creditors
(231,917)
(314,741)
Cash generated from operations
933,469
984,145
DRUSILLAS ZOO PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
29
Analysis of changes in net funds/(debt)
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,120,008
(593,962)
526,046
Borrowings excluding overdrafts
(851,006)
144,018
(706,988)
Obligations under finance leases
(8,995)
(35,028)
(44,023)
260,007
(484,972)
(224,965)
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