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COMPANY REGISTRATION NUMBER: 00833301
Parc Le Breos Trekking Club Limited
Filleted Unaudited Financial Statements
31 December 2023
Parc Le Breos Trekking Club Limited
Financial Statements
Year ended 31 December 2023
CONTENTS
PAGE
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Parc Le Breos Trekking Club Limited
Officers and Professional Advisers
The board of directors
Mr G Edwards
Mr K Edwards
Registered office
Parc Le Breos House
Penmaen
Swansea
Wales
SA3 2HA
Accountants
James & Uzzell Ltd
Chartered Certified Accountants
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
Parc Le Breos Trekking Club Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
5
136,091
CURRENT ASSETS
Stocks
6
2,000
Debtors
7
4
635,080
Cash at bank and in hand
368,090
----
------------
4
1,005,170
CREDITORS: amounts falling due within one year
8
756,844
----
------------
NET CURRENT ASSETS
4
248,326
----
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
4
384,417
PROVISIONS
34,023
----
---------
NET ASSETS
4
350,394
----
---------
CAPITAL AND RESERVES
Called up share capital
9
4
4
Profit and loss account
350,390
----
---------
SHAREHOLDERS FUNDS
4
350,394
----
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Parc Le Breos Trekking Club Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 6 September 2024 , and are signed on behalf of the board by:
Mr Kerry Edwards
Kerry Thomas Edwards
Director
Company registration number: 00833301
Parc Le Breos Trekking Club Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. GENERAL INFORMATION
Parc Le Breos Trekking Club Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 December 2023. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Going concern
The company has ceased trading from 31st March 2023, all liabilities have been paid and there is no expectation for the trade to restart.
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. If an arrangement constitutes a finance transaction it is measured at present value.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Leases
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.
Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease.
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below 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, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property plant and equipment, and the depreciation accounting policy for the useful economic lives for each class of assets. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 13 for the net carrying amount of the debtors and associated impairment provision. Stock provisioning The company provides Trekking services and is subject to consumer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability. Provisions Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes Going Concern The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Sale of goods Turnover is recognised on the hotels primary operations when rooms are occupied and when food and beverages are sold. Interest Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Tangible assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
10% straight line
Plant and machinery
-
10% reducing balance
Fixtures and fittings
-
10% reducing balance
Motor vehicles
-
20% reducing balance
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 34 (2022: 31 ).
5. TANGIBLE ASSETS
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
88,319
239,097
182,256
16,675
526,347
Transfers
(88,319)
(239,097)
(182,256)
(16,675)
(526,347)
--------
---------
---------
--------
---------
At 31 December 2023
--------
---------
---------
--------
---------
Depreciation
At 1 January 2023
88,319
162,249
125,439
14,249
390,256
Charge for the year
1,921
1,427
121
3,469
Transfers
(88,319)
(164,170)
(126,866)
(14,370)
(393,725)
--------
---------
---------
--------
---------
At 31 December 2023
--------
---------
---------
--------
---------
Carrying amount
At 31 December 2023
--------
---------
---------
--------
---------
At 31 December 2022
76,848
56,817
2,426
136,091
--------
---------
---------
--------
---------
6. STOCKS
2023
2022
£
£
Raw materials and consumables
2,000
----
------
7. DEBTORS
2023
2022
£
£
Trade debtors
19,595
Amounts owed by group undertakings and undertakings in which the company has a participating interest
4
607,461
Other debtors
8,024
----
---------
4
635,080
----
---------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,348
Trade creditors
15,463
Amounts owed to group undertakings and undertakings in which the company has a participating interest
614
Corporation tax
18,047
Social security and other taxes
40,356
Other creditors
678,016
----
---------
756,844
----
---------
The total amount of secured liabilities at the year end was £Nil (2022 - £4,348)
9. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
4
4
4
4
----
----
----
----
10. RELATED PARTY TRANSACTIONS
Key Management Personnel of the entity or its parent
2023 2022
£ £
Balance due (to)/from key management personnel 367,584
No interest has been incurred in relation to this balance. Entities with control, joint control or significant influence over the entity Exemption under Section 33.1A has been claimed to not disclose transactions for 100% group companies.
11. PARENT UNDERTAKINGS
The ultimate parent company is Parc Le Breos Holdings Limited, a company registered in Great Britain.