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REGISTERED NUMBER: 06641459 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

HORNSEA LEISURE LIMITED

HORNSEA LEISURE LIMITED (REGISTERED NUMBER: 06641459)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


HORNSEA LEISURE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: D R Allison
N Willson





SECRETARY: N Willson





REGISTERED OFFICE: Marton Hall
Church Lane
Sewerby
Bridlington
East Yorkshire
YO15 1DS





REGISTERED NUMBER: 06641459 (England and Wales)





INDEPENDENT AUDITORS: Ryecroft Glenton
Chartered Accountants & Statutory
Auditors
32 Portland Terrace
Newcastle Upon Tyne
NE2 1QP

HORNSEA LEISURE LIMITED (REGISTERED NUMBER: 06641459)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 825,000 925,000
Tangible assets 5 17,541,682 16,986,230
18,366,682 17,911,230

CURRENT ASSETS
Stocks 3,507,959 1,219,812
Debtors 6 1,005,864 1,121,904
Cash at bank and in hand 350,185 444,175
4,864,008 2,785,891
CREDITORS
Amounts falling due within one year 7 14,249,213 12,272,072
NET CURRENT LIABILITIES (9,385,205 ) (9,486,181 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,981,477

8,425,049

CREDITORS
Amounts falling due after more than one
year

8

-

3,260
NET ASSETS 8,981,477 8,421,789

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 12 8,981,377 8,421,689
SHAREHOLDERS' FUNDS 8,981,477 8,421,789

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 14 May 2024 and were signed on its behalf by:




D R Allison - Director



N Willson - Director


HORNSEA LEISURE LIMITED (REGISTERED NUMBER: 06641459)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Hornsea Leisure Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

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 £.

Going concern
The financial statements have been prepared on the going concern basis of accounting, which assumes that the company is able to continue operating as a going concern. The board have considered this assumption, in particular relating to the uncertainty in the UK economy and the ongoing war in the Ukraine and the resultant impact to the company's costs.

Having considered all relevant factors, the board are of the opinion that the going concern basis of accounting remains appropriate.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents net invoiced sales of goods and services provided by the company as part of the operation of the caravan parks, excluding value added tax.

Income regarding site fees and insurance is deferred and released over the term of chargeable period, with the deferred amount being recorded as a current liability.

Income regarding light and heat recharges and other sundry park income is accrued and released over the term of the chargeable period, with the accrued amount being recorded as a current asset.

Income regarding park services, caravans and other goods sold are recognised on a receipts basis.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of thirteen years.

At the time of the acquisition the directors of the company considered the life of the goodwill to be at least 13 years with information provided at that time.

Goodwill, acquired in 2022 is being amortised evenly over its estimated useful life of 10 years.

HORNSEA LEISURE LIMITED (REGISTERED NUMBER: 06641459)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land, buildings & site development - 2% on cost, excluding land element
Site offices - 10% on cost
Plant and machinery - 33% on cost and 15% on reducing balance
Motor vehicles - 25% on reducing balance
Hire fleet - 15% on reducing balance

Fixed assets are depreciated in full in the year of acquisition.

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

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors and hire purchase.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying value and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

HORNSEA LEISURE LIMITED (REGISTERED NUMBER: 06641459)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company has implemented automatic enrolment into a workplace pension scheme in relation to all employees.

All contributions payable for the year are charged to the income statement in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 16 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 1,209,900
AMORTISATION
At 1 January 2023 284,900
Charge for year 100,000
At 31 December 2023 384,900
NET BOOK VALUE
At 31 December 2023 825,000
At 31 December 2022 925,000

HORNSEA LEISURE LIMITED (REGISTERED NUMBER: 06641459)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 17,270,306 1,042,633 18,312,939
Additions 768,896 119,960 888,856
Disposals - (65,936 ) (65,936 )
At 31 December 2023 18,039,202 1,096,657 19,135,859
DEPRECIATION
At 1 January 2023 973,672 353,037 1,326,709
Charge for year 172,938 119,407 292,345
Eliminated on disposal - (24,877 ) (24,877 )
At 31 December 2023 1,146,610 447,567 1,594,177
NET BOOK VALUE
At 31 December 2023 16,892,592 649,090 17,541,682
At 31 December 2022 16,296,634 689,596 16,986,230

Included in cost or valuation of land and buildings is freehold land of £ 12,079,872 (2022 - £ 12,079,872 ) which is not depreciated.

A valuation was done in 2014 on transition to FRS 102 1A and is classed as deemed cost.

The net book value of tangible fixed assets includes £ 8,192 (2022 - £ 10,922 ) in respect of assets held under hire purchase contracts.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 52,649 142,485
Amounts owed by group undertakings 780,133 843,961
Other debtors 173,082 135,458
1,005,864 1,121,904

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 402,112 54,292
Hire purchase contracts (see note 9) 3,260 5,589
Trade creditors 751,517 230,020
Amounts owed to group undertakings 11,407,647 10,517,518
Taxation and social security 224,824 246,354
Other creditors 1,459,853 1,218,299
14,249,213 12,272,072

HORNSEA LEISURE LIMITED (REGISTERED NUMBER: 06641459)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 9) - 3,260

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 3,260 5,589
Between one and five years - 3,260
3,260 8,849

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 37,000 37,000
Between one and five years 38,333 58,333
75,333 95,333

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 3,260 8,849

Hire purchase contracts are secured over the assets being financed.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary £1 100 100

12. RESERVES

Included within retained earnings are distributable reserves of £8,266,072 (2022: £7,706,384).

The profit and loss account includes a revaluation reserve totalling £715,305 (2022: £715,305) which relates to the company's land and buildings. The value of the land and buildings under historical cost accounting rules is £16,177,287 (2022: £15,581,329).

HORNSEA LEISURE LIMITED (REGISTERED NUMBER: 06641459)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Cameron (Senior Statutory Auditor)
for and on behalf of Ryecroft Glenton

14. CONTINGENT LIABILITIES

The company's bankers hold a cross guarantee between the company and the other members of the group being Shorewood Leisure Group Limited, Shorewood Parks Limited, Marton Hall Leisure Limited, Witton Castle Country Park Limited and North Bay Leisure Limited.

It is the opinion of the directors that this guarantee will not crystallise and is therefore not provided in these financial statements.

15. CONTINGENT ASSET

During the period the company lodged a retrospective claim with HMRC. At the period end date this claim had not been resolved and it did not meet the recognition criteria for an asset. Post- year end, this claim has been settled for the net amount of £90,999.

16. RELATED PARTY DISCLOSURES

The company's ultimate parent undertaking is Shorewood Leisure Group Limited a company incorporated in the United Kingdom. Group consolidated financial statements are available from the group and company's registered office, Marton Hall, Church Lane, Sewerby, Bridlington, YO15 1DS.