REGISTERED NUMBER: 02501010 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
SHOREWOOD LEISURE GROUP LIMITED |
REGISTERED NUMBER: 02501010 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
SHOREWOOD LEISURE GROUP LIMITED |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 17 |
SHOREWOOD LEISURE GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory |
Auditors |
32 Portland Terrace |
Newcastle Upon Tyne |
NE2 1QP |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
The group operates caravan and leisure parks. The results for the group show an EBITDA of £3.1 M for the year (2022 : £3.8 M). |
The group has continued with its longer term strategy of investing in its' subsidiary companies. |
The group has continued with ongoing investment in the groups' facilities, including the continued expansion of Witton Castle Country Park and newly acquired caravan park in Hornsea Leisure Limited. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group is subject to a number of risks including employee, health and safety together with legal compliance and competitive pressures. |
The directors have reviewed all risks and have implemented a strategy for continuous improvement. |
In line with many businesses in the United Kingdom, the greatest challenge facing the group has been the uncertainty in the UK economy as a result of the war in the Ukraine and the resultant impact to the group's costs. The group has managed the business well so far and the holiday park industry still continues to thrive. |
For the above reasons, the board considers that the group is a going concern and have continued to prepare the financial statements on that basis. |
FINANCIAL INSTRUMENTS |
The groups' principal financial instruments comprise bank balances and loans, hire purchase, trade creditors, stocking loan and trade debtors. The main purpose of these instruments is to raise funds to finance the group's operations. |
Due to the nature of the financial instruments used by the group there is no exposure to price or currency risk. The groups' approach to managing other risks applicable to the financial instruments is detailed below. |
Trade debtors are managed through credit and cash flow risk by assessing the credit offered to customers and the regular monitoring of amounts outstanding at a given time. |
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet liabilities as they fall due. |
The groups' bank accounts are monitored to ensure the group has sufficient funds to meet their current commitments, making use of overdraft facilities where appropriate. Bank loans and hire purchase are used to fund the development of the parks and acquisition of other fixed assets. The stocking loan is used to finance new caravan stock, where necessary. Repayment terms are negotiated at the outset of the loans and monitored throughout the repayment period to ensure they continue to be appropriate to the groups' overall financial structure. |
FUTURE DEVELOPMENTS |
The group intends to continue improving its' caravan and holiday parks in order to maintain the quality and range of facilities available to its' customers. |
ON BEHALF OF THE BOARD: |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
PRINCIPAL ACTIVITIES |
The principal activities of the group in the year under review were those of caravan and leisure parks operator and there has been no significant change. |
The subsidiary undertakings which principally affect the profits or net assets of the group in the year are listed in the notes to the financial statements. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
DIRECTORS |
The directors set out in the table below have held office during the whole of the period from 1 January 2023 to the date of this report. |
The beneficial interests of the directors holding office at 31 December 2023 in the shares of the company, according to the register of directors' interests, were as follows: |
31.12.23 | 1.1.23 |
Ordinary shares of £1 each |
4,100 | 4,100 |
- | - |
These directors did not hold any non-beneficial interests in the shares of the company. |
4,000 ordinary £1 shares are owned by the David Robert Allison Family 2003 Discretionary Settlement, a trust in which D R Allison is a trustee but not a beneficiary. |
DISCLOSURE IN THE STRATEGIC REPORT |
In accordance with Section 414C (11) of the Companies Act 2006, the company has chosen to report details concerning financial instruments and future developments within the strategic report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SHOREWOOD LEISURE GROUP LIMITED |
Opinion |
We have audited the financial statements of Shorewood Leisure Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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 the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SHOREWOOD LEISURE GROUP LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SHOREWOOD LEISURE GROUP LIMITED |
Auditors' 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 a Report of the Auditors 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. |
The 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, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - |
- | the responsible individual ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- | we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the group operates; |
- | we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation and the site licences granted to each site from the relevant councils; |
- | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- | we ensured that the identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - |
- | making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud; and |
- | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: - |
- | performed analytical procedures to identify any unusual or unexpected relationships; |
- | tested journal entries to identify unusual transactions; and |
- | assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - |
- | agreeing financial statement disclosures to underlying supporting documentation; |
- | reviewing the site licences and assessing compliance with the terms of each licence during the period under review; |
- | enquiring of management as to actual and potential litigation and claims; and |
- | reviewing correspondence with HMRC and the group's legal advisers where appropriate. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be more difficult to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SHOREWOOD LEISURE GROUP LIMITED |
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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants & Statutory |
Auditors |
32 Portland Terrace |
Newcastle Upon Tyne |
NE2 1QP |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
TURNOVER | 3 | 16,221,068 | 19,417,491 |
Cost of sales | 7,810,920 | 10,108,172 |
GROSS PROFIT | 8,410,148 | 9,309,319 |
Administrative expenses | 6,657,930 | 6,756,601 |
1,752,218 | 2,552,718 |
Other operating income | 4 | 79,424 | 120,206 |
OPERATING PROFIT | 6 | 1,831,642 | 2,672,924 |
Interest payable and similar expenses | 7 | 1,326,818 | 725,722 |
PROFIT BEFORE TAXATION | 504,824 | 1,947,202 |
Tax on profit | 8 | 315,221 | 547,211 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
189,603 |
1,399,991 |
Profit attributable to: |
Owners of the parent | 189,603 | 1,399,991 |
Total comprehensive income attributable to: |
Owners of the parent | 189,603 | 1,399,991 |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 1,333,460 | 1,603,960 |
Tangible assets | 11 | 47,110,852 | 46,311,275 |
Investments | 12 | - | - |
48,444,312 | 47,915,235 |
CURRENT ASSETS |
Stocks | 13 | 9,779,463 | 5,948,710 |
Debtors | 14 | 1,404,371 | 1,362,880 |
Cash at bank and in hand | 1,284,991 | 6,718,849 |
12,468,825 | 14,030,439 |
CREDITORS |
Amounts falling due within one year | 15 | 14,442,669 | 11,903,376 |
NET CURRENT (LIABILITIES)/ASSETS | (1,973,844 | ) | 2,127,063 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
46,470,468 |
50,042,298 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(13,462,950 |
) |
(17,338,230 |
) |
PROVISIONS FOR LIABILITIES | 20 | (207,512 | ) | (93,665 | ) |
NET ASSETS | 32,800,006 | 32,610,403 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 10,500 | 10,500 |
Share premium | 22 | 8,099,167 | 8,099,167 |
Retained earnings | 22 | 24,690,339 | 24,500,736 |
SHAREHOLDERS' FUNDS | 32,800,006 | 32,610,403 |
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: |
N Willson - Director |
D R Allison - Director |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
COMPANY BALANCE SHEET |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Share premium | 22 |
Retained earnings | 22 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
Company's loss for the financial year | (1,056,689 | ) | (365,416 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 | 10,500 | 23,100,745 | 8,099,167 | 31,210,412 |
Changes in equity |
Total comprehensive income | - | 1,399,991 | - | 1,399,991 |
Balance at 31 December 2022 | 10,500 | 24,500,736 | 8,099,167 | 32,610,403 |
Changes in equity |
Total comprehensive income | - | 189,603 | - | 189,603 |
Balance at 31 December 2023 | 10,500 | 24,690,339 | 8,099,167 | 32,800,006 |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 | ( |
) |
Changes in equity |
Total comprehensive loss | - | ( |
) | - | ( |
) |
Balance at 31 December 2022 | ( |
) |
Changes in equity |
Total comprehensive loss | - | ( |
) | - | ( |
) |
Balance at 31 December 2023 | ( |
) |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,091,138 | 1,401,169 |
Interest paid | (1,303,592 | ) | (725,339 | ) |
Interest element of hire purchase payments paid |
(25,740 |
) |
(5,609 |
) |
Tax paid | (449,768 | ) | (922,856 | ) |
Net cash from operating activities | (687,962 | ) | (252,635 | ) |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (1,000,000 | ) |
Purchase of tangible fixed assets | (1,678,109 | ) | (6,904,036 | ) |
Sale of tangible fixed assets | 66,657 | - |
Net cash from investing activities | (1,611,452 | ) | (7,904,036 | ) |
Cash flows from financing activities |
New loans in year | - | 7,374,295 |
Loan repayments in year | (2,987,670 | ) | (1,014,879 | ) |
Hire purchase repayments in year | (118,893 | ) | (104,332 | ) |
(Withdrawn) / introduced by directors | (27,881 | ) | (47,108 | ) |
Net cash from financing activities | (3,134,444 | ) | 6,207,976 |
Decrease in cash and cash equivalents | (5,433,858 | ) | (1,948,695 | ) |
Cash and cash equivalents at beginning of year |
2 |
6,718,849 |
8,667,544 |
Cash and cash equivalents at end of year | 2 | 1,284,991 | 6,718,849 |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.12.23 | 31.12.22 |
£ | £ |
Profit before taxation | 504,824 | 1,947,202 |
Depreciation charges | 1,244,281 | 1,122,086 |
(Profit)/loss on disposal of fixed assets | (21,182 | ) | 1,285 |
Hire fleet transferred to trading stock | 95,512 | 280,498 |
Government grants | - | (47,290 | ) |
Finance costs | 1,326,818 | 725,722 |
3,150,253 | 4,029,503 |
Increase in stocks | (3,830,753 | ) | (3,395,534 | ) |
(Increase)/decrease in trade and other debtors | (13,789 | ) | 95,421 |
Increase in trade and other creditors | 1,785,427 | 671,779 |
Cash generated from operations | 1,091,138 | 1,401,169 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 1,284,991 | 6,718,849 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 6,718,849 | 8,667,544 |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1.1.23 | Cash flow | changes | At 31.12.23 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 6,718,849 | (5,433,858 | ) | 1,284,991 |
6,718,849 | (5,433,858 | ) | 1,284,991 |
Debt |
Finance leases | (136,268 | ) | 118,893 | (236,236 | ) | (253,611 | ) |
Debts falling due |
within 1 year | (4,374,040 | ) | (986,577 | ) | - | (5,360,617 | ) |
Debts falling due |
after 1 year | (17,234,865 | ) | 3,974,246 | - | (13,260,619 | ) |
(21,745,173 | ) | 3,106,562 | (236,236 | ) | (18,874,847 | ) |
Total | (15,026,324 | ) | (2,327,296 | ) | (236,236 | ) | (17,589,856 | ) |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Shorewood Leisure Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the group. 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 and group is able to continue operating as a going concern. |
Having considered all relevant factors, the board are of the opinion that the going concern basis of accounting remains appropriate. |
A review of the group's business activities is provided within the strategic report. In addition, the strategic report also discloses the group's principal risks and uncertainties. |
Basis of consolidation |
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December each year. The results of the subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed. Acquisitions are accounted for under the acquisition method. |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
The group and 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 amount of assets and liabilities within the next financial year are addressed below. |
i. Useful economic lives of tangible and intangible assets |
The annual depreciation and amortisation charge for tangible and intangible assets is sensitive to changes in the estimated useful 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. |
ii. Inventory provisioning |
The company purchases holiday homes both from manufacturers and second-hand from private individuals. It is necessary to consider the recoverability of the cost of this inventory and the associated provisioning required. When calculating the inventory provision, management considers the nature, age and condition of the inventory, as well as applying assumptions around anticipated saleability of holiday homes. |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
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 is being amortised evenly over its estimated useful life of twenty years. In respect of the goodwill on acquisition of Sea View this is being amortised evenly over its estimated useful life of ten years. |
Tangible fixed assets |
Land, building & site development | - |
Site offices | - |
Plant & equipment | - |
Wagons & trailers | - |
Motor vehicles | - |
Hire fleet | - |
Fixed assets are depreciated in full in the year of acquisition. |
Government grants |
Grants relating to revenue are recognised in the Statement of Comprehensive Income on a systematic basis over the accounting periods in which the company recognises the related costs for which the grant is intended to compensate. |
Grants that are received in respect of expenses or losses already incurred by the company are recognised in the Statement of Comprehensive Income in the accounting period in which the grant becomes receivable. |
Grants to fund capital assets are initially recognised as a liability in the Statement of Financial Position and are not deducted from the carrying value of an asset. These grants are subsequently released as income in the Statement of Comprehensive Income on a systematic basis over the useful economic life of the relevant assets. |
Stocks |
Stocks are valued at the lower of cost, market and net realisable value, after making due allowance for obsolete and slow moving items. |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The group only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties and the issue of share capital. |
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 Consolidated Statement of Comprehensive Income, 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. |
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. |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The group and 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. |
The group and company also operates a small self administered pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. Contributions payable for the year are charged to the income statement. |
Employee pension contributions are charged to the income statement as they become payable. |
Investments |
Fixed asset investments are valued at original cost. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the group. |
An analysis of turnover by class of business is given below: |
31.12.23 | 31.12.22 |
£ | £ |
Site fees & insurance income | 4,593,627 | 4,671,376 |
Gas sales | 232,561 | 285,195 |
Park services & caravan sales | 11,329,716 | 14,306,057 |
Other sundry park income | 65,164 | 154,863 |
16,221,068 | 19,417,491 |
4. | OTHER OPERATING INCOME |
31.12.23 | 31.12.22 |
£ | £ |
Rents received | 660 | 646 |
Management charges | 75,000 | 71,250 |
Government grants | 3,764 | 48,310 |
79,424 | 120,206 |
5. | EMPLOYEES AND DIRECTORS |
31.12.23 | 31.12.22 |
£ | £ |
Wages and salaries | 2,522,171 | 2,673,556 |
Social security costs | 243,974 | 265,804 |
Other pension costs | 93,840 | 99,591 |
2,859,985 | 3,038,951 |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
31.12.23 | 31.12.22 |
Directors | 2 | 2 |
Administrative & office staff | 26 | 26 |
Bar, food & shop staff | 11 | 11 |
Sales staff | 8 | 8 |
Grounds & other support staff | 46 | 51 |
31.12.23 | 31.12.22 |
£ | £ |
Directors' remuneration | 231,100 | 231,100 |
Directors' pension contributions to money purchase schemes | 1,200 | 1,200 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 1 | 1 |
Information regarding the highest paid director is as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Emoluments etc | 131,100 | 131,100 |
Pension contributions to money purchase schemes | 1,200 | 1,200 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.12.23 | 31.12.22 |
£ | £ |
Hire of plant and machinery | 20,304 | 20,306 |
Depreciation - owned assets | 868,442 | 825,635 |
Depreciation - assets on hire purchase contracts | 105,339 | 50,951 |
(Profit)/loss on disposal of fixed assets | (21,182 | ) | 1,285 |
Goodwill amortisation | 270,500 | 245,500 |
Auditors' remuneration | 61,292 | 59,170 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.23 | 31.12.22 |
£ | £ |
Bank interest | 1,891 | 2,111 |
Bank loan interest | 1,276,636 | 699,168 |
Other interest | 4,367 | 9,079 |
Corporation tax interest | 18,184 | 9,755 |
Hire purchase interest | 25,740 | 5,609 |
1,326,818 | 725,722 |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Current tax: |
UK corporation tax | 204,287 | 453,325 |
Previous year adjustment | (2,913 | ) | 221 |
Total current tax | 201,374 | 453,546 |
Deferred tax | 113,847 | 93,665 |
Tax on profit | 315,221 | 547,211 |
UK corporation tax has been charged at 23.51 % (2022 - 19 %). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.12.23 | 31.12.22 |
£ | £ |
Profit before tax | 504,824 | 1,947,202 |
Profit multiplied by the standard rate of corporation tax in the UK of 23.510 % (2022 - 19 %) |
118,684 |
369,968 |
Effects of: |
Expenses not deductible for tax purposes | 1,151 | 878 |
Depreciation in excess of capital allowances | 26,106 | 36,774 |
Adjustments to tax charge in respect of previous periods | (2,913 | ) | 221 |
Short term timing differences | 58,404 | 45,705 |
Group deferred tax | 113,847 | 93,665 |
Capital gains | 2,507 | - |
Utilisation of tax losses | (2,507 | ) | - |
Marginal relief | (58 | ) | - |
Total tax charge | 315,221 | 547,211 |
Corporation tax during the year has been charged at 19% to 31 March 2023, rising to 25% for the period to 31 December 2023 (2022 : 19%). |
9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 3,839,899 |
AMORTISATION |
At 1 January 2023 | 2,235,939 |
Amortisation for year | 270,500 |
At 31 December 2023 | 2,506,439 |
NET BOOK VALUE |
At 31 December 2023 | 1,333,460 |
At 31 December 2022 | 1,603,960 |
11. | TANGIBLE FIXED ASSETS |
Group |
Land, |
building |
& site | Site | Plant & |
development | offices | equipment |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 | 47,445,771 | 137,130 | 2,492,464 |
Additions | 1,017,235 | - | 114,637 |
Disposals | (15,000 | ) | - | (136,740 | ) |
Reclassification/transfer | - | - | (8,991 | ) |
At 31 December 2023 | 48,448,006 | 137,130 | 2,461,370 |
DEPRECIATION |
At 1 January 2023 | 3,296,069 | 111,163 | 1,484,236 |
Charge for year | 491,357 | 8,656 | 160,679 |
Eliminated on disposal | - | - | (113,182 | ) |
Reclassification/transfer | - | - | (2,399 | ) |
At 31 December 2023 | 3,787,426 | 119,819 | 1,529,334 |
NET BOOK VALUE |
At 31 December 2023 | 44,660,580 | 17,311 | 932,036 |
At 31 December 2022 | 44,149,702 | 25,967 | 1,008,228 |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Wagons & | Motor | Hire |
trailers | vehicles | fleet | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2023 | 209,920 | 91,781 | 1,497,219 | 51,874,285 |
Additions | 135,000 | 167,236 | 480,237 | 1,914,345 |
Disposals | (96,645 | ) | - | (146,958 | ) | (395,343 | ) |
Reclassification/transfer | - | - | 8,991 | - |
At 31 December 2023 | 248,275 | 259,017 | 1,839,489 | 53,393,287 |
DEPRECIATION |
At 1 January 2023 | 162,008 | 70,663 | 438,871 | 5,563,010 |
Charge for year | 43,847 | 48,715 | 220,527 | 973,781 |
Eliminated on disposal | (85,088 | ) | - | (56,086 | ) | (254,356 | ) |
Reclassification/transfer | - | - | 2,399 | - |
At 31 December 2023 | 120,767 | 119,378 | 605,711 | 6,282,435 |
NET BOOK VALUE |
At 31 December 2023 | 127,508 | 139,639 | 1,233,778 | 47,110,852 |
At 31 December 2022 | 47,912 | 21,118 | 1,058,348 | 46,311,275 |
Included in cost or valuation of land and buildings is freehold land of £32,588,120 (2022 - £32,603,120) which is not depreciated. |
A valuation was done in 2014 on transition to FRS 102 and is classed as deemed cost. |
The net book value of tangible fixed assets includes £ 392,162 (2022 - £ 262,677 ) in respect of assets held under hire purchase contracts. |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Land, |
building |
& site | Plant & | Wagons & | Motor |
development | equipment | trailers | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Included in cost or valuation of land and buildings is freehold land of £ 5,803,249 (2022 - £ 5,803,249 ) which is not depreciated. |
A valuation was done in 2014 on transition to FRS 102 and is classed as deemed cost. |
The net book value of tangible fixed assets includes £ 348,810 (2022 - £ 210,391 ) in respect of assets held under hire purchase contracts. |
12. | FIXED ASSET INVESTMENTS |
Company |
Unlisted |
investments |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: Marton Hall, Church Lane, Sewerby, Bridlington, East Yorkshire, YO15 1DS |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Marton Hall, Church Lane, Sewerby, Bridlington, East Yorkshire, YO15 1DS |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Marton Hall, Church Lane, Sewerby, Bridlington, East Yorkshire, YO15 1DS |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Marton Hall, Church Lane, Sewerby, Bridlington, East Yorkshire, YO15 1DS |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Marton Hall, Church Lane, Sewerby, Bridlington, East Yorkshire, YO15 1DS |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Marton Hall, Church Lane, Sewerby, Bridlington, East Yorkshire, YO15 1DS |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Marton Hall, Church Lane, Sewerby, Bridlington, East Yorkshire, YO15 1DS |
Nature of business: |
% |
Class of shares: | holding |
All subsidiary undertakings are included in the consolidated group accounts. |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
13. | STOCKS |
Group | Company |
31.12.23 | 31.12.22 | 31.12.23 | 31.12.22 |
£ | £ | £ | £ |
Finished goods | 9,779,463 | 5,948,710 |
14. | DEBTORS |
Group | Company |
31.12.23 | 31.12.22 | 31.12.23 | 31.12.22 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 734,759 | 723,948 |
Amounts owed by group undertakings | - | - |
Other debtors | 476 | 1,992 |
Directors' current accounts | 27,702 | - | 27,702 | - |
Prepayments & accrued income | 614,234 | 589,340 |
1,377,171 | 1,315,280 |
Amounts falling due after more than one | year: |
Trade debtors | 27,200 | 47,600 |
Aggregate amounts | 1,404,371 | 1,362,880 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.12.23 | 31.12.22 | 31.12.23 | 31.12.22 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 4,531,072 | 1,450,419 |
Other loans (see note 17) | 829,545 | 2,923,621 |
Hire purchase contracts (see note 18) | 96,586 | 79,230 |
Trade creditors | 2,866,195 | 1,378,606 |
Corporation tax | 204,249 | 452,643 |
Social security and other taxes | 133,296 | 149,592 |
VAT | 715,589 | 493,634 | 194,362 | 66,282 |
Payments on account | 4,165,978 | 4,059,412 | 655,588 | 730,323 |
Directors' current accounts | - | 179 | - | 179 |
Accrued expenses | 899,139 | 915,020 |
Deferred government grants | 1,020 | 1,020 |
14,442,669 | 11,903,376 |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31.12.23 | 31.12.22 | 31.12.23 | 31.12.22 |
£ | £ | £ | £ |
Bank loans (see note 17) | 13,260,619 | 17,234,865 |
Hire purchase contracts (see note 18) | 157,025 | 57,038 |
Deferred government grants | 45,306 | 46,327 |
13,462,950 | 17,338,230 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
31.12.23 | 31.12.22 | 31.12.23 | 31.12.22 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | - | - |
Bank loans | 4,531,072 | 1,450,419 |
Stocking loan | 829,545 | 2,923,621 | 829,545 | 2,923,621 |
5,360,617 | 4,374,040 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 1,355,362 | 4,382,806 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 6,815,383 | 7,218,308 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans over 5 years | 5,089,874 | 5,633,751 | 5,089,874 | 5,633,751 |
The bank loan taken out in March 2015 is repayable in monthly instalments over a period of 18 years ending on 12 March 2033. The bank loan of £1.2 m taken out in 2019 has a profile of repayments set as payable over 13 years and 5 months but is being repaid in monthly instalments over a period of 5 years ending on 28 November 2024. The bank loan taken out in 2021 of £2.5m to purchase land is repayable over 3 years ending on 1 June 2024. The bank loan taken out in 2022 for £5.5m is repayable over 5 years ending on 04 April 2027. All loans have interest payable at a rate of 2.4% above HSBC Bank base rate. |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
31.12.23 | 31.12.22 |
£ | £ |
Gross obligations repayable: |
Within one year | 114,197 | 83,987 |
Between one and five years | 166,376 | 59,075 |
280,573 | 143,062 |
Finance charges repayable: |
Within one year | 17,611 | 4,757 |
Between one and five years | 9,351 | 2,037 |
26,962 | 6,794 |
Net obligations repayable: |
Within one year | 96,586 | 79,230 |
Between one and five years | 157,025 | 57,038 |
253,611 | 136,268 |
Company |
Hire purchase contracts |
31.12.23 | 31.12.22 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
18. | LEASING AGREEMENTS - continued |
Group |
Non-cancellable operating | leases |
31.12.23 | 31.12.22 |
£ | £ |
Within one year | 148,829 | 152,157 |
Between one and five years | 88,333 | 141,662 |
237,162 | 293,819 |
Company |
Non-cancellable operating | leases |
31.12.23 | 31.12.22 |
£ | £ |
Within one year |
Between one and five years |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
31.12.23 | 31.12.22 | 31.12.23 | 31.12.22 |
£ | £ | £ | £ |
Bank overdraft | - | - |
Bank loans | 17,791,691 | 18,685,284 |
Hire purchase contracts | 253,611 | 136,268 | 241,288 | 109,294 |
Stocking loan | 829,545 | 2,923,621 | 829,545 | 2,923,621 |
18,874,847 | 21,745,173 |
Bank borrowings are secured by a debenture over the assets of the group and by way of a formal charge over land and buildings within the group. |
Hire purchase contracts and the stocking loan are secured over the assets being financed. |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
31.12.23 | 31.12.22 | 31.12.23 | 31.12.22 |
£ | £ | £ | £ |
Deferred tax | 207,512 | 93,665 | 207,512 | 93,665 |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
20. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 93,665 |
Accelerated capital allowances | 113,847 |
Balance at 31 December 2023 | 207,512 |
Company |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Accelerated capital allowances | 113,847 |
Balance at 31 December 2023 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | £1 | 10,500 | 10,500 |
22. | RESERVES |
Group |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 January 2023 | 24,500,736 | 8,099,167 | 32,599,903 |
Profit for the year | 189,603 | - | 189,603 |
At 31 December 2023 | 24,690,339 | 8,099,167 | 32,789,506 |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 January 2023 | ( |
) | 3,325,867 |
Deficit for the year | ( |
) | - | ( |
) |
At 31 December 2023 | ( |
) | 2,269,178 |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
22. | RESERVES - continued |
Included within the group retained earnings are distributable reserves of £29,379,905 (2022: £29,190,302). |
The profit and loss account of the group includes a revaluation reserve totalling £(4,689,566) (2022: £(4,689,566)) which relates to the group's land and buildings. The value of the group's land and buildings under historical cost accounting rules is £49,392,600 (2022: £48,886,722). |
Included within the company's retained earnings are distributable reserves of £(10,338,329 (2022: £(9,281,640)). |
The profit and loss account of the company includes a revaluation reserve totalling £4,508,340 (2022: £4,508,340) which relates to the company's land and buildings. The value of the land and buildings under historical cost accounting rules is £2,558,490 (2022: £2,602,788). |
23. | CONTINGENT LIABILITIES |
The company's bankers hold a cross guarantee between the company and the other members of the group being North Bay Leisure Limited, Marton Hall Leisure Limited, Shorewood Parks Limited, Hornsea Leisure Limited and Witton Castle Country Park Limited. |
It is the opinion of the directors that this guarantee will not crystallise and therefore, nothing has been provided in these financial statements. |
24. | CONTINGENT ASSET |
During the period the group lodged retrospective claims with HMRC. At the period end date these claims had not been resolved and they did not meet the recognition criteria for an asset. Post-year end, these claims have been settled for the net amount of £356,417. |
This claim includes £7,980 in respect of the company. |
25. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022: |
31.12.23 | 31.12.22 |
£ | £ |
D R Allison |
Balance outstanding at start of year | (179 | ) | (47,288 | ) |
Amounts advanced | 35,347 | 51,669 |
Amounts repaid | (7,466 | ) | (4,560 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 27,702 | (179 | ) |
SHOREWOOD LEISURE GROUP LIMITED (REGISTERED NUMBER: 02501010) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
26. | RELATED PARTY DISCLOSURES |
As at 31 December 2023 the directors owed £13,427 to the group (2022 owed by the group : £179) by way of directors loan accounts. |
During the year the group has paid rent of £57,956 (2022 : £57,731) to its pension scheme in the name of Aldbrough Caravan Park Limited Retirement and Death Benefit Scheme. |
During the year the group has also traded with Tocketts Mill Limited, KMA Trading Limited, formerly Elm Bank (Northumberland) Limited, Holiday Park Electrical Limited and KMA Properties Limited. Tocketts Mill Limited is a company controlled by D R Allison and the remaining companies detailed above have D R Allison as a director. |
The trading with the group and the associated companies during the year is detailed below: |
2023 | 2022 |
£ | £ |
Amounts owed from / (to) associated companies at 31 December | -1,058,903 | 270,758 |
Sales of caravans in the year to associated companies | 2,224,864 | 2,996,088 |
Purchases of caravans in the year from associated companies | 1,602,419 | 719,825 |
Rent charged from associated companies | 119,500 | 114,000 |
Services and work done by associated companies | 224,526 | 85,115 |
Haulage charged to associated companies | 20,204 | 34,725 |
Hire of equipment from associated companies | 24,684 | 29,172 |
Management charges to associated companies | 75,000 | 71,250 |
All of the above transactions were conducted under normal commercial terms. |
Included within debtors is a balance of £27,200 (2022 : £47,600) due after one year in relation to an associated company detailed above. |
During the year, a total of key management personnel compensation of £ 261,920 (2022 - £ 263,003 ) was paid. |
This amount is in relation to the directors. |
27. | ULTIMATE CONTROLLING PARTY |
The controlling party is D R Allison. |