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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: D R Allison
N Willson





SECRETARY: N Willson





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





REGISTERED NUMBER: 02501010 (England and Wales)





AUDITORS: Ryecroft Glenton
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:





D R Allison - Director


14 May 2024

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
D R Allison 4,100 4,100
N Willson - -

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:





D R Allison - Director


14 May 2024

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.




Andrew Cameron (Senior Statutory Auditor)
for and on behalf of Ryecroft Glenton
Chartered Accountants & Statutory
Auditors
32 Portland Terrace
Newcastle Upon Tyne
NE2 1QP

14 May 2024

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 189,603 1,399,991

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 7,602,081 7,470,965
Investments 12 3,419,476 3,419,476
11,021,557 10,890,441

CURRENT ASSETS
Stocks 13 2,169,464 2,861,320
Debtors 14 13,982,406 12,450,873
Cash at bank and in hand 3,049 480,141
16,154,919 15,792,334
CREDITORS
Amounts falling due within one year 15 11,271,642 5,973,163
NET CURRENT ASSETS 4,883,277 9,819,171
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,904,834

20,709,612

CREDITORS
Amounts falling due after more than one
year

16

(13,417,644

)

(17,279,580

)

PROVISIONS FOR LIABILITIES 20 (207,512 ) (93,665 )
NET ASSETS 2,279,678 3,336,367

CAPITAL AND RESERVES
Called up share capital 21 10,500 10,500
Share premium 22 8,099,167 8,099,167
Retained earnings 22 (5,829,989 ) (4,773,300 )
SHAREHOLDERS' FUNDS 2,279,678 3,336,367

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 14 May 2024 and were signed on its behalf by:




D R Allison - Director



N Willson - Director


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 10,500 (4,407,884 ) 8,099,167 3,701,783

Changes in equity
Total comprehensive loss - (365,416 ) - (365,416 )
Balance at 31 December 2022 10,500 (4,773,300 ) 8,099,167 3,336,367

Changes in equity
Total comprehensive loss - (1,056,689 ) - (1,056,689 )
Balance at 31 December 2023 10,500 (5,829,989 ) 8,099,167 2,279,678

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General 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" 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 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
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, building & site development - 2% on cost, excluding land element
Site offices - 10% on cost
Plant & equipment - 33% on cost, 15% on reducing balance and 10% on reducing balance
Wagons & trailers - 25% on reducing balance
Motor vehicles - 25% on reducing balance and 6% on cost
Hire fleet - 15% on reducing balance

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
93 98

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 7,482,645 938,347 209,920 28,329 8,659,241
Additions - 43,830 135,000 161,236 340,066
Disposals - (47,733 ) (96,645 ) - (144,378 )
At 31 December 2023 7,482,645 934,444 248,275 189,565 8,854,929
DEPRECIATION
At 1 January 2023 393,152 620,722 162,008 12,394 1,188,276
Charge for year 44,298 52,933 43,847 44,293 185,371
Eliminated on disposal - (35,711 ) (85,088 ) - (120,799 )
At 31 December 2023 437,450 637,944 120,767 56,687 1,252,848
NET BOOK VALUE
At 31 December 2023 7,045,195 296,500 127,508 132,878 7,602,081
At 31 December 2022 7,089,493 317,625 47,912 15,935 7,470,965

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 3,419,476
NET BOOK VALUE
At 31 December 2023 3,419,476
At 31 December 2022 3,419,476

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

Marton Hall Leisure Limited
Registered office: Marton Hall, Church Lane, Sewerby, Bridlington, East Yorkshire, YO15 1DS
Nature of business: Head office of caravan leisure park group
%
Class of shares: holding
Ordinary 100.00

North Bay Leisure Limited
Registered office: Marton Hall, Church Lane, Sewerby, Bridlington, East Yorkshire, YO15 1DS
Nature of business: Caravan park operator
%
Class of shares: holding
Ordinary 100.00

Shorewood Parks Limited
Registered office: Marton Hall, Church Lane, Sewerby, Bridlington, East Yorkshire, YO15 1DS
Nature of business: Caravan park operator
%
Class of shares: holding
Ordinary 100.00

Hornsea Caravan Park Limited
Registered office: Marton Hall, Church Lane, Sewerby, Bridlington, East Yorkshire, YO15 1DS
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Witton Castle Country Park Limited
Registered office: Marton Hall, Church Lane, Sewerby, Bridlington, East Yorkshire, YO15 1DS
Nature of business: Caravan park operator
%
Class of shares: holding
Ordinary 100.00

Hornsea Leisure Limited
Registered office: Marton Hall, Church Lane, Sewerby, Bridlington, East Yorkshire, YO15 1DS
Nature of business: Caravan park operator
%
Class of shares: holding
Ordinary 100.00

Aldbrough Caravan Park Limited
Registered office: Marton Hall, Church Lane, Sewerby, Bridlington, East Yorkshire, YO15 1DS
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00


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 2,169,464 2,861,320

14. DEBTORS

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Amounts falling due within one year:
Trade debtors 734,759 723,948 368,596 193,526
Amounts owed by group undertakings - - 13,438,887 12,097,192
Other debtors 476 1,992 - -
Directors' current accounts 27,702 - 27,702 -
Prepayments & accrued income 614,234 589,340 120,021 112,555
1,377,171 1,315,280 13,955,206 12,403,273

Amounts falling due after more than one year:
Trade debtors 27,200 47,600 27,200 47,600

Aggregate amounts 1,404,371 1,362,880 13,982,406 12,450,873

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 8,327,717 1,450,419
Other loans (see note 17) 829,545 2,923,621 829,545 2,923,621
Hire purchase contracts (see note 18) 96,586 79,230 84,263 64,579
Trade creditors 2,866,195 1,378,606 1,044,700 587,183
Corporation tax 204,249 452,643 - -
Social security and other taxes 133,296 149,592 7,110 9,326
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 899,139 915,020 128,357 141,251
Deferred government grants 1,020 1,020 - -
14,442,669 11,903,376 11,271,642 5,973,163

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 13,260,619 17,234,865
Hire purchase contracts (see note 18) 157,025 57,038 157,025 44,715
Deferred government grants 45,306 46,327 - -
13,462,950 17,338,230 13,417,644 17,279,580

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 - - 3,796,645 -
Bank loans 4,531,072 1,450,419 4,531,072 1,450,419
Stocking loan 829,545 2,923,621 829,545 2,923,621
5,360,617 4,374,040 9,157,262 4,374,040
Amounts falling due between one and two years:
Bank loans - 1-2 years 1,355,362 4,382,806 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 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 101,874 69,336
Between one and five years 166,376 46,752
268,250 116,088

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 84,263 64,579
Between one and five years 157,025 44,715
241,288 109,294

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 74,329 77,657
Between one and five years 13,333 26,662
87,662 104,319

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 - - 3,796,645 -
Bank loans 17,791,691 18,685,284 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 22,659,169 21,718,199

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 93,665
Accelerated capital allowances 113,847
Balance at 31 December 2023 207,512

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
10,500 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 (4,773,300 ) 8,099,167 3,325,867
Deficit for the year (1,056,689 ) - (1,056,689 )
At 31 December 2023 (5,829,989 ) 8,099,167 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.