REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
PARKSIDE LEISURE LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
PARKSIDE LEISURE LIMITED |
PARKSIDE LEISURE LIMITED (REGISTERED NUMBER: 00842819) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PARKSIDE LEISURE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
167 Turners Hill |
Cheshunt |
Hertfordshire |
EN8 9BH |
SOLICITORS: |
24 Castle Street |
Hertford |
Hertfordshire |
SG14 1HP |
PARKSIDE LEISURE LIMITED (REGISTERED NUMBER: 00842819) |
BALANCE SHEET |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Debtors: amounts falling due within one year |
8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Fair value reserve | 12 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
PARKSIDE LEISURE LIMITED (REGISTERED NUMBER: 00842819) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PARKSIDE LEISURE LIMITED (REGISTERED NUMBER: 00842819) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Parkside Leisure Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
Having taken into account cash flow forecasts for the foreseeable period, the financial statements have been prepared on a going concern basis. |
The financial statements are prepared in sterling which is also the functional currency. |
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. |
SIGNIFICANT JUDGEMENTS AND ESTIMATES |
The preparation of these financial statements requires the Directors to exercise judgement and make estimates and assumptions on the book values of assets and liabilities that may not be available from other traditional sources. These estimates and assumptions are based on past experience and factors that are considered to be of relevance and are assessed annually on an ongoing basis. Any adjustments to values are recognised in the period of assessment. |
FINANCIAL INSTRUMENTS AND CASH AND CASH EQUIVALENTS |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and recorded at the initial transaction cost. A provision for non-recovery of debtors is made where management consider that a risk exists that the company will not be able to recover fully amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank. |
TURNOVER |
Turnover represents rental income receivable and consultancy services provided. |
INTANGIBLE ASSETS |
Trade mark registration fees are included at cost. |
PARKSIDE LEISURE LIMITED (REGISTERED NUMBER: 00842819) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
TANGIBLE FIXED ASSETS |
Plant and machinery | - |
Furniture & office equipment | - |
Motor vehicles | - |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company makes contributions to personal pension schemes on behalf of the directors. The amount charged to the profit and loss account represents the amounts contributed during the period. |
INVESTMENT PROPERTIES |
Investment properties are held for long term investment and are included in the balance sheet at fair value. Any aggregate surplus or deficit arising from changes in market value is transferred to a fair value reserve. Depreciation is not provided on investment properties. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
PARKSIDE LEISURE LIMITED (REGISTERED NUMBER: 00842819) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Furniture |
Plant and | & office | Motor |
machinery | equipment | vehicles | Totals |
£ | £ | £ | £ |
COST |
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 |
The carrying values are reviewed at the year end for impairment if circumstances indicate that the full carrying values may not be recoverable. |
PARKSIDE LEISURE LIMITED (REGISTERED NUMBER: 00842819) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Paradise Wildlife Park White Stubbs Lane Broxbourne Herts EN10 7QA |
Nature of business: |
% |
Class of shares: | holding |
31.12.23 | 31.12.22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Paradise Wildlife Park White Stubbs Lane Broxbourne Herts EN10 7QA |
Nature of business: |
% |
Class of shares: | holding |
31.12.23 | 31.12.22 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
PARKSIDE LEISURE LIMITED (REGISTERED NUMBER: 00842819) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
Additions |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The Directors are of the opinion that the fair value of these properties is not materially different to their book values. |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 357 | 2,177 |
Prepayments and accrued income |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 22,366 | 17,834 |
Accruals and deferred income |
10. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax |
Provision | 740,319 | 558,802 |
PARKSIDE LEISURE LIMITED (REGISTERED NUMBER: 00842819) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Charge to Income Statement during year |
Balance at 31 December 2023 |
Provision for Deferred Tax on Investment Properties amounted to £735,265 (2022-£558,802) at the Balance Sheet date and is in respect of Corporation Tax that would become payable if the properties were sold at their book values. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | £1 | 3,500 | 3,500 |
12. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2023 | 7,707,343 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Provision for deferred tax | 176,463 | (176,463 | ) | - |
At 31 December 2023 | 7,908,105 |
Deferred tax on property valuations are accounted for in the Fair value reserve. |
PARKSIDE LEISURE LIMITED (REGISTERED NUMBER: 00842819) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022: |
31.12.23 | 31.12.22 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Directors' loans are interest free and repayable on demand. |
14. | RELATED PARTY DISCLOSURES |
L K Whitnall is a trustee of The Big Cat Sanctuary Ltd, a registered charity. During the year £124,075 (2022-£124,075) was charged for rent and services of which £NIL was outstanding at the year end (2022-£6,917l). The company made a donation of £2,153 during the year (2022-£2,550).. |
The company charged rent and services amounting to £954,311 (2022-£938,682) to Hertfordshire Zoo, a registered charity in which L K Whitnall is a director of the corporate trustee companies managing the charity's affairs. All monies due to the company from the charity were paid by the year end and the previous period..The company made a donation of £680 during the year. |
Rent received in the year from P C Sampson amounted to £7,200 (2022-£7,200). |
The company acquired goods and services during the year amounting to £50,400 (2022-£nil) from Stephen Sampson and M7 Connects Ltd, a company in which a material interest is held. |
During the year the company was charged £77,500 by Zoo Brothers Limited for media consultancy services. This is a company in which T P Whitnall has a material interest.The amount due to Zoo Brothers Limited at the year end was £70,000. |
15. | ULTIMATE CONTROLLING PARTY |
P C Sampson is the company's ultimate controller by virtue of his majority shareholding. |