REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
PARADISE WILDLIFE PARK LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
PARADISE WILDLIFE PARK LIMITED |
PARADISE WILDLIFE PARK LIMITED (REGISTERED NUMBER: 01549051) |
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 |
PARADISE WILDLIFE PARK LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Woodlands, |
27 Ferney Road |
Cheshunt |
Hertfordshire |
EN7 6XQ |
SOLICITORS: |
24 Castle Street |
Hertford |
Hertfordshire |
SG14 1HP |
PARADISE WILDLIFE PARK LIMITED (REGISTERED NUMBER: 01549051) |
BALANCE SHEET |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
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. |
PARADISE WILDLIFE PARK LIMITED (REGISTERED NUMBER: 01549051) |
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 |
PARADISE WILDLIFE PARK LIMITED (REGISTERED NUMBER: 01549051) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Paradise Wildlife Park Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
GOING CONCERN |
The Company's forecasts and projections indicate that the Company can meet its day-to-day working capital requirements as they fall due for a period of at least twelve months from the approval of the accounts. In addition, the Company has no external loan obligations and the Directors consider that the cash resources remain adequate to meet the Company's obligations as they fall due. |
RELATED PARTY EXEMPTION |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
TURNOVER |
Turnover represents sales from catering and gift shop outlets, rides and other ancillary income.Revenue from retailing of goods, catering and other activities are recognised at the point of sale. |
INTANGIBLE ASSETS |
Intangible assets represents trade mark application costs incurred to date. |
TANGIBLE FIXED ASSETS |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Items costing less than £750 are not capitalised. |
STOCKS |
Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first in, first out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition. |
PARADISE WILDLIFE PARK LIMITED (REGISTERED NUMBER: 01549051) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
HIRE PURCHASE AND LEASING COMMITMENTS |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates two defined contribution pension schemes. Contributions to the scheme are charged to the profit and loss account in the period to which they relate. The company also makes contributions to the personal pension scheme on behalf of an employee. The amount charged to the profit and loss account represents the amount contributed during the period. |
GRANTS |
Grants received towards capital expenditure are recognised in the profit and loss account over the useful lives of the assets concerned.Where they relate to non capital projects, the income is recognised when received. |
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 Group 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. |
PARADISE WILDLIFE PARK LIMITED (REGISTERED NUMBER: 01549051) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - |
4. | INTANGIBLE FIXED ASSETS |
Intellectual |
property |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
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 |
PARADISE WILDLIFE PARK LIMITED (REGISTERED NUMBER: 01549051) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | 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. |
6. | STOCKS |
31.12.23 | 31.12.22 |
£ | £ |
Goods held for resale |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amount due from parent company | 17,022 | 4,677 |
Prepayments and accrued income |
PARADISE WILDLIFE PARK LIMITED (REGISTERED NUMBER: 01549051) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Within one year |
Between one and five years |
10. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 110,006 | 92,453 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Movement in year | 17,553 |
Balance at 31 December 2023 |
The provision for Deferred Tax is in respect of accelerated capital allowances available to the company which are expected to reverse in the foreseeable future. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
PARADISE WILDLIFE PARK LIMITED (REGISTERED NUMBER: 01549051) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
At 31 December 2023 |
13. | RELATED PARTY DISCLOSURES |
During the year the company provided goods and services amounting to £28,460 (2022-£843) to The Big Cat Sanctuary Ltd (BCS) a registered charity limited by guarantee in which L K Whitnall is a trustee. The amount due from BCS at the Balance Sheet date was £nil (2022-£1,013). |
L K Whitnall is also a director of trustee companies acting on behalf of Hertfordshire Zoo, a registered charity formed under constitution. The company provided goods and services amounting to £301,766 (2022-£330,825) of which £69,776 (2022- £61,989) was outstanding at the Balance Sheet date. During the period the company also incurred rent,services and other charges amounting to £839,521 (2022-£770,595) of which £157,020 (2022-£13,891) was outstanding at the Balance Sheet date. |
Included in Staff costs are severance payments totalling £nil (2022- £174,077) made to S P Sampson following termination of employment. |
The company has taken advantage of exemptions 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 within the group. |
P C Sampson is the majority shareholder of the parent company, Parkside Leisure Limited and is therefore the company's ultimate controller. |