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Company No: 11966331 (England and Wales)

LCK LEISURE LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

LCK LEISURE LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

LCK LEISURE LIMITED

BALANCE SHEET

As at 31 December 2023
LCK LEISURE LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 76,712 4,003
Tangible assets 4 5,239,396 5,124,686
5,316,108 5,128,689
Current assets
Stocks 10,643 7,159
Debtors 5 51,317 223,468
Cash at bank and in hand 4,544 2,792
66,504 233,419
Creditors: amounts falling due within one year 6 ( 441,582) ( 640,543)
Net current liabilities (375,078) (407,124)
Total assets less current liabilities 4,941,030 4,721,565
Creditors: amounts falling due after more than one year 7 ( 1,370,793) ( 1,241,866)
Provision for liabilities ( 94,080) ( 73,493)
Net assets 3,476,157 3,406,206
Capital and reserves
Called-up share capital 8 11,000 11,000
Profit and loss account 3,465,157 3,395,206
Total shareholder's funds 3,476,157 3,406,206

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of LCK Leisure Limited (registered number: 11966331) were approved and authorised for issue by the Board of Directors on 18 September 2024. They were signed on its behalf by:

Mr S Longrigg
Director
LCK LEISURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
LCK LEISURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

LCK Leisure Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom. The principal place of business is New Rd, Stoke Fleming, Dartmouth TQ6 0NR.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Website costs 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 20 years straight line
Vehicles 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 35 31

3. Intangible assets

Goodwill Website costs Total
£ £ £
Cost
At 01 January 2023 0 11,115 11,115
Additions 84,900 0 84,900
At 31 December 2023 84,900 11,115 96,015
Accumulated amortisation
At 01 January 2023 0 7,112 7,112
Charge for the financial year 8,490 3,701 12,191
At 31 December 2023 8,490 10,813 19,303
Net book value
At 31 December 2023 76,410 302 76,712
At 31 December 2022 0 4,003 4,003

4. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 January 2023 4,825,119 292,098 42,423 5,159,640
Additions 38,861 100,410 0 139,271
At 31 December 2023 4,863,980 392,508 42,423 5,298,911
Accumulated depreciation
At 01 January 2023 0 25,423 9,531 34,954
Charge for the financial year 0 19,627 4,934 24,561
At 31 December 2023 0 45,050 14,465 59,515
Net book value
At 31 December 2023 4,863,980 347,458 27,958 5,239,396
At 31 December 2022 4,825,119 266,675 32,892 5,124,686

5. Debtors

2023 2022
£ £
Trade debtors 5,134 102,692
Amounts owed by Group undertakings 13,555 13,555
Prepayments 32,628 103,804
Corporation tax 0 3,417
51,317 223,468

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts (secured) 95,434 140,588
Trade creditors 98,563 137,627
Amounts owed to directors 35,226 3,495
Accruals and deferred income 59,053 315,977
Taxation and social security 151,262 41,605
Other creditors 2,044 1,251
441,582 640,543

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 1,370,793 1,241,866

The bank loans are secured by way of fixed and floating charges over the assets of the company

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (repayable by instalments) 1,005,190 951,729

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
9,297 Ordinary A shares of £ 1.00 each 9,297 9,297
1,058 Ordinary B shares of £ 1.00 each 1,058 1,058
645 Ordinary C shares of £ 1.00 each 645 645
11,000 11,000

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 26,760 22,110
between one and five years 9,218 15,228
35,978 37,338

10. Ultimate controlling party

Parent Company:

Leonards Cove Limited
Leonards Cove New Road, Stoke Fleming, Dartmouth, United Kingdom, TQ6 0NR