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Registration number: 01593332

St David's Leisure Ltd

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

St David's Leisure Ltd

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Profit and Loss Account and Statement of Retained Earnings

9

Balance Sheet

10

Statement of Cash Flows

11

Notes to the Financial Statements

12 to 24

 

St David's Leisure Ltd

Company Information

Directors

Mr Richard Steven Davies

Mr Geoffrey Davies

Mrs Lynne Hilda Davies

Company secretary

Mrs Lynne Hilda Davies

Registered office

St David's Park
Red Wharf Bay
Isle of Anglesey
LL75 8RJ

Auditors

Aston Hughes Limited
Chartered Accountants and Statutory Auditors
Selby Towers
29 Princes Drive
Colwyn Bay
Conwy
LL29 8PE

 

St David's Leisure Ltd

Strategic Report for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the company is the operation of caravan holiday parks, sales of caravans, the company also manages and lets a number of investment properties

Fair review of the business

The Company had an operating profit of £2.0m (2022 - £3.2m ). Revenue is generated from the sale of holiday homes, agency sale of holiday homes (whereby a commission is levied on the seller for private sales), pitch fees, camping and touring income, holiday home hire and catering activities, and will vary in any given year depending on market conditions. Of these revenue streams the greatest is holiday homes sales, followed by pitch fees and takings at The Tavern on the Bay restaurant.

Turnover has decreased from last year due to a slow down in holiday home sales across the industry. This in turn has had a slight impact on pitch fee revenue as a result of higher vacant pitch numbers. Other revenue streams remain strong, the addition of seasonal and short stay camping/touring pitches at a site aquired in the year provided strong additional income stream for 2023.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Gross profit

%

72

71

Operating profit

%

28

37

Sales enquiries for holiday homes are considered a key performance indicator for the business, other indicators include unoccupied pitch levels which continue to remain low.

Principal risks and uncertainties

The company looks to develop the parks and the services it can offer to its customers in order to remain attractive to current and potential customers, future developments are dependent on decisions from planning applications submitted to Local Authorities.

Approved and authorised by the Board on 14 August 2024 and signed on its behalf by:
 

.........................................
Mr Geoffrey Davies
Director

 

St David's Leisure Ltd

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Richard Steven Davies

Mr Geoffrey Davies

Mrs Lynne Hilda Davies - Company secretary and director

Financial instruments

The company uses various financial instruments; these include trade debtors, trade creditors cash and bank accounts. The company has a strong cash flow position and has repaid all bank loans and other borrowings and as a result the risk exposure from financial instruments is relatively low.

Objectives and policies

The company currently has no business loans outstanding and there are adequate funds held on deposit to be able to take advantage of future opportunities.

Price risk, credit risk, liquidity risk and cash flow risk

There company currently holds adequate funds to be able mitigate most of the perceived risks that the company may be exposed to, the funds will be held to enable the company to acquire new assets or undertake future developments.

Price risk- Supplier pricing is reviewed periodically, if is is possible and appropriate to the nature of supply fixed price contracts are arranged.

Future developments

2024 will see continued investment in each park as we strive to ensure standards are maintained. Plans for upgrading of the shower block facilities at the company's new location, and expansion of the static caravan offering are underway.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Aston Hughes Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 14 August 2024 and signed on its behalf by:
 

.........................................
Mr Geoffrey Davies
Director

 

St David's Leisure Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

St David's Leisure Ltd

Independent Auditor's Report to the Members of St David's Leisure Ltd

Opinion

We have audited the financial statements of St David's Leisure Ltd (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows, and 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 company's affairs as at 31 December 2023 and of its 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

St David's Leisure Ltd

Independent Auditor's Report to the Members of St David's Leisure Ltd

Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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, or returns adequate for our audit have not been received from branches not visited by us; or

the 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 4], 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.

 

St David's Leisure Ltd

Independent Auditor's Report to the Members of St David's Leisure Ltd

Auditor 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 an auditor’s report 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 our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows;
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations.
The audit team discussed areas that may exist within the organisation for fraud or non-compliance with laws and regulations. We considered the nature of the of the company’s industry and control environment and reviewed policies and procedures relating to fraud and compliance with laws and regulations.
We focused our attention on areas where we considered the risks identified may have a direct material effect on the financial statements such as Companies Act 2006, taxation legislation, employment, environmental and health and safety legislation.
We reviewed documentation from HMRC, discussed affairs with relevant company advisors. Reviewed any correspondance from local authorities and discussed matters where appropriate with the company health and safety representative.
We also enquired with management about their own identification and assessment of the risk of irregularities.
In common with all audits under ISA's (UK) we are also required to perform specific procedures to respond to the risk of fraud and error through management override of controls and in response we incorporated testing of;
Journal entries in the client financial reporting system.
Investigated the rationale behind significant or unusual transactions.
Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.
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 harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

St David's Leisure Ltd

Independent Auditor's Report to the Members of St David's Leisure Ltd

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 an auditor’s report 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.

......................................
Gareth Lowe BSc. ACA (Senior Statutory Auditor)
For and on behalf of Aston Hughes Limited, Statutory Auditor

Selby Towers
29 Princes Drive
Colwyn Bay
Conwy
LL29 8PE

14 August 2024

 

St David's Leisure Ltd

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

7,288,690

8,649,639

Cost of sales

 

(2,030,196)

(2,551,584)

Gross profit

 

5,258,494

6,098,055

Administrative expenses

 

(3,252,391)

(2,905,389)

Operating profit

5

2,006,103

3,192,666

Fair value (Loss)/gain through profit and loss

 

(100,000)

170,000

Other interest receivable and similar income

6

104,482

20,539

Interest payable and similar charges

7

(4,226)

(1,265)

 

256

189,274

Profit before tax

 

2,006,359

3,381,940

Taxation

11

(651,520)

(606,403)

Profit for the financial year

 

1,354,839

2,775,537

Retained earnings brought forward

 

21,201,637

18,426,100

Retained earnings carried forward

 

22,556,476

21,201,637

 

St David's Leisure Ltd

(Registration number: 01593332)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

13

25,687,786

22,144,324

Investment property

14

2,160,000

2,260,000

 

27,847,786

24,404,324

Current assets

 

Stocks

15

2,247,733

833,398

Debtors

16

300,423

194,610

Cash at bank and in hand

 

2,731,684

6,535,431

 

5,279,840

7,563,439

Creditors: Amounts falling due within one year

18

(1,019,957)

(1,192,589)

Net current assets

 

4,259,883

6,370,850

Total assets less current liabilities

 

32,107,669

30,775,174

Provisions for liabilities

19

(2,250,831)

(2,273,175)

Net assets

 

29,856,838

28,501,999

Capital and reserves

 

Called up share capital

14,040

14,040

Share premium reserve

22

1,744,705

1,744,705

Revaluation reserve

22

5,517,640

5,517,640

Other reserves

22

23,977

23,977

Retained earnings

22

22,556,476

21,201,637

Shareholders' funds

 

29,856,838

28,501,999

Approved and authorised by the Board on 14 August 2024 and signed on its behalf by:
 

.........................................
Mr Geoffrey Davies
Director

 

St David's Leisure Ltd

Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

1,354,839

2,775,537

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

159,520

141,081

Changes in fair value of investment property

14

(100,000)

170,000

Loss on disposal of tangible assets

4

-

42,470

Finance income

6

(104,482)

(20,539)

Finance costs

7

4,226

1,265

Income tax expense

11

651,520

606,403

 

1,965,623

3,716,217

Working capital adjustments

 

Increase in stocks

15

(1,414,335)

(350,825)

Increase in debtors

16

(105,813)

(9,123)

Decrease in creditors

18

(175,722)

(6,124,153)

Cash generated from operations

 

269,753

(2,767,884)

Income taxes paid

11

(670,774)

(568,734)

Net cash flow from operating activities

 

(401,021)

(3,336,618)

Cash flows from investing activities

 

Interest received

6

104,482

20,539

Acquisitions of tangible assets

(3,502,982)

(889,133)

Proceeds from sale of tangible assets

 

-

740,538

Net cash flows from investing activities

 

(3,398,500)

(128,056)

Cash flows from financing activities

 

Interest paid

7

(4,226)

(1,265)

Net decrease in cash and cash equivalents

 

(3,803,747)

(3,465,939)

Cash and cash equivalents at 1 January

 

6,535,431

10,001,370

Cash and cash equivalents at 31 December

 

2,731,684

6,535,431

 

St David's Leisure Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The principal activities of the company were the operation of caravan holiday parks, sales of caravans, provision of restaurant and leisure facilities to site owners and the public.

These financial statements were authorised for issue by the Board on 14 August 2024.

The address of its registered office is:
St David's Park
Red Wharf Bay
Isle of Anglesey
LL75 8RJ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Functional currency

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Pitch fees are apportioned over the period of which it relates to.
Caravan sales are recognised when customers take occupation.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

St David's Leisure Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

St David's Leisure Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Building excluding land and pitch infrastructure

50 years straight line

Fixtures fittings and equipment

15-25% reducing balance

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by a director. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss. Holiday homes available for hire are included in stock when it is expected that they will eventually be sold under normal trading activities.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

St David's Leisure Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Key sources of estimation uncertainty

The directors are required to make judgements, estimates and assumptions in the application of the company’s accounting policies particularly where carrying amount of assets and liabilities are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other relevant factors, they are reviewed on an ongoing basis.

One area of estimation uncertainty in the accounts are the valuation of investment properties, the valuation is provided by directors and is based on other market values of similar properties in similar locations. The properties were revalued in the year, see note 14. A number of properties have been sold in recent years, or are in the process of being sold, the values achieved have been in line with the directors valuations. The carrying amount is £2,160,000 (2022 -£2,260,000).

Also included is an estimate for the provision for tax liabilities which are based on the directors understanding of a range of the probable outcome and enquiries with professional advisors. The carrying amount is £181,000 (2022 -£Nil).

Judgements

There are relativly few areas of judgements in the accounts. The main being revenue recognition of income on sale of caravans.

3

Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

2023
 £

2022
 £

Sale of goods

1,570,670

3,106,324

Rendering of services

5,161,602

4,952,498

Rental income from investment property

125,436

172,632

Commissions received

430,982

417,415

Grants received

-

770

7,288,690

8,649,639

The analysis of the company's turnover for the year by market is as follows:

2023
 £

2022
 £

UK

7,288,690

8,649,639

 

St David's Leisure Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2023
 £

2022
 £

Gain/loss on disposal of property, plant and equipment

-

(42,470)

5

Operating profit

Arrived at after charging/(crediting)

2023
 £

2022
 £

Depreciation expense

159,520

141,081

Loss on disposal of property, plant and equipment

-

42,470

6

Other interest receivable and similar income

2023
 £

2022
 £

Interest income on bank deposits

104,482

20,539

7

Interest payable and similar expenses

2023
 £

2022
 £

Interest expense on other finance liabilities

4,226

1,265

 

St David's Leisure Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
 £

2022
 £

Wages and salaries

1,627,198

1,496,340

Social security costs

145,355

140,426

Pension costs, defined contribution scheme

28,224

23,914

Other employee expense

15,535

16,178

1,816,312

1,676,858

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

17

15

Sales, marketing and distribution

60

69

77

84

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
 £

2022
 £

Remuneration

150,500

110,417

Contributions paid to money purchase schemes

1,900

2,622

152,400

113,039

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
 No.

2022
 No.

Accruing benefits under money purchase pension scheme

1

1

10

Auditors' remuneration

2023
 £

2022
 £

Audit of the financial statements

3,500

3,500

Other fees to auditors

All other non-audit services

11,305

11,763


 

 

St David's Leisure Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

11

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

687,552

600,261

UK corporation tax adjustment to prior periods

(13,688)

-

673,864

600,261

Deferred taxation

Arising from origination and reversal of timing differences

-

(98,009)

Arising from changes in tax rates and laws

(22,344)

104,151

Total deferred taxation

(22,344)

6,142

Tax expense in the income statement

651,520

606,403

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of 25% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

2,006,359

3,381,940

Corporation tax at standard rate

501,590

642,569

Decrease from effect of different UK tax rates on some earnings

(31,862)

-

Effect of expense not deductible in determining taxable profit (tax loss)

32,259

2,133

Increase in UK and foreign current tax from unrecognised temporary difference from a prior period

-

6,142

Tax decrease from effect of capital allowances and depreciation

(31,467)

(44,441)

Tax increase from changes in tax provisions due to legislation

181,000

-

Total tax charge

651,520

606,403

 

St David's Leisure Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Accelerated capital allowances

-

43,492

Revaluation of property

-

2,232,240

Revaluation of investment property

24,901

-

24,901

2,275,732

2022

Asset
£

Liability
£

Accelerated capital allowances

9,266

-

Revaluation of property

-

2,232,240

Revaluation of investment property

-

49,901

9,266

2,282,141

12

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

595,000

595,000

At 31 December 2023

595,000

595,000

Amortisation

At 1 January 2023

595,000

595,000

At 31 December 2023

595,000

595,000

Carrying amount

At 31 December 2023

-

-

 

St David's Leisure Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

13

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

22,403,717

202,769

184,802

497,250

23,288,538

Additions

3,598,535

-

-

104,446

3,702,981

At 31 December 2023

26,002,252

202,769

184,802

601,696

26,991,519

Depreciation

At 1 January 2023

528,163

185,414

99,505

331,132

1,144,214

Charge for the year

93,274

4,336

21,324

40,585

159,519

At 31 December 2023

621,437

189,750

120,829

371,717

1,303,733

Carrying amount

At 31 December 2023

25,380,815

13,019

63,973

229,979

25,687,786

At 31 December 2022

21,875,554

17,355

85,297

166,118

22,144,324

Included within the net book value of land and buildings above is £25,380,814 (2022 - £21,875,554) in respect of freehold land and buildings.
 

 

St David's Leisure Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Restriction on title and pledged as security

Fixed assets with a carrying amount of £13,058,834 (2022 - £13,196,934) has been pledged as security for the company bank loans and borrowings.

14

Investment properties

2023
£

At 1 January

2,260,000

Fair value adjustments

(100,000)

At 31 December

2,160,000

The investment properties were last valued by a qualified independent valuer in 2009, The directors review the value of each of the investment properties annually and compare the value with other open market values of similar properties in similar locations. The value of a property will be amended if the directors believe the carrying value is different to the market value. The historic cost of investment property held at the balance sheet date was £2,060,398 (2022 - £2,060,398).

There has been no valuation of investment property by an independent valuer.

15

Stocks

2023
 £

2022
 £

Other inventories

2,247,733

833,398

16

Debtors

Current

2023
£

2022
£

Trade debtors

57,434

66,920

Other debtors

101,218

969

Prepayments

141,771

126,721

 

300,423

194,610

17

Cash and cash equivalents

2023
 £

2022
 £

Cash on hand

3,154

3,580

Cash at bank

2,728,530

6,531,851

2,731,684

6,535,431

 

St David's Leisure Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

18

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Trade creditors

 

189,203

286,465

Amounts due to related parties

24

-

10,084

Social security and other taxes

 

105,539

53,877

Outstanding defined contribution pension costs

 

4,593

4,413

Other payables

 

318,126

439,678

Accrued expenses

 

18,370

17,036

Income tax liability

11

384,126

381,036

 

1,019,957

1,192,589

19

Provisions for liabilities

Deferred tax
£

Total
£

At 1 January 2023

2,273,175

2,273,175

Increase (decrease) in existing provisions

(22,344)

(22,344)

At 31 December 2023

2,250,831

2,250,831

20

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £28,224 (2022 - £23,914).

Contributions totalling £4,593 (2022 - £4,413) were payable to the scheme at the end of the year and are included in creditors.

 

St David's Leisure Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

21

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

14,000

14,000

14,000

14,000

Ordinary A of £1 each

10

10

10

10

Ordinary B of £1 each

10

10

10

10

Ordinary C of £1 each

10

10

10

10

Ordinary D of £1 each

10

10

10

10

 

14,040

14,040

14,040

14,040

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
Ordinary shares are full voting and participating shares. Ordinary A, B, C and D shares rights rank with the ordinary shares except that they are to have no voting rights in regard to any interests of the company and of no interest in capital save the capital exchanged upon allotment

22

Reserves

Revaluation reserve

Represents the uplift in value of leisure parks to deemed cost on transition to FRS102.

Share premium

Represents consideration than the par valule of share capital issue.

23

Contingent liabilities

The tax affairs of the company have been under enquiry by H M Revenue and Customs, the enquiry has been focused on capital allowance claims on the caravan site infrastructure. At present the review is ongoing, based on the current status, the corporation tax creditor includes a liability of £181,000. The maximum exposure based on HMRC is in the region of £750,000.

 

St David's Leisure Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

24

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr Richard Steven Davies

Interest free advances, repayable on demand

(10,084)

102,333

(52,000)

40,250

         

Mr Geoffrey Davies

Interest free advances, repayable on demand

918

460,000

(400,000)

60,918

         

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr Richard Steven Davies

Interest free advances, repayable on demand

(123,832)

113,748

-

(10,084)

         
       

Mr Geoffrey Davies

Interest free advances, repayable on demand

-

1,187

(269)

918

         
       

 

25

Parent and ultimate parent undertaking

The ultimate controlling party is Mr & Mrs R S Davies.