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COMPANY REGISTRATION NUMBER: 00775308
Newport Caravan Park (Norfolk) Limited
Unaudited financial statements
31 March 2024
Newport Caravan Park (Norfolk) Limited
Statement of financial position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,044,629
1,058,856
Current assets
Stocks
68,376
67,520
Debtors
6
241,686
248,325
Cash at bank and in hand
104,659
203,080
---------
---------
414,721
518,925
Creditors: Amounts falling due within one year
7
( 541,229)
( 545,250)
---------
---------
Net current liabilities
( 126,508)
( 26,325)
-----------
-----------
Total assets less current liabilities
918,121
1,032,531
Creditors: Amounts falling due after more than one year
8
( 179,354)
( 227,469)
Provisions
Taxation including deferred tax
( 14,325)
---------
-----------
Net assets
738,767
790,737
---------
-----------
Capital and reserves
Called up share capital
9
26,135
26,135
Revaluation reserve
556,000
560,500
Capital redemption reserve
12,868
12,868
Profit and loss account
143,764
191,234
---------
---------
Shareholders funds
738,767
790,737
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Newport Caravan Park (Norfolk) Limited
Statement of financial position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 13 September 2024 , and are signed on behalf of the board by:
I Pratt
Director
Company registration number: 00775308
Newport Caravan Park (Norfolk) Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Newport Road, Hemsby, Great Yarmouth, Norfolk.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Tangible assets
All fixed assets are initially recorded at cost. The company has taken advantage of the transitional provisions available in the Financial Reporting Standard for Smaller Entities and has chosen not to update the revaluation of its properties carried out in 1992.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2% straight line
Plant & Machinery
-
10% straight line
Motor Vehicles
-
20% straight line
Equipment
-
25% straight line
An amount equal to the excess of the annual depreciation charge on revalued assets over notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss account.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 12 (2023: 10 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
1,220,119
603,028
39,752
21,929
1,884,828
Additions
5,260
5,260
Disposals
( 18,122)
( 18,122)
-----------
---------
-------
-------
-----------
At 31 March 2024
1,220,119
608,288
21,630
21,929
1,871,966
-----------
---------
-------
-------
-----------
Depreciation
At 1 April 2023
219,839
547,976
39,752
18,405
825,972
Charge for the year
8,703
7,260
3,524
19,487
Disposals
( 18,122)
( 18,122)
-----------
---------
-------
-------
-----------
At 31 March 2024
228,542
555,236
21,630
21,929
827,337
-----------
---------
-------
-------
-----------
Carrying amount
At 31 March 2024
991,577
53,052
1,044,629
-----------
---------
-------
-------
-----------
At 31 March 2023
1,000,280
55,052
3,524
1,058,856
-----------
---------
-------
-------
-----------
Tangible assets held at valuation
2024 2023 £ £
At 1992 professional valuation 900,000 900,000
At cost 210,152 210,152
--------- ---------
6. Debtors
2024
2023
£
£
Trade debtors
9,882
10,822
Other debtors
231,804
237,503
---------
---------
241,686
248,325
---------
---------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
48,150
60,550
Trade creditors
34,684
35,711
Social security and other taxes
20,377
57,515
Other creditors
438,018
391,474
---------
---------
541,229
545,250
---------
---------
Bank loans and overdrafts are secured by a mortgage on the freehold property and by a floating charge over the assets of the company .
8. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
179,354
227,469
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £12,885 (2023: £35,256) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Bank loans are secured by a mortgage on the freehold property and by a floating charge over the assets of the company.
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
26,135
26,135
26,135
26,135
-------
-------
-------
-------
10. Director's advances, credits and guarantees
During the year the director operated a loan with the company at HM Revenue & Customs approved interest rates. At 31 March 2024, I Pratt owed the company £174,268 (2023: £180,454). The maximum outstanding during the year was £180,454.