Company Registration No. 13157639 (England and Wales)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
FOR
CAERFELIN LEISURE PARK LIMITED
CAERFELIN LEISURE PARK LIMITED
CONTENTS
Page
Balance Sheet
1 - 2
Notes to the financial statements
3 - 7
CAERFELIN LEISURE PARK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed Assets
Intangible assets
3
1
1
Tangible assets
4
2,682,156
2,339,516
2,682,157
2,339,517
Current assets
Stocks
72,494
129,811
Debtors
29,408
30,797
Cash at bank and in hand
56,139
133,400
158,041
294,008
Creditors: Amounts Falling Due Within One Year
(1,076,707)
(526,723)
Net current liabilities
(918,666)
(232,715)
Total assets less current liabilities
1,763,491
2,106,802
Creditors: Amounts Falling Due After More Than One Year
(2,775,120)
(2,352,203)
Provisions for liabilities
(9,390)
Net liabilities
(1,011,629)
(254,791)
Capital and Reserves
Called up share capital
100
100
Retained earnings
(1,011,729)
(254,891)
Total equity
(1,011,629)
(254,791)
CAERFELIN LEISURE PARK LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
Mr E M Davies
Director
Company registration number 13157639 (England and Wales)
CAERFELIN LEISURE PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Caerfelin Leisure Park Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pencnwc Holiday Park, Cross Inn, Near New Quay, Ceredigion, Wales, SA44 6NL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
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 financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.
1.4
Tangible Fixed Assets
Tangible Fixed Assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
No depreciation recognised. The net book value is considered to be the net realisable value.
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Computers
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
CAERFELIN LEISURE PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks 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.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
CAERFELIN LEISURE PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Intangible fixed assets
Total
£
Cost
At 1 January 2023 and 31 December 2023
1
Amortisation and impairment
At 1 January 2023 and 31 December 2023
Carrying amount
At 31 December 2023
1
At 31 December 2022
1
4
Tangible Fixed Assets
Total
£
Cost
At 1 January 2023
2,356,325
Additions
351,305
At 31 December 2023
2,707,630
Depreciation and impairment
At 1 January 2023
16,809
Depreciation charged in the year
8,665
At 31 December 2023
25,474
Carrying amount
At 31 December 2023
2,682,156
At 31 December 2022
2,339,516
CAERFELIN LEISURE PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mr Mark Jones BSc (Econ) FCA CTA
Statutory Auditor:
Xeinadin Audit Limited
Date of audit report:
18 September 2024
CAERFELIN LEISURE PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Related party transactions
Transactions with related parties
The group 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.
Entities with control over the company - Leisure Escapes Limited
Registered office: Pencnwc Holiday park , Cross Inn, Near Newquay, Ceredigion. SA33 6NL.
Leisure Escapes Limited owns 100% of the shareholding of Caerfelin Leisure Park Limited.
At 31 December 2023 a balance of £2,801,549 was owed by Caerfelin Leisure Park Limited.
Entities under common control - I & S Davies Limited
At 31 December 2023 this company was also a wholly owned subsidiary of Leisure Escapes Limited.
At 31 December 2023 a balance of £484,720 was owed to I & S Davies Limited.
Entities under common control - New Minerton Leisure Park Limited
At 31 December 2023 this company was also a wholly owned subsidiary of Leisure Escapes Limited.
At 31 December 2023 a balance of £400,312 was owed to New Minerton Leisure Park Limited.
Entities under common control - Pencnwc Holiday Park Limited
At 31 December 2023 Pencwnc Holiday Park Limited was owned wholly by Leisure Escapes Limited.
At 31 December 2023 a balance of £32,477 was owed to Pencwnc Holiday Park Limited .