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Registration number: 01853817

Woolacombe Bay Holiday Village Limited

Annual Report and Financial Statements

for the year ended 31 December 2023

image-name
 

Woolacombe Bay Holiday Village Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 5

Independent Auditor's Report

6 to 9

Statement of Comprehensive Income

10

Balance Sheet

11

Notes to the Financial Statements

12 to 24

 

Woolacombe Bay Holiday Village Limited

Company Information

Directors

R J R Lancaster

Mrs S E Lancaster

Company secretary

Mrs L M Todd

Registered office

30 Bear Street
BARNSTAPLE
Devon
EX32 7DD

Auditors

Glover Stanbury
Chartered Accountants and Registered Auditors
30 Bear Street
BARNSTAPLE
Devon
EX32 7DD

 

Woolacombe Bay Holiday Village Limited

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 holiday parks

Fair review of the business

There has been a 5.07% increase in the turnover of the company compared to last year. There was much more holiday competition for the 2022 year with the lifting of foreign travel restrictions and this continued in 2023, however the company has been able to increase sales by £860k. This increase in turnover has not been reflected in the reported profit before tax compared to the previous year as shown in the KPI table below, due to the higher costs resulting from the high inflation however profits are still substantially higher than those profits before the pandemic.

Forward bookings are strong but, as with any seasonal business, forward visibility of income is limited thus it is still uncertain what the recent impacts of high inflation, interest rates, the cost of living crisis and the war in Ukraine might have on the company's income over the forthcoming twelve months.

With the internationally acclaimed Woolacombe beach and also the continued investment into the sites has helped to place the Woolacombe Bay Holiday Village parks above the standard of offerings provided by other competitors in the South West.

The company has a very strong balance sheet and at the end of the year, net assets totalled £34,680,330 (2022 - £31,172,383). Given the very significant expense of obtaining and then maintaining valuations of the land and buildings included within the company's fixed assets, the directors' have historically decided to keep these assets at cost. However, they believe that the market value of these assets is well in excess of the value stated in the financial statements, but in the absence of formal valuations have not adopted these values in the financial statements.

The company has plans to develop the Twitchen holiday park further with projects to introduce an outdoor swimming pool, splash park, water slides and wave rider to be implemented in the winter of 2024/25 as well as the usual ongoing caravan replacement program.

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

Financial KPIs

Unit

2023

2022

Turnover (reduction)/growth

%

5

Profit before tax

£

4,609,374

5,392,205

 

Woolacombe Bay Holiday Village Limited

Strategic Report for the Year Ended 31 December 2023

Principal risks and uncertainties

Due to the nature of the business, the company’s primary earnings period is over the summer months and therefore it can be difficult to accurately project future earnings as this can be weather dependant, particularly regarding last minute bookings. However, the directors’ actively monitor the booking deposits received, which are a reasonably reliable indicator of the expected earnings, and manage the business accordingly. The current economic situation does introduce further uncertainities for the company, however as noted above the balance sheet position is extremely strong and should be able to withstand a downturn in trade should the fears of a general recession be realised.

Approved by the Board on 17 September 2024 and signed on its behalf by:


Mrs L M Todd
Company secretary

 

Woolacombe Bay Holiday Village Limited

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:

R J R Lancaster

Mrs S E Lancaster

R M Lancaster (Died 7 February 2024)

Mrs R J Lancaster (Died 29 April 2024)


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.

Employment of disabled persons

It is our policy that people with disabilities should have full and fair consideration for all vacancies and training needs. We are committed to interview those people with disabilities who fulfil the minimum criteria, and also endeavour to retain employees in the workforce if they become disabled during employment. We will actively retrain and adjust their environment where possible to allow them to maximise their potential.

 

Woolacombe Bay Holiday Village Limited

Directors' Report for the Year Ended 31 December 2023

Financial instruments

Objectives and policies

As the positive cash flow can be orientated towards the Spring and Summer months, the company is managed to ensure that there is sufficient working capital to adequately finance the company through the Winter and also allow ongoing maintenance and refurbishment to proceed where required.

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

The business' principal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors, loans to the business and finance lease agreements. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts and loans at floating rates of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors. Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Loans comprise loans from financial institutions. The interest rates are variable and the business manages the liquidity risk by ensuring that there are sufficient funds to meet the payments. The business is a lessee in respect of finance leased assets. The liquidity risk in respect of these is managed by ensuring that there are sufficient funds to meet the payments.

Future developments

The company is continually seeking to maintain and, where possible, improve the high standard of the holiday parks that it operates and so will incur substantial repairs and maintenance costs each year. In addition, where opportunities arise, new attractions and features will be installed to enhance the holiday makers experience.

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 by the Board on 17 September 2024 and signed on its behalf by:


Mrs L M Todd
Company secretary

 

Woolacombe Bay Holiday Village Limited

Independent Auditor's Report to the Members of Woolacombe Bay Holiday Village Limited

Opinion

We have audited the financial statements of Woolacombe Bay Holiday Village Limited (the 'company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, Balance Sheet, 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.

 

Woolacombe Bay Holiday Village Limited

Independent Auditor's Report to the Members of Woolacombe Bay Holiday Village Limited

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.

Opinions on other matters 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.

 

Woolacombe Bay Holiday Village Limited

Independent Auditor's Report to the Members of Woolacombe Bay Holiday Village Limited

Auditor’s 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:

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
1. The nature of the industry and sector, control environment and business performance;
2. results of our enquiries of management about their own identification and assessment of the risks of irregularities;
3. any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
4. the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in income. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK corporate governance legislation and UK tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

Audit response to risks identified
As a result of performing the above, we have not identified any contradictory evidence during our enquiries.

 

Woolacombe Bay Holiday Village Limited

Independent Auditor's Report to the Members of Woolacombe Bay Holiday Village Limited

Our procedures to respond to risks identified included the following:
- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.





Nigel Bennett FCA (Senior Statutory Auditor)
For and on behalf of Glover Stanbury, Statutory Auditor

30 Bear Street
BARNSTAPLE
Devon
EX32 7DD

18 September 2024

 

Woolacombe Bay Holiday Village Limited

Statement of Comprehensive Income for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

17,826,602

16,966,177

Cost of sales

 

(6,171,538)

(5,393,219)

Gross profit

 

11,655,064

11,572,958

Administrative expenses

 

(7,828,056)

(6,374,532)

Operating profit

4

3,827,008

5,198,426

Other interest receivable and similar income

5

784,966

217,856

Interest payable and similar charges

6

(2,600)

(24,077)

 

782,366

193,779

Profit before tax

 

4,609,374

5,392,205

Taxation

10

(1,093,177)

(1,015,629)

Profit for the financial year

 

3,516,197

4,376,576

Retained earnings brought forward

 

31,152,383

26,775,807

Retained earnings carried forward

 

34,668,580

31,152,383

The above results were derived from continuing operations.

 

Woolacombe Bay Holiday Village Limited

(Registration number: 01853817)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

11

33,752,506

27,821,768

Current assets

 

Stocks

12

126,062

72,890

Debtors

13

492,731

162,348

Cash at bank and in hand

 

13,120,364

32,429,486

 

13,739,157

32,664,724

Creditors: Amounts falling due within one year

14

(10,614,390)

(27,177,042)

Net current assets

 

3,124,767

5,487,682

Total assets less current liabilities

 

36,877,273

33,309,450

Creditors: Amounts falling due after more than one year

14

-

(63,907)

Provisions for liabilities

15

(2,188,693)

(2,073,160)

Net assets

 

34,688,580

31,172,383

Capital and reserves

 

Called up share capital

20,000

20,000

Retained Earnings

34,668,580

31,152,383

Shareholders' funds

 

34,688,580

31,172,383

Approved and authorised for issue by the Board on 17 September 2024 and signed on its behalf by:
 


R J R Lancaster

Director

 

Woolacombe Bay Holiday Village Limited

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.

The address of its registered office is:
30 Bear Street
BARNSTAPLE
Devon
EX32 7DD

The principal place of business is:
Wych Elm
Sunnyside Road
WOOLACOMBE
Devon
EX34 7DG

These financial statements were authorised for issue by the Board on 17 September 2024.

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.

All amounts are in £'s.

Summary of disclosure exemptions

The individual accounts of Woolacombe Bay Holiday Village Limited have also adopted the following disclosure exemptions:

- The company has taken advantage of the exemption, under FRS 102 paragraph 1.12(b), from preparing a statement of cash flows on the basis that it is a qualifying entity and its ultimate parent company, Lancaster Leisure Limited, includes the company’s cash flows in its own consolidated financial statements. Being a qualifying entity, it has also taken advantage of the exemption from disclosing key management personnel compensation as this is disclosed in the parent company's consolidated accounts as well as the exemption from disclosing remuneration receivable by auditors for other services.

 

Woolacombe Bay Holiday Village Limited

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

Name of parent of group

These financial statements are consolidated in the financial statements of Lancaster Leisure Limited.

The financial statements of Lancaster Leisure Limited may be obtained from The Registrar of Companies for England and Wales.

Going concern

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

Judgements

There are no judgements which management have made in the process of applying the accounting policies.

Key sources of estimation uncertainty

There are no key sources of estimation uncertainty that have a significant risk of causing a material adjustment to assets and liabilities to be disclosed..

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 value added tax, refunds and discounts.

The Company recognises revenue when residents of the holiday parks arrive. Revenue relating to the bars and other activity and amenity areas is recognised at the point of delivery of service.

Government grants

Grants have been recognised in the accounts under the accrual model. Under the accrual model, grants relating to revenue shall be recognised as income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

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.

The current corporation 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 UK where the company operates and generates taxable income.

Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Woolacombe Bay Holiday Village Limited

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

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.

Depreciation

No depreciation is provided on freehold land. Freehold buildings are also not depreciated as it is company policy to maintain them to such a standard that the estimated aggregate residual values are so high that any depreciation is not material to the accounts. Any impairment in the value of the assets is recognised in the profit and loss account when incurred.

Depreciation is provided on remaining tangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Leasehold property

over period of lease straight line basis

Other equipment

25% reducing balance basis

Fixtures and fittings (other)

20% straight line basis

Motor vehicles

25% reducing balance basis

Caravans

10% reducing balance basis

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 the undiscounted amount of the cash expected to be received (i.e. net of 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 debts.

Stocks

Stock is valued at the lower of cost and net realisable value, on a first in first out basis, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less selling costs.

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 the undiscounted amount of the cash expected to be paid.

 

Woolacombe Bay Holiday Village Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at transaction price, net of transaction costs.

Interest-bearing borrowings are subsequently carried at amortised cost, with the interest expense recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a reducing-balance basis substantially over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

 

Woolacombe Bay Holiday Village Limited

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

Financial instruments

Classification
Basic financial assets include trade and other debtors, cash and bank balances. Basic financial liabilities include trade and other payables, bank loans and loans from fellow Group companies.

 Recognition and measurement
Basic financial assets are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. Other debtors are classified as current assets if payment is due within one year or less and are initially recorded at transaction price and subsequently measured at the undiscounted amount of the cash expected to be received. Trade debtors are referred to above.

Basic financial liabilities are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Other creditors are classified as current liabilities if payment is due within one year or less and are recognised initially at transaction price and subsequently measured at the undiscounted amount of the cash expected to be paid. If not, they are presented as non-current liabilities and are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Trade creditors and leases are referred to above.

 Impairment
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

3

Turnover

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

2023
£

2022
£

Accommodation and associated facilities sales

17,654,539

16,815,451

Rental income from property

172,063

150,726

17,826,602

16,966,177

 

Woolacombe Bay Holiday Village Limited

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

4

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,470,089

1,138,589

Operating lease expense - plant and machinery

16,230

17,542

Loss on disposal of property, plant and equipment

148,272

4,728

5

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

784,966

217,856

6

Interest payable and similar expenses

2023
£

2022
£

Interest on obligations under finance leases and hire purchase contracts

1,751

19,315

Interest expense on other finance liabilities

849

4,762

2,600

24,077

 

Woolacombe Bay Holiday Village Limited

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

7

Staff costs

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

2023
£

2022
£

Wages and salaries

4,578,602

3,910,103

Social security costs

314,969

301,688

Pension costs, defined contribution scheme

69,610

63,393

4,963,181

4,275,184

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 management

4

4

Bar, restaurant, entertainment, maintenance and other staff

276

238

280

242

8

Directors' remuneration

There was no directors remuneration paid during the year ( 2022 - £nil).

9

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

9,013

8,583


 

 

Woolacombe Bay Holiday Village Limited

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

10

Taxation

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

2023
£

2022
£

Current taxation

UK corporation tax

977,644

714,453

Deferred taxation

Arising from origination and reversal of timing differences

115,533

301,176

Tax expense in the income statement

1,093,177

1,015,629

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 23.52% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

4,609,374

5,392,205

Corporation tax at standard rate

1,084,150

1,024,519

Tax increase/(decrease) from effect of capital allowances and depreciation

9,027

(8,890)

Total tax charge

1,093,177

1,015,629

 

Woolacombe Bay Holiday Village Limited

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

11

Tangible assets

Freehold land and buildings
£

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Caravans
£

Motor vehicles
 £

Total
£

Cost

At 1 January 2023

18,136,318

-

968,930

8,306,090

11,174,304

191,942

38,777,584

Additions

1,463,211

2,456,803

-

1,103,518

2,875,194

-

7,898,726

Disposals

-

-

-

-

(1,300,982)

(3,750)

(1,304,732)

At 31 December 2023

19,599,529

2,456,803

968,930

9,409,608

12,748,516

188,192

45,371,578

Depreciation

At 1 January 2023

-

-

955,511

5,584,441

4,356,053

59,811

10,955,816

Charge for the year

-

-

11,927

793,168

632,087

32,907

1,470,089

Eliminated on disposal

-

-

-

-

(803,579)

(3,254)

(806,833)

At 31 December 2023

-

-

967,438

6,377,609

4,184,561

89,464

11,619,072

Carrying amount

At 31 December 2023

19,599,529

2,456,803

1,492

3,031,999

8,563,955

98,728

33,752,506

At 31 December 2022

18,136,318

-

13,419

2,721,649

6,818,251

132,131

27,821,768

The bank have security over all assets by fixed and floating charges.

 

Woolacombe Bay Holiday Village Limited

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

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

 

2023
£

2022
£

Caravans

202,583

225,093

     

12

Stocks

2023
£

2022
£

Consumable stocks and goods for resale

126,062

72,890

13

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

192

508

Amounts owed by group undertakings

21

-

3,917

Other debtors

 

362,792

7,000

Prepayments

 

129,747

150,923

   

492,731

162,348

14

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

18

63,907

62,711

Trade creditors

 

3,368,373

264,424

Amounts owed to group undertakings

21

4,784,934

24,057,422

Social security and VAT

 

53,085

122,183

Outstanding defined contribution pension costs

 

24,730

22,657

Other payables

 

2,835

-

Accruals

 

1,680,382

2,305,836

Corporation tax liability

10

636,144

341,809

 

10,614,390

27,177,042

Due after one year

 

Loans and borrowings

18

-

63,907

 

Woolacombe Bay Holiday Village Limited

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

15

Provisions for liabilities

Deferred tax
£

Total
£

At 1 January 2023

2,073,160

2,073,160

Increase (decrease) in existing provisions

115,533

115,533

At 31 December 2023

2,188,693

2,188,693

The deferred tax provision comprises the difference between accumulated depreciation and capital allowances.

16

Pension 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 £69,610 (2022 - £63,393).

Contributions totalling £24,730 (2022 - £22,657) were payable to the scheme at the end of the year and are included in creditors.

17

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

20,000

20,000

20,000

20,000

         

Rights

Ordinary shares have the following rights:
Unrestricted ordinary shares with full voting rights and distribution of dividends.

 

Woolacombe Bay Holiday Village Limited

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

18

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Finance lease liabilities

-

63,907

2023
£

2022
£

Current loans and borrowings

HP and finance lease liabilities

63,907

62,711

Aggregate of secured liabilities

The aggregate of secured liabilities at the year end is £63,907 (2022 - £126,618).

The finance lease liabilities are secured against the specific assets concerned.

19

Obligations under leases and hire purchase contracts

Finance leases and hire purchase contracts

The hire purchase contracts are secured against the specific assets financed.

The total of future minimum lease payments is as follows:

2023
 £

2022
 £

Not later than one year

63,907

62,711

Later than one year and not later than five years

-

63,907

63,907

126,618

Operating leases

The total of future minimum lease payments is as follows:

2023
 £

2022
 £

Not later than one year

54,408

54,408

Later than one year and not later than five years

99,658

145,278

Later than five years

-

8,788

154,066

208,474

The amount of non-cancellable operating lease payments recognised as an expense during the year was £48,612 (2022 - £55,416).

 

Woolacombe Bay Holiday Village Limited

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

20

Contingent liabilities

The company has given an unlimited multilateral guarantee for the overdrafts of companies in the Lancaster Leisure group. The potential liability at 31 December 2023 of all other company overdrafts amounted to £3,266,241 (31 December 2022 - £3,262,853). Included within this guarantee is a net overdraft position of £3,266,241 (2022 - £3,262,853) relating to Lancasters Trading & Development Co Limited, a company which has a deficit balance sheet position of £1,250,172 at 31 December 2023 (2022 deficit position - £1,229,658). The Lancaster Leisure Group companies, of which Woolacombe Bay Holiday Village Limited is a member, have agreed to provide continuing financial support to Lancasters Trading & Development Co Limited.

21

Related party transactions

Summary of transactions with other related parties

Lancaster Leisure Retirement and Death Benefit Scheme
From July 2021 the company rented the laundry building owned by Lancaster Leisure Retirement and Death Benefit Scheme, which is a small self administered pension scheme of which all of the directors are trustees and members. The rentable value has been determined using an open market value and the transactions with the Scheme was as follows.

 
Woolacombe Court Flats
The property purchase reflected below represents the acquisition of the Woolacome Court Flats leasehold property from Mr R M & Mrs R J Lancaster which was purchased at open market value.

 

Expenditure with related parties

2023

Other related parties
£

Purchase of property or other assets

2,456,803

Operating lease rental

26,400

2,483,203

22

Parent and ultimate parent undertaking

The company's immediate parent is Lancaster Leisure Limited, incorporated in England.

  These financial statements are available upon request from the parent company's registered office which is located at 30 Bear Street, Barnstaple, Devon, EX32 7DD