Company Registration No. 10519200 (England and Wales)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
FOR
PENCNWC HOLIDAY PARK LIMITED
PENCNWC HOLIDAY PARK LIMITED
CONTENTS
Page
Balance Sheet
1 - 2
Notes to the financial statements
3 - 7
PENCNWC HOLIDAY PARK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed Assets
Tangible assets
3
13,967,389
12,365,747
Current assets
Stocks
880,423
660,508
Debtors
547,066
533,885
Cash at bank and in hand
648,310
412,686
2,075,799
1,607,079
Creditors: Amounts Falling Due Within One Year
(3,866,949)
(2,584,620)
Net current liabilities
(1,791,150)
(977,541)
Total assets less current liabilities
12,176,239
11,388,206
Creditors: Amounts Falling Due After More Than One Year
(4,897,187)
(4,699,335)
Provisions for liabilities
(329,017)
(173,708)
Net assets
6,950,035
6,515,163
Capital and Reserves
Called up share capital
100
100
Share premium account
3,728,304
3,728,304
Retained earnings
3,221,631
2,786,759
Total equity
6,950,035
6,515,163
PENCNWC HOLIDAY 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
18 September 2024
18 September 2024
and are signed on its behalf by:
Mr E M Davies
Director
Company registration number 10519200 (England and Wales)
PENCNWC HOLIDAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Pencnwc Holiday 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
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. Net book value is considered to be the residual value of the property.
Leasehold improvements
No depreciation. Net book value is considered to be the residual value of the property.
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Computers
33% reducing balance
Motor vehicles
25% reducing balance
1.4
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.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

PENCNWC HOLIDAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.

1.6
Retirement benefits

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

1.7
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
40
36
PENCNWC HOLIDAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible Fixed Assets
Total
£
Cost
At 1 January 2023
12,992,491
Additions
1,983,705
Disposals
(98,439)
At 31 December 2023
14,877,757
Depreciation and impairment
At 1 January 2023
626,744
Depreciation charged in the year
319,910
Eliminated in respect of disposals
(36,286)
At 31 December 2023
910,368
Carrying amount
At 31 December 2023
13,967,389
At 31 December 2022
12,365,747
4
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
PENCNWC HOLIDAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

 

Mr E M Davies and Mrs S J Davies

 

31.12.23

31.12.22

Balance outstanding at start of year

 

143,335

133,756

Amounts advanced

 

2,111

80,599

Amounts repaid

 

-

(71,020)

Amounts written off

 

-

-

Amounts waived

 

-

-

Balance outstanding at end of year

 

145,446

143,335

 

Mr T C Davies

 

31.12.23

31.12.22

Balance outstanding at start of year

 

770

159

Amounts advanced

 

695

2,094

Amounts repaid

-

(1,483)

Amounts written off

 

-

-

Amounts waived

 

-

-

Balance outstanding at end of year

 

1,465

770

 

 

 

 

Mr D V Davies

 

31.12.23

31.12.22

Balance outstanding at start of year

 

6,147

2,421

Amounts advanced

 

6,350

4,668

Amounts repaid

 

-

(942)

Amounts written off

 

-

-

Amounts waived

 

-

-

Balance outstanding at end of year

 

12,057

6,147

 

 

 

 

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 Pencnwc Holiday Park Limited.

At 31 December 2023 a balance of £4,881,195 (2022: £4,607,919 ) was owed to Leisure Escapes 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 £1,869,801 was owed to I & S Davies Limited (2020: £545,773 ) was owed by I & S Davies Limited ).

 

PENCNWC HOLIDAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Related party transactions
(Continued)
- 7 -

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 £145,369 (2022: £183,576 ) was owed to New Minerton Leisure Park Limited.

 

 

Entities under common control - Caerfelin Leisure Park Limited

At 31 December 2023 Caerfelin Park Limited was owned wholly by Leisure Escapes Limited. It was acquired on 26 January 2021.

 

At 31 December 2023 a balance of £32,477 (2022: £457) was owed by Caerfelin Leisure Park Limited.

 

 

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