Company Registration No. 02216813 (England and Wales)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
FOR
NEW MINERTON LEISURE PARK LIMITED
NEW MINERTON LEISURE PARK LIMITED
CONTENTS
Page
Balance Sheet
1 - 2
Notes to the financial statements
3 - 6
NEW MINERTON LEISURE PARK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed Assets
Tangible assets
3
5,344,586
5,298,760
Current assets
Stocks
147,040
189,863
Debtors
4,596,145
4,346,445
Cash at bank and in hand
201,227
112,769
4,944,412
4,649,077
Creditors: Amounts Falling Due Within One Year
(316,077)
(356,721)
Net current assets
4,628,335
4,292,356
Total assets less current liabilities
9,972,921
9,591,116
Creditors: Amounts Falling Due After More Than One Year
(1,975,627)
(2,027,191)
Provisions for liabilities
(74,322)
(64,402)
Net assets
7,922,972
7,499,523
Capital and Reserves
Called up share capital
34
34
Revaluation reserve
4
2,839,006
2,839,006
Capital redemption reserve
44
44
Retained earnings
5,083,888
4,660,439
Total equity
7,922,972
7,499,523
NEW MINERTON 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 02216813 (England and Wales)
NEW MINERTON LEISURE PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

New Minerton 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
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.
Plant and equipment
20% reducing balance and 4% straight line
Fixtures and fittings
15% reducing balance
Computers
15% reducing balance
Motor vehicles
25% 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.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

NEW MINERTON LEISURE PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
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.

1.6
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.

1.7
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.

1.8
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.9
Retirement benefits

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

1.10
Leases

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.

NEW MINERTON 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
14
10
3
Tangible Fixed Assets
Total
£
Cost or valuation
At 1 January 2023
6,070,491
Additions
134,502
Disposals
(50,700)
At 31 December 2023
6,154,293
Depreciation and impairment
At 1 January 2023
771,731
Depreciation charged in the year
76,645
Eliminated in respect of disposals
(38,669)
At 31 December 2023
809,707
Carrying amount
At 31 December 2023
5,344,586
At 31 December 2022
5,298,760

Freehold land and buildings with a carrying amount of £4,896,089 were revalued on an open market basis on 23 December 2010 by share purchase agreement at £3,969,757, Subsequently a further £926,332 of property improvements have been recognised at cost.

The revaluation surplus is disclosed in note 4.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Freehold property
2023
2022
£
£
Cost
2,057,083
2,057,083
NEW MINERTON LEISURE PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
2,839,006
2,839,006
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
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.

 

As at 31 December 2023 New Minerton Leisure Park was owned wholly by Leisure Escapes Limited. It was acquired on 19 March 2021.

 

At 31 December 2023 a balance of £2,032,856 (2022: £2,104,436) was owed by New Minerton Leisure Park Limited.

 

Entities under common control - I & S Davies Limited

As at 31 December 2023 I & S Davies Limited was wholly owned by Leisure Escapes Limited.

 

At 31 December 2023 a balance of £3,948,842 (2022: £3,948,642) was owed to New Minerton Leisure Park Limited.

 

Entities under common control - Pencnwc Holiday Park Limited

At 31 December 2023 Pencnwc Holiday Park Limited was owned wholly by Leisure Escapes Limited.

 

At 31 December 2023 a balance of £145,369 (2022: £183,576) was owed by Pencnwc Holiday Park Limited.

 

Entities under common control - Caerfelin Leisure Park Limited

At 31 December 2023 Caerfelin Park Limited was owned wholly by Leisure Escapes Limited.

 

At 31 December 2023 a balance of £400,312 (2022: £100,474) was owed by Caerfelin Leisure Park Limited.

 

 

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