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Registration number: 08201415

Woodthorpe Leisure Park Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Woodthorpe Leisure Park Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Financial Statements

13 to 23

 

Woodthorpe Leisure Park Limited

Company Information

Directors

R J Stubbs

C E Stubbs

Registered office

Woodthorpe Hall Garden Centre
Woodthorpe
Alford
Lincolnshire
LN13 0DD

Auditors

Forrester Boyd
Chartered Accountants
Waynflete House
139 Eastgate
Louth
Lincolnshire
LN11 9QQ

 

Woodthorpe Leisure Park 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 that of a caravan and leisure park.

Fair review of the business

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end.

Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

The development works throughout 2021/22 have on the whole been completed by year end 2023.

Occupancy levels remain consistently high as the demand for UK-based holidays was strong with overseas travel continuing to be disrupted, and pet owners looking to include their dog in their holiday.

Reflecting all the above, turnover increased from 2021 as customer demand remained strong during 2022 and has done so into 2023.

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

Financial KPIs

Unit

2023

2022

Turnover

£

4,065,739

3,731,156

Gross profit margin

%

42

38

Profit before tax

£

475,566

227,334

Principal risks and uncertainties

Reflecting the continued popularity of UK-based holidays, caravan stock has been in short supply with lead times for new stock increasing. The ability to obtain new stock in a timely manner presents a risk that the directors are mindful of in the continued development of the leisure park.

Alongside these risks, the other principal risks and uncertainties to our business are the same as those affecting other companies in our sector. These principally include the weather and the general economic environment as these impact on our customers' appetite for holidays and their level of disposable income.

With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside our control.

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:
 

.........................................
C E Stubbs
Director

 

Woodthorpe Leisure Park 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 Stubbs

C E Stubbs

The directors recommend a final dividend payment of £nil be made in respect of the financial year ended 31 December 2023.

Financial instruments

Objectives and policies

The overall objective of the directors is to ensure that the business is profitable and stable and will continue to be successful for the benefit of the shareholders and employees.

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

The business' principle financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors and loans. 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 at floating rates 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.

The business funds some fixed asset acquisitions by bank loan agreements. The liquidity risk in respect of these is managed by ensuring that there are sufficient funds to meet the payments.

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.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Forrester Boyd as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:
 

.........................................
C E Stubbs
Director

 

Woodthorpe Leisure Park Limited

Statement of 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.

 

Woodthorpe Leisure Park Limited

Independent Auditor's Report to the Members of Woodthorpe Leisure Park Limited

Opinion

We have audited the financial statements of Woodthorpe Leisure Park Limited (the 'Company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, 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.

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.

Opinion on other matter 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.

 

Woodthorpe Leisure Park Limited

Independent Auditor's Report to the Members of Woodthorpe Leisure Park Limited

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.

Auditor 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- testing management override controls including journal testing and review accounting estimates for reasonableness
- enquiries of management of actual and potential litigation claims
- enquiries of management including fraud and associated risks
- discussions with management, including consideration of known or suspected instances of non-compliance
- testing focussing on the area of the financial statements most suspectible to material error including completeness of income to ensure correct matching of revenue and costs.

Because of the inherent limitations of an audit, there is a risk that we will not detet 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 events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. This 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 is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Woodthorpe Leisure Park Limited

Independent Auditor's Report to the Members of Woodthorpe Leisure Park Limited

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.

......................................
Kevin Hopper FCA (Senior Statutory Auditor)
For and on behalf of Forrester Boyd, Statutory Auditor

Waynflete House
139 Eastgate
Louth
Lincolnshire
LN11 9QQ

24 September 2024

 

Woodthorpe Leisure Park Limited

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

4,065,739

3,731,156

Cost of sales

 

(2,375,753)

(2,298,718)

Gross profit

 

1,689,986

1,432,438

Administrative expenses

 

(1,078,555)

(1,142,447)

Other operating income

4

14,628

24,454

Operating profit

5

626,059

314,445

Other interest receivable and similar income

6

-

413

Interest payable and similar expenses

7

(150,493)

(87,524)

   

(150,493)

(87,111)

Profit before tax

 

475,566

227,334

Tax on profit

10

(56,979)

(34,814)

Profit for the financial year

 

418,587

192,520

 

Woodthorpe Leisure Park Limited

Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit for the year

418,587

192,520

(Deficit)/surplus on property, plant and equipment revaluation

(34,328)

1,622,394

Total comprehensive income for the year

384,259

1,814,914

 

Woodthorpe Leisure Park Limited

(Registration number: 08201415)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

12

11,151,115

10,930,036

Current assets

 

Stocks

13

747,597

263,456

Debtors

14

422,901

391,302

Cash at bank and in hand

15

516,201

675,288

 

1,686,699

1,330,046

Creditors: Amounts falling due within one year

16

(5,259,778)

(4,958,515)

Net current liabilities

 

(3,573,079)

(3,628,469)

Total assets less current liabilities

 

7,578,036

7,301,567

Creditors: Amounts falling due after more than one year

16

(1,927,554)

(2,055,008)

Provisions for liabilities

18

(634,628)

(614,964)

Net assets

 

5,015,854

4,631,595

Capital and reserves

 

Called up share capital

100

100

Other reserves

2,175,071

2,209,399

Profit and loss account

2,840,683

2,422,096

Total equity

 

5,015,854

4,631,595

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:
 

.........................................
C E Stubbs
Director

 

Woodthorpe Leisure Park Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 January 2023

100

2,209,399

2,422,096

4,631,595

Profit for the year

-

-

418,587

418,587

Other comprehensive income

-

(34,328)

-

(34,328)

Total comprehensive income

-

(34,328)

418,587

384,259

At 31 December 2023

100

2,175,071

2,840,683

5,015,854

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 January 2022

100

587,005

2,229,576

2,816,681

Profit for the year

-

-

192,520

192,520

Other comprehensive income

-

1,622,394

-

1,622,394

Total comprehensive income

-

1,622,394

192,520

1,814,914

At 31 December 2022

100

2,209,399

2,422,096

4,631,595

 

Woodthorpe Leisure Park Limited

Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

418,587

192,520

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

82,408

179,742

Profit on disposal of tangible assets

(8,936)

(7,576)

Finance income

6

-

(413)

Finance costs

7

150,493

87,524

Income tax expense

10

56,979

34,814

 

699,531

486,611

Working capital adjustments

 

(Increase)/decrease in stocks

13

(484,141)

12,757

(Increase)/decrease in trade debtors

14

(31,599)

68,540

Increase in trade creditors

16

256,663

457,920

Cash generated from operations

 

440,454

1,025,828

Income taxes paid

10

-

(82,431)

Net cash flow from operating activities

 

440,454

943,397

Cash flows from investing activities

 

Interest received

6

-

413

Acquisitions of tangible assets

(365,211)

(1,083,666)

Proceeds from sale of tangible assets

 

36,331

11,167

Net cash flows from investing activities

 

(328,880)

(1,072,086)

Cash flows from financing activities

 

Interest paid

7

(150,493)

(87,524)

Repayment of bank borrowing

 

(120,168)

(158,133)

Repayment of other borrowing

 

-

(41,034)

Net cash flows from financing activities

 

(270,661)

(286,691)

Net decrease in cash and cash equivalents

 

(159,087)

(415,380)

Cash and cash equivalents at 1 January

 

675,288

1,090,668

Cash and cash equivalents at 31 December

 

516,201

675,288

 

Woodthorpe Leisure Park 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 and Wales and the company registration number is 08201415.

The address of its registered office is:
Woodthorpe Hall Garden Centre
Woodthorpe
Alford
Lincolnshire
LN13 0DD

The principal place of business is:
Woodthorpe Leisure Park
Woodthorpe
Alford
Lincolnshire
LN13 0DD

These financial statements cover the individual entity, Woodthorpe Leisure Park Limited.

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 UK and Republic of Ireland' and Companies Act 2006, subject to the departure detailed below.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling which is the functional currency of the company and are rounded to the nearest pound.

Departures from Companies Act requirements

No depreciation has been charged on freehold land and buildings as they are maintained to such a standard that that their residual value is not less than their cost.

Management have concluded that the above departure does not affect the accounts from showing a true and fair view. Apart from this departure, the company has complied with the relevant accounting standards and legislation.

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, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

 

Woodthorpe Leisure Park Limited

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

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 countries where the company operates and generates taxable income.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets, other than land and buildings, are stated in the statement of financial position 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.

Freehold land and buildings for which fair value can be measured without undue cost or effort is measured at fair value at each reporting date with changes in fair value recognised in the revaluation reserve. The fair value is based on the estimated open market value.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land over their estimated useful lives, as follows. Freehold buildings are depreciated to write down the cost less estimated residual value over their remaining useful life by equal annual instalments. Where buildings are maintained to such a standard that their residual value is not less than their cost, no depreciation is charged as it is not material.

Asset class

Depreciation method and rate

Land and buildings

No depreciation is charged

Plant and machinery

20% reducing balance

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

Caravan and lodges hire fleet

6.67% straight line

Fixtures and fittings

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Woodthorpe Leisure Park Limited

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

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 at the transaction price less provision for 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 receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being 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.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Woodthorpe Leisure Park Limited

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

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. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

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

2023
 £

2022
 £

Sale of goods

2,892,519

2,568,869

Rendering of services

1,160,942

1,151,906

Commissions received

12,278

10,381

4,065,739

3,731,156

4

Other operating income

The analysis of the Company's other operating income for the year is as follows:

2023
£

2022
£

Government grants

-

15,334

Miscellaneous other operating income

14,628

9,120

14,628

24,454

5

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

82,408

179,742

Operating lease expense - plant and machinery

9,518

12,161

Profit on disposal of property, plant and equipment

(8,936)

(7,576)

6

Other interest receivable and similar income

2023
£

2022
£

Other finance income

-

413

 

Woodthorpe Leisure Park Limited

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

7

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

150,178

87,524

Interest expense on other finance liabilities

315

-

150,493

87,524

8

Staff costs

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

2023
£

2022
£

Wages and salaries

935,427

945,474

Social security costs

60,685

68,340

Pension costs, defined contribution scheme

14,090

14,012

1,010,202

1,027,826

The average number of persons employed by the Company during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

4

4

Sales, marketing and distribution

56

58

60

62

9

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

12,870

11,700


 

Auditors remuneration in respect of other services is disclosed in the group accounts.

10

Taxation

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

2023
£

2022
£

Current taxation

UK corporation tax

37,315

-

Deferred taxation

Arising from origination and reversal of timing differences

19,664

34,814

Tax expense in the income statement

56,979

34,814

 

Woodthorpe Leisure Park Limited

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


The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of 23.5% (2022 - 25%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

475,566

227,334

Corporation tax at standard rate

111,758

56,834

Effect of expense not deductible in determining taxable profit (tax loss)

1,461

370

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

(1,122)

3,312

Tax increase arising from group relief

-

17,914

Tax decrease from transfer pricing adjustments

(55,118)

(43,616)

Total tax charge

56,979

34,814

The rate of tax has changed from 19% to 25% during the current year.

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Difference between accumulated depreciation and capital allowances

228,354

Revaluation of freehold property

406,274

634,628

2022

Liability
£

Difference between accumulated depreciation and capital allowances

208,691

Revaluation of freehold property

406,274

614,965

11

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

169,500

169,500

At 31 December 2023

169,500

169,500

Amortisation

At 1 January 2023

169,500

169,500

At 31 December 2023

169,500

169,500

Carrying amount

At 31 December 2023 and 31 December 2022

-

-

 

Woodthorpe Leisure Park Limited

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

12

Tangible assets

Land and buildings
£

Plant, fixtures, fittings and office equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

10,500,000

946,328

28,669

11,474,997

Additions

348,073

5,438

11,700

365,211

Disposals

(52,775)

(10,000)

-

(62,775)

At 31 December 2023

10,795,298

941,766

40,369

11,777,433

Depreciation

At 1 January 2023

-

520,878

24,084

544,962

Charge for the year

-

80,115

2,293

82,408

Eliminated on disposal

-

(1,052)

-

(1,052)

At 31 December 2023

-

599,941

26,377

626,318

Carrying amount

At 31 December 2023

10,795,298

341,825

13,992

11,151,115

At 31 December 2022

10,500,000

425,451

4,585

10,930,036

Revaluation

The fair value of the company's freehold land and buildings were revalued on 31 December 2022 by an independent valuer, Christie & Co RICS. The basis of this valuation was open market value.

This class of assets has a current value of £10,795,298 (2022 - £10,500,000). Had this class of asset been measured on a historical cost basis, their historical cost would have been £8,594,354 (2022 - £8,299,056). The depreciation on this historical cost is £380,388 (2022 - £414,716). The historical carrying amount would have been £8,213,966 (2022 - £7,884,340).
 

Restriction on title and pledged as security

Land and buildings with a carrying amount of £10,795,298 (2022 - £10,500,000) has been pledged as security for the bank loan.

Plant, fixtures, fittings and office equipment with a carrying amount of £341,825 (2022 - £425,451) has been pledged as security for the bank loan.

Motor vehicles with a carrying amount of £13,992 (2022 - £4,585) has been pledged as security for the bank loan.

13

Stocks

2023
£

2022
£

Other inventories

747,597

263,456

 

Woodthorpe Leisure Park Limited

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

14

Debtors

Current

2023
£

2022
£

Trade debtors

135,339

91,040

Other debtors

98,910

53,445

Prepayments and accrued income

188,652

246,817

 

422,901

391,302

15

Cash and cash equivalents

2023
£

2022
£

Cash on hand

42,537

43,438

Cash at bank

473,664

631,850

516,201

675,288

16

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Bank loans and overdrafts

17

127,513

120,228

Trade creditors

 

670,048

567,283

Amounts due to related parties

23

3,109,782

3,020,619

Social security and other taxes

 

184,754

150,042

Outstanding defined contribution pension costs

 

2,604

3,298

Other payables

 

332,885

362,106

Accruals and deferred income

 

832,192

734,939

 

5,259,778

4,958,515

Due after one year

 

Loans and borrowings

17

1,927,554

2,055,008

17

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,927,554

2,055,008

2023
£

2022
£

Current loans and borrowings

Bank borrowings

127,513

120,228

Other borrowings

330,594

330,594

458,107

450,822

 

Woodthorpe Leisure Park Limited

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

Bank borrowings

HSBC Commercial Mortgage Account 1 is denominated in sterling with a nominal interest rate of 5.75%, and the final instalment is due on 21 May 2033. The carrying amount at year end is £2,055,067 (2022 - £2,175,236).

The bank borrowing has been secured against the freehold property known as Woodthorpe Hall Leisure Park.
The monthly repayments are £20,446.

Included in the loans and borrowings are the following amounts due after more than five years:

2023
£

2022
£

After more than five years by instalments

1,335,371

1,496,657

-

-

Secured creditors

Bank borrowings are denominated in sterling. The carrying amount at the year end is £2,055,067 (2022 - £2,175,236).

The bank borrowings have been secured against the freehold property known as Woodthorpe Hall Leisure Park, the carrying amount of the freehold property is £10,795,298 (2022 - £10,500,000).

Debenture comprising a fixed charge over all assets and undertakings of Woodthorpe Leisure Park Limited including all present and future freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital, both present and future.

A Composite Limited Multilateral Guarentee is given by Woodthorpe Leisure Park Limited and the parent company Woodthorpe Hall Garden Centres Limited to secure all liabilities of each other.

Mortgage of Life Policy in favour of Woodthorpe Leisure Park Limited in relation to Charles Edward Stubbs and Robert Stubbs for £3,500,000.

18

Provisions for liabilities

Deferred tax
£

Total
£

At 1 January 2023

614,964

614,964

Increase (decrease) in existing provisions

19,664

19,664

At 31 December 2023

634,628

634,628

19

Pension and other 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 £14,090 (2022 - £14,012).

Contributions totalling £2,604 (2022 - £3,298) were payable to the scheme at the end of the year and are included in creditors.

 

Woodthorpe Leisure Park Limited

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

20

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
Normal voting and participation rights.

21

Contingent liabilities

Unlimited Composite Company Guarantee secured by the company's assets given by Woodthorpe Leisure Park Limited and Woodthorpe Hall Garden Centres Limited to secure all liabilities of each other. Given the company's current trading position and strength it is not expected that this will be required.

22

Analysis of changes in net debt

At 1 January 2023
£

Financing cash flows
£

At 31 December 2023
£

Cash and cash equivalents

Cash

675,288

(159,087)

516,201

Borrowings

Long term borrowings

(2,055,008)

127,454

(1,927,554)

Short term borrowings

(450,822)

(7,285)

(458,107)

(2,505,830)

120,169

(2,385,661)

 

(1,830,542)

(38,918)

(1,869,460)

23

Related party transactions

The company has taken advantage of the exemption in section 33 of FRS 102 'Related Party Disclosures' from disclosing transactions with other members of the group in which any subsidiary which is a party to the transaction is wholly owned by the group.

 

Woodthorpe Leisure Park Limited

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

Summary of transactions with key management

Interest free loans, no formal repayment terms.
 

Expenditure with and payables to related parties

2023

Key management
£

Amounts payable to related party

330,594

2022

Key management
£

Amounts payable to related party

330,594

24

Parent and ultimate parent undertaking

The Company's immediate parent is Woodthorpe Hall Garden Centres Limited, incorporated in the United Kingdom.

 The ultimate controlling party are the directors who own 100% of the called up share capital.