REGISTERED NUMBER: 12385208 (England and Wales) |
HENSON LEISURE HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: 12385208 (England and Wales) |
HENSON LEISURE HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
HENSON LEISURE HOLDINGS LIMITED (REGISTERED NUMBER: 12385208) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 18 |
HENSON LEISURE HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
3 New Mill Court |
Enterprise Park |
Swansea |
SA7 9FG |
HENSON LEISURE HOLDINGS LIMITED (REGISTERED NUMBER: 12385208) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The director presents his strategic report of the company and the group for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
Henson Leisure Holdings is a Group of holiday parks and holiday home trading companies. For the last decade, Henson has been welcoming owners and holiday makers to the coastline of West Wales, providing opportunities for short breaks or longer term holiday home ownership options at the Groups growing portfolio of holiday parks. |
With six holiday parks the offering of new and pre-owned holiday homes through the dealership, the group strive to ensure high standards of care, and attention to detail is always maintained. |
The caravan trade in the UK has been buoyant in the last couple of years as the tourism sector has benefitted from families taking holidays domestically creating an increased demand for caravans and other similar accommodation. |
The factors above have resulted in maintaining turnover at £21.1M (2022: £21.1M) whilst operating profits decreased to £3.2M (2022: £4.0m) due to increasing park overheads and staffing costs. Such results encourages the group to continue expanding while providing jobs for the local communities. |
Key performance indicators |
Dec 2023 | Dec 2022 |
Revenue | £21,124,901 | £21,190,242 |
Gross Profit | £6,056,280 | £6,263,260 |
GP % | 28.6% | 29.6% |
Operating Profit | £3,282,688 | £4,012,527 |
OP % | 16% | 19% |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risk facing the company is the strength of the UK economy, with leisure activities not seen as an essential household expense which could mean families foregoing such costs during the current cost of living crises. However in recent years, the UK tourism industry has witnessed a boost particularly after lowdown, with many families deciding to holiday domestically. |
FUTURE DEVELOPMENTS |
The Group will continue to focus on sustained profitability and growth. There are several exciting projects ongoing including continued improvements to the existing holiday parks and the opening of the group's new holiday park in the spring of 2024. The trading companies continue to hold strong relationships with both its customers and suppliers to deliver high quality levels of customer service and aftersale care. |
Our plans and strategies further consider the impact of our operations on the community and environment, as well as our wider social responsibilities, and in particular how we comply with environmental legislation and react promptly to local community concerns. Our intention is to behave responsibly and to ensure that the management operate the business in a responsible manner, recognising the high standards of business conduct and good governance expected for a business such as ours. |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
The Group operates a number of risk management policies designed to minimise its exposure to financial risk. |
HENSON LEISURE HOLDINGS LIMITED (REGISTERED NUMBER: 12385208) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
LIQUIDITY AND CASHFLOW RISK |
The Group utilises a number of financial instruments including bank loans to finance its operations. The primary risk faced by the Group as a result of its users of the financial statements is interest rate risk. |
The Group's bank loan borrowings, which are issued at variable rates, expose the Group to fair value interest rate risk. These loans are provided by the Group's bankers at rates agreed at the start of the loan. |
The group does not currently seek to hedge any interest rate risk. |
CREDIT RISK |
The Group operates a number of policies and controls to minimise credit risk. All customers are subject to a detailed review prior to any terms being agreed, the Group will only conduct business with customers deemed to be credit worthy. |
PRICE RISK |
The Group actively manage price risk by maintaining strong relationships and agreeing terms with suppliers prior to entering into any transactions with customers. |
ON BEHALF OF THE BOARD: |
HENSON LEISURE HOLDINGS LIMITED (REGISTERED NUMBER: 12385208) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The director presents his report with the financial statements of the company and the group for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of caravan sales and the running of holiday parks. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 December 2023 will be £150,000 (2022:£130,000). |
DIRECTOR |
GOING CONCERN |
The financial statements have been prepared on the going concern basis which assumes that the Group will continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely future cash flow of the business and have considered the facilities that are in place at the date of signing the report. |
The Group meets its day to day working capital requirements from its cash reserves. At the date of signing the report sales continued to meet budgeted levels. With no indication at the current time this position will change, the Group's forecasts and projections show that the Group will be able to operate within those facilities. At the time of approving the financial statements, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
HENSON LEISURE HOLDINGS LIMITED (REGISTERED NUMBER: 12385208) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
AUDITORS |
The auditors, Redwood Wales Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
HENSON LEISURE HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Henson Leisure Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2023 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
HENSON LEISURE HOLDINGS LIMITED |
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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
HENSON LEISURE HOLDINGS LIMITED |
Auditors' 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 a Report of the Auditors 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 and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud. |
We obtain an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on operations of the Group. The key laws and regulations we consider in this context include UK Companies Act and relevant tax legislation. |
Audit procedures performed by the engagement team to respond to the risk of irregularities and non compliance with laws and regulations, including, include the following: |
- discussions with management to enquire of any known instances of non compliance with laws and regulations, including fraud; |
- discussions with management in respect of any actual or potential litigation claims; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- testing the appropriateness of journal enteries and other adjustment to address the risk of fraud through management override of controls; |
- review of financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations; and |
- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
There are inherent limitations in the audit procedures which means we are less likely to become aware of instances of non compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. The risk of not detecting material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
HENSON LEISURE HOLDINGS 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 a Report of the Auditors 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. |
for and on behalf of |
3 New Mill Court |
Enterprise Park |
Swansea |
SA7 9FG |
HENSON LEISURE HOLDINGS LIMITED (REGISTERED NUMBER: 12385208) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 21,124,901 | 21,190,242 |
Cost of sales | 15,068,280 | 14,926,982 |
GROSS PROFIT | 6,056,621 | 6,263,260 |
Distribution costs | 5,000 | 12,250 |
Administrative expenses | 2,787,457 | 2,253,858 |
2,792,457 | 2,266,108 |
3,264,164 | 3,997,152 |
Other operating income | 18,525 | 15,375 |
OPERATING PROFIT | 5 | 3,282,689 | 4,012,527 |
Interest payable and similar expenses | 6 | 553,819 | 230,039 |
PROFIT BEFORE TAXATION | 2,728,870 | 3,782,488 |
Tax on profit | 7 | 753,247 | 811,059 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,975,623 | 2,971,429 |
HENSON LEISURE HOLDINGS LIMITED (REGISTERED NUMBER: 12385208) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,975,623 | 2,971,429 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,975,623 |
2,971,429 |
Total comprehensive income attributable to: |
Owners of the parent | 1,975,623 | 2,971,429 |
HENSON LEISURE HOLDINGS LIMITED (REGISTERED NUMBER: 12385208) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 2,500,664 | 2,801,053 |
Tangible assets | 11 | 10,762,113 | 7,920,023 |
Investments | 12 | - | - |
13,262,777 | 10,721,076 |
CURRENT ASSETS |
Stocks | 13 | 2,979,350 | 3,275,976 |
Debtors | 14 | 4,713,960 | 5,279,622 |
Cash at bank and in hand | 4,453,994 | 4,667,678 |
12,147,304 | 13,223,276 |
CREDITORS |
Amounts falling due within one year | 15 | 7,285,968 | 8,838,370 |
NET CURRENT ASSETS | 4,861,336 | 4,384,906 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 18,124,113 | 15,105,982 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(8,016,173 |
) |
(6,880,788 |
) |
PROVISIONS FOR LIABILITIES | 19 | (489,722 | ) | (432,599 | ) |
NET ASSETS | 9,618,218 | 7,792,595 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 200 | 200 |
Retained earnings | 21 | 9,618,018 | 7,792,395 |
SHAREHOLDERS' FUNDS | 9,618,218 | 7,792,595 |
The financial statements were approved by the director and authorised for issue on 17 September 2024 and were signed by: |
D A Henson - Director |
HENSON LEISURE HOLDINGS LIMITED (REGISTERED NUMBER: 12385208) |
COMPANY BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,599,552 | 953,958 |
The financial statements were approved by the director and authorised for issue on |
HENSON LEISURE HOLDINGS LIMITED (REGISTERED NUMBER: 12385208) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 | 200 | 4,950,966 | 4,951,166 |
Changes in equity |
Dividends | - | (130,000 | ) | (130,000 | ) |
Total comprehensive income | - | 2,971,429 | 2,971,429 |
Balance at 31 December 2022 | 200 | 7,792,395 | 7,792,595 |
Changes in equity |
Dividends | - | (150,000 | ) | (150,000 | ) |
Total comprehensive income | - | 1,975,623 | 1,975,623 |
Balance at 31 December 2023 | 200 | 9,618,018 | 9,618,218 |
HENSON LEISURE HOLDINGS LIMITED (REGISTERED NUMBER: 12385208) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
HENSON LEISURE HOLDINGS LIMITED (REGISTERED NUMBER: 12385208) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 3,068,245 | 4,177,631 |
Interest paid | (553,819 | ) | (230,039 | ) |
Tax paid | (927,453 | ) | (667,803 | ) |
Net cash from operating activities | 1,586,973 | 3,279,789 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (4,155,003 | ) | (1,577,249 | ) |
Sale of tangible fixed assets | 1,175,476 | 601,009 |
Net cash from investing activities | (2,979,527 | ) | (976,240 | ) |
Cash flows from financing activities |
New loans in year | 1,800,000 | 5,389,800 |
Loan repayments in year | (521,379 | ) | (6,370,546 | ) |
Amount introduced by directors | 249,629 | 404,217 |
Amount withdrawn by directors | (199,380 | ) | (458,521 | ) |
Equity dividends paid | (150,000 | ) | (130,000 | ) |
Net cash from financing activities | 1,178,870 | (1,165,050 | ) |
(Decrease)/increase in cash and cash equivalents | (213,684 | ) | 1,138,499 |
Cash and cash equivalents at beginning of year |
2 |
4,667,678 |
3,529,179 |
Cash and cash equivalents at end of year | 2 | 4,453,994 | 4,667,678 |
HENSON LEISURE HOLDINGS LIMITED (REGISTERED NUMBER: 12385208) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 2,728,870 | 3,782,488 |
Depreciation charges | 569,003 | 560,654 |
Profit on disposal of fixed assets | (131,175 | ) | (189,972 | ) |
Finance costs | 553,819 | 230,039 |
3,720,517 | 4,383,209 |
Decrease in stocks | 296,626 | 417,542 |
Decrease/(increase) in trade and other debtors | 684,609 | (825,711 | ) |
(Decrease)/increase in trade and other creditors | (1,633,507 | ) | 202,591 |
Cash generated from operations | 3,068,245 | 4,177,631 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 4,453,994 | 4,667,678 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 4,667,678 | 3,529,179 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 4,667,678 | (213,684 | ) | 4,453,994 |
4,667,678 | (213,684 | ) | 4,453,994 |
Debt |
Finance leases | (10,500 | ) | 10,500 | - |
Debts falling due within 1 year | (449,205 | ) | (153,738 | ) | (602,943 | ) |
Debts falling due after 1 year | (6,880,788 | ) | (1,135,385 | ) | (8,016,173 | ) |
(7,340,493 | ) | (1,278,623 | ) | (8,619,116 | ) |
Total | (2,672,815 | ) | (1,492,307 | ) | (4,165,122 | ) |
HENSON LEISURE HOLDINGS LIMITED (REGISTERED NUMBER: 12385208) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Henson Leisure Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
The financial statements have been prepared under the historical cost convention, modified to include the renovation of freehold properties at fair value. |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts are rounded to the nearest £. |
This company is a qualifying entity for the purposes of FRS 102, being the parent of a group that prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements. |
- Section 4 'Statement of financial position' - Reconciliation of the opening and closing number of shares; |
- Section 7 'Statement of Cash flows' - Presentation of a statement of cash flow and related notes and disclosures; |
- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit and loss and in other comprehensive income; |
- Section 33 'Related Party Disclosures'. |
Basis of consolidation |
The consolidated group financial statements consist of the financial statements of the parent company Henson Leisure Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group's share of any interests in joint ventures and associates. |
All financial statements are made up to 31 December 2022. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. |
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
HENSON LEISURE HOLDINGS LIMITED (REGISTERED NUMBER: 12385208) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Useful economic lives of tangible assets |
The annual depreciation charges for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See below for the useful economic lives for each class of assets. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales. |
Revenue is recognised on sale of caravans or in the relevant hire periods. |
Goodwill |
Goodwill, being the amount paid in connection with business acquisitions and being amortised over its estimated useful life of 15 years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Land and buildings - 2% buildings only |
Short leasehold - on lease |
Plant and machinery - 25% on cost, 20% on cost, 20% on reducing balance, 10% on cost not provided and at varying rates on cost. |
Fixtures and fittings - 15% on cost and 15% on reducing balance |
Motor vehicles - 25% on reducing balance, 25% on cost and 20% on reducing balance |
Computer equipment - at varying rates on cost |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
HENSON LEISURE HOLDINGS LIMITED (REGISTERED NUMBER: 12385208) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The financial statements have been prepared on the going concern basis which assumes that the Group will continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely future cash flow of the business and have considered the facilities that are in place at the date of signing the report. |
The Group meets its day to day working capital requirements from its cash reserves. At the date of signing the report sales continued to meet budgeted levels. With no indication at the current time this position will change, the Group's forecasts and projections show that the Group will be able to operate within those facilities. At the time of approving the financial statements, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
HENSON LEISURE HOLDINGS LIMITED (REGISTERED NUMBER: 12385208) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Impairment of fixed assets |
At each reporting end date, the group 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 is it 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. |
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessment of the time value of money and the risks specific to the asset for which the estimates of future cashflow have not been adjusted. |
If the recoverable amount, of an asset (or cash-generating unit) is estimated to be less than carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
Recogised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determine had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
Fixed asset investments |
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available. |
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. |
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
Entities in which the group has long term interest and shares control under a contractual arrangement are classified as jointly controlled entities. |
HENSON LEISURE HOLDINGS LIMITED (REGISTERED NUMBER: 12385208) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£ | £ |
Caravan sales | 17,763,511 | 16,552,935 |
Hire and other site sales | 3,361,390 | 4,637,307 |
21,124,901 | 21,190,242 |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom | 21,124,901 | 21,190,242 |
21,124,901 | 21,190,242 |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 978,692 | 888,406 |
Social security costs | 73,554 | 66,470 |
Other pension costs | 166,673 | 26,909 |
1,218,919 | 981,785 |
The average number of employees during the year was as follows: |
2023 | 2022 |
2023 | 2022 |
£ | £ |
Director's remuneration | 25,000 | 25,000 |
Director's pension contributions to money purchase schemes | 74,000 | 6,000 |
HENSON LEISURE HOLDINGS LIMITED (REGISTERED NUMBER: 12385208) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 2,352 | 3,297 |
Other operating leases | 61,213 | 48,440 |
Depreciation - owned assets | 268,612 | 260,264 |
Profit on disposal of fixed assets | (131,175 | ) | (189,972 | ) |
Goodwill amortisation | 300,389 | 300,390 |
Auditors' remuneration | 15,000 | 15,000 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | 2 | - |
Bank loan interest | 553,545 | 230,039 |
Interest payable | 272 | - |
553,819 | 230,039 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 696,124 | 628,386 |
Deferred tax | 57,123 | 182,673 |
Tax on profit | 753,247 | 811,059 |
UK corporation tax was charged at 19 %) in 2022. |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of 1 each |
Final | 150,000 | 130,000 |
HENSON LEISURE HOLDINGS LIMITED (REGISTERED NUMBER: 12385208) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 4,198,320 |
AMORTISATION |
At 1 January 2023 | 1,397,267 |
Amortisation for year | 300,389 |
At 31 December 2023 | 1,697,656 |
NET BOOK VALUE |
At 31 December 2023 | 2,500,664 |
At 31 December 2022 | 2,801,053 |
11. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Short | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 January 2023 | 6,359,756 | 50,000 | 1,878,367 |
Additions | 2,658,624 | - | 980,866 |
Disposals | - | - | (798,291 | ) |
At 31 December 2023 | 9,018,380 | 50,000 | 2,060,942 |
DEPRECIATION |
At 1 January 2023 | 158,920 | 10,000 | 421,476 |
Charge for year | 34,748 | 2,000 | 181,570 |
Eliminated on disposal | - | - | (46,841 | ) |
At 31 December 2023 | 193,668 | 12,000 | 556,205 |
NET BOOK VALUE |
At 31 December 2023 | 8,824,712 | 38,000 | 1,504,737 |
At 31 December 2022 | 6,200,836 | 40,000 | 1,456,891 |
HENSON LEISURE HOLDINGS LIMITED (REGISTERED NUMBER: 12385208) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 | 29,449 | 325,191 | 22,043 | 8,664,806 |
Additions | - | 515,513 | - | 4,155,003 |
Disposals | - | (298,234 | ) | - | (1,096,525 | ) |
At 31 December 2023 | 29,449 | 542,470 | 22,043 | 11,723,284 |
DEPRECIATION |
At 1 January 2023 | 6,823 | 141,774 | 5,790 | 744,783 |
Charge for year | 4,143 | 43,395 | 2,756 | 268,612 |
Eliminated on disposal | - | (5,383 | ) | - | (52,224 | ) |
At 31 December 2023 | 10,966 | 179,786 | 8,546 | 961,171 |
NET BOOK VALUE |
At 31 December 2023 | 18,483 | 362,684 | 13,497 | 10,762,113 |
At 31 December 2022 | 22,626 | 183,417 | 16,253 | 7,920,023 |
12. | FIXED ASSET INVESTMENTS |
Company |
Unlisted |
investments |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
HENSON LEISURE HOLDINGS LIMITED (REGISTERED NUMBER: 12385208) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: C/O Saundersfoot Bay Leisure Ltd, Broadfield, Saundersfoot, Pembrokeshire, Wales, SA69 9DG |
Nature of business: |
% |
Class of shares: | holding |
Registered office: C/O Saundersfoot Bay Leisure Ltd, Broadfield, Saundersfoot, Pembrokeshire, Wales, SA69 9DG |
Nature of business: |
% |
Class of shares: | holding |
Registered office: C/O Saundersfoot Bay Leisure Ltd, Broadfield, Saundersfoot, Pembrokeshire, Wales, SA69 9DG |
Nature of business: |
% |
Class of shares: | holding |
Registered office: C/O Saundersfoot Bay Leisure Ltd, Broadfield, Saundersfoot, Pembrokeshire, Wales, SA69 9DG |
Nature of business: |
% |
Class of shares: | holding |
Registered office: C/O Saundersfoot Bay Leisure Ltd, Broadfield, Saundersfoot, Pembrokeshire, Wales, SA69 9DG |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Broadfield, Saundersfoot, Pembrokeshre, SA69 9DG |
Nature of business: |
% |
Class of shares: | holding |
HENSON LEISURE HOLDINGS LIMITED (REGISTERED NUMBER: 12385208) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: C/O Saundersfoot Bay Leisure Ltd, Broadfield, Saundersfoot, Pembrokeshire, Wales, SA69 9DG |
Nature of business: |
% |
Class of shares: | holding |
Registered office: C/O Saundersfoot Bay Leisure Ltd, Broadfield, Saundersfoot, Pembrokeshire, Wales, SA69 9DG |
Nature of business: |
% |
Class of shares: | holding |
Registered office: C/O Saundersfoot Bay Leisure Ltd, Broadfield, Saundersfoot, Pembrokeshire, Wales, SA69 9DG |
Nature of business: |
% |
Class of shares: | holding |
Registered office: C/O Saundersfoot Bay Leisure Ltd, Broadfield, Saundersfoot, Pembrokeshire, Wales, SA69 9DG |
Nature of business: |
% |
Class of shares: | holding |
Registered office: C/O Saundersfoot Bay Leisure Ltd, Broadfield, Saundersfoot, Pembrokeshire, Wales, SA69 9DG |
Nature of business: |
% |
Class of shares: | holding |
Registered office: C/O Saundersfoot Bay Leisure Ltd, Broadfield, Saundersfoot, Pembrokeshire, Wales, SA69 9DG |
Nature of business: |
% |
Class of shares: | holding |
HENSON LEISURE HOLDINGS LIMITED (REGISTERED NUMBER: 12385208) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
Under s479A of the Companies Act 2006, the following subsidiaries are exempt from the requirements of the Act relating to the audit of individual accounts. Henson Leisure Group Limited has guaranteed the liabilities of: |
Henson Holiday Homes Limited (Registration 12389256) |
Henson Leisure Group Limited (Registration 12671921) |
Broughton Leisure Limited (Registration 09302287) |
Park Leisure UK Limited (Registration 06742585) |
Saundersfoot Bay Leisure Limited (Registration 09732693) |
Saundersfoot Bay Leisure Park Limited (Registration 01111329) |
Trefach Limited (Registration 05974024) |
HLG 1 Limited (Registration 13560882) |
Wood Park Leisure Limited (Registration 11908268) |
Waters Edge Leisure Park Limited (Registration 12272381) |
Trefach Holdings Limited (Registration 08855018) |
Saltern Leisure Park Limited (Registration 13068372) |
13. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Caravans | 2,979,350 | 3,275,976 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 4,492,182 | 5,173,557 |
Amounts owed by group undertakings | - | - |
Other debtors | 10,083 | 23,183 |
Tax | 118,947 | - |
Prepayments | 92,748 | 82,882 |
4,713,960 | 5,279,622 |
HENSON LEISURE HOLDINGS LIMITED (REGISTERED NUMBER: 12385208) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 602,943 | 449,205 |
Hire purchase contracts (see note 18) | - | 10,500 |
Trade creditors | 3,444,047 | 4,990,158 |
Amounts owed to group undertakings | - | - |
Tax | 515,733 | 628,115 |
Social security and other taxes | 43,281 | 41,224 |
VAT | 196,642 | 233,069 | - | - |
Other creditors | 642,841 | 873,758 |
Directors' current accounts | 73,032 | 22,783 | 73,031 | 22,783 |
Accruals and deferred income | 1,583,006 | 1,589,558 |
Accrued expenses | 184,443 | - |
7,285,968 | 8,838,370 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Bank loans (see note 17) | 8,016,173 | 6,880,788 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 602,943 | 449,205 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 2,411,772 | 1,796,820 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 5,604,401 | 5,083,968 |
Bank loans and overdrafts are secured by a fixed and floating charge over the assets of the Group by HSBC Bank PLC. |
HENSON LEISURE HOLDINGS LIMITED (REGISTERED NUMBER: 12385208) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | - | 10,500 |
19. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 489,722 | 432,599 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 432,599 |
Provided during year | 57,123 |
Balance at 31 December 2023 | 489,722 |
Increase in deferred tax provision during the year relates to advanced capital allowances timing differences. |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 200 | 200 |
21. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 January 2023 | 7,792,395 |
Profit for the year | 1,975,623 |
Dividends | (150,000 | ) |
At 31 December 2023 | 9,618,018 |
HENSON LEISURE HOLDINGS LIMITED (REGISTERED NUMBER: 12385208) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
21. | RESERVES - continued |
Company |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2023 |
22. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is the director Mr D Henson by virtue of his 95% shareholding. |