1 January 2023 v2024.43.2 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP052520442023-01-012023-12-31052520442023-12-31052520442022-12-3105252044core:WithinOneYear2023-12-3105252044core:WithinOneYear2022-12-3105252044core:AfterOneYear2023-12-3105252044core:AfterOneYear2022-12-3105252044core:ShareCapital2023-12-3105252044core:ShareCapital2022-12-3105252044core:RetainedEarningsAccumulatedLosses2023-12-3105252044core:RetainedEarningsAccumulatedLosses2022-12-3105252044bus:Director12023-01-012023-12-3105252044bus:RegisteredOffice2023-01-012023-12-3105252044core:LandBuildings2023-01-012023-12-3105252044core:PlantMachinery2023-01-012023-12-3105252044core:MotorVehicles2023-01-012023-12-31052520442022-01-012022-12-3105252044core:LandBuildings2023-01-0105252044core:PlantMachinery2023-01-01052520442023-01-0105252044core:LandBuildings2023-12-3105252044core:PlantMachinery2023-12-3105252044core:LandBuildings2022-12-3105252044core:PlantMachinery2022-12-310525204412023-01-012023-12-3105252044countries:EnglandWales2023-01-012023-12-3105252044bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3105252044bus:PrivateLimitedCompanyLtd2023-01-012023-12-3105252044bus:SmallEntities2023-01-012023-12-3105252044bus:FullAccounts2023-01-012023-12-31
Company registration number:
05252044
RIVERSIDE CARAVAN PARK (DEVON) LTD
Unaudited Filleted Financial Statements for the year ended
31 December 2023
RIVERSIDE CARAVAN PARK (DEVON) LTD
Statement of Financial Position
31 December 2023
20232022
Note££
Fixed assets    
Tangible assets 5
1,149,568
 
1,090,054
 
Current assets    
Stocks
12,675
 
10,664
 
Debtors 6
91,334
 
62,356
 
Cash at bank and in hand
160,800
 
243,293
 
264,809
 
316,313
 
Creditors: amounts falling due within one year 7
(186,833
)
(177,233
)
Net current assets
77,976
 
139,080
 
Total assets less current liabilities 1,227,544   1,229,134  
Creditors: amounts falling due after more than one year 8
(451,681
)
(511,402
)
Net assets
775,863
 
717,732
 
Capital and reserves    
Called up share capital
2
 
2
 
Profit and loss account
775,861
 
717,730
 
Shareholders funds
775,863
 
717,732
 
For the year ending
31 December 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
14 August 2024
, and are signed on behalf of the board by:
MR JOSEPH PENFOLD
Director
Company registration number:
05252044
RIVERSIDE CARAVAN PARK (DEVON) LTD
Notes to the Financial Statements
Year ended
31 December 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Deans Court
,
Deans Park
,
South Molton
,
Devon
,
EX36 3DY
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. The total turnover of the company has been derived from it's principle activity wholly undertaken in the UK.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
No provision
Plant and machinery
15% reducing balance
Motor vehicles
15% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

stock_and_or_work_in_progress are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

Related party disclosures

The director Mr J Penfold is also a director of J Penfold Tarmacadum Ltd and J&N Storage Ltd. The director's wife is a director of Riverside Caravan Storage Ltd.
No rent has been paid to the director and his wife who own the property that this company uses for it's business. A lease arrangement exists but no commercial market rent is paid as the company has agreed to pay for all additions to buildings and improvements to the leasehold property the landlord owns during the period it operates it's business from those premises. This is reflected in these accounts in land and buildings.

4 Average number of employees

The average number of persons employed by the company during the year was
21
(2022:
17.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 January 2023
871,173
 
308,865
 
1,180,038
 
Additions
35,859
 
59,691
 
95,550
 
At
31 December 2023
907,032
 
368,556
 
1,275,588
 
Depreciation      
At
1 January 2023
-  
89,984
 
89,984
 
Charge -  
36,036
 
36,036
 
At
31 December 2023
-  
126,020
 
126,020
 
Carrying amount      
At
31 December 2023
907,032
 
242,536
 
1,149,568
 
At 31 December 2022
871,173
 
218,881
 
1,090,054
 
The land and buildings shown above is expenditure on buildings and improvements incurred by this company in respect of the property owned by the landlords.

6 Debtors

20232022
££
Trade debtors
19,123
 
8,940
 
Other debtors
72,211
 
53,416
 
91,334
 
62,356
 
The debtors above include the following amounts falling due after more than one year:
20232022
££
Other debtors
61,311
 
57,658
 

7 Creditors: amounts falling due within one year

20232022
££
Trade creditors
69,610
 
55,594
 
Taxation and social security
28,873
 
28,005
 
Other creditors
88,350
 
93,634
 
186,833
 
177,233
 

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
28,333
 
38,333
 
Other creditors
423,348
 
473,069
 
451,681
 
511,402
 

9 Controlling party

The company was controlled and managed throughout the year by the director, Mr Joseph Penfold