Company Registration No. 01620652 (England and Wales)
DEER PARK COUNTRY HOUSE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DEER PARK COUNTRY HOUSE LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
DEER PARK COUNTRY HOUSE LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,236,855
4,181,091
Current assets
Stocks
28,098
25,982
Debtors
5
152,353
110,445
Cash at bank and in hand
2,163
1,192
182,614
137,619
Creditors: amounts falling due within one year
6
(1,206,263)
(1,091,655)
Net current liabilities
(1,023,649)
(954,036)
Total assets less current liabilities
3,213,206
3,227,055
Creditors: amounts falling due after more than one year
7
(5,640,176)
(5,735,783)
Net liabilities
(2,426,970)
(2,508,728)
Capital and reserves
Called up share capital
8
12,895
12,895
Share premium account
283,895
283,895
Revaluation reserve
44,520
45,580
Profit and loss reserves
(2,768,280)
(2,851,098)
Total equity
(2,426,970)
(2,508,728)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
Mr M J Godfrey
Director
Company Registration No. 01620652
DEER PARK COUNTRY HOUSE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2022
12,895
283,895
46,640
(3,172,129)
(2,828,699)
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
319,971
319,971
Transfers
-
-
(1,060)
1,060
-
Balance at 31 December 2022
12,895
283,895
45,580
(2,851,098)
(2,508,728)
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
81,758
81,758
Transfers
-
-
(1,060)
1,060
-
Balance at 31 December 2023
12,895
283,895
44,520
(2,768,280)
(2,426,970)
DEER PARK COUNTRY HOUSE LTD
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’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 may 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.
2
Accounting policies
Company information
Deer Park Country House Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Deer Park Country House, Weston, Honiton, Devon, EX14 3PG.
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
2.2
Going concern
The company is dependant on the continued support of the controlling shareholder and companies in which he has interests. The directors have received confirmation that this support will continue for the foreseeable future and are satisfied as to its sufficiency.true
The directors hence have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly they consider it appropriate to prepare the financial statements on the going concern basis.
2.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
DEER PARK COUNTRY HOUSE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 4 -
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable. Revenue from events is recognised at the date that the event takes places.
2.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
Land - 0%, Buildings - 2% straight line
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
Classic cars - 2% straight line, Other - 25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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 assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its 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.
Recognised 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 determined 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.
2.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
DEER PARK COUNTRY HOUSE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 5 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
2.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
DEER PARK COUNTRY HOUSE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 6 -
2.10
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
2.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2.13
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited directly to equity (reserves).
DEER PARK COUNTRY HOUSE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
50
37
4
Tangible fixed assets
Land and buildings Freehold
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 January 2023
4,234,818
1,041,132
284,308
5,560,258
Additions
45,140
130,664
45,348
221,152
At 31 December 2023
4,279,958
1,171,796
329,656
5,781,410
Depreciation
At 1 January 2023
636,768
678,632
63,766
1,379,166
Depreciation charged in the year
73,599
73,978
17,812
165,389
At 31 December 2023
710,367
752,610
81,578
1,544,555
Carrying amount
At 31 December 2023
3,569,591
419,186
248,078
4,236,855
At 31 December 2022
3,598,038
362,511
220,542
4,181,091
Revaluations
Freehold land and buildings were revalued prior to 1994 to £1.46m. In 2016 the directors recognised an impairment loss equal to the remaining revaluation surplus on this class of asset, hence they are now stated at the same amount as on the historical cost basis. Accordingly no provision for deferred tax has been necessary.
Classic cars included within motor vehicles were revalued in 2015 to £201,100.
2023
£
Cost
148,100
Accumulated depreciation
(23,698)
Carrying value
124,402
DEER PARK COUNTRY HOUSE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Tangible fixed assets
(Continued)
- 8 -
Security
Freehold land and buildings and all other tangible fixed assets as detailed above have been pledged to secure borrowings of the company.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,509
Other debtors
152,353
105,936
152,353
110,445
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
115,519
168,636
Trade creditors
103,800
119,575
Taxation and social security
147,723
101,432
Other creditors
839,221
702,012
1,206,263
1,091,655
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
517,448
580,909
Other creditors
5,122,728
5,154,874
5,640,176
5,735,783
The bank loan is secured by way of a legal mortgage on the freehold land and buildings.
The bank overdraft is secured by way of a fixed and floating charge over the assets of the company.
Obligations under Hire Purchase contracts (included in other creditors) totalling £101,812 (2022: £56,879) are secured on the assets to which they relate.
Other creditors includes shares classed as financial liabilities amounting to £1,659,790 (2022: £1,659,790).
DEER PARK COUNTRY HOUSE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Creditors: amounts falling due after more than one year
(Continued)
- 9 -
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
138,217
203,756
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
679,350
969,485
6,794
9,695
Ordinary B shares of 1p each
610,135
320,000
6,101
3,200
1,289,485
1,289,485
12,895
12,895
The Ordinary B shares rank pari passu with the Ordinary shares except in respect of certain preferred rights on a winding up.
Amounts presented in liabilities:
700,000 Preference share of £1 each 700,000 700,000
969,485 Deferred shares of £0.99 each 959,790 959,790
The Preference Shares and Deferred Shares carry no rights to voting or dividends. They are presented in liabilities as falling due in more than one year. The preference shares have certain preferred rights on a winding up.
10
Related party transactions
An owner holding a participating interest, has a loan account with the company. The amount outstanding at 31 December 2023 was £3,381,219 (2022: £3,388,394). The loan is unsecured and there are no fixed terms of repayment, other than that 12 months notice of repayment is required. No interest is currently charged on this loan.
An owner holding a participating interest has also provided the company with certain fixtures and fittings and classic cars for use for a nominal charge for the year.
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