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xbrli:shares xbrli:pure
Company registration number: 08383054







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


BEST HOLDINGS (UK) LIMITED






































img5d05.png                        

 


BEST HOLDINGS (UK) LIMITED
 


 
COMPANY INFORMATION


Directors
E. J. Best (appointed 28 March 2024)
W. Hanif 




Company secretary
I. M. Farr



Registered number
08383054



Registered office
Lynton House
7-12 Tavistock Square

London

WC1H 9LT




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


BEST HOLDINGS (UK) LIMITED
 



CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 7
Statement of Comprehensive Income
8
Statement of Financial Position
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 25


 


BEST HOLDINGS (UK) LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present the strategic report for the year ended 31 December 2023.

Business review
 
The business activity of the company for the year was the holding of mobile home parks, land and properties. The results for the year and the financial position at the year end were considered satisfactory by the directors. During the year the company secured a number of new Park opportunities at a cost of £4.7m as well as acquiring two new subsidiary companies that complement the business strategy.

Principal risks and uncertainties
 
The risk implications of business decisions affecting the company is considered by the directors.The directors re-assess these risks on a regular basis to ensure that any risks arising from changes in the company's operations or the external environment are identified and appropriately managed. Based on this, the company has recognised that the substantial part of it’s expenses are mortgage interest charges which have significantly increase in the past year and has held discussion with it’s main trading partner with the aim to increase it’s income to cover this change.
The company's principal financial instruments comprise bank balances, bank overdrafts, trade creditors, trade debtors and balances due from group and associated companies. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's trading activities.
Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.
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 and bank loan.
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.
Trade creditors liquidity risk is managed by ensuring funds are available to meet amounts due.
In respect of balances due from group and associated companies, the directors are aware of the individual companies' finance requirements and had determined that these will only be repaid, in whole or in part, when sufficient funds are available.

Page 1

 


BEST HOLDINGS (UK) LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
The statement of financial position shows that the company's financial position at the year end was strong and the directors are satisfied with the company's performance.
The key performance indicators used to determine the progress and performance of the company are set out below:
                          31.12.2023        31.12.2022
                                                            
                     
   £                                      £ 
 Turnover                4,596,214          3,621,238
   
 Operating profit           3,931,242               2,818,435
   
 EBITDA                4,195,295          2,960,481
   
 EBITDA percentage       91%             82% 

Other key performance indicators
 
The other key performance indicator is in relation to plots utilised on Parks although the directors believe disclosure of this information would be detrimental to the company.


This report was approved by the board and signed on its behalf.



................................................
E. J. Best
Director

................................................
W. Hanif
Director
Date: 24 September 2024


Page 2

 


BEST HOLDINGS (UK) 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' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The loss for the year, after taxation, amounted to £1,779,102 (2022 - profit £611,947).

No ordinary dividends were paid and the directors do not recommend payment of a final dividend.
A preference dividend was paid and treated as interest on debt.

Directors

The directors who served during the year were:

A. W. Best (resigned 28 March 2024) 
W. Hanif

Future developments

The company had a successful year and the directors remain confident that the strategy the business continues to deploy in the market place will ensure its future stability through continued growth. The directors will continue to seek opportunities to acquire further Parks.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 3

 


BEST HOLDINGS (UK) LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Post balance sheet events

There have been no post balance sheet events.

Auditors

The auditorsMenzies LLPwill be proposed for reappointment in accordance with section 487 (2) of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
E. J. Best
Director
................................................
W. Hanif
Director


Date: 24 September 2024
Date: 24 September 2024

Page 4

 


BEST HOLDINGS (UK) LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEST HOLDINGS (UK) LIMITED

Opinion


We have audited the financial statements of Best Holdings (UK) Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 loss 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 directors' 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 financial statements are 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 5

 


BEST HOLDINGS (UK) LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEST HOLDINGS (UK) LIMITED (CONTINUED)

Opinion 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the 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 the 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 or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 3, 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.


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 an Auditors' 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.


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:

Obtaining an understanding of the laws and regulations that are applicable to the Company, focusing on those laws and regulations that directly affect the financial statements, such as provisions of the UK Companies Act and tax legislation or that had a fundamental effect on the operations of the Company. We did not identify any law and regulations which had a fundamental effect on the operations of the Company other than the Mobile Homes Act 1983.

 
Page 6

 


BEST HOLDINGS (UK) LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEST HOLDINGS (UK) LIMITED (CONTINUED)

We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management and those responsible for legal and compliance procedures. 
 
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
 
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
 
°Identifying and assessing the design and effectiveness of controls management has in place to prevent and detect fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
 
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
 
°Posting of unusual journals and complex transactions



Because of the inherent limitations of an audit, there is a risk that we will not detect 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 the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The 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 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 Auditors' Report.


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 2006Our 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 Auditors' 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.





Andrew Hookway FCA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Leatherhead
Surrey
KT22 8DY

24 September 2024
Page 7

 


BEST HOLDINGS (UK) LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
4,596,214
3,621,238

Gross profit
  
4,596,214
3,621,238

Administrative expenses
  
(1,148,424)
(802,803)

Other operating income
 5 
483,452
-

Operating profit
 6 
3,931,242
2,818,435

Interest receivable and similar income
 9 
93,475
-

Interest payable and similar expenses
 10 
(5,003,997)
(2,479,509)

(Loss)/profit before tax
  
(979,280)
338,926

Tax on (loss)/profit
 11 
(799,822)
273,021

(Loss)/profit for the financial year
  
(1,779,102)
611,947

Other comprehensive income for the year
  

Unrealised (deficit)/surplus on revaluation of tangible fixed assets
  
(50,578,088)
11,149,090

Other comprehensive income for the year
  
(50,578,088)
11,149,090

Total comprehensive income for the year
  
(52,357,190)
11,761,037

The notes on pages 11 to 25 form part of these financial statements.

Page 8

 


BEST HOLDINGS (UK) LIMITED
REGISTERED NUMBER:08383054



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
297,666,955
361,951,219

Investments
 13 
29,327,305
24,594,570

Investment property
 14 
45,010,747
44,980,366

  
372,005,007
431,526,155

Current assets
  

Debtors: amounts falling due within one year
 15 
5,532,986
4,991,120

Cash at bank and in hand
  
-
18,400

  
5,532,986
5,009,520

Creditors: amounts falling due within one year
 16 
(76,381,676)
(67,078,647)

Net current liabilities
  
 
 
(70,848,690)
 
 
(62,069,127)

Total assets less current liabilities
  
301,156,317
369,457,028

Creditors: amounts falling due after more than one year
 17 
(69,808,130)
(67,145,448)

Provisions for liabilities
  

Deferred tax liability
 19 
(46,883,632)
(65,489,835)

  
 
 
(46,883,632)
 
 
(65,489,835)

Net assets
  
184,464,555
236,821,745


Capital and reserves
  

Called up share capital 
 20 
10,787,521
10,787,521

Revaluation reserve
 21 
106,814,433
157,392,521

Profit and loss account
 21 
66,862,601
68,641,703

  
184,464,555
236,821,745


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
E. J. Best
................................................
W. Hanif
Director
Director


Date: 24 September 2024

The notes on pages 11 to 25 form part of these financial statements.

Page 9

 


BEST HOLDINGS (UK) LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
10,787,521
146,243,431
68,029,756
225,060,708


Comprehensive income for the year

Profit for the year
-
-
611,947
611,947

Surplus on revaluation of freehold property
-
11,149,090
-
11,149,090


Other comprehensive income for the year
-
11,149,090
-
11,149,090


Total comprehensive income for the year
-
11,149,090
611,947
11,761,037



At 1 January 2023
10,787,521
157,392,521
68,641,703
236,821,745


Comprehensive income for the year

Loss for the year

-
-
(1,779,102)
(1,779,102)

Deficit on revaluation of freehold property
-
(50,578,088)
-
(50,578,088)


Other comprehensive income for the year
-
(50,578,088)
-
(50,578,088)


Total comprehensive income for the year
-
(50,578,088)
(1,779,102)
(52,357,190)


At 31 December 2023
10,787,521
106,814,433
66,862,601
184,464,555


The notes on pages 11 to 25 form part of these financial statements.

Page 10

 


BEST HOLDINGS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Best Holdings (UK) Limited is a private company limited by shares, incorporated in England and Wales under the Companies Act 2006. The address of its registered office is disclosed on the company information page. The principal place of business is Wyldecrest House, 857 London Road, Thurrock, Essex, RM20 3AT. 
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Best Holdings Group Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 11

 


BEST HOLDINGS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.5

Revenue

Turnover represents amounts receivable for licence fees. 

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 12

 


BEST HOLDINGS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Plant and machinery
-
10 - 25% Reducing balance
Fixtures and fittings
-
25% Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 13

 


BEST HOLDINGS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Investment property

Investment property is carried at fair value determined annually by external valuers and the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Associates

Associates are held at cost less impairment.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Dividends

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Page 14

 


BEST HOLDINGS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Key source of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual income. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Property valuations
The key source of estimation uncertainty relates to the valuation of the freehold property portfolio, where valuations are conducted regularly. The evidence to support the valuations is based primarily on recent, comparable market transactions on an arm's length basis or from consideration of yields on similar properties. However, the assumptions applied are inherently subjective and so are subject to a degree of uncertainty. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Licence fees
4,596,214
3,621,238

4,596,214
3,621,238


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Insurance claims receivable
73,350
-

Recharge for use of fixed assets by group companies
410,102
-

483,452
-


Page 15

 


BEST HOLDINGS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
264,053
142,046

Exchange differences
-
12,814


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
22,000
20,000


8.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).


9.


Interest receivable

2023
2022
£
£


Other interest receivable
93,475
-

93,475
-


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
4,902,295
2,368,745

Preference share dividends treated as debt
88,360
85,094

Other interest payable
13,342
25,670

5,003,997
2,479,509

Page 16

 


BEST HOLDINGS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
489,245
-

Adjustments in respect of previous periods
-
(273,021)


489,245
(273,021)


Total current tax
489,245
(273,021)

Deferred tax


Origination and reversal of timing differences
310,577
-

Total deferred tax
310,577
-


Taxation on profit/(loss) on ordinary activities
799,822
(273,021)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(979,280)
338,926


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
(230,131)
64,396

Effects of:


Expenses not deductible for tax purposes
23,900
25,890

Capital allowances for year in excess of depreciation
(19,789)
(90,286)

Adjustments to tax charge in respect of prior periods
-
(273,021)

Corporate interest restriction
715,265
-

Deferred tax
310,577
-

Total tax charge for the year
799,822
(273,021)


Factors that may affect future tax charges

There are no factors that may affect future tax charges.

Page 17

 


BEST HOLDINGS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2023
359,476,115
2,864,461
50,000
362,390,576


Additions
6,114,485
-
-
6,114,485


Disposals
(68,269)
-
-
(68,269)


Revaluations
(70,066,427)
-
-
(70,066,427)



At 31 December 2023

295,455,904
2,864,461
50,000
298,370,365



Depreciation


At 1 January 2023
142,599
251,547
45,211
439,357


Charge for the year on owned assets
-
262,856
1,197
264,053



At 31 December 2023

142,599
514,403
46,408
703,410



Net book value



At 31 December 2023
295,313,305
2,350,058
3,592
297,666,955



At 31 December 2022
359,333,516
2,612,914
4,789
361,951,219

The freehold properties are revalued annually by the directors or independent chartered surveyors, Avison Young. Valuations are based on open market value basis by reference to market evidence and development value.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
124,590,347
118,544,131

Accumulated depreciation
(142,599)
(142,599)

Net book value
124,447,748
118,401,532

Page 18

 


BEST HOLDINGS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 January 2023
23,853,819
740,751
24,594,570


Additions
4,732,735
-
4,732,735



At 31 December 2023
28,586,554
740,751
29,327,305





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Wyldecrest Golf and Leisure Limited *
Lynton House, 7 - 12 Tavistock Square, London, UnitedKingdom, WC1H 9LT
Ordinary
100%
Wyldecrest Parks (Management) Limited *
Lynton House, 7 - 12 Tavistock Square, London, UnitedKingdom, WC1H 9LT
Ordinary
100%
Wyldecrest Parks (West) Limited *
Lynton House, 7 - 12 Tavistock Square, London, UnitedKingdom, WC1H 9LT
Ordinary
100%
Best Park Home Finance Limited *
Lynton House, 7 - 12 Tavistock Square, London, UnitedKingdom, WC1H 9LT
Ordinary
100%
UK Properties Management Limited
Lynton House, 7 - 12 Tavistock Square, London, UnitedKingdom, WC1H 9LT
Ordinary
100%
Wilbrook Parks Limited *
Lynton House, 7 - 12 Tavistock Square, London, UnitedKingdom, WC1H 9LT
Ordinary
100%
Wilbrook Management Limited *
Lynton House, 7 - 12 Tavistock Square, London, UnitedKingdom, WC1H 9LT
Ordinary
100%
AB Import Limited
857 London Road, West Thurrock, Essex, England, RM20 3AT
Ordinary
100%
Ruby Property Rentals Limited
857 London Road, West Thurrock, Essex, England, RM20 3AT
Ordinary
100%
Wyldecrest Yachting Malta Limited
136 Valletta, St Christopher Steret, VLT 1463, Malta
Ordinary
100%
Page 19

 


BEST HOLDINGS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Subsidiary undertakings (continued)


Name

Registered office

Class of shares

Holding

Bewicke Main Limited
857 London Road, West Thurrock, Essex, England, RM20 3AT
Ordinary
100%
Felmoor Park Limited
Lynton House, 7-12 Tavistock Square, London, England, WC1H 9LT
Ordinary
100%
St Lawrence Caravans Limited
857 London Road, West Thurrock, Essex, England, RM20 3AT
Ordinary
100%
St Lawrence Inn Limited
857 London Road, West Thurrock, Essex, England, RM20 3AT
Ordinary
100%

The companies marked * above are indirect holdings.
On 13th October 2023 Best Holdings (UK) Limited acquired 100% of the share capital in St Lawrence Caravans Limited and St Lawrence Inns Limited for a total consideration of 4,732,735.


Associates


The following were associates of the Company:


Name

Registered office

Class of shares

Holding

Dovercourt RR & B Properties Limited
Chase End, Risebridge Chase, Romford, England, RM1 4PR
Ordinary
25%
UK Parks Limited
3 Homer Street, London, England, W1H 4NP
Ordinary
25%
Greenacres Holding Limited
3 Homer Street, London, England, W1H 4NP
Ordinary
25%

Page 20

 


BEST HOLDINGS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
44,980,366


Additions at cost
30,381



At 31 December 2023
45,010,747

The 2023 valuations were made by the directors, on an open market value for existing use basis.



At 31 December 2023



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
18,772,446
18,735,127

18,772,446
18,735,127


15.


Debtors

2023
2022
£
£


Trade debtors
453,429
-

Amounts owed by group undertakings
1,682,923
1,633,542

Amounts owed by associated undertakings
168,446
168,446

Other debtors
3,211,482
3,189,132

Prepayments and accrued income
16,706
-

5,532,986
4,991,120


Page 21

 


BEST HOLDINGS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
233,420
-

Bank loans
4,783,551
3,342,274

Other loans
568,000
568,000

Trade creditors
228,896
90,298

Amounts owed to group undertakings
68,226,348
60,878,101

Corporation tax
263,158
287,530

Other taxation and social security
319,945
167,989

Other creditors
540,691
607,848

Accruals and deferred income
1,217,667
1,136,607

76,381,676
67,078,647



17.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
63,456,132
60,230,831

Other loans
4,367,998
4,930,617

Redeemable preference shares treated as non equity
1,984,000
1,984,000

69,808,130
67,145,448


Page 22

 


BEST HOLDINGS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
4,783,551
3,342,274

Other loans
568,000
568,000


5,351,551
3,910,274


Amounts falling due 2-5 years

Bank loans
19,240,393
14,543,041

Other loans
4,367,998
4,930,617

Redeemable preference shares treated as non equity
1,984,000
1,984,000


25,592,391
21,457,658

Amounts falling due after more than 5 years

Bank loans
44,215,739
45,687,790

75,159,681
71,055,722


Bank loans are secured by debentures over the assets both current and future, first legal charges over the properties and unlimited multilateral guarantees over the company and its subsidiaries. Interest is charged on bank loans at commercial rates. The bank loans are fully repayable by 15 February 2038. 
Included within other loans is an amount of £1,708,998 (2022: £1,949,619) that is secured on the related assets of the company. A personal guarantee has also been provided by the director to secure this loan. 
Interest is charged on the other loans at commercial rates. The other loans are fully repayable by 23 May 2027.

Page 23

 


BEST HOLDINGS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Deferred taxation




2023
2022


£

£






At beginning of year
(65,489,835)
(59,825,153)


Charged to profit or loss
(310,577)
-


Charged to other comprehensive income
18,916,780
(5,664,682)



At end of year
(46,883,632)
(65,489,835)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Revaluation on freehold land and buildings
(40,013,480)
(58,929,392)

Fair value adjustment on investment properties
(6,559,575)
(6,560,443)

Short term timing differences
(310,577)
-

(46,883,632)
(65,489,835)


20.


Share capital

2023
2022
£
£
Shares classified as equity

Allotted, called up and fully paid



302 (2022 - 302) Ordinary shares of £1.00 each
302
302
3,229 (2022 - 3,229) Preferred Ordinary shares of £1.00 each
3,229
3,229
10,783,990 (2022 - 10,783,990) Redeemable Preference shares of £1.00 each
10,783,990
10,783,990

10,787,521

10,787,521


Redeemable preference shares are classified as liabilities in accordance with FRS 102 section 22 (liabilities and equity) as they are redeemable at the option of the issuer and do carry a right to a return. The preference dividend is charged in arriving at the interest cost in the profit and loss account.
Every holder of Ordinary Shares shall be entitled to receive notice, attend and vote at any general meeting of the Company. The holder of Preferred Ordinary Shares shall be entitled to receive notice of and attend, but not vote at any general meeting of the Company. The holder of 4% Redeemable Preference Shares shall not be entitled to recieve notice of or attend and vote at any general meeting of the Company.
On a liquidation or return of capital the assets of the Company remaining after payment of debt and liabilities shall be applied in the order described in the articles of association.

Page 24

 


BEST HOLDINGS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Reserves

Revaluation reserve
This reserve records accumulated revaluation gains in excess of any losses.
Profit and loss account
This reserve records retained earnings and accumulated losses.


22.


Contingent liabilities

At the year end there was an outstanding H.M. Revenue & Customs enquiry into a VAT reclaim on the purchase of a major asset. The Company has taken professional advice on the matter and believes there is no liability arising and accordingly no provision has been made in the financial statements.


23.


Related party transactions

The company has taken the advantage of the exemptions provided by Section 33 under FRS 102 'Related Party Disclosures' and has not disclosed transactions entered into between two or more members of a group, provided that any subsidiary undertaken which is party to the transaction is wholly owned by a member of that group.
As at balance sheet date an amount of £1,987,230 (2022: £1,987,230) was due from a company which is controlled by the ultimate controlling party.


24.


Controlling party

The Company's immediate and ultimate parent company is Best Holdings Group Limited. The results of the company are included in the Best Holdings Group Ltd consolidated financial statements, and this is the largest and smallest group for which group accounts are drawn up. The registered office of Best Holdings Group Ltd is Lynton House, 7 - 12 Tavistock Square, London, United Kingdom, WC1H 9LT.
The ultimate controlling party is A.W. Best.

 
Page 25