Company registration number 12846599 (England and Wales)
TREGOAD HOLIDAY PARK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
TREGOAD HOLIDAY PARK LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 10
TREGOAD HOLIDAY PARK LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mrs C V Hilton
Ms O J Jacobs
Mrs M L Harris
Mrs J H Jacobs
Company number
12846599
Registered office
10 Bridge Street
Christchurch
Dorset
BH23 1EF
Auditor
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
TREGOAD HOLIDAY PARK LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
352
542
Tangible assets
5
14,692,609
13,735,312
14,692,961
13,735,854
Current assets
Stocks
6
3,175,408
2,589,214
Debtors
7
408,865
584,855
Cash at bank and in hand
343,345
1,490,955
3,927,618
4,665,024
Creditors: amounts falling due within one year
8
(17,334,645)
(16,402,608)
Net current liabilities
(13,407,027)
(11,737,584)
Total assets less current liabilities
1,285,934
1,998,270
Provisions for liabilities
9
(313,206)
(585,887)
Net assets
972,728
1,412,383
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
971,728
1,411,383
Total equity
972,728
1,412,383

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 1 August 2024 and are signed on its behalf by:
Mrs M L Harris
Director
Company Registration No. 12846599
The notes on pages 3 to 10 form part of these financial statements
TREGOAD HOLIDAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Tregoad Holiday Park Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Bridge Street, Christchurch, Dorset, BH23 1EF. The principal place of business is Tregoad Holiday Park, St Martin, Looe, PL13 1PB.

1.1
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 pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

 

The financial statements of the company are consolidated in the financial statements of Waterside Holiday Parks Limited. These consolidated financial statements are available from its registered office, 10 Bridge Street, Christchurch, Dorset, United Kingdom, BH23 1EF.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources within the group 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.

1.3
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.

Revenue from holidays sold, and associated income, is recognised in the accounting period in which the holiday occurs. Lodge sales are recognised in the accounting period in which the company has fulfilled all of its obligations in respect of the sale which is typically when all the proceeds have been received and ownership is transferred. Income from pitch fees and other services is recognised in the accounting period in which the income is due to the company.

1.4
Intangible fixed assets - goodwill

Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

TREGOAD HOLIDAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Software
5 years
1.6
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:

Freehold land and buildings
4% cost
Fixtures and fittings
15% reducing balance and 20% reducing balance
Motor vehicles
25% reducing balance
Caravans
10% reducing balance
Other assets
Under construction - no depreciation charged in year

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.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

1.8
Stocks

Stock is measured at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TREGOAD HOLIDAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.9
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.

1.10
Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

1.11
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.

1.12
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit or loss in the period to which they relate.

TREGOAD HOLIDAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
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.

 

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. 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:

 

The fixed asset depreciation charge is derived from the estimated useful economic life and residual value of the asset. These are reviewed annually alongside any impairment indicators.

 

The directors assess the closing debtor balances for recoverability and those not considered probable of recovery are provided for in full. For the current year, the directors have assessed the balances outstanding and consider no provision to be required against these.

 

Accruals for goods or services not yet invoiced are estimated based on historic activity with the supplier or quotations received ahead of invoicing. Accrued management fee charges are recognised at the invoice value raised post year end by the third party.

 

Prepayments are based on actual invoices received and costs allocated across the relevant accounting period on a straight line basis of the time period in which the service relates to.

 

Deferred income represents owners' site fees and rates paid in advance. These are deferred based on a monthly basis, applied under a straight line method, over the contracted period of 12 months.

 

Stock is held at the lower of cost and net realisable value which is based on the estimated sales value of the asset at the year end in relation all market data available to the directors.

 

There were no other key sources of estimation uncertainty.

 

 

 

TREGOAD HOLIDAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
3
Employees

The average monthly number of persons employed by the company during the year was:

2023
2022
Number
Number
Total
14
10

The average number of employees reported above exclude those not meeting the requirements stipulated within FRS102. The average number of such individuals was 27 (2022 - 22).

 

Within prior reporting periods, the total average of these individuals have been disclosed.

4
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
1
951
952
Amortisation and impairment
At 1 January 2023
-
0
410
410
Amortisation charged for the year
-
0
190
190
At 31 December 2023
-
0
600
600
Carrying amount
At 31 December 2023
1
351
352
At 31 December 2022
1
541
542
TREGOAD HOLIDAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
5
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Caravans
Other assets
Total
£
£
£
£
£
£
Cost
At 1 January 2023
8,951,270
5,081,442
79,921
782,121
-
0
14,894,754
Additions
742,275
1,091,302
6,800
226,048
108,224
2,174,649
Disposals
-
0
-
0
-
0
(229,117)
-
0
(229,117)
At 31 December 2023
9,693,545
6,172,744
86,721
779,052
108,224
16,840,286
Depreciation and impairment
At 1 January 2023
356,635
709,432
20,480
72,895
-
0
1,159,442
Depreciation charged in the year
183,929
768,554
15,807
72,529
-
0
1,040,819
Eliminated in respect of disposals
-
0
-
0
-
0
(52,584)
-
0
(52,584)
At 31 December 2023
540,564
1,477,986
36,287
92,840
-
0
2,147,677
Carrying amount
At 31 December 2023
9,152,981
4,694,758
50,434
686,212
108,224
14,692,609
At 31 December 2022
8,594,635
4,372,010
59,441
709,226
-
0
13,735,312
6
Stocks
2023
2022
£
£
Stocks
3,175,408
2,589,214

At the year end, stock includes; Bar stock of £4,430 (2022 - £6,625), Retail stock £3,641 (2022 - £nil) and Caravan stock of £3,167,337 (2022 - £2,582,589).

TREGOAD HOLIDAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
210,538
99,850
Corporation tax recoverable
146,722
194,680
Other debtors
12,976
185,294
Prepayments and accrued income
38,629
105,031
408,865
584,855
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
181,767
184,373
Amounts owed to group undertakings
16,214,074
15,702,030
Taxation and social security
94,787
16,670
Other creditors
844,017
499,535
17,334,645
16,402,608

There are no formal agreements in place regarding the settlement of amounts owed to or from group undertakings and they are treated as repayable on demand. The balances are not secured and no interest is charged on these balances within the financial statements.

9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
313,206
585,887
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Dean Pullen FCCA
Statutory Auditor:
TC Group
TREGOAD HOLIDAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
12
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
-
0
1,601
13
Capital commitments

At the year end, the company had entered into capital commitments of £1,155,445 (2022 - £927,184) whereby goods and services would be received post year end.

14
Parent company

Tregoad Holiday Park Limited is a wholly owned subsidiary of Waterside Holiday Parks Limited. The registered office address of this entity is 10 Bridge Street, Christchurch, Dorset, United Kingdom, BH23 1EF.

 

Group accounts are available from Companies House.

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