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Company No: SC295539 (Scotland)

BUNCHREW CARAVAN PARK LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

BUNCHREW CARAVAN PARK LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

BUNCHREW CARAVAN PARK LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2024
BUNCHREW CARAVAN PARK LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 10,598 13,155
Tangible assets 4 338,620 307,074
Investment property 5 1,010,578 929,828
1,359,796 1,250,057
Current assets
Stocks 5,540 3,770
Debtors 6 25,621 19,510
Cash at bank and in hand 90,787 55,036
121,948 78,316
Creditors: amounts falling due within one year 7 ( 127,022) ( 103,527)
Net current liabilities (5,074) (25,211)
Total assets less current liabilities 1,354,722 1,224,846
Creditors: amounts falling due after more than one year 8 ( 26,686) ( 71,959)
Provision for liabilities 9 ( 55,759) ( 46,947)
Net assets 1,272,277 1,105,940
Capital and reserves
Called-up share capital 20,000 20,000
Revaluation reserve 1,632 1,632
Profit and loss account 1,250,645 1,084,308
Total shareholders' funds 1,272,277 1,105,940

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Bunchrew Caravan Park Limited (registered number: SC295539) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Simon Ord Fraser-Mackenzie
Director

03 September 2024

BUNCHREW CARAVAN PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
BUNCHREW CARAVAN PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Bunchrew Caravan Park Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Park Office, Bunchrew, Inverness, IV3 8TD, Scotland, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 - 25 years straight line
Plant and machinery 10 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 20 % reducing balance
Other property, plant and equipment 10 % reducing balance
Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

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

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 5

3. Intangible assets

Website costs Total
£ £
Cost
At 01 February 2023 15,600 15,600
Additions 690 690
At 31 January 2024 16,290 16,290
Accumulated amortisation
At 01 February 2023 2,445 2,445
Charge for the financial year 3,247 3,247
At 31 January 2024 5,692 5,692
Net book value
At 31 January 2024 10,598 10,598
At 31 January 2023 13,155 13,155

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Other property, plant
and equipment
Total
£ £ £ £ £ £
Cost
At 01 February 2023 253,603 124,656 146,126 59,544 82,729 666,658
Additions 57,900 5,252 0 19,463 0 82,615
Disposals ( 33,879) ( 2,652) 0 ( 2,722) 0 ( 39,253)
At 31 January 2024 277,624 127,256 146,126 76,285 82,729 710,020
Accumulated depreciation
At 01 February 2023 122,927 101,535 44,583 35,689 54,850 359,584
Charge for the financial year 11,994 5,158 25,386 5,643 2,788 50,969
Disposals ( 33,879) ( 2,644) 0 ( 2,630) 0 ( 39,153)
At 31 January 2024 101,042 104,049 69,969 38,702 57,638 371,400
Net book value
At 31 January 2024 176,582 23,207 76,157 37,583 25,091 338,620
At 31 January 2023 130,676 23,121 101,543 23,855 27,879 307,074

5. Investment property

Investment property
£
Valuation
As at 01 February 2023 929,828
Additions 80,750
As at 31 January 2024 1,010,578

Valuation

The 2024 valuations were made by the directors, on an open market value for existing use basis.

Investment property comprises residential mobile homes and residential chalets. The fair value of the investment property has been arrived on the basis of a valuation carried out at 31 January 2024 by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6. Debtors

2024 2023
£ £
Trade debtors 7,105 6,878
Amounts owed by directors 6,229 73
Prepayments 5,157 3,507
VAT recoverable 4,130 6,052
Other debtors 3,000 3,000
25,621 19,510

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 24,008 36,429
Trade creditors 40,189 2,683
Accruals and deferred income 7,925 7,753
Corporation tax 42,874 29,641
Other taxation and social security 4,689 4,889
Other creditors 7,337 22,132
127,022 103,527

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 26,686 71,959

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 46,947) ( 42,823)
Charged to the Income Statement ( 8,812) ( 4,124)
At the end of financial year ( 55,759) ( 46,947)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 55,804) ( 46,947)
Other timing differences 45 0
( 55,759) ( 46,947)

10. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 412 412
Other pensions commitments not shown in the Balance Sheet 2,684 2,846
3,096 3,258

11. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Directors loan account 6,229 73

At 31 January 2024, a director owed £6,229 to the company (2023: £73). This amount is included within other debtors. No interest has been charged on this loan.