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REGISTERED NUMBER: 08568747 (England and Wales)















MERMAID CARAVAN PARK LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






MERMAID CARAVAN PARK LIMITED (REGISTERED NUMBER: 08568747)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


MERMAID CARAVAN PARK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs L Campion
J H Campion
Mrs N L Barton



SECRETARY: Mrs N L Barton



REGISTERED OFFICE: Mermaid Caravan Park
Seaholme Road
Mablethorpe
Lincolnshire
LN12 2NX



REGISTERED NUMBER: 08568747 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
Oxley House
Lincoln Way
Louth
Lincolnshire
LN11 0LS



BANKERS: Barclays Bank
64 Eastgate
Louth
Lincolnshire
LN11 9PG

MERMAID CARAVAN PARK LIMITED (REGISTERED NUMBER: 08568747)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,384,244 5,904,610

CURRENT ASSETS
Stocks 400,002 244,350
Debtors 5 43,195 49,842
Cash at bank and in hand 921,490 1,018,760
1,364,687 1,312,952
CREDITORS
Amounts falling due within one year 6 232,196 176,842
NET CURRENT ASSETS 1,132,491 1,136,110
TOTAL ASSETS LESS CURRENT LIABILITIES 7,516,735 7,040,720

CREDITORS
Amounts falling due after more than one year 7 (1,900,000 ) (1,900,000 )

PROVISIONS FOR LIABILITIES (84,122 ) (25,892 )
NET ASSETS 5,532,613 5,114,828

CAPITAL AND RESERVES
Called up share capital 8 2 2
Revaluation reserve 9 2,481,713 2,481,713
Retained earnings 3,050,898 2,633,113
SHAREHOLDERS' FUNDS 5,532,613 5,114,828

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 27 September 2024 and were signed on its behalf by:



Mrs N L Barton - Director


MERMAID CARAVAN PARK LIMITED (REGISTERED NUMBER: 08568747)

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

1. STATUTORY INFORMATION

Mermaid Caravan Park Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents amounts charged to customers for goods and services provided during the year, excluding value added tax.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property- 2% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles- 25% on reducing balance

In line with the company's policy not to depreciate freehold property where the buildings are maintained to
such a standard that their residual value is not less than their cost or valuation, the revaluation reserve which
arose on fair value adjustment, has not been amortised.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

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. Accounts 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.


MERMAID CARAVAN PARK LIMITED (REGISTERED NUMBER: 08568747)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year 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 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 year 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.

No deferred tax has been provided on the deemed cost of land and buildings as the directors have no intention of disposing of the land and buildings in the near future.

Government grants
Grants are recognised as income in the period in which they become receivable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2023 5,768,334 244,176 44,059 6,056,569
Additions 490,309 14,611 - 504,920
At 31 December 2023 6,258,643 258,787 44,059 6,561,489
DEPRECIATION
At 1 January 2023 - 143,778 8,181 151,959
Charge for year - 16,317 8,969 25,286
At 31 December 2023 - 160,095 17,150 177,245
NET BOOK VALUE
At 31 December 2023 6,258,643 98,692 26,909 6,384,244
At 31 December 2022 5,768,334 100,398 35,878 5,904,610

Cost or valuation at 31 December 2023 is represented by:

Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
Valuation in 2013 2,481,713 - - 2,481,713
Cost 3,776,930 258,787 44,059 4,079,776
6,258,643 258,787 44,059 6,561,489

MERMAID CARAVAN PARK LIMITED (REGISTERED NUMBER: 08568747)

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

4. TANGIBLE FIXED ASSETS - continued

If land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
as restated
£    £   
Cost 3,286,621 3,286,621

Value of land in freehold land and buildings 3,286,621 3,286,621

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 7,715 5,464
Other debtors 35,480 44,378
43,195 49,842

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade creditors 82,729 23,087
Taxation 109,163 121,697
Other taxes and social security 3,611 3,673
Other creditors 9,600 1,214
Directors' current accounts 10,835 11,371
Accruals and deferred income 16,258 15,800
232,196 176,842

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
as restated
£    £   
Redeemable preference shares 1,900,000 1,900,000

Included within creditors due after more than one year are redeemable preference shares with a nominal value of £1,900,000. These have been treated as debt as described in note 11.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as restated
£    £   
2 Ordinary £1 2 2

The preference shares are redeemable with 3 months' notice from the shareholders. As a result they are treated as a liability.

Although the redeemable shares are redeemable with 3 months' notice from the share holders they have been included in creditors falling due after one year as the directors/shareholders have no intention of redeeming the shares in the 12 months from the balance sheet date.

MERMAID CARAVAN PARK LIMITED (REGISTERED NUMBER: 08568747)

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

9. RESERVES
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 2,481,713

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
as restated
£    £   
Mrs L Campion and J H Campion
Balance outstanding at start of year (11,370 ) (911,370 )
Amounts advanced 936 900,000
Amounts repaid (400 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (10,834 ) (11,370 )

The Directors' loan account is secured, interest free and repayable on demand.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party are the directors Mr & Mrs J H Campion by virtue of them owning 100% of the issued share capital.