Silverfin false false 31/03/2024 01/04/2023 31/03/2024 A C Vowles 06/08/2001 J E Vowles 06/08/2001 J A Vowles 06/08/2001 M J Vowles 06/08/2001 27 September 2024 The principal activity of the company during the financial year was the letting of residential caravans and other property, holiday park operator and caravan re-seller. 04265443 2024-03-31 04265443 bus:Director1 2024-03-31 04265443 bus:Director2 2024-03-31 04265443 bus:Director3 2024-03-31 04265443 bus:Director4 2024-03-31 04265443 2023-03-31 04265443 core:CurrentFinancialInstruments 2024-03-31 04265443 core:CurrentFinancialInstruments 2023-03-31 04265443 core:Non-currentFinancialInstruments 2024-03-31 04265443 core:Non-currentFinancialInstruments 2023-03-31 04265443 core:ShareCapital 2024-03-31 04265443 core:ShareCapital 2023-03-31 04265443 core:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 04265443 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 04265443 core:RetainedEarningsAccumulatedLosses 2024-03-31 04265443 core:RetainedEarningsAccumulatedLosses 2023-03-31 04265443 core:Goodwill 2023-03-31 04265443 core:Goodwill 2024-03-31 04265443 core:LandBuildings 2023-03-31 04265443 core:PlantMachinery 2023-03-31 04265443 core:Vehicles 2023-03-31 04265443 core:FurnitureFittings 2023-03-31 04265443 core:OfficeEquipment 2023-03-31 04265443 core:LandBuildings 2024-03-31 04265443 core:PlantMachinery 2024-03-31 04265443 core:Vehicles 2024-03-31 04265443 core:FurnitureFittings 2024-03-31 04265443 core:OfficeEquipment 2024-03-31 04265443 core:CurrentFinancialInstruments core:Secured 2024-03-31 04265443 core:MoreThanFiveYears 2024-03-31 04265443 core:MoreThanFiveYears 2023-03-31 04265443 2023-04-01 2024-03-31 04265443 bus:FilletedAccounts 2023-04-01 2024-03-31 04265443 bus:SmallEntities 2023-04-01 2024-03-31 04265443 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04265443 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04265443 bus:Director1 2023-04-01 2024-03-31 04265443 bus:Director2 2023-04-01 2024-03-31 04265443 bus:Director3 2023-04-01 2024-03-31 04265443 bus:Director4 2023-04-01 2024-03-31 04265443 core:Goodwill core:TopRangeValue 2023-04-01 2024-03-31 04265443 core:Goodwill 2023-04-01 2024-03-31 04265443 core:PlantMachinery 2023-04-01 2024-03-31 04265443 core:Vehicles 2023-04-01 2024-03-31 04265443 core:FurnitureFittings 2023-04-01 2024-03-31 04265443 core:OfficeEquipment 2023-04-01 2024-03-31 04265443 2022-04-01 2023-03-31 04265443 core:LandBuildings 2023-04-01 2024-03-31 04265443 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 04265443 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 04265443 core:MoreThanFiveYears 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 04265443 (England and Wales)

VOWLES PARKS LIMITED

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

VOWLES PARKS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

VOWLES PARKS LIMITED

BALANCE SHEET

As at 31 March 2024
VOWLES PARKS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 9,867,771 6,406,529
Investment property 5 1,655,512 1,916,842
Investments 6 0 19,223
11,523,283 8,342,594
Current assets
Stocks 7 1,097,245 712,969
Debtors 8 1,547,212 1,722,531
Cash at bank and in hand 257 309
2,644,714 2,435,809
Creditors: amounts falling due within one year 9 ( 1,470,927) ( 907,061)
Net current assets 1,173,787 1,528,748
Total assets less current liabilities 12,697,070 9,871,342
Creditors: amounts falling due after more than one year 10 ( 1,424,304) ( 1,610,730)
Provision for liabilities 11 ( 853,178) ( 86,916)
Net assets 10,419,588 8,173,696
Capital and reserves
Called-up share capital 100 100
Fair value reserve 2,292,384 51,749
Profit and loss account 8,127,104 8,121,847
Total shareholders' funds 10,419,588 8,173,696

For the financial year ending 31 March 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 Vowles Parks Limited (registered number: 04265443) were approved and authorised for issue by the Board of Directors on 27 September 2024. They were signed on its behalf by:

J A Vowles
Director
A C Vowles
Director
J E Vowles
Director
M J Vowles
Director
VOWLES PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
VOWLES PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 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

Vowles Parks Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 3 Filers Way, Weston Gateway Business Park, Weston-Super-Mare, BS24 7JP, 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 £.

Change in accounting policies

In the current year, the following new and revised standards and interpretations have been adopted by the company and have had an effect on future periods.

All Land and Building assets are now measured using the revaluation model rather than the cost model. The relevant assets are now carried at a revalued amount, being its fair value at the date of revaluation.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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 Profit and Loss Account 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 Balance Sheet.

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 Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. 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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

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:

Goodwill 5 years straight line
Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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:

Land and buildings not depreciated
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 20 % reducing balance
Office equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Land and building whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

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.

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 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. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 Balance Sheet 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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 17 17

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 782,073 782,073
At 31 March 2024 782,073 782,073
Accumulated amortisation
At 01 April 2023 782,073 782,073
At 31 March 2024 782,073 782,073
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 April 2023 7,187,020 480,630 211,346 20,000 32,914 7,931,910
Additions 460,113 36,475 35,800 0 4,110 536,498
Revaluations 2,349,872 0 0 0 0 2,349,872
Disposals ( 9,046) ( 8,657) 0 0 0 ( 17,703)
At 31 March 2024 9,987,959 508,448 247,146 20,000 37,024 10,800,577
Accumulated depreciation
At 01 April 2023 1,019,832 343,684 124,088 13,966 23,811 1,525,381
Charge for the financial year 0 25,504 21,815 1,207 1,984 50,510
Adjustments on revaluations ( 637,641) 0 0 0 0 ( 637,641)
Disposals ( 181) ( 5,263) 0 0 0 ( 5,444)
At 31 March 2024 382,010 363,925 145,903 15,173 25,795 932,806
Net book value
At 31 March 2024 9,605,949 144,523 101,243 4,827 11,229 9,867,771
At 31 March 2023 6,167,188 136,946 87,258 6,034 9,103 6,406,529

5. Investment property

Investment property
£
Valuation
As at 01 April 2023 1,916,842
Disposals (261,330)
As at 31 March 2024 1,655,512

Valuation

The investment properties have not been valued by an independent valuer, but the directors believe the amounts shown reflect the fair values at the year end

6. Fixed asset investments

2024 2023
£ £
Other investments and loans 0 19,223

7. Stocks

2024 2023
£ £
Stocks 1,097,245 712,969

8. Debtors

2024 2023
£ £
Trade debtors 145,071 111,052
Amounts owed by Group undertakings 0 232,890
Corporation tax 4,379 0
Other debtors 1,397,762 1,378,589
1,547,212 1,722,531

9. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts (secured) 554,606 536,977
Trade creditors 267,570 100,070
Taxation and social security 5,799 23,844
Other creditors 642,952 246,170
1,470,927 907,061

Bank loans and an overdraft secured by a fixed and floating charge of the undertaking and

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

2024 2023
£ £
Bank loans (secured) 1,424,304 1,610,730

Bank loans secured by a fixed and floating charge of the undertaking and properties and assets of the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured / repayable by instalments) 790,771 836,936

Bank loans secured by a fixed and floating charge of the undertaking and properties and assets of the company.

11. Provision for liabilities

2024 2023
£ £
Deferred tax 853,178 86,916