Company Registration No. 02096218 (England and Wales)
BLACK PRINCE HOLIDAYS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
BLACK PRINCE HOLIDAYS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
BLACK PRINCE HOLIDAYS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,052,170
4,610,802
Investments
5
2
2
5,052,172
4,610,804
Current assets
Stocks
252,572
207,684
Assets held for sale
6
448,800
268,400
Debtors
7
213,959
3,056,560
Cash at bank and in hand
1,416,702
1,732,281
2,332,033
5,264,925
Creditors: amounts falling due within one year
8
(1,058,630)
(1,021,129)
Net current assets
1,273,403
4,243,796
Total assets less current liabilities
6,325,575
8,854,600
Provisions for liabilities
(1,357,385)
(913,000)
Net assets
4,968,190
7,941,600
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
10
4,968,188
7,941,598
Total equity
4,968,190
7,941,600
The directors of the company have elected not to include a copy of the profit and loss account or directors' report 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 28 October 2024 and are signed on its behalf by:
DB Clark
SJ Attridge
Director
Director
Company Registration No. 02096218
BLACK PRINCE HOLIDAYS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 February 2022
2
7,690,041
7,690,043
Year ended 31 January 2023:
Profit and total comprehensive income
-
251,557
251,557
Balance at 31 January 2023
2
7,941,598
7,941,600
Year ended 31 January 2024:
Loss and total comprehensive income
-
(32,410)
(32,410)
Dividends
-
(2,941,000)
(2,941,000)
Balance at 31 January 2024
2
4,968,188
4,968,190
BLACK PRINCE HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Black Prince Holidays Limited is a private company limited by shares incorporated in England and Wales. The registered office is Latchmore Bank, Little Hallingbury, Bishop's Stortford, Hertfordshire, CM22 7PJ.
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 £.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources 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 the sale of goods and services are recognised when on the departure date of the holiday or handover of the boat that is sold, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
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.
New boats are disclosed as assets under construction whilst in the build phase. These are transferred to plant and machinery upon their completion and when they are available for use.
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:
Land and buildings Leasehold
10% straight line
Plant and machinery
25% on cost
Motor vehicles
25% on cost
Assets under construction
Over the life of the boat
Pontoons
Over 30 years
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.
BLACK PRINCE HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
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.
Included in the value of stock are assets held for sale relating to narrow boats which are due to be sold within 12 months of the balance sheet date. Fixed assets are transferred to held for sale at cost less impairments to date, at which point no further depreciation is charged on the assets.
1.8
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.
BLACK PRINCE HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets are measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss.
Classification of financial liabilities
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.
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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. Amounts 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.
Other financial liabilities
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BLACK PRINCE HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The parent company, Harlow Agricultural Merchants Limited, operates a group money purchase scheme. The relevant charge relating to the management of this company is recharged by the parent company.
1.14
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 leased 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.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
BLACK PRINCE HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 7 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Deferred tax
Deferred taxation is calculated as the timing difference between the tax treatment and accounting treatment of transactions in the financial statements. Deferred taxation is calculated at the tax rates expected to apply when the liability is settled and is reviewed annually for indications that the liability recognised will no longer requirement settlement.
Depreciation
Depreciation is provided for on all tangible fixed assets at the point upon which the asset is available for use . Depreciation rates used are the management's best estimates of the useful economic life of these assets.
Assets under construction
Costs incurred on the building of boats, including a labour element, are recognised as they are incurred and allocated to the project to which they relate, based on management’s best estimate of the time and materials spent on each project. Costs are included within assets under construction until building work has been completed, when the total cost is transferred to plant and machinery.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
18
17
BLACK PRINCE HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Assets under construction
Total
£
£
£
£
Cost
At 1 February 2023
179,590
4,956,635
455,527
5,591,752
Additions
302,986
704,474
1,007,460
Transfers
455,527
(455,527)
Assets transferred to held for sale
(612,300)
(612,300)
At 31 January 2024
179,590
5,102,848
704,474
5,986,912
Depreciation and impairment
At 1 February 2023
128,602
852,348
980,950
Depreciation charged in the year
6,110
141,182
147,292
Assets transferred to held for sale
(193,500)
(193,500)
At 31 January 2024
134,712
800,030
934,742
Carrying amount
At 31 January 2024
44,878
4,302,818
704,474
5,052,170
At 31 January 2023
50,988
4,104,287
455,527
4,610,802
5
Fixed asset investments
2024
2023
£
£
Investments in subsidiaries
2
2
Movements in fixed asset investments
Shares
£
Cost or valuation
At 1 February 2022 & 31 January 2023
2
Carrying amount
At 31 January 2024
2
At 31 January 2023
2
BLACK PRINCE HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
6
Assets and liabilities classified as held for sale
2024
2023
£
£
Property, plant and equipment
448,800
268,400
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
79,402
42,379
Amounts owed by group undertakings
2,878,356
Other debtors
134,557
135,825
213,959
3,056,560
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
75,999
71,764
Amounts owed to group undertakings
5,555
2
Taxation and social security
11,802
12,109
Other creditors
965,274
937,254
1,058,630
1,021,129
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
10
Reserves
Profit and loss reserves
All profit and loss reserves are distributable.
BLACK PRINCE HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 10 -
11
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:
Caroline Peters
Statutory Auditor:
Rickard Luckin Limited
Date of audit report:
29 October 2024
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
414,708
437,708
13
Related party transactions
The company has taken advantage of the exemption available to qualifying entities, as the company is a wholly owned subsidiary, from the requirement to disclose transactions with group companies on the grounds that publicly available consolidated financial statements are prepared by the ultimate parent company.
14
Parent company
The company is a wholly owned subsidiary of Harlow Agricultural Merchants Limited, a company incorporated in England and Wales. The registered office, and principal place of business, of Harlow Agricultural Merchants Limited is - Latchmore Bank, Little Hallingbury, Bishop's Stortford, Hertfordshire, CM22 7PJ.
2024-01-312023-02-01false29 October 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedDB ClarkSJ AttridgeJAB HallidayCR CollingsMJ TrundleLJ JonesMJ Trundlefalsefalse020962182023-02-012024-01-31020962182024-01-31020962182023-01-3102096218core:LandBuildings2024-01-3102096218core:OtherPropertyPlantEquipment2024-01-3102096218core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-01-3102096218core:LandBuildings2023-01-3102096218core:OtherPropertyPlantEquipment2023-01-3102096218core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-01-3102096218core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-3102096218core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3102096218core:CurrentFinancialInstruments2024-01-3102096218core:CurrentFinancialInstruments2023-01-3102096218core:ShareCapital2024-01-3102096218core:ShareCapital2023-01-3102096218core:RetainedEarningsAccumulatedLosses2024-01-3102096218core:RetainedEarningsAccumulatedLosses2023-01-3102096218core:ShareCapital2022-01-3102096218core:RetainedEarningsAccumulatedLosses2022-01-3102096218bus:Director12023-02-012024-01-3102096218bus:Director22023-02-012024-01-3102096218core:RetainedEarningsAccumulatedLosses2022-02-012023-01-31020962182022-02-012023-01-3102096218core:RetainedEarningsAccumulatedLosses2023-02-012024-01-3102096218core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-02-012024-01-3102096218core:PlantMachinery2023-02-012024-01-3102096218core:MotorVehicles2023-02-012024-01-3102096218core:LandBuildings2023-01-3102096218core:OtherPropertyPlantEquipment2023-01-3102096218core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-01-31020962182023-01-3102096218core:LandBuildings2023-02-012024-01-3102096218core:OtherPropertyPlantEquipment2023-02-012024-01-3102096218core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-02-012024-01-3102096218core:WithinOneYear2024-01-3102096218core:WithinOneYear2023-01-3102096218bus:OrdinaryShareClass12023-02-012024-01-3102096218bus:OrdinaryShareClass12024-01-3102096218bus:PrivateLimitedCompanyLtd2023-02-012024-01-3102096218bus:SmallCompaniesRegimeForAccounts2023-02-012024-01-3102096218bus:FRS1022023-02-012024-01-3102096218bus:Audited2023-02-012024-01-3102096218bus:Director32023-02-012024-01-3102096218bus:Director42023-02-012024-01-3102096218bus:Director52023-02-012024-01-3102096218bus:Director62023-02-012024-01-3102096218bus:CompanySecretary12023-02-012024-01-3102096218bus:FullAccounts2023-02-012024-01-31xbrli:purexbrli:sharesiso4217:GBP