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Registered number: SC585188










WOOD LEISURE HOLIDAY PARKS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

 
WOOD LEISURE HOLIDAY PARKS LIMITED
 

COMPANY INFORMATION


Directors
Mrs R A W Dishington 
Mrs S L W MacGregor 
Mrs K J W Thomson 
Mr C C Wood 
Mrs M A Wood 




Company secretary
Mrs R A W Dishington



Registered number
SC585188



Registered office
Wood Leisure Head Office
Blairgowrie Holiday Park

Rattray

Blairgowrie

Perthshire

PH10 7AL




Independent auditors
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

14 City Quay

Dundee

DD1 3JA





 
WOOD LEISURE HOLIDAY PARKS LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 7
Statement of income and retained earnings
8
Statement of financial position
9
Statement of cash flows
10
Analysis of net debt
11
Notes to the financial statements
12 - 26

 
WOOD LEISURE HOLIDAY PARKS LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

Introduction
 
The Company is a family owned business currently operating holiday parks across Scotland. The family have well over 40 years of experience operating holiday parks and are very proud of their reputation in the holiday industry and their numerous industry awards. 

Business review
 
In 2023 we continued to be impacted by high interest rates, inflation in every sector, huge increases in gas and electricity prices and staff demands for cost-of-living wage increases. All of these have impacted massively on our business for two years now and it is just not possible to recover these spiralling costs by increasing prices to our customers. Government interventions to support businesses no longer exist but the legacy of Covid continues to create challenges.
 
Demand in 2023 continued to be good but the peak of 2021 will be extremely difficult to surpass. Wood Leisure continues to focus on driving the business forward, developing new pitches, investing in upgrades of both accommodation and park infrastructure on the holiday parks, implementing new technologies and training and developing staff.
Availability of holiday homes has improved in 2023 offering more choice for our customers and more potential for them to upgrade to newer models.  The huge increase in the price of new holiday homes however, coupled with the cost-of-living pressures, has made holiday home sales challenging.
 
The Wood Leisure reputation for customer care, our family values, commitment to our employees, the holiday parks branding, investment in marketing and winning customer-rated Awards (Best Holiday Park in Scotland) continue to keep the spotlight on us and help engender new holiday home sales and bookings. 
 
The business continues to prioritise sustainability and the environment and progresses towards Net Zero with the roll out of EV chargers to all parks, investment in electric and hybrid vehicles, monitoring of utility consumption and our commitment to "Play it Green". Wood Leisure is also proactive in charitable donation and charitable activity and our commitment to a Charity of the Year - Chest, Heart and Stroke Scotland - has created a "feel good" factor amongst our customers, our teams and our local communities. 
 
The People HR App offers our valued Teams a platform highlighting access to free professional support helplines for mental health, training and promotional opportunities, park team building activities, social interaction and updates on the Real Living Wage as well as options for flexible working.  Employee retention and interaction are paramount alongside a continuing focus on attracting new and skilled talent to our teams.

Principal risks and uncertainties
 
Our Health and Safety Team continue to follow all government guidelines and compliance with a focus on sustainability.
 
Major risk factors continue with price inflation in every commodity necessary to operate the business, particularly the cost of holiday homes, the cost of fuel, the escalation in staff wages, business rates and taxes. The cost-of-living crisis and high interest rates impact heavily on our business operation but also on the demand for holiday homes and even impacts on our short-break holiday market. The impending rise in corporation tax also presents challenges for the business as well as the uncertainty of Government policy.  On-going conflicts across Europe and the Middle East and their implications continue to give cause for concern.

Major business decisions

Wood Leisure have taken the decision to sell Campsie Glen Holiday Park. This helps to consolidate the business and increase capital available for investment.   We are in negotiations to purchase a parcel of land for leisure use adjacent to Callander Woods Holiday Park.

Page 1

 
WOOD LEISURE HOLIDAY PARKS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Financial key performance indicators
 
The Company measures KPIs on a monthly basis as part of its internal control processes and management accounts function. 
The KPIs are on turnover, profitability and performance.

Other key performance indicators
 
There are no other key performance indicators that the Company uses to measure performance.


This report was approved by the board on 13 September 2024 and signed on its behalf.



Mr C C Wood
Director
Page 2

 
WOOD LEISURE HOLIDAY PARKS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report and the financial statements for the year ended 31 January 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £909,022 (2023 - £694,586).

Dividends of £61,200 were paid during the year (2023 - £153,000).

Directors

The directors who served during the year were:

Mrs R A W Dishington 
Mrs S L W MacGregor 
Mrs K J W Thomson 
Mr C C Wood 
Mrs M A Wood 

Future developments

Wood Leisure continue to focus on perfecting the holiday experience offered to our holiday park guests and holiday home owners - exceptional customer care and industry-leading quality facilities and accommodations.  Employee retention and training is paramount to success and our ongoing refurbishment and renewals programme is paramount to customer satisfaction.  Challenges lie ahead but the Wood Leisure Family and their committed Team continue to thrive despite adversities and uncertainties.
Page 3

 
WOOD LEISURE HOLIDAY PARKS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024


Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

Details of post balance sheet events are included per note 23 to the financial statements. There have been no other significant events affecting the Company since the year end. 

Auditors

The auditorsSumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 13 September 2024 and signed on its behalf.
 





Mr C C Wood
Director
Page 4

 
WOOD LEISURE HOLIDAY PARKS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOOD LEISURE HOLIDAY PARKS LIMITED
 

Opinion


We have audited the financial statements of Wood Leisure Holiday Parks Limited (the 'Company') for the year ended 31 January 2024, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the Company's affairs as at 31 January 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 5

 
WOOD LEISURE HOLIDAY PARKS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOOD LEISURE HOLIDAY PARKS LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 6

 
WOOD LEISURE HOLIDAY PARKS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOOD LEISURE HOLIDAY PARKS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.




Douglas Rae (Senior statutory auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Chartered Accountants & Statutory Auditors
  
14 City Quay
Dundee
DD1 3JA

16 September 2024
Page 7

 
WOOD LEISURE HOLIDAY PARKS LIMITED
 

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
£
£

  

Turnover
  
8,591,206
7,681,265

Cost of sales
  
(1,916,462)
(1,497,322)

Gross profit
  
6,674,744
6,183,943

Administrative expenses
  
(5,454,170)
(5,340,758)

Operating profit
 5 
1,220,574
843,185

Tax on profit
 8 
(311,552)
(148,599)

Profit after tax
  
909,022
694,586

  

  

Retained earnings at the beginning of the year
  
3,872,691
3,331,105

Profit for the year
  
909,022
694,586

Dividends declared and paid
  
(61,200)
(153,000)

Retained earnings at the end of the year
  
4,720,513
3,872,691
The notes on pages 12 to 26 form part of these financial statements.

Page 8

 
WOOD LEISURE HOLIDAY PARKS LIMITED
REGISTERED NUMBER: SC585188

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
£
£

Fixed assets
  

Tangible fixed assets
 11 
16,405,156
16,257,970

Fixed asset investments
 12 
200
200

  
16,405,356
16,258,170

Current assets
  

Stocks
 13 
1,363,057
802,869

Debtors: amounts falling due within one year
 14 
839,331
458,558

Cash at bank and in hand
  
189,016
-

  
2,391,404
1,261,427

Creditors: amounts falling due within one year
 15 
(3,201,296)
(2,795,369)

Net current liabilities
  
 
 
(809,892)
 
 
(1,533,942)

Total assets less current liabilities
  
15,595,464
14,724,228

Creditors: amounts falling due after more than one year
 16 
(88,191)
(92,992)

Provisions for liabilities
  

Deferred tax
 18 
(385,545)
(357,330)

  
 
 
(385,545)
 
 
(357,330)

Net assets
  
15,121,728
14,273,906


Capital and reserves
  

Called up share capital 
 19 
10,200
10,200

Share premium account
 20 
10,391,015
10,391,015

Profit and loss account
 20 
4,720,513
3,872,691

  
15,121,728
14,273,906


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 September 2024.




Mrs R A W Dishington
Director

The notes on pages 12 to 26 form part of these financial statements.

Page 9

 
WOOD LEISURE HOLIDAY PARKS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
909,022
694,586

Adjustments for:

Depreciation of tangible assets
517,519
488,274

Profit on disposal of tangible assets
(25,277)
-

Taxation charge
311,552
148,599

(Increase) in stocks
(560,189)
(530,565)

(Increase) in debtors
(380,773)
(20,936)

Increase in creditors
167,090
372,954

Corporation tax (paid)
(38,957)
(514,467)

Net cash generated from operating activities

899,987
638,445


Cash flows from investing activities

Purchase of tangible fixed assets
(831,119)
(404,291)

Sale of tangible fixed assets
191,691
86,140

Net cash from investing activities

(639,428)
(318,151)

Cash flows from financing activities

Repayment of loans
(4,677)
(895,229)

Dividends paid
(61,200)
(153,000)

Net cash used in financing activities
(65,877)
(1,048,229)

Net increase/(decrease) in cash and cash equivalents
194,682
(727,935)

Cash and cash equivalents at beginning of year
(5,666)
722,269

Cash and cash equivalents at the end of year
189,016
(5,666)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
189,016
-

Bank overdrafts
-
(5,666)

189,016
(5,666)


The notes on pages 12 to 26 form part of these financial statements.

Page 10

 
WOOD LEISURE HOLIDAY PARKS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2024




At 1 February 2023
Cash flows
At 31 January 2024
£

£

£

Cash at bank and in hand

-

189,016

189,016

Bank overdrafts

(5,666)

5,666

-

Debt due after 1 year

(92,992)

4,801

(88,191)

Debt due within 1 year

(787,013)

(132,580)

(919,593)


(885,671)
66,903
(818,768)

The notes on pages 12 to 26 form part of these financial statements.
Page 11

 
WOOD LEISURE HOLIDAY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Wood Leisure Holiday Parks Limited is a private company, limited by shares, domiciled in Scotland with registration number SC585188.  The registered office is Wood Leisure Head Office, Blairgowrie Holiday Park, Rattray, Blairgowrie, Perthshire, United Kingdom, PH10 7AL. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The functional and presentational currency of the company is GBP sterling (£).

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 12

 
WOOD LEISURE HOLIDAY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.4

Borrowing costs

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

 
2.5

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a
pension plan under which the Company pays fixed contributions into a separate entity. Once the
contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Income Statement when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial
Position. The assets of the plan are held separately from the Company in independently administered
funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 13

 
WOOD LEISURE HOLIDAY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as listed.

Depreciation is provided on the following basis:

Freehold land & buildings
-
0-10% reducing balance
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Equipment
-
33% straight line
Hot tubs
-
33% straight line
Caravans
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 14

 
WOOD LEISURE HOLIDAY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

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.

 
2.14

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.
Page 15

 
WOOD LEISURE HOLIDAY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Judgement is used to assess whether there has been any impairment to the value of investments, stock, debtors and fixed assets in the year.
Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and the residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£



Supply of services
5,090,283
4,848,412

Sale of goods
3,491,169
2,824,631

Other government grants
9,754
8,222

8,591,206
7,681,265


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
517,519
481,550

Defined contribution pension cost
36,046
30,785

Impairment
-
6,724

Page 16

 
WOOD LEISURE HOLIDAY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,667,929
2,370,043

Social security costs
294,625
269,522

Cost of defined contribution scheme
36,046
30,785

2,998,600
2,670,350


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Head office staff
23
34



Park/ site staff
67
61

90
95


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
609,891
526,427


The highest paid director received remuneration of £164,419 (2023 - £155,939).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).

Page 17

 
WOOD LEISURE HOLIDAY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

8.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
286,793
202,414

Adjustments in respect of previous periods
(3,456)
-


Total current tax
283,337
202,414

Deferred tax


Origination and reversal of timing differences
28,215
(53,815)


Taxation on profit on ordinary activities
311,552
148,599

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,220,741
843,185


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
305,144
160,205

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
17,866
1,003

Capital allowances for year in excess of depreciation
(19,160)
41,206

Adjustments to tax charge in respect of prior periods
(3,456)
-

Short-term timing difference leading to an increase (decrease) in taxation
838
-

Book profit on chargeable assets
(6,320)
-

Changes in provisions leading to an increase (decrease) in the tax charge
28,215
(53,815)

Change in tax rate during the period
(11,575)
-

Total tax charge for the year
311,552
148,599


Factors that may affect future tax charges

The only factors affecting tax charges are those imposed by HMRC.
Page 18

 
WOOD LEISURE HOLIDAY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Dividends

2024
2023
£
£


Dividends - ordinary
61,200
153,000


10.


Intangible assets




Goodwill

£



Cost


At 1 February 2023
30,339



At 31 January 2024

30,339



Amortisation


At 1 February 2023
30,339



At 31 January 2024

30,339



Net book value



At 31 January 2024
-



At 31 January 2023
-



Page 19

 


 
WOOD LEISURE HOLIDAY PARKS LIMITED


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


11.


Tangible fixed assets






Freehold land & buildings
Plant and machinery
Motor vehicles
Fixtures and fittings
Equipment

£
£
£
£
£



Cost or valuation


At 1 February 2023
14,838,041
578,041
487,606
22,620
58,571


Additions
-
78,132
248,370
965
10,716


Disposals
-
(40,831)
(88,054)
-
-



At 31 January 2024

14,838,041
615,342
647,922
23,585
69,287



Depreciation


At 1 February 2023
71,351
250,084
296,317
11,400
54,971


Charge for the year on owned assets
11,679
57,141
104,031
1,828
6,142


Disposals
-
(15,673)
(64,525)
-
-



At 31 January 2024

83,030
291,552
335,823
13,228
61,113



Net book value



At 31 January 2024
14,755,011
323,790
312,099
10,357
8,174



At 31 January 2023
14,766,690
327,957
191,289
11,220
3,600
Page 20

 
WOOD LEISURE HOLIDAY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

           11.Tangible fixed assets (continued)


Hot tubs
Caravans
Total

£
£
£



Cost or valuation


At 1 February 2023
104,988
2,307,918
18,397,785


Additions
-
492,936
831,119


Disposals
-
(321,182)
(450,067)



At 31 January 2024

104,988
2,479,672
18,778,837



Depreciation


At 1 February 2023
91,644
1,364,048
2,139,815


Charge for the year on owned assets
6,914
329,784
517,519


Disposals
-
(203,455)
(283,653)



At 31 January 2024

98,558
1,490,377
2,373,681



Net book value



At 31 January 2024
6,430
989,295
16,405,156



At 31 January 2023
13,344
943,870
16,257,970

Page 21

 
WOOD LEISURE HOLIDAY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

12.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 February 2023
200



At 31 January 2024
200





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Wood Leisure Limited
14 City Quay, Dundee, DD1 3JA
Ordinary
100%
The Holiday Park GART Limited
Wood Leisure Head Office, Blairgowrie, PH10 7AL
Ordinary
100%

The aggregate of the share capital and reserves as at 31 January 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Wood Leisure Limited
100
-

The Holiday Park GART Limited
100
-

Page 22

 
WOOD LEISURE HOLIDAY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

13.


Stocks

2024
2023
£
£

Finished goods and goods for resale
1,363,057
802,869



14.


Debtors

2024
2023
£
£


Trade debtors
401,344
2,726

Other debtors
319,523
352,863

Prepayments and accrued income
118,464
102,969

839,331
458,558



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
5,666

Bank loans
7,413
7,289

Trade creditors
464,396
905,215

Corporation tax
286,793
42,413

Other taxation and social security
139,860
52,389

Other creditors
925,339
792,170

Accruals and deferred income
1,377,495
990,227

3,201,296
2,795,369


Page 23

 
WOOD LEISURE HOLIDAY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
88,191
92,992


Bank loans are secured in favour of The Royal Bank of Scotland Plc, who hold a bond and floating charge over the assets of the company, and a standard security over the land and buildings of the company.  
Term loans of £3,600,000 (loan 1) and £2,600,000 (loan 2) were borrowed in a previous period. Loan 1 was fully paid off within the prior year. The year end 2024 carrying amount of loan 2 is £95,604 
(2023 - £100,281) respectively. Loan 2 is repayable in 2025 via 89 equal instalments which are based on a 240 month period from the date the loan was drawn, and therefore given the actual term of the loan is 90 months, the amount of the final 90th instalment will be larger and sufficient to repay the loan and interest in full. 
Interest is charged at a market rate.


17.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
7,413
7,289

Amounts falling due 1-2 years

Bank loans
88,191
7,482

Amounts falling due 2-5 years

Bank loans
-
85,510


95,604
100,281


Page 24

 
WOOD LEISURE HOLIDAY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

18.


Deferred taxation




2024


£






At beginning of year
(357,330)


Charged to the profit or loss
(28,215)



At end of year
(385,545)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(385,545)
(357,330)


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,200 (2023 - 10,200) Ordinary shares of £1 each
10,200
10,200



20.


Reserves

Share premium account

The balance on this account equates to the additional price paid in excess of par value of the share capital of the company when the shares were initially issued.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


21.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £36,046 (2023 - £30,785). Contributions totalling £9,044 (2023 - £8,114)  were payable to the fund at the reporting date and are included in creditors.

Page 25

 
WOOD LEISURE HOLIDAY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

22.


Related party transactions

Key management personnel include all directors and a number of senior managers who together have authority and responsibility for planning, directing and controlling the activities of the Company. The total compensation paid to key management personnel for services provided to the Company during the period, was £1,012,298 (2023 - £902,064).


23.


Post balance sheet events

On 26th February 2024, the Company disposed of a caravan park previously contributing approximately 15% of turnover and 3% net profit in the last twenty four months of trading.


24.


Controlling party

The Company has no ultimate controlling party.
The Company is exempt from producing consolidated accounts under the Companies Act 2006 section 405, as a result of both subsidiary undertakings being dormant companies whose assets are not material to the overall true and fair view of the financial statements. 


Page 26