Registered number: SC585188
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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WOOD LEISURE HOLIDAY PARKS LIMITED
COMPANY INFORMATION
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WOOD LEISURE HOLIDAY PARKS LIMITED
CONTENTS
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WOOD LEISURE HOLIDAY PARKS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
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.
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.
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.
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WOOD LEISURE HOLIDAY PARKS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
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.
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.
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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.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 2006. They 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.
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).
The directors who served during the year were:
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.
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WOOD LEISURE HOLIDAY PARKS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
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.
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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WOOD LEISURE HOLIDAY PARKS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOOD LEISURE HOLIDAY PARKS LIMITED
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 policies. The 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).
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.
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.
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 Report. Our 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.
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WOOD LEISURE HOLIDAY PARKS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOOD LEISURE HOLIDAY PARKS LIMITED (CONTINUED)
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.
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.
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WOOD LEISURE HOLIDAY PARKS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOOD LEISURE HOLIDAY PARKS LIMITED (CONTINUED)
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.
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 2006. Our 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
14 City Quay
DD1 3JA
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WOOD LEISURE HOLIDAY PARKS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JANUARY 2024
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WOOD LEISURE HOLIDAY PARKS LIMITED
REGISTERED NUMBER: SC585188
STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 26 form part of these financial statements.
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WOOD LEISURE HOLIDAY PARKS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
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WOOD LEISURE HOLIDAY PARKS LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2024
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WOOD LEISURE HOLIDAY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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
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:
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WOOD LEISURE HOLIDAY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure. 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.
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WOOD LEISURE HOLIDAY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
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.
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:
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.
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WOOD LEISURE HOLIDAY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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WOOD LEISURE HOLIDAY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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.
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WOOD LEISURE HOLIDAY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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WOOD LEISURE HOLIDAY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
The only factors affecting tax charges are those imposed by HMRC.
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WOOD LEISURE HOLIDAY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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WOOD LEISURE HOLIDAY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
11.Tangible fixed assets (continued)
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WOOD LEISURE HOLIDAY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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WOOD LEISURE HOLIDAY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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WOOD LEISURE HOLIDAY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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WOOD LEISURE HOLIDAY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Share premium account
Profit and loss account
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.
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WOOD LEISURE HOLIDAY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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.
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