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REGISTERED NUMBER: 04670394 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JANUARY 2024

FOR

VALE HOLIDAY PARKS LIMITED

VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


VALE HOLIDAY PARKS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JANUARY 2024







DIRECTORS: Mr T Scarrott
Mrs J Scarrott
Mr T H S Scarrott
Mr J W Scarrott
Mr C H Scarrott



SECRETARY: Mrs J Scarrott



REGISTERED OFFICE: Clarach Bay Holiday Village
Clarach Bay
Aberystwyth
Ceredigion
SY23 3DT



REGISTERED NUMBER: 04670394 (England and Wales)



AUDITORS: R Pau & Co Limited
Chartered Certified Accountants
& Statutory Auditors
12-16 Station Street East
Coventry
West Midlands
CV6 5FJ



BANKERS: HSBC Bank Plc
46 Fore Street
Trowbridge
Wiltshire
BA14 8EL

VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST JANUARY 2024


The directors present their strategic report of the company and the group for the year ended 31st January 2024.

REVIEW OF BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of our business during the period and its position at the period end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

As a Holiday Park proprietors and caravan dealers the group continues to operate caravan holiday parks with on-site facilities and to sell caravans. The group's activities are organised into the following four areas:

o Site fees
o Sale of caravans
o Holiday packages
o On-site facilities

We consider that our key group financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover, gross margin and return on capital employed.

The turnover of the group by activity was as follows:

2024 2023
£    £   

Site Fees 5,139 4,305
Sale of Caravans 7,617 7,320
Holiday Packages 2,034 2,159
On-site Facilities 3,310 3,096
18,100 16,880

Most areas of the business have shown growth during the period and this has left the group in a good financial position at the end of the period, in line with our expectations.

Overall the group operating profit has increased to £2,547,511 from £2,459,353 and there is a profit before tax of £1,179,618 (2023 - £1,791,377). After taxation and dividends there is a profit of £504,496 (2023 - £1,262,141).

Return on capital employed has decreased to 1.16% (2023 - 2.76%). Return on capital employed is calculated as profit after interest and tax divided by gross capital employed, which constitutes total assets.


VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST JANUARY 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The company recognizes a variety of financial and market based risks, including exposure to fluctuating interest risks, changing economic conditions, technological and industry based risks, the competitive environment and regulatory changes. These, either singularly or collectively, may affect revenue, cost structure or the value of assets within the business, and are all difficult to quantify.
The main financial risks arising from the company's business are liquidity and cash flow risk and credit risk, and policies with respect to these risks are described below. There is no currency exposure as all material transactions and financial instruments are in Sterling.

Liquidity and cash flow risk

Liquidity and cash flow risk is in risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities and exposure to variability in cash flows. The company also manages liquidity and cash flow risk by utilising its cash flow resources.

Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. Company policies are aimed at minimising such losses, and require that deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures.

Other risks

IT risk and cyber security

The company has various IT systems and applications, the obsolescence or failure of which could impede trading. Failure to put in place adequate preventative measures, if attacked, could lead to data loss or the inability to use the IT systems for a prolonged period. The IT strategy is focused on ensuring the long-term stability of operating systems and data security, whilst keeping pace with the changing face of consumer IT expectations. We continue to strengthen IT security to mitigate the increasing risk of cyber security threats.

People and succession

Attracting and maintaining talented team members and investing in their training and development are essential to the efficiency and sustainability of the company. Succession planning is embedded across the company and is proactively managed.

ON BEHALF OF THE BOARD:





Mr T H S Scarrott - Director


28th October 2024

VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST JANUARY 2024


The directors present their report with the financial statements of the company and the group for the year ended 31st January 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of holiday park proprietors.

DIVIDENDS
The total distribution of dividends for the year ended 31st January 2024 will be £348,000 (31.01.23: £348,000).

DIRECTORS
The directors shown below have held office during the whole of the period from 1st February 2023 to the date of this report.

Mr T Scarrott
Mrs J Scarrott
Mr T H S Scarrott
Mr J W Scarrott
Mr C H Scarrott

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST JANUARY 2024


AUDITORS
The auditors, R Pau & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr T H S Scarrott - Director


28th October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VALE HOLIDAY PARKS LIMITED


Opinion
We have audited the financial statements of Vale Holiday Parks Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st January 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31st January 2024 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VALE HOLIDAY PARKS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VALE HOLIDAY PARKS LIMITED


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 a Report of the Auditors 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, outline 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.

Based on our understanding of the company and the industry in which it operates, we identified the principal risks
of non-compliance with laws and regulations related to the acts by the company which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to revenue recognition.

Audit procedures performed included:

o Review of the financial statement disclosures to underlying supporting documentation
o Enquiring of management and directors concerning actual and potential litigation and claims including knowledge of any non-compliance with laws and regulations
o In addressing the fraud risk in revenue recognition we have tested a sample of revenues recorded through agreement of booking period terms
o In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of non-compliance with laws and regulations that are not closely related to the events and transactions reflected in the financial statements. Also, 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.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VALE HOLIDAY PARKS LIMITED


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 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 a Report of the Auditors 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.




Mr Nimesh Pau F.C.C.A. (Senior Statutory Auditor)
for and on behalf of R Pau & Co Limited
Chartered Certified Accountants
& Statutory Auditors
12-16 Station Street East
Coventry
West Midlands
CV6 5FJ

28th October 2024

VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31ST JANUARY 2024

2024 2023
Notes £    £   

TURNOVER 18,099,686 16,879,744

Cost of sales 11,430,940 10,858,510
GROSS PROFIT 6,668,746 6,021,234

Administrative expenses 4,121,235 3,561,881
OPERATING PROFIT 4 2,547,511 2,459,353

Interest receivable and similar income 124,779 80,523
2,672,290 2,539,876

Interest payable and similar expenses 5 1,492,672 748,499
PROFIT BEFORE TAXATION 1,179,618 1,791,377

Tax on profit 6 327,122 181,236
PROFIT FOR THE FINANCIAL YEAR 852,496 1,610,141
Profit attributable to:
Owners of the parent 852,496 1,610,141

VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST JANUARY 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 852,496 1,610,141


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

852,496

1,610,141

Total comprehensive income attributable to:
Owners of the parent 852,496 1,610,141

VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394)

CONSOLIDATED BALANCE SHEET
31ST JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 1,136,897 1,220,191
Tangible assets 10 52,447,062 36,140,419
Investments 11 5,402,741 5,402,741
58,986,700 42,763,351

CURRENT ASSETS
Stocks 12 6,992,312 4,615,960
Debtors 13 5,881,292 10,091,663
Cash at bank and in hand 1,941,840 1,185,002
14,815,444 15,892,625
CREDITORS
Amounts falling due within one year 14 15,078,443 17,356,098
NET CURRENT LIABILITIES (262,999 ) (1,463,473 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

58,723,701

41,299,878

CREDITORS
Amounts falling due after more than one
year

15

(19,451,588

)

(18,547,431

)

PROVISIONS FOR LIABILITIES 19 (133,154 ) (22,715 )
NET ASSETS 39,138,959 22,729,732

CAPITAL AND RESERVES
Called up share capital 20 80,900 80,900
Revaluation reserve 21 15,904,731 -
Retained earnings 21 23,153,328 22,648,832
SHAREHOLDERS' FUNDS 39,138,959 22,729,732

The financial statements were approved by the Board of Directors and authorised for issue on 28th October 2024 and were signed on its behalf by:





Mr T H S Scarrott - Director


VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394)

COMPANY BALANCE SHEET
31ST JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 1,136,896 1,220,190
Tangible assets 10 33,471,113 33,456,457
Investments 11 5,402,741 5,402,741
40,010,750 40,079,388

CURRENT ASSETS
Stocks 12 4,774,881 3,178,251
Debtors 13 4,571,499 7,547,434
Cash at bank and in hand 1,565,647 528,653
10,912,027 11,254,338
CREDITORS
Amounts falling due within one year 14 12,806,993 14,215,152
NET CURRENT LIABILITIES (1,894,966 ) (2,960,814 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

38,115,784

37,118,574

CREDITORS
Amounts falling due after more than one
year

15

19,451,588

17,963,851
NET ASSETS 18,664,196 19,154,723

CAPITAL AND RESERVES
Called up share capital 20 900 900
Retained earnings 18,663,296 19,153,823
SHAREHOLDERS' FUNDS 18,664,196 19,154,723

Company's (loss)/profit for the financial year (142,527 ) 959,491

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 6th September 2024 and were signed on its behalf by:





Mr T H S Scarrott - Director


VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST JANUARY 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st February 2022 80,900 21,386,691 - 21,467,591

Changes in equity
Dividends - (348,000 ) - (348,000 )
Total comprehensive income - 1,610,141 - 1,610,141
Balance at 31st January 2023 80,900 22,648,832 - 22,729,732

Changes in equity
Dividends - (348,000 ) - (348,000 )
Total comprehensive income - 852,496 15,904,731 16,757,227
Balance at 31st January 2024 80,900 23,153,328 15,904,731 39,138,959

VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST JANUARY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st February 2022 900 18,542,332 18,543,232

Changes in equity
Dividends - (348,000 ) (348,000 )
Total comprehensive income - 959,491 959,491
Balance at 31st January 2023 900 19,153,823 19,154,723

Changes in equity
Dividends - (348,000 ) (348,000 )
Total comprehensive income - (142,527 ) (142,527 )
Balance at 31st January 2024 900 18,663,296 18,664,196

VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST JANUARY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,955,696 3,210,549
Interest paid (1,324,828 ) (697,502 )
Interest element of hire purchase payments
paid

(167,844

)

(50,997

)
Tax paid (158,521 ) (810,522 )
Net cash from operating activities 304,503 1,651,528

Cash flows from investing activities
Purchase of intangible fixed assets - (700,000 )
Purchase of tangible fixed assets (1,247,678 ) (8,943,872 )
Sale of tangible fixed assets 21,500 1,500
Interest received 124,779 80,523
Net cash from investing activities (1,101,399 ) (9,561,849 )

Cash flows from financing activities
Capital repayments in year 1,739,732 6,297,918
Amount introduced by directors 162,002 43,801
Equity dividends paid (348,000 ) (348,000 )
Net cash from financing activities 1,553,734 5,993,719

Increase/(decrease) in cash and cash equivalents 756,838 (1,916,602 )
Cash and cash equivalents at beginning of
year

2

1,185,002

3,101,604

Cash and cash equivalents at end of year 2 1,941,840 1,185,002

VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST JANUARY 2024


1. RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Operating profit 2,547,511 2,459,353
Depreciation charges 917,689 781,378
Profit on disposal of fixed assets (10,129 ) (1,500 )
3,455,071 3,239,231
Increase in stocks (2,376,352 ) (1,280,337 )
Decrease in trade and other debtors 4,514,589 5,361,708
Decrease in trade and other creditors (3,637,612 ) (4,110,053 )
Cash generated from operations 1,955,696 3,210,549

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st January 2024
31/1/24 1/2/23
£    £   
Cash and cash equivalents 1,941,840 1,185,002
Year ended 31st January 2023
31/1/23 1/2/22
£    £   
Cash and cash equivalents 1,185,002 3,101,604


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/2/23 Cash flow At 31/1/24
£    £    £   
Net cash
Cash at bank and in hand 1,185,002 756,838 1,941,840
1,185,002 756,838 1,941,840
Debt
Finance leases (984,937 ) (1,602,602 ) (2,587,539 )
Debts falling due within 1 year (1,427,220 ) (122,542 ) (1,549,762 )
Debts falling due after 1 year (18,073,984 ) (14,587 ) (18,088,571 )
(20,486,141 ) (1,739,731 ) (22,225,872 )
Total (19,301,139 ) (982,893 ) (20,284,032 )

VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394)

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


1. STATUTORY INFORMATION

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

The nature of the company's operations and principal activities are included in the Report of the Directors.

2. ACCOUNTING POLICIES

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

Turnover
Turnover represents the net invoiced value of caravan sales, site fees and other associated income, excluding value added tax.

Turnover from the sale of goods on site, the sale of caravans and site fees is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. For site shop sales and caravans this is usually on the date of dispatch of the goods.

For site fees, recognition occurs when the site is occupied. Fees received on booking in advance of the holiday are carried forward in creditors as deferred income.

Goodwill
Turnover represents the net invoiced value of caravan sales, site fees and other associated income, excluding value added tax.

Turnover from the sale of goods on site, the sale of caravans and site fees is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. For site shop sales and caravans this is usually on the date of dispatch of the goods.

For site fees, recognition occurs when the site is occupied. Fees received on booking in advance of the holiday are carried forward in creditors as deferred income.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance and 25% on reducing balance
Fixtures and fittings - 25% on reducing balance and 20% on cost
Motor vehicles - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


2. ACCOUNTING POLICIES - continued

Judgements and key sources of estimation uncertainty
Certain judgments are made in the process of applying the above accounting policies. None of these are considered to have a significant effect on the amounts recognised in the financial statements.

Certain estimates are also made concerning the future, however, it is considered that there are no key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 81,263 122,161
Social security costs 2,030 4,601
Other pension costs 70,016 60,580
153,309 187,342

The average number of employees during the year was as follows:
2024 2023

151 138

2024 2023
£    £   
Directors' remuneration 60,000 101,911

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 779,493 656,610
Depreciation - assets on hire purchase contracts 54,902 41,474
Profit on disposal of fixed assets (10,129 ) (1,500 )
Goodwill amortisation 83,294 83,294
Auditors' remuneration 6,000 6,000

VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 1,251,476 583,889
Loan arrangement fees 13,000 57,600
Bank charges and interest 11,234 15,016
Credit card charges 49,118 40,997
Hire purchase 167,844 50,997
1,492,672 748,499

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 216,683 158,521

Deferred tax 110,439 22,715
Tax on profit 327,122 181,236

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Final 300,000 300,000
Ordinary F shares of £1 each
Final 16,000 16,000
Ordinary G shares of £1 each
Final 16,000 16,000
Ordinary H shares of £1 each
Final 16,000 16,000
348,000 348,000

VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st February 2023
and 31st January 2024 1,665,880
AMORTISATION
At 1st February 2023 445,689
Amortisation for year 83,294
At 31st January 2024 528,983
NET BOOK VALUE
At 31st January 2024 1,136,897
At 31st January 2023 1,220,191

Company
Goodwill
£   
COST
At 1st February 2023
and 31st January 2024 1,665,879
AMORTISATION
At 1st February 2023 445,689
Amortisation for year 83,294
At 31st January 2024 528,983
NET BOOK VALUE
At 31st January 2024 1,136,896
At 31st January 2023 1,220,190

VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1st February 2023 35,587,975 2,365,848 3,297,745 840,630 42,092,198
Additions 175,216 565,613 354,488 152,361 1,247,678
Disposals - - - (76,594 ) (76,594 )
Revaluations 15,904,731 - - - 15,904,731
At 31st January 2024 51,667,922 2,931,461 3,652,233 916,397 59,168,013
DEPRECIATION
At 1st February 2023 934,479 1,879,216 2,567,935 570,149 5,951,779
Charge for year 227,502 175,679 328,346 102,868 834,395
Eliminated on disposal - - - (65,223 ) (65,223 )
At 31st January 2024 1,161,981 2,054,895 2,896,281 607,794 6,720,951
NET BOOK VALUE
At 31st January 2024 50,505,941 876,566 755,952 308,603 52,447,062
At 31st January 2023 34,653,496 486,632 729,810 270,481 36,140,419

Cost or valuation at 31st January 2024 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2024 18,100,000 - - - 18,100,000
Cost 33,567,922 2,931,461 3,652,233 916,397 41,068,013
51,667,922 2,931,461 3,652,233 916,397 59,168,013

VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1st February 2023 324,674
Additions 152,361
Transfer to ownership (165,283 )
At 31st January 2024 311,752
DEPRECIATION
At 1st February 2023 200,254
Charge for year 54,902
Transfer to ownership (108,106 )
At 31st January 2024 147,050
NET BOOK VALUE
At 31st January 2024 164,702
At 31st January 2023 124,420

Company
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st February 2023 33,392,706 673,314 2,994,403 796,981 37,857,404
Additions 175,216 - 354,487 152,362 682,065
Disposals - - - (70,794 ) (70,794 )
At 31st January 2024 33,567,922 673,314 3,348,890 878,549 38,468,675
DEPRECIATION
At 1st February 2023 934,479 662,580 2,264,593 539,295 4,400,947
Charge for year 227,502 2,684 328,346 100,391 658,923
Eliminated on disposal - - - (62,308 ) (62,308 )
At 31st January 2024 1,161,981 665,264 2,592,939 577,378 4,997,562
NET BOOK VALUE
At 31st January 2024 32,405,941 8,050 755,951 301,171 33,471,113
At 31st January 2023 32,458,227 10,734 729,810 257,686 33,456,457

VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


10. TANGIBLE FIXED ASSETS - continued

Company

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st February 2023 324,674
Additions 152,361
Transfer to ownership (165,283 )
At 31st January 2024 311,752
DEPRECIATION
At 1st February 2023 200,254
Charge for year 54,902
Transfer to ownership (108,106 )
At 31st January 2024 147,050
NET BOOK VALUE
At 31st January 2024 164,702
At 31st January 2023 124,420

11. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertakings
£   
COST
At 1st February 2023
and 31st January 2024 5,402,741
NET BOOK VALUE
At 31st January 2024 5,402,741
At 31st January 2023 5,402,741

VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


11. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group
undertakings
£   
COST
At 1st February 2023
and 31st January 2024 5,402,741
NET BOOK VALUE
At 31st January 2024 5,402,741
At 31st January 2023 5,402,741

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Heatherdale Holidays (Clarach Bay) Limited
Registered office: Clarach Bay Holiday Village, Clarach, Aberystwyth, SY23 3DT
Nature of business: Holiday park
%
Class of shares: holding
Ordinary 75.34
2024 2023
£    £   
Aggregate capital and reserves 20,183,231 3,575,008
Profit for the year 703,490 650,650


12. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Caravan stock 6,827,245 4,499,339 4,709,174 3,130,855
Consumable stock 17,193 14,002 8,266 7,892
Gas bottle stock 147,874 102,619 57,441 39,504
6,992,312 4,615,960 4,774,881 3,178,251

VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 4,744,667 9,003,376 3,615,826 6,577,412
Prepayments and other debtors 964,449 949,289 872,126 860,876
VAT 172,176 138,998 83,547 109,146
5,881,292 10,091,663 4,571,499 7,547,434

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 16) 1,549,762 1,427,220 1,549,762 1,339,713
Hire purchase contracts (see note 17) 1,224,522 511,490 1,224,522 507,033
Trade creditors 1,881,998 1,212,373 1,527,086 1,077,567
Amounts owed to group undertakings - - 681,847 1,011,662
Corporation tax 216,683 158,521 4,253 52,747
Social security and other taxes 38,894 42,917 34,301 39,446
Pensions 7,624 7,683 6,625 6,890
Site fees in advance 8,539,403 12,865,315 6,378,226 9,261,783
Holiday bookings in advance 751,892 414,667 571,128 313,078
Caravan deposits 283,325 312,985 276,280 282,890
Directors' current accounts 452,059 290,057 450,298 243,650
Accruals and other creditors 132,281 112,870 102,665 78,693
15,078,443 17,356,098 12,806,993 14,215,152

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 16) 18,088,571 18,073,984 18,088,571 17,490,404
Hire purchase contracts (see note 17) 1,363,017 473,447 1,363,017 473,447
19,451,588 18,547,431 19,451,588 17,963,851

VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 1,549,762 1,427,220 1,549,762 1,339,713
Amounts falling due between one and two years:
Bank loans - 1-2 years 1,549,762 1,923,293 1,549,762 1,339,713
Amounts falling due between two and five years:
Bank loans - 2-5 years 4,649,285 4,019,137 4,649,285 4,019,137
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 11,889,524 12,131,554 11,889,524 12,131,554

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 1,224,522 511,490
Between one and five years 1,363,017 473,447
2,587,539 984,937

Company
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 1,224,522 507,033
Between one and five years 1,363,017 473,447
2,587,539 980,480

VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


18. SECURED DEBTS

The following secured debts are included within creditors:

Company
2024 2023
£    £   
Bank loans 19,638,333 18,830,117
2,587,539 980,480
22,225,872 19,810,597

19. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 133,154 22,715

Group
Deferred
tax
£   
Balance at 1st February 2023 22,715
Accelerated capital allowances 110,439
Balance at 31st January 2024 133,154

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100
100 Ordinary A £1 100 100
100 Ordinary B £1 100 100
100 Ordinary C £1 100 100
100 Ordinary D £1 100 100
100 Ordinary E £1 100 100
100 Ordinary F £1 100 100
100 Ordinary G £1 100 100
100 Ordinary H £1 100 100
900 900

VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


21. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st February 2023 22,648,832 - 22,648,832
Profit for the year 852,496 852,496
Dividends (348,000 ) (348,000 )
Revaluation reserve - 15,904,731 15,904,731
At 31st January 2024 23,153,328 15,904,731 39,058,059

Company
Retained
earnings
£   

At 1st February 2023 19,153,823
Deficit for the year (142,527 )
Dividends (348,000 )
At 31st January 2024 18,663,296