Acorah Software Products - Accounts Production 16.0.110 false true false false true 1 January 2023 31 December 2023 31 December 2023 14770800 Mr Patrick John Cosgrove Mr Andrew Johnstone Mr Patrick John Cosgrove 31 December 2023 iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 14770800 2023-12-31 14770800 2023-01-01 2023-12-31 14770800 frs-core:CurrentFinancialInstruments 2023-12-31 14770800 frs-core:Non-currentFinancialInstruments 2023-12-31 14770800 frs-core:SharePremium 2023-12-31 14770800 frs-core:ShareCapital 2023-12-31 14770800 frs-bus:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 14770800 frs-bus:Director1 2023-01-01 2023-12-31 14770800 frs-bus:Consolidated 2022-12-31 14770800 frs-bus:Consolidated 2023-12-31 14770800 frs-bus:Consolidated 2023-01-01 2023-12-31 14770800 frs-core:CurrentFinancialInstruments frs-bus:Consolidated 2023-12-31 14770800 frs-core:Non-currentFinancialInstruments frs-bus:Consolidated 2023-12-31 14770800 frs-core:ComputerEquipment frs-bus:Consolidated 2023-01-01 2023-12-31 14770800 frs-core:FurnitureFittings frs-bus:Consolidated 2023-01-01 2023-12-31 14770800 frs-core:NetGoodwill frs-bus:Consolidated 2023-12-31 14770800 frs-core:NetGoodwill frs-bus:Consolidated 2023-01-01 2023-12-31 14770800 frs-core:NetGoodwill frs-bus:Consolidated 2022-12-31 14770800 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee frs-bus:Consolidated 2023-01-01 2023-12-31 14770800 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets frs-bus:Consolidated 2023-12-31 14770800 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets frs-bus:Consolidated 2023-01-01 2023-12-31 14770800 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets frs-bus:Consolidated 2022-12-31 14770800 frs-core:MotorVehicles frs-bus:Consolidated 2023-12-31 14770800 frs-core:MotorVehicles frs-bus:Consolidated 2023-01-01 2023-12-31 14770800 frs-core:MotorVehicles frs-bus:Consolidated 2022-12-31 14770800 frs-core:PlantMachinery frs-bus:Consolidated 2023-12-31 14770800 frs-core:PlantMachinery frs-bus:Consolidated 2023-01-01 2023-12-31 14770800 frs-core:PlantMachinery frs-bus:Consolidated 2022-12-31 14770800 frs-core:SharePremium frs-bus:Consolidated 2023-12-31 14770800 frs-core:ShareCapital frs-bus:Consolidated 2023-12-31 14770800 frs-core:RetainedEarningsAccumulatedLosses frs-bus:Consolidated 2023-12-31 14770800 frs-bus:PrivateLimitedCompanyLtd frs-bus:Consolidated 2023-01-01 2023-12-31 14770800 frs-bus:FilletedAccounts frs-bus:Consolidated 2023-01-01 2023-12-31 14770800 frs-bus:SmallEntities frs-bus:Consolidated 2023-01-01 2023-12-31 14770800 frs-bus:AuditExempt-NoAccountantsReport frs-bus:Consolidated 2023-01-01 2023-12-31 14770800 frs-bus:SmallCompaniesRegimeForAccounts frs-bus:Consolidated 2023-01-01 2023-12-31 14770800 frs-bus:Director1 frs-bus:Consolidated 2023-01-01 2023-12-31 14770800 frs-bus:Director1 frs-bus:Consolidated 2023-12-31 14770800 frs-bus:Director2 frs-bus:Consolidated 2023-01-01 2023-12-31 14770800 frs-bus:Director2 frs-bus:Consolidated 2023-12-31 14770800 frs-bus:CompanySecretary1 frs-bus:Consolidated 2023-01-01 2023-12-31 14770800 frs-countries:EnglandWales frs-bus:Consolidated 2023-01-01 2023-12-31
Registered number: 14770800
Cosgrove Resorts UK Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Billing & Co Ltd
Contents
Page
Directors' Report 1
Consolidated Profit and Loss Account 2
Consolidated Balance Sheet 3—4
Company Balance Sheet 5
Notes to the Financial Statements 6—10
Page 1
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2023.
Directors
The directors who held office during the year were as follows:
Mr Patrick John Cosgrove Appointed 30/03/2023
Mr Andrew Johnstone Appointed 19/04/2023
Statement of Directors' Responsibilities
The directors are responsible for preparing 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 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 the financial statements the directors are required to:
  • select suitable accounting policies 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 and 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
Mr Patrick John Cosgrove
Director
27 September 2024
Page 1
Page 2
Consolidated Profit and Loss Account
2023
Notes £
TURNOVER 11,303,164
Cost of sales (4,663,298 )
GROSS PROFIT 6,639,866
Administrative expenses (4,185,157 )
OPERATING PROFIT 2,454,709
Interest payable and similar charges (439,021 )
PROFIT BEFORE TAXATION 2,015,688
Tax on Profit (797,736 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 1,217,952
The notes on pages 6 to 10 form part of these financial statements.
Page 2
Page 3
Consolidated Balance Sheet
Registered number: 14770800
2023
Notes £ £
FIXED ASSETS
Intangible Assets 4 2,405,687
Tangible Assets 5 11,301,886
13,707,573
CURRENT ASSETS
Stocks 6 3,361,879
Debtors 7 18,216,889
Investments 8 489,549
Cash at bank and in hand 9,123,297
31,191,614
Creditors: Amounts Falling Due Within One Year 9 (5,111,140 )
NET CURRENT ASSETS (LIABILITIES) 26,080,474
TOTAL ASSETS LESS CURRENT LIABILITIES 39,788,047
Creditors: Amounts Falling Due After More Than One Year 10 (22,657,103 )
NET ASSETS 17,130,944
CAPITAL AND RESERVES
Called up share capital 11 60,926,087
Share premium account (60,771,609 )
Profit and Loss Account 16,976,466
SHAREHOLDERS' FUNDS 17,130,944
Page 3
Page 4
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board
Mr Patrick John Cosgrove
Director
27 September 2024
The notes on pages 6 to 10 form part of these financial statements.
Page 4
Page 5
Company Balance Sheet
Registered number: 14770800
2023
Notes £ £
CAPITAL AND RESERVES
Called up share capital 11 60,919,269
Share premium account (60,919,269 )
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit/(loss) for the year was £.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Patrick John Cosgrove
Director
27 September 2024
The notes on pages 6 to 10 form part of these financial statements.
Page 5
Page 6
Notes to the Financial Statements
1. General Information
Cosgrove Resorts UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14770800 . The registered office is Tudor Lodge, Augustine Road, Minster on Sea, Sheerness, Kent, ME12 2LZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December 2023.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
Page 6
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2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.5. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.
Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.
Goodwill is amortised over its expected useful life which is estimated to be .... years.
Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Not depreciated
Leasehold Over life of lease
Plant & Machinery 20% straight line
Motor Vehicles 33% straight line
Fixtures & Fittings 20% straight line
Computer Equipment 20% straight line
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 7
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2.8. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Group
Average number of employees, including directors, during the year was: 50
Company
Average number of employees, including directors, during the year was: 50
50
50
4. Intangible Assets
Group
Goodwill
£
Cost
As at 1 January 2023 2,405,687
As at 31 December 2023 2,405,687
Net Book Value
As at 31 December 2023 2,405,687
As at 1 January 2023 2,405,687
Company
The company had no intangible fixed assets as at 31 December 2023.
5. Tangible Assets
Group
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 January 2023 11,151,786 2,036,531 178,805 13,367,122
Additions - 17,972 10,500 28,472
As at 31 December 2023 11,151,786 2,054,503 189,305 13,395,594
Depreciation
As at 1 January 2023 73,159 1,697,511 150,025 1,920,695
Provided during the period 17,430 134,796 20,787 173,013
As at 31 December 2023 90,589 1,832,307 170,812 2,093,708
...CONTINUED
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Page 9
Net Book Value
As at 31 December 2023 11,061,197 222,196 18,493 11,301,886
As at 1 January 2023 11,078,627 339,020 28,780 11,446,427
Company
The company had no tangible fixed assets as at 31 December 2023.
6. Stocks
2023
£
Stock 3,361,879
7. Debtors
Group Company
2023 2023
£ £
Due within one year
Trade debtors 2,434,691 -
Amounts owed by group undertakings 1,605,515 -
Other debtors 760,339 -
4,800,545 -
Due after more than one year
Amounts owed by group undertakings 11,519,934 -
Other debtors 1,896,410 -
13,416,344 -
18,216,889 -
8. Current Asset Investments
2023
£
Unlisted investments 489,549
9. Creditors: Amounts Falling Due Within One Year
Group
2023
£
Trade creditors 271,675
Amounts owed to group undertakings 437,823
Other creditors 3,465,686
Taxation and social security 935,956
5,111,140
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10. Creditors: Amounts Falling Due After More Than One Year
Group
2023
£
Bank loans 8,124,725
Amounts owed to group undertakings 9,612,040
Other creditors 4,920,338
22,657,103
11. Share Capital
2023
£
Allotted, Called up and fully paid 60,926,087
Page 10