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Company registration number: 10286954







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


WILLOWAY MOBILE HOME PARK LIMITED






































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WILLOWAY MOBILE HOME PARK LIMITED
REGISTERED NUMBER:10286954



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
Unaudited 2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,300,001
6,300,001

Investment property
 5 
355,750
-

  
6,655,751
6,300,001

Current assets
  

Stocks
  
1,657,339
1,864,117

Debtors: amounts falling due within one year
 6 
124,323
43,177

Cash at bank and in hand
  
8,568
356,862

  
1,790,230
2,264,156

Creditors: amounts falling due within one year
  
(5,529,966)
(6,248,709)

Net current liabilities
  
 
 
(3,739,736)
 
 
(3,984,553)

Total assets less current liabilities
  
2,916,015
2,315,448

Provisions for liabilities
  

Deferred tax
 7 
(536,791)
(574,617)

  
 
 
(536,791)
 
 
(574,617)

Net assets
  
2,379,224
1,740,831


Capital and reserves
  

Allotted, called up and fully paid share capital
  
1
1

Revaluation reserve
  
1,761,677
1,723,851

Profit and loss account
  
617,546
16,979

  
2,379,224
1,740,831


Page 1

 


WILLOWAY MOBILE HOME PARK LIMITED
REGISTERED NUMBER:10286954


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M.C. Annis
Director

Date: 4 November 2024

The notes on pages 4 to 9 form part of these financial statements.
Page 2

 


WILLOWAY MOBILE HOME PARK LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
1
-
(166,170)
(166,169)


Comprehensive income for the year

Profit for the year

-
-
183,149
183,149

Revaluation of tangible fixed assets
-
2,298,468
-
2,298,468

Tax relating to other comprehensive income
-
(574,617)
-
(574,617)


Other comprehensive income for the year
-
1,723,851
-
1,723,851


Total comprehensive income for the year
-
1,723,851
183,149
1,907,000



At 1 April 2023
1
1,723,851
16,979
1,740,831


Comprehensive income for the year

Profit for the year
-
-
600,567
600,567

Other movement type 2
-
37,826
-
37,826


Other comprehensive income for the year
-
37,826
-
37,826


Total comprehensive income for the year
-
37,826
600,567
638,393


At 31 March 2024
1
1,761,677
617,546
2,379,224


The notes on pages 4 to 9 form part of these financial statements.
Page 3

 


WILLOWAY MOBILE HOME PARK LIMITED
 


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

1.


General information

Willoway Mobile Home Park Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is Ashcombe House, 5 The Crescent, Leatherhead,
Surrey, KT22 8DY. The principal place of business is Turnpike Road, Red Lodge, Bury St Edmunds, Suffolk, IP28 8LA.
This Company is part of the Monte Carlo Parks Ltd Group.
The Company's functional and presentational currency is GBP, rounded to the nearest £1.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The 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. Monies received in advance
are treated as deferred income and held as payments on account.
Pitch fees, mooring fees, recharge of expenses and commissions
Income is recognised on an accruals basis in the period to which they relate.
Sales of park homes
Sales of park homes are recognised when the risks and rewards of ownership are transferred to the customer,
usually on occupation when the park home agreement is signed or legal completion takes place.

Page 4

 


WILLOWAY MOBILE HOME PARK LIMITED
 


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

2.Accounting policies (continued)

 
2.3

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.

 
2.4

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. .

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated

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.

No depreciation has been provided on freehold property as the property is held at valuation.

Page 5

 


WILLOWAY MOBILE HOME PARK LIMITED
 


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

2.Accounting policies (continued)

 
2.5

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 

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.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans
to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is
recognised in the Statement of Comprehensive Income.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £Nil).



Page 6

 


WILLOWAY MOBILE HOME PARK LIMITED
 


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

4.


Tangible fixed assets





Freehold property

£



Valuation


At 1 April 2023
6,300,001



At 31 March 2024

6,300,001






Net book value



At 31 March 2024
6,300,001



At 31 March 2023
6,300,001



If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
Unaudited 2023
£
£



Cost
6,300,001
6,300,001

Net book value
6,300,001
6,300,001


5.


Investment property


Freehold investment property

£



Valuation


Additions at cost
112,683


Surplus on revaluation
243,067



At 31 March 2024
355,750

The property was professionally valued in January 2023 by commercial real estate agents, Avison Young, at market
value. The director chose to adopt this valuation at 31 March 2024.






Page 7

 


WILLOWAY MOBILE HOME PARK LIMITED
 


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

6.


Debtors

2024
Unaudited 2023
£
£


Trade debtors
3,646
-

Amounts owed by group undertakings
5,461
1

Other debtors
102,141
31,147

Prepayments and accrued income
13,075
12,029

124,323
43,177



7.


Deferred taxation




2024


£






At beginning of year
(574,617)


Charged to other comprehensive income
37,826



At end of year
(536,791)

The provision for deferred taxation is made up as follows:

2024
Unaudited 2023
£
£


Accelerated capital allowances
(536,791)
(574,617)

(536,791)
(574,617)


8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1

During the year, 100% of the share capital was purchased by Monte Carlo Limited through a share and debt
exchange on 11 July 2023.


Page 8

 


WILLOWAY MOBILE HOME PARK LIMITED
 


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

9.


Contingent liabilities

The Company has given a guarantee in respect of the bank borrowings of its parent company. The guarantee is secured by a fixed charge over the company’s freehold property and a debenture over all other assets of the company.


10.


Related party transactions

The Company has taken advantage of the exemption available within FRS 102 Section 33.1A, from disclosing transactions entered into with entities which are a wholly owned part of the group.


11.


Controlling party

The Ultimate Controlling Parent Undertaking is Monte Carlo Parks Ltd by virtue of its 100% controlling interest of the
Company. The address of the parent company's registered office Ashcombe House, 5 The Crescent, Leatherhead,
Surrey, KT22 8DY.
The Ultimate Controlling Party is M.C. Annis by virtue of his 100% shareholding in Monte Carlo Parks Ltd.

12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 4 November 2024 by Andrew Hookway FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 9