2023-01-032023-12-312023-12-31false14565753CARDIGAN BAY HOLIDAY PARKS 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CARDIGAN BAY HOLIDAY PARKS LTD

Registered Number
14565753
(England and Wales)

Unaudited Financial Statements for the Period ended
31 December 2023

CARDIGAN BAY HOLIDAY PARKS LTD
Company Information
for the period from 3 January 2023 to 31 December 2023

Directors

GROVER, Alan Frederick
GROVER, Alison Lynn
GROVER, Margaret Edwina
GROVER, Robert Alan

Registered Address

Ocean View Holiday Park,
Clarach
Aberystwyth
SY23 3DT

Registered Number

14565753 (England and Wales)
CARDIGAN BAY HOLIDAY PARKS LTD
Statement of Financial Position
31 December 2023

Notes

2023

£

£

Fixed assets
Tangible assets43,928,263
3,928,263
Current assets
Stocks5366,687
Debtors365,558
Cash at bank and on hand736,082
1,468,327
Creditors amounts falling due within one year6(1,309,743)
Net current assets (liabilities)158,584
Total assets less current liabilities4,086,847
Net assets4,086,847
Capital and reserves
Called up share capital3,650,000
Profit and loss account436,847
Shareholders' funds4,086,847
The financial statements were approved and authorised for issue by the Board of Directors on 12 November 2024, and are signed on its behalf by:
GROVER, Alison Lynn
Director
GROVER, Robert Alan
Director

Registered Company No. 14565753
CARDIGAN BAY HOLIDAY PARKS LTD
Notes to the Financial Statements
for the period ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements are prepared in sterling, which is the functional currency of the entity.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
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.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue 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 transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset. There is no depreciation charge in the current period in relation to land and buildings as the directors consider the residual value to be no lower than the valuation carried out on incorporation.

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery15-
Vehicles15-
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified. Prior to incorporation, the trade was carried out by the directors as two separate partnerships, trading as Bardsey View Holiday Park and Ocean View Caravan Park. These businesses were transferred at valuation in exchange for shares. During the year, two of the directors, Mr Robert Alan Grover and Mrs Alison Lynn Grover received dividends of £40,000 each as holders of "B" Ordinary shares. All loans provided by the directors to the company are interest free and with no fixed term or repayment.
2.Average number of employees

2023
Average number of employees during the year5
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Total

££££
Cost or valuation
Additions-254,94954,993309,942
Transfers3,657,385--3,657,385
At 31 December 233,657,385254,94954,9933,967,327
Depreciation and impairment
Charge for year-32,6996,36539,064
At 31 December 23-32,6996,36539,064
Net book value
At 31 December 233,657,385222,25048,6283,928,263
At 02 January 23----
5.Stocks

2023

£
Other stocks366,687
Total366,687
6.Creditors: amounts due within one year

2023

£
Trade creditors / trade payables438,056
Bank borrowings and overdrafts247
Taxation and social security229,068
Other creditors619,784
Accrued liabilities and deferred income22,588
Total1,309,743