Company registration number:
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The Director presents his Strategic Report for the year ended 31 March 2024.
The principal activity of the Monte Carlo Parks Limited is that of a holding company of 9 wholly owned subsidiary undertakings listed in Note 14 to the Financial Statements (the Group or Monte Carlo Parks). The Group operates and develops residential mobile home park estates and a holiday caravan park under the principal statutes and governance of The Caravan Sites and Control Development Act 1960 which established a scheme of site licensing for caravan sites and The Mobile Homes Act 1983 providing increased security of tenure for residents on residential parks (protected sites) along with the provision of written agreements/statements with implied and express terms.
With the increase in energy bills, interest rates and the cost of living generally, the residential park home market remains robust as an affordable alternative to traditional bricks-and-mortar living. The park home industry is positively correlated to the residential property market and principally aimed at the retiring or retirement population. The Group has met its historical 3 year forecasts and exceeded its first year revised 5 year forecasts to Mar-29 and therefore remains financially robust.
Holiday caravan parks have proved resilient and popular with customers still keen to take advantage of staycation which emerged from the pandemic which is reflected in both occupancy rates and sales growth within the Group. The Group’s income comprises pitch fees, park home and static caravan sales, boatyard income, sales commissions, LPG gas sales and resales of utility expenses. The Group’s accounts reflect Turnover £10,988,550 (2023 : £10,554,413), pre-tax profits £1,466,017 (2023 : £2,849,718) and balance sheet reserves of £16,243,940 (2023 : £16,003,263). The Mobile Homes (Pitch Fees) Act 2023 came into force on 2 July 2023. Park owners are required to use the Consumer Prices Index (CPI) instead of the Retail Prices Index (RPI) to review pitch fees. For pitch fee reviews with review dates on or before 16 August 2023, park owners may still use the RPI to increase the pitch fee, but only if the notice and form were served by 1 July 2023. Inflationary growth which peaked at 13.7% during the year for RPI led to a number First Tier Property Tribunal proceedings with residents to determine pitch fee reviews with two such parks facing such proceedings, which were subsequently awarded lower percentages have now waned given the reduced inflationary pressures and reduction in interest rates and move to CPI at lower levels than RPI typically ca. 2%. During the year, on 22 September 2023, Monte Carlo Parks acquired Walton Hall Manor Country Park Limited and Willoway Mobile Home Park Limited, two residential parks in a debt and equity exchange for Crowsheath Farm Country Park Limited and Spill Land Farm Country Park Limited, a commercial property and holiday park thereby concentrating focus on the more benign and predictable residential market. This business combination has distorted the operating results only reporting 6 months of the park results despite having the full economic benefit of the exchange before legal and financial completion. The Group operates geographically and strategically across England only.
Major sources of uncertainty which could result in a material adjustment within the next financial year are:
• Volatility in interest rates and inflation given a potential change of Government • Legislative changes to commission structures muted on reducing sales commissions from 10% • The ability of suppliers and contractors to deliver their contractual obligation on time and on budget
The Group produces calendar quarterly financial statements monitoring over a rolling 12 month period financial covenants for its senior lender as key performance indicators reviewing Cashflow Cover reviewing changes in cashflow from operations to debt service. Gross Leverage comparing EBITDA to total debt, Interest Cover comparing the ratio of EBITDA to finance charges, Debt Service Coverage and Loan to Value taken from independent valuers.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Details of each individual mobile home sale are recorded monitoring the home manufacturer, model, plot number, pitch size, actual sale price agreed versus marketing price, the residential property exchange value offered and subsequently realised together with estimated time to financial and legal completion.
The Group aims to have 75% occupancy of its total pitches and 25% of development or new home sales to service its senior debt requirements.
This report was approved by the board and signed on its behalf.
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DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The director presents his report and the financial statements for the year ended 31 March 2024.
The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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 profit for the year, after taxation, amounted to £918,881 (2023 - £2,319,552).
There were no dividends paid in the year (2023 - £Nil).
The director who served during the year was:
Future developments include the acquisition of Sunningdale Group Limited, the subsidiary of which is the freehold owner of Yarwell Mill Caravan Park, a residential caravan park with circa 150 occupiers and scope to sell a further 100 homes acquired in a share for share exchange dated 9 August 2024. This transaction has reduced debt leverage and provides more predictable and recurring income.
Other developments post year end include the refinancing of the Group with its senior lender on more favourable terms reducing the margin over base over 1% for a further term of 3 years with additional loan facilities to the term loan including a £2m revolving credit facility for park development and an accordion facility of £6.5m for further acquisitions.
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DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
There have been no significant events, other than those disclosed, affecting the Group since the year end.
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MONTE CARLO PARKS LTD
We have audited the financial statements of Monte Carlo Parks Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the director's 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 or 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 director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MONTE CARLO PARKS LTD (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
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 Director's report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MONTE CARLO PARKS LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations that were most significant included:
−The Companies Act 2006;
−Financial Reporting Standard 102;
−UK employment legislation;
−UK health and safety legislation;
−General Data Protection Regulations; and
−UK tax legislation.
∙We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
∙We understood how the Group is complying with those legal and regulatory frameworks by, making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of board minutes.
∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
∙We assessed the susceptibility of the Group financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
−Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
−Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
−Challenging assumptions and judgments made by management in its significant accounting estimates; and
−Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
−The application of inappropriate judgments or estimation to manipulate the Group's financial position;
−Posting of unusual journals and complex transactions; and
−The use of management override of controls to manipulate results, or to cause the Group to enter into transactions not in its best interests.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MONTE CARLO PARKS LTD (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Surrey
KT22 8DY
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 37 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 37 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
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CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Monte Carlo Parks Ltd is a private company limited by shares incorporated in England and Wales. Details of the Company's registered office can be found on the Company information page. The company's principal place of business is Yarwell Mill Country Park, Mill Road, Peterborough, PE8 6PZ.
The principal activity of the Group is that of the operation of mobile home parks. The financial statements are presented in £ and are rounded to the nearest pound.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
As at 31 March 2024 the Group had net current liabilities of £3,460,549 (2023 - £3,000,586), and the Group made a profit of £918,881 (2023 - £2,319,552) in the year.
After making enquiries, the director has a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. On the basis of their assessment of the Group's financial position, the Group's director continues to adopt the going concern basis of accounting in preparing the Group's financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Pitch fees Pitch fees are recognised on an accruals basis in the period to which they relate. Sales of park homes, caravans and other items Sales of park homes, caravans and other items 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. Commissions Commissions are recognised on an accruals basis in the period to which they relate. Recharges Recharges are recognised on an accruals basis in the period to which they relate.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Goodwill
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Goodwill and negative goodwill are being amortised over a period of 5 years which is the most reliable estimate made by the director.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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:
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.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group 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. Key source of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual income. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Property valuations The key source of estimation uncertainty relates to the valuation of the freehold property portfolio, where valuations are conducted regularly. The evidence to support the valuations is based primarily on recent, comparable market transactions on an arm's length basis or from consideration of yields on similar properties. However, the assumptions applied are inherently subjective and so are subject to a degree of uncertainty.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
11.Taxation (continued)
There are no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Cost or valuation at 31 March 2024 is as follows:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
13.Tangible fixed assets (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 29
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 30
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 31
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Analysis of the maturity of loans is given below:
Bank loans are secured by fixed and floating charges onthe Group's assets, including assets owned by subsidiary undertakings.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
22.Deferred taxation (continued)
Revaluation reserve
Profit and loss account
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
On 22 September 2023 Monte Carlo Parks Ltd acquired 100% of the share capital in Willoway Mobile Home Park Limited for a total consideration of £121,959. For the acquisitions and disposals made the inter company debts were also exchanged, the investments have been recognised in the accounts at cost at the year end, and the assets and liabilities are consolidated in these financial statements from acquisition date onwards.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
25.Business combinations (continued)
Page 35
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
25.Business combinations (continued)
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. Contributions totalling £1,649 (2023 -£1,000) were payable to the fund at the reporting date and are included in creditors.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Other developments post year end include the refinancing of the Group with its senior lender on more favourable terms reducing the margin over base over 1% for a further term of 3 years with additional loan facilities to the term loan including a £2m revolving credit facility for park development and an accordion facility of £6.5m for further acquisitions.
The Ultimate Controlling Party is M. C. Annis by virtue of his 100% shareholding in the Group.
Page 37
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