Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312024-03-31falsefalsefalse2023-04-01The principal activity of the Company was that of a holding company. The principal activity of the Group isthat of the operation of mobile home parks.0false 10656532 2023-04-01 2024-03-31 10656532 2022-04-01 2023-03-31 10656532 2024-03-31 10656532 2023-03-31 10656532 2022-04-01 10656532 1 2023-04-01 2024-03-31 10656532 d:Director1 2023-04-01 2024-03-31 10656532 d:RegisteredOffice 2023-04-01 2024-03-31 10656532 c:Buildings 2023-04-01 2024-03-31 10656532 c:PlantMachinery 2023-04-01 2024-03-31 10656532 c:MotorVehicles 2023-04-01 2024-03-31 10656532 c:FurnitureFittings 2023-04-01 2024-03-31 10656532 c:ComputerEquipment 2023-04-01 2024-03-31 10656532 c:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 10656532 c:OtherPropertyPlantEquipment 2024-03-31 10656532 c:OtherPropertyPlantEquipment 2023-03-31 10656532 c:OtherPropertyPlantEquipment c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10656532 c:Goodwill 2023-04-01 2024-03-31 10656532 c:CurrentFinancialInstruments 2024-03-31 10656532 c:CurrentFinancialInstruments 2023-03-31 10656532 c:Non-currentFinancialInstruments 2024-03-31 10656532 c:Non-currentFinancialInstruments 2023-03-31 10656532 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 10656532 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 10656532 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 10656532 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 10656532 c:ShareCapital 2023-04-01 2024-03-31 10656532 c:ShareCapital 2024-03-31 10656532 c:ShareCapital 2022-04-01 2023-03-31 10656532 c:ShareCapital 2023-03-31 10656532 c:ShareCapital 2022-04-01 10656532 c:RevaluationReserve 2023-04-01 2024-03-31 10656532 c:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 10656532 c:RetainedEarningsAccumulatedLosses 2024-03-31 10656532 c:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 10656532 c:RetainedEarningsAccumulatedLosses 2023-03-31 10656532 c:RetainedEarningsAccumulatedLosses 2022-04-01 10656532 c:AcceleratedTaxDepreciationDeferredTax 2024-03-31 10656532 c:AcceleratedTaxDepreciationDeferredTax 2023-03-31 10656532 c:TaxLossesCarry-forwardsDeferredTax 2024-03-31 10656532 c:TaxLossesCarry-forwardsDeferredTax 2023-03-31 10656532 c:RetirementBenefitObligationsDeferredTax 2024-03-31 10656532 c:RetirementBenefitObligationsDeferredTax 2023-03-31 10656532 d:OrdinaryShareClass1 2023-04-01 2024-03-31 10656532 d:OrdinaryShareClass1 2024-03-31 10656532 d:OrdinaryShareClass1 2023-03-31 10656532 d:FRS102 2023-04-01 2024-03-31 10656532 d:Audited 2023-04-01 2024-03-31 10656532 d:FullAccounts 2023-04-01 2024-03-31 10656532 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10656532 c:Subsidiary1 2023-04-01 2024-03-31 10656532 c:Subsidiary1 1 2023-04-01 2024-03-31 10656532 c:Subsidiary2 2023-04-01 2024-03-31 10656532 c:Subsidiary2 1 2023-04-01 2024-03-31 10656532 c:Subsidiary3 2023-04-01 2024-03-31 10656532 c:Subsidiary3 1 2023-04-01 2024-03-31 10656532 c:Subsidiary4 2023-04-01 2024-03-31 10656532 c:Subsidiary4 1 2023-04-01 2024-03-31 10656532 c:Subsidiary5 2023-04-01 2024-03-31 10656532 c:Subsidiary5 1 2023-04-01 2024-03-31 10656532 c:Subsidiary6 2023-04-01 2024-03-31 10656532 c:Subsidiary6 1 2023-04-01 2024-03-31 10656532 c:Subsidiary7 2023-04-01 2024-03-31 10656532 c:Subsidiary7 1 2023-04-01 2024-03-31 10656532 c:Subsidiary8 2023-04-01 2024-03-31 10656532 c:Subsidiary8 1 2023-04-01 2024-03-31 10656532 c:Subsidiary9 2023-04-01 2024-03-31 10656532 c:Subsidiary9 1 2023-04-01 2024-03-31 10656532 c:HirePurchaseContracts c:WithinOneYear 2024-03-31 10656532 c:HirePurchaseContracts c:WithinOneYear 2023-03-31 10656532 c:HirePurchaseContracts c:BetweenOneFiveYears 2024-03-31 10656532 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-03-31 10656532 d:Consolidated 2024-03-31 10656532 d:ConsolidatedGroupCompanyAccounts 2023-04-01 2024-03-31 10656532 2 2023-04-01 2024-03-31 10656532 5 2023-04-01 2024-03-31 10656532 6 2023-04-01 2024-03-31 10656532 c:SpecificBusinessCombination1 2023-04-01 2024-03-31 10656532 c:SpecificBusinessCombination1 2024-03-31 10656532 c:SpecificBusinessCombination1 2 2024-03-31 10656532 c:SpecificBusinessCombination1 c:CurrentFinancialInstruments 2024-03-31 10656532 c:SpecificBusinessCombination2 2023-04-01 2024-03-31 10656532 c:SpecificBusinessCombination2 2024-03-31 10656532 c:SpecificBusinessCombination2 2 2024-03-31 10656532 c:SpecificBusinessCombination2 c:CurrentFinancialInstruments 2024-03-31 10656532 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 10656532







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


MONTE CARLO PARKS LTD






































img080c.png                        

 


MONTE CARLO PARKS LTD
 


 
COMPANY INFORMATION


Director
M. C. Annis 




Registered number
10656532



Registered office
Ashcombe House
5 The Crescent

Leatherhead

KT22 8DY




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


MONTE CARLO PARKS LTD
 



CONTENTS



Page
Group strategic report
1 - 2
Director's report
3 - 4
Independent auditors' report
5 - 8
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14 - 15
Consolidated analysis of net debt
16
Notes to the financial statements
17 - 37


 


MONTE CARLO PARKS LTD
 


 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
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.
 

Business review
 
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.

Principal risks and uncertainties
 
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

Financial key performance indicators
 
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.

Page 1

 


MONTE CARLO PARKS LTD
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Other key performance indicators
 
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.



M. C. Annis
Director

Date: 6 November 2024

Page 2

 


MONTE CARLO PARKS LTD
 


 
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.

Director's responsibilities statement

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.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 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 2006He 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.

Results and dividends

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).

Director

The director who served during the year was:

M. C. Annis 

Future developments

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.

Page 3

 


MONTE CARLO PARKS LTD
 


 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

 has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events, other than those disclosed, affecting the Group since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Menzies 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.
 





M. C. Annis
Director

Date: 6 November 2024

Ashcombe House
5 The Crescent
Leatherhead
KT22 8DY

Page 4

 


MONTE CARLO PARKS LTD
 


 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MONTE CARLO PARKS LTD

Opinion


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 policiesThe 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's affairs as at 31 March 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 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.


Conclusions relating to going concern


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.


Other information


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 ReportOur 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.


Page 5

 


MONTE CARLO PARKS LTD


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MONTE CARLO PARKS LTD (CONTINUED)

Opinion 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 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.


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 Director's report.


We have nothing to report in respect of the following matters in relation to which 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 director's 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 Director's responsibilities statement set out on page 3, the director is 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 director determines is 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 director is 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 


MONTE CARLO PARKS LTD


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MONTE CARLO PARKS LTD (CONTINUED)

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 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.

 
Page 7

 


MONTE CARLO PARKS LTD


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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.


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 2006Our 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.





Andrew Hookway FCA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Leatherhead
Surrey
KT22 8DY

6 November 2024
Page 8

 


MONTE CARLO PARKS LTD
 


 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
10,988,550
10,554,413

Cost of sales
  
(8,247,158)
(5,367,305)

Gross profit
  
2,741,392
5,187,108

Administrative expenses
  
(1,792,542)
(2,195,077)

Other operating income
 5 
-
952,212

Operating profit
 6 
948,850
3,944,243

Profit/loss on disposal of inv. in subsidiaries
  
1,626,754
(269,143)

Interest receivable and similar income
 9 
1,668
286

Interest payable and similar expenses
 10 
(1,111,255)
(825,668)

Profit before taxation
  
1,466,017
2,849,718

Tax on profit
 11 
(547,136)
(530,166)

Profit for the financial year
  
918,881
2,319,552

  

Unrealised (deficit)/surplus on revaluation of tangible fixed assets
  
(55,980)
6,803,294

Deferred tax on revaluation of tangible fixed assets
  
37,826
(1,700,823)

Eliminated on business disposal
  
-
(30,381)

Disposal of subsidiary
  
(560,717)
-

Other comprehensive income for the year
  
(578,871)
5,072,090

Total comprehensive income for the year
  
340,010
7,391,642

Profit for the year attributable to:
  

Owners of the parent Company
  
918,881
2,319,552

  
918,881
2,319,552

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
340,010
7,391,642

  
340,010
7,391,642

The notes on pages 17 to 37 form part of these financial statements.

Page 9

 


MONTE CARLO PARKS LTD
REGISTERED NUMBER:10656532



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
(688,170)
474,420

Tangible assets
 13 
37,838,570
36,251,781

Investment property
 15 
355,750
-

  
37,506,150
36,726,201

Current assets
  

Stocks
 16 
4,329,192
3,657,989

Debtors
 17 
1,675,511
1,026,614

Cash at bank and in hand
  
917,054
366,078

  
6,921,757
5,050,681

Creditors: amounts falling due within one year
 18 
(10,382,306)
(8,051,267)

Net current liabilities
  
 
 
(3,460,549)
 
 
(3,000,586)

Total assets less current liabilities
  
34,045,601
33,725,615

Creditors: amounts falling due after more than one year
 19 
(12,360,535)
(13,222,943)

Provisions for liabilities
  

Deferred taxation
 22 
(5,441,126)
(4,499,409)

  
 
 
(5,441,126)
 
 
(4,499,409)

Net assets
  
16,243,940
16,003,263


Capital and reserves
  

Called up share capital 
 23 
200
200

Revaluation reserve
 24 
6,344,331
6,742,628

Profit and loss account
 24 
9,899,409
9,260,435

  
16,243,940
16,003,263


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




M. C. Annis
Director

Date: 6 November 2024

The notes on pages 17 to 37 form part of these financial statements.

Page 10

 


MONTE CARLO PARKS LTD
REGISTERED NUMBER:10656532



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
3,900
4,389

Investments
 14 
13,679,085
11,078,575

  
13,682,985
11,082,964

Current assets
  

Debtors
 17 
9,520,430
8,937,000

Cash at bank and in hand
  
184,014
9,811

  
9,704,444
8,946,811

Creditors: amounts falling due within one year
 18 
(13,639,030)
(9,079,151)

Net current liabilities
  
 
 
(3,934,586)
 
 
(132,340)

Total assets less current liabilities
  
9,748,399
10,950,624

  

Creditors: amounts falling due after more than one year
 19 
(12,301,343)
(13,195,586)

Provisions for liabilities
  

Deferred taxation
 22 
(783)
(1,097)

  
 
 
(783)
 
 
(1,097)

Net liabilities
  
(2,553,727)
(2,246,059)


Capital and reserves
  

Called up share capital 
 23 
200
200

Profit and loss account brought forward
  
(2,246,259)
(1,808,674)

Loss for the year
  
(307,668)
(437,585)

Profit and loss account carried forward
  
(2,553,927)
(2,246,259)

  
(2,553,727)
(2,246,059)


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


M. C. Annis
Director

Date: 6 November 2024

The notes on pages 17 to 37 form part of these financial statements.

Page 11

 


MONTE CARLO PARKS LTD
 



CONSOLIDATED 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
200
1,670,538
6,940,883
8,611,621


Comprehensive income for the year

Profit for the year
-
-
2,319,552
2,319,552

Surplus on revaluation of freehold property
-
6,803,294
-
6,803,294

Deferred tax on revaluation
-
(1,700,823)
-
(1,700,823)

Elimination on disposal of subsidiary
-
(30,381)
-
(30,381)


Other comprehensive income for the year
-
5,072,090
-
5,072,090


Total comprehensive income for the year
-
5,072,090
2,319,552
7,391,642



At 1 April 2023
200
6,742,628
9,260,435
16,003,263


Comprehensive income for the year

Profit for the year
-
-
918,881
918,881

Deferred tax movements
-
-
(99,112)
(99,112)

Deficit on revaluation of freehold property
-
(65,165)
-
(65,165)

Surplus on revaluation of other fixed assets
-
9,185
-
9,185

Deferred tax on revaluation
-
37,605
-
37,605

Disposal of subsidiary
-
(379,922)
(180,795)
(560,717)


Other comprehensive income for the year
-
(398,297)
(279,907)
(678,204)


Total comprehensive income for the year
-
(398,297)
638,974
240,677


At 31 March 2024
200
6,344,331
9,899,409
16,243,940


The notes on pages 17 to 37 form part of these financial statements.

Page 12

 


MONTE CARLO PARKS LTD
 



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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
200
(1,808,674)
(1,808,474)


Comprehensive income for the year

Loss for the year
-
(437,585)
(437,585)
Total comprehensive income for the year
-
(437,585)
(437,585)



At 1 April 2023
200
(2,246,259)
(2,246,059)


Comprehensive income for the year

Loss for the year
-
(307,668)
(307,668)
Total comprehensive income for the year
-
(307,668)
(307,668)


At 31 March 2024
200
(2,553,927)
(2,553,727)


The notes on pages 17 to 37 form part of these financial statements.

Page 13

 


MONTE CARLO PARKS LTD
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
918,881
2,319,552

Adjustments for:

Amortisation of intangible assets
280,945
641,627

Depreciation of tangible assets
65,043
61,417

Loss on disposal of tangible assets
-
2,352,724

Interest paid
1,110,864
825,668

Taxation charge
585,536
(530,166)

(Increase) in stocks
(671,204)
(962,130)

(Increase) in debtors
(648,897)
(640,761)

Increase/(decrease) in creditors
1,661,030
(1,355,126)

Increase in provisions
903,317
1,699,498

Net fair value (gains) recognised in P&L
(5,932)
(6,803,294)

Corporation tax (paid)/received
(199,762)
249

Deferred tax movement on revalued properties
(111,555)
5,072,086

Net cash generated from operating activities

3,888,266
2,681,344


Cash flows from investing activities

Purchase of tangible fixed assets
(254,288)
(149,629)

Sale of tangible fixed assets
642,449
-

Purchase of investment properties
(355,750)
-

Purchase of fixed asset investments
(1,719,065)
-

Sale of fixed asset investments
-
18,246

Net cash from investing activities

(1,686,654)
(131,383)

Cash flows from financing activities

Repayment of loans
(567,490)
(2,382,638)

Repayment of/new finance leases
27,708
45,905

Interest paid
(1,110,854)
(825,668)

Net cash used in financing activities
(1,650,636)
(3,162,401)
Page 14

 


MONTE CARLO PARKS LTD
 



CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£



Net increase/(decrease) in cash and cash equivalents
550,976
(612,440)

Cash and cash equivalents at beginning of year
366,078
978,518

Cash and cash equivalents at the end of year
917,054
366,078


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
917,054
366,078

917,054
366,078


The notes on pages 17 to 37 form part of these financial statements.

Page 15

 


MONTE CARLO PARKS LTD
 



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024






At 1 April 2023
Cash flows
Acquisition and disposal of subsidiaries
New finance leases
At 31 March 2024
£

£

£

£

£

Cash at bank and in hand

366,078

258,812

292,164

-

917,054

Debt due after 1 year

(13,195,586)

894,243

-

-

(12,301,343)

Debt due within 1 year

(3,877,976)

(327,412)

-

-

(4,205,388)

Finance leases

(45,905)

-

-

(27,708)

(73,613)


(16,753,389)
825,643
292,164
(27,708)
(15,663,290)

The notes on pages 17 to 37 form part of these financial statements.

Page 16

 


MONTE CARLO PARKS LTD
 


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

1.


General information

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

 
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 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:

 
2.2

Basis of consolidation

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.

 
2.3

Going concern

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.

Page 17

 


MONTE CARLO PARKS LTD
 


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

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group 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
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.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 18

 


MONTE CARLO PARKS LTD
 


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

2.Accounting policies (continued)

 
2.10

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

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.

 
2.12

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.

Page 19

 


MONTE CARLO PARKS LTD
 


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

2.Accounting policies (continued)


2.12
Tangible fixed assets (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:

Freehold property
-
Not depreciated
Plant and machinery
-
20% straight line and 10-33% reducing balance
Motor vehicles
-
15-25% reducing balance
Fixtures and fittings
-
20% straight line and 20% reducing balance
Computer equipment
-
20% straight line and 25-33% reducing balance

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.

 
2.13

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.

 
2.14

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.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

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.

Page 20

 


MONTE CARLO PARKS LTD
 


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

2.Accounting policies (continued)

 
2.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

Financial instruments

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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. 

Page 21

 


MONTE CARLO PARKS LTD
 


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

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Pitch fees
2,076,633
1,758,375

Sales of park homes
7,645,727
8,344,177

Recharge of utilities
173,158
145,606

Sundry income
250,177
306,255

Sales of motor vehicles
842,855
-

10,988,550
10,554,413


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
10,988,550
10,554,413

10,988,550
10,554,413



5.


Other operating income

2024
2023
£
£

Other operating income
-
952,212

-
952,212



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
65,043
59,540

Amortisation of intangible fixed assets
280,945
246,400

Other operating lease rentals
-
2,028

Page 22

 


MONTE CARLO PARKS LTD
 


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

7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
45,400
39,745

Fees payable to the Company's auditors in respect of:

Taxation compliance services
17,575
-

All non-audit services not included above
22,250
1,175


8.


Employees

Staff costs were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
485,170
185,305
203,797
177,392

Social security costs
45,649
16,966
21,058
19,134

Cost of defined contribution scheme
23,910
8,359
1,899
3,342

554,729
210,630
226,754
199,868


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


        2024
        2023
            No.
            No.







Staff
18
9

The Company has no employees other than the director, who did not receive any remuneration from the Group or Company. (2023: £Nil).

9.


Interest receivable

2024
2023
£
£


Other interest receivable
1,668
286

1,668
286

Page 23

 


MONTE CARLO PARKS LTD
 


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

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
391
345

Bank loan interest payable
1,110,864
816,504

Other interest payable
-
8,819

1,111,255
825,668


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
557,645
529,088

Adjustments in respect of previous periods
(19,334)
-


538,311
529,088


Total current tax
538,311
529,088

Deferred tax


Origination and reversal of timing differences
8,825
1,078

Total deferred tax
8,825
1,078


Tax on profit
547,136
530,166
Page 24

 


MONTE CARLO PARKS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,466,017
2,849,718


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
366,504
541,446

Effects of:


Non-tax deductible amortisation of goodwill and impairment
70,236
121,909

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
7,583
48,757

Fixed asset timing differences
2,062
(4,027)

Adjustments to tax charge in respect of prior periods
132
-

Non-taxable income
(406,714)
(174,516)

Chargeable gains
136,485
-

Movement in deferred tax not yet recognised
3,554
(3,403)

Other differences leading to an increase (decrease) in the tax charge
367,294
-

Total tax charge for the year
547,136
530,166


Factors that may affect future tax charges

There are no factors that may affect future tax charges.

Page 25

 


MONTE CARLO PARKS LTD
 


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

12.


Intangible assets

Group and Company





Goodwill
Negative goodwill
Total

£
£
£



Cost


At 1 April 2023
3,208,137
-
3,208,137


Additions
373,647
(1,255,292)
(881,645)



At 31 March 2024

3,581,784
(1,255,292)
2,326,492



Amortisation


At 1 April 2023
2,733,717
-
2,733,717


Charge for the year
406,474
(125,529)
280,945



At 31 March 2024

3,140,191
(125,529)
3,014,662



Net book value



At 31 March 2024
441,593
(1,129,763)
(688,170)



At 31 March 2023
474,420
-
474,420



Page 26

 


MONTE CARLO PARKS LTD
 


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

13.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2023
35,927,454
659,518
121,609
88,460
29,853
36,826,894


Additions
36,741
81,255
70,151
64,748
1,393
254,288


Acquisition of subsidiary
10,250,000
-
-
-
-
10,250,000


Disposals
-
(242)
-
-
-
(242)


Disposal of subsidiary
(8,827,454)
(16,684)
-
(35,311)
-
(8,879,449)



At 31 March 2024

37,386,741
723,847
191,760
117,897
31,246
38,451,491



Depreciation


At 1 April 2023
-
415,458
78,367
63,903
17,385
575,113


Charge for the year
-
40,706
8,013
9,344
6,980
65,043


Disposals
-
(242)
-
-
-
(242)


Disposal of subsidiary
-
(11,756)
(2,498)
(12,739)
-
(26,993)



At 31 March 2024

-
444,166
83,882
60,508
24,365
612,921



Net book value



At 31 March 2024
37,386,741
279,681
107,878
57,389
6,881
37,838,570



At 31 March 2023
35,927,454
244,060
43,242
24,557
12,468
36,251,781

Cost or valuation at 31 March 2024 is as follows:

Land and buildings
£


At cost
17,617,122
At valuation:

As at 31 March 2024
19,769,619



37,386,741

Page 27

 


MONTE CARLO PARKS LTD
 


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

           13.Tangible fixed assets (continued)

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

2024
2023
£
£

Group


Cost
17,617,122
17,580,381

Net book value
17,617,122
17,580,381


Company






Computer equipment

£

Cost or valuation


At 1 April 2023
6,424


Additions
1,571



At 31 March 2024

7,995



Depreciation


At 1 April 2023
2,035


Charge for the year
2,060



At 31 March 2024

4,095



Net book value



At 31 March 2024
3,900



At 31 March 2023
4,389









Page 28

 


MONTE CARLO PARKS LTD
 


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

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost 


At 1 April 2023
11,078,575


Additions
2,600,710


Disposals
(200)



At 31 March 2024
13,679,085





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Rice & Cole Limited
Ordinary
100%
Five Furlongs Country Park Limited
Ordinary
100%
Red River Country Park Limited
Ordinary
100%
Arkley Estates Limited
Ordinary
100%
Havenwood Country Park Limited
Ordinary
100%
Lutterworth Country Park Limited
Ordinary
100%
Hemsby Estate Limited (formerly Tamworth Country Park Limited)
Ordinary
100%
Walton Hall Country Park Limited
Ordinary
100%
Willoway Mobile Home Park Limited
Ordinary
100%

All subsidiaries are included within the consolidated group accounts.
All subsidiaries share the same registered office as the parent Company, as shown on the company information page.
The Group has no fixed asset investments.
During the year, there was a share-for-share and debt exchange where the investment in Spill Land Farm Country Park Limited and Crowsheath Farm Country Park Limited were disposed of for a consideration of £1,626,954 and Walton Hall Country Park Limited and Willoway Mobile Home Park Limited were acquired for consideration of £1,626,954.

Page 29

 


MONTE CARLO PARKS LTD
 


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

15.


Investment property

Group


Freehold investment property

£



Valuation


Additions at cost
112,683


Surplus on revaluation
243,067



At 31 March 2024
355,750

The Company has no investment properties.





At 31 March 2024


2024
2023
£
£


Historic cost
112,683
-

112,683
-




16.


Stocks

Group
Group
2024
2023
£
£

Work in progress
2,144,412
1,198,895

Finished goods for resale
2,184,780
2,459,094

4,329,192
3,657,989


The difference between purchase price or production cost of stocks and their replacement cost is not material.

The Company has no stock.

Page 30

 


MONTE CARLO PARKS LTD
 


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

17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
-
400,000
-
400,000

-
400,000
-
400,000

Due within one year

Trade debtors
523,701
194,346
2,655
-

Amounts owed by group undertakings
-
-
9,458,967
8,331,811

Other debtors
444,925
246,293
29,278
135,142

Prepayments and accrued income
706,885
185,975
29,530
70,047

1,675,511
1,026,614
9,520,430
8,937,000



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
623,572
296,809
623,572
296,809

Trade creditors
1,843,592
1,373,103
32,577
16,089

Amounts owed to group undertakings
-
-
7,767,741
4,741,399

Corporation tax
883,938
536,565
-
-

Other taxation and social security
34,359
26,623
6,480
3,905

Obligations under finance lease and hire purchase contracts
14,421
18,548
-
-

Other creditors
6,380,295
4,952,021
4,979,908
3,726,762

Accruals and deferred income
602,129
847,598
228,752
294,187

10,382,306
8,051,267
13,639,030
9,079,151



19.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
12,301,343
13,195,586
12,301,343
13,195,586

Net obligations under finance leases and hire purchase contracts
59,192
27,357
-
-

12,360,535
13,222,943
12,301,343
13,195,586




Page 31

 


MONTE CARLO PARKS LTD
 


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

20.


Loans

Analysis of the maturity of loans is given below:
ole436d.png
ole7e96.png

Bank loans are secured by fixed and floating charges onthe Group's assets, including assets owned by subsidiary undertakings.


21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
14,030
18,549

Between 1-5 years
45,162
27,357

59,192
45,906


22.


Deferred taxation


Group



2024


£






At beginning of year
(4,499,409)


Charged to profit or loss
173,622


Charged to other comprehensive income
(164,498)


On acquisition of subsidiaries
(574,617)


Provided in year
(376,224)



At end of year
(5,441,126)
Page 32

 


MONTE CARLO PARKS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
22.Deferred taxation (continued)


Company


2024


£






At beginning of year
(1,097)


Charged to profit or loss
314



At end of year
(783)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(81,543)
(330,788)
(975)
(990)

Revaluation
(5,360,020)
(4,168,798)
-
-

Other timing differences
437
177
192
(107)

(5,441,126)
(4,499,409)
(783)
(1,097)


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



200 (2023 - 200) Ordinary shares of £1.00 each
200
200

Each ordinary share carries voting rights and there are no restrictions on the distribution of dividends.



24.


Reserves

Revaluation reserve

This reserve records the fair value movements on assets.

Profit and loss account

The profit and loss account includes all current period retained profits and losses.

Page 33

 


MONTE CARLO PARKS LTD
 


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

25.
 

Business combinations

On 22 September 2023 Monte Carlo Parks Ltd acquired 100% of the share capital in Walton Hall Manor Country Park Limited for a total consideration of £1,504,995. 
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. 

Acquisition of Walton Hall Manor Country Park Limited

Recognised amounts of identifiable assets acquired and liabilities assumed

Book value
Fair value
£
£

Fixed Assets

Tangible
3,950,000
3,950,000

3,950,000
3,950,000

Current Assets

Debtors
24,143
24,143

Cash at bank and in hand
61,606
61,606

Total Assets
4,035,749
4,035,749

Creditors

Due within one year
(459,398)
(459,398)

Total Identifiable net assets
3,576,351
3,576,351


Goodwill
373,649

Total purchase consideration
3,950,000

Consideration

£


Cash
1,504,996

Intercompany loans exchanged
2,445,004

Total purchase consideration
3,950,000

Cash outflow on acquisition


Net cash outflow on acquisition

Page 34

 


MONTE CARLO PARKS LTD
 


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

25.Business combinations (continued)

The results of Walton Hall Manor Country Park Limited since acquisition are as follows:

Current period since acquisition
£

Turnover
137,411

Profit for the period since acquisition
18,893

Acquisition of Willoway Mobile Home Park Limited

Recognised amounts of identifiable assets acquired and liabilities assumed

Book value
Fair value
£
£

Fixed Assets

Tangible
6,300,000
6,300,000

6,300,000
6,300,000

Current Assets

Debtors
2,087,823
2,087,823

Cash at bank and in hand
230,558
230,558

Total Assets
8,618,381
8,618,381

Creditors

Due within one year
(1,063,092)
(1,063,092)

Total Identifiable net assets
7,555,289
7,555,289


Goodwill
(1,255,289)

Total purchase consideration
6,300,000

Consideration

£


Cash
121,959

Intercompany loans exchanged
6,178,041

Total purchase consideration
6,300,000

Cash outflow on acquisition


Net cash outflow on acquisition

Page 35

 


MONTE CARLO PARKS LTD
 


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

25.Business combinations (continued)

The results of Willoway Mobile Home Park Limited since acquisition are as follows:

Current period since acquisition
£

Turnover
792,949

Profit for the period since acquisition
15,653


26.


Pension commitments

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.


27.


Commitments under operating leases

At 31 March 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
Group
£
£


Not later than 1 year
10,283
17,485

Later than 1 year and not later than 5 years
25,667
58,812

Later than 5 years
-
4,667

35,950
80,964


28.


Related party transactions

During the year the Company operated a loan account with Monte Carlo Developments Limited, a company under common control. The amount owed to it at the year end was £146,631 (2023 - £146,631). This loan is interest free and repayable on demand.
During the year the Company operated a loan account with the director of the Company. The amount payable to him at the year end was £3,580,167 (2023 - £3,580,167). This loan is interest free and repayable on demand.
During the year the Company paid management charges of £211,731 (2023 - £339,922) to Park & Marine Services Limited, a company under common control. As at the year end the company owed £247,089 (2023 £Nil) to Park & Marine Services Limited

Page 36

 


MONTE CARLO PARKS LTD
 


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

29.


Post balance sheet events

Post balance sheet events include the acquisition of Sunningdale Group Limited via 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.


30.


Controlling party

The Ultimate Controlling Party is M. C. Annis by virtue of his 100% shareholding in the Group.
 
Page 37