REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
WALNEY ISLAND SOUTH END CARAVAN SITE |
LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
WALNEY ISLAND SOUTH END CARAVAN SITE |
LIMITED |
WALNEY ISLAND SOUTH END CARAVAN SITE |
LIMITED (REGISTERED NUMBER: 01137109) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
WALNEY ISLAND SOUTH END CARAVAN SITE |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: | Farm |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Double Tree Court |
10A Cavendish St |
Ulverston |
Cumbria |
LA12 7AD |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
WALNEY ISLAND SOUTH END CARAVAN SITE |
LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In accordance with the engagement letter, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us. |
This report is made to the director in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the director the financial statements that we have been engaged to compile, to report to the director that we have done so, and to state those matters that we have agreed to state to them in this 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 director for our work or for this report. |
You have acknowledged on the balance sheet as at 29 February 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year. |
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements. |
Double Tree Court |
10A Cavendish St |
Ulverston |
Cumbria |
LA12 7AD |
Date: ............................................. |
WALNEY ISLAND SOUTH END CARAVAN SITE |
LIMITED (REGISTERED NUMBER: 01137109) |
BALANCE SHEET |
29 FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Investments | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
WALNEY ISLAND SOUTH END CARAVAN SITE |
LIMITED (REGISTERED NUMBER: 01137109) |
BALANCE SHEET - continued |
29 FEBRUARY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
WALNEY ISLAND SOUTH END CARAVAN SITE |
LIMITED (REGISTERED NUMBER: 01137109) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
Walney Island South End Caravan Site Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
INTANGIBLE ASSETS |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
TANGIBLE FIXED ASSETS |
Freehold property | - |
Agricultural buildings | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
INVESTMENT PROPERTY |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Stocks and work in progress are stated at the lower of cost and estimated costs to complete and sell, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Estimated selling price less costs to complete and sell is based on the estimated selling price of the goods less any estimated completion or selling costs likely to be incurred on the sale. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
WALNEY ISLAND SOUTH END CARAVAN SITE |
LIMITED (REGISTERED NUMBER: 01137109) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
FIXED ASSET INVESTMENTS |
Fixed asset investments are stated at historical cost less provision for any diminution in value. |
Property costs previously recognised as freehold but incorrectly classified as such, this has now been re-classified to investment property. |
HIRE PURCHASE AND FINANCE LEASE CONTRACTS |
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. |
Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract. |
OPERATING LEASES |
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
WALNEY ISLAND SOUTH END CARAVAN SITE |
LIMITED (REGISTERED NUMBER: 01137109) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
5. | TANGIBLE FIXED ASSETS |
Freehold | Agricultural | Solar |
property | buildings | Farm |
£ | £ | £ |
COST |
At 1 March 2023 |
Additions |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
WALNEY ISLAND SOUTH END CARAVAN SITE |
LIMITED (REGISTERED NUMBER: 01137109) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 March 2023 |
Additions |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Fair value at 29 February 2024 is represented by: |
£ |
Valuation in 2018 | 14,831 |
Valuation in 2019 | (2,876 | ) |
Cost | 1,681,424 |
1,693,379 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
WALNEY ISLAND SOUTH END CARAVAN SITE |
LIMITED (REGISTERED NUMBER: 01137109) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
8. | CURRENT ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Unlisted investments | 576 | 576 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 43,671 | 43,260 |
Barclaycard |
Other Creditors | 3,261 | 3,801 |
Directors' current accounts | 204,225 | 461,977 |
Accrued expenses |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 293,256 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 200 | 200 |
WALNEY ISLAND SOUTH END CARAVAN SITE |
LIMITED (REGISTERED NUMBER: 01137109) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 March 2023 |
Profit for the year |
Dividends | ( |
) |
At 29 February 2024 |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Included within creditors amounts falling due within one year are amounts due to the directors of £204,225 (2023 - £461,977). The directors' loan account was not overdrawn throughout the current or previous year. |
14. | RELATED PARTY DISCLOSURES |
During the year the directors received dividends as follows: |
Mr M Mulgrew (Snr):- £14,950 (2023:- £14,950) |
Mr M Mulgrew (Jnr):- £27,950 (2023:- £27,950) |
Mr S Mulgrew:- £27,950 (2023:- £27,950) |
Mrs S Greig:- £27,950 (2023- £27,950) |
Mrs K Cox - £27,950 (2023 - £27,950) |
15. | ULTIMATE CONTROLLING PARTY |
No single party has overall control of the company. |