Company registration number 06080848 (England and Wales)
SINES PARKS (S.E.) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
SINES PARKS (S.E.) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
SINES PARKS (S.E.) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,245,283
8,263,793
Investments
4
100
100
8,245,383
8,263,893
Current assets
Stocks
263,212
213,960
Debtors
5
5,798,401
5,158,550
Cash at bank and in hand
245,488
481,007
6,307,101
5,853,517
Creditors: amounts falling due within one year
6
(424,947)
(329,202)
Net current assets
5,882,154
5,524,315
Total assets less current liabilities
14,127,537
13,788,208
Creditors: amounts falling due after more than one year
7
(2,236,966)
(2,452,565)
Provisions for liabilities
8
(6,420,144)
(5,562,134)
Net assets
5,470,427
5,773,509
Capital and reserves
Called up share capital
10
2,057,350
2,057,350
Share premium account
1,293,966
1,293,966
Revaluation reserve
1,113,991
1,113,991
Profit and loss reserves
11
1,005,120
1,308,202
Total equity
5,470,427
5,773,509

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

SINES PARKS (S.E.) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 November 2024 and are signed on its behalf by:
Mr F Doe
Director
Company registration number 06080848 (England and Wales)
SINES PARKS (S.E.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Sines Parks (S.E) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.
1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover represents amounts receivable from pitch fees, sales of mobile homes, commissions and utilities recharged net of VAT. Sales of houses taken on part exchange are also recognised in turnover on completion.

1.3
Tangible fixed assets

Tangible fixed assets are measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Mobile home park land
Nil
Plant and machinery
25% straight line
Fixtures, fittings & equipment
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries are measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

SINES PARKS (S.E.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks

Stock is at the lower of cost and estimated selling price less costs to complete and sell. Stock consists of mobile homes unsold at the year end.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is

settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

 

SINES PARKS (S.E.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Retirement benefits

The company provides pension benefits for senior employees. Under the terms of the pension contracts entered into with the senior employees, fixed sums are provided for now in order to provide pension benefits to the individuals upon their retirement. The pension contracts allow for an annual increase in respect of indexation over and above the initial contracted amount.

Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors consider that it does not bear any of the hallmarks of a defined benefit scheme as the company’s contributions are fixed until the point of retirement at which point any further contributions of annual increases cease. Further information can be found in note 9 to the financial statements.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
SINES PARKS (S.E.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Tangible fixed assets
Mobile home park land
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost or valuation
At 1 April 2022
8,235,000
159,375
10,000
8,404,375
Additions
-
0
-
0
444
444
At 31 March 2023
8,235,000
159,375
10,444
8,404,819
Depreciation and impairment
At 1 April 2022
-
0
130,740
9,842
140,582
Depreciation charged in the year
-
0
18,823
131
18,954
At 31 March 2023
-
0
149,563
9,973
159,536
Carrying amount
At 31 March 2023
8,235,000
9,812
471
8,245,283
At 31 March 2022
8,235,000
28,635
158
8,263,793

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£
£
Plant and machinery
9,812
28,562
Depreciation charge for the year in respect of leased assets
18,750
18,750

Land with a carrying amount of £8,235,000 was revalued at 18 August 2021 by Christie & Co, independent professional valuers not connected with the company on the basis of open market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. In the opinion of the directors, the market value of the land is not materially different from the carrying value as at the balance sheet date.

The historical cost of the mobile home park land included in the valuation above is £6,859,703.

4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
100
SINES PARKS (S.E.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,887
8,903
Corporation tax recoverable
21,800
-
0
Other debtors
5,768,714
5,149,647
5,798,401
5,158,550
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
205,681
195,866
Trade creditors
118,941
69,767
Amounts owed to group undertakings
-
0
100
Corporation tax
-
0
21,798
Other creditors
100,325
41,671
424,947
329,202
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,236,966
2,452,565

The bank loan amounting to £2,442,647 (2022: £2,648,431) is secured by a fixed and floating charge on all the present and future assets of the company and of Sines Parks Limited, a company connected to the directors. Sines Parks Limited also provides a cross guarantee to the company.

Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
1,257,320
1,520,727
8
Provisions for liabilities
2023
2022
£
£
Retirement benefits
6,156,884
5,295,357
Deferred tax liabilities
263,260
266,777
6,420,144
5,562,134
SINES PARKS (S.E.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
8
Provisions for liabilities
(Continued)
- 8 -

The company has entered into agreements and is contractually obliged to expend fixed sums in the future to provide retirement benefits to senior employees under the terms of their pension agreements

Movements on provisions apart from deferred tax liabilities:
Retirement benefits
£
At 1 April 2022
5,295,357
Additional provisions in the year
861,527
At 31 March 2023
6,156,884
9
Retirement benefit schemes
2023
2022
Defined benefit schemes
£
£
Charge to profit or loss in respect of defined benefit schemes
861,527
1,114,565

The company provided pension benefits in respect of senior employees. Amounts payable are charged to the profit and loss account in the year the contracts are entered into between the company and the employees. The number of directors to whom benefits are accruing under these pension agreements is 1 (2022: 1).

 

The contributions and potential liabilities of the company in respect of the pension agreements are fixed at least until the date of retirement of the employees which is over 15 years from the year end date.

Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors are of the opinion that it does not bear any of the hallmarks of what is usually considered to be a defined benefit scheme and therefore no further disclosures are considered necessary in order to understand the nature and measurement of the liability.

The directors are of the opinion that the liability as disclosed in the financial statements represents the full and final amount which could be expected, at this stage, to be paid in the future to settle the pension agreement liabilities

10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,056,080
2,056,080
2,056,080
2,056,080
Preferred Ordinary shares of £1 each
1,270
1,270
1,270
1,270
2,057,350
2,057,350
2,057,350
2,057,350
11
Profit and loss reserves

Included within profit and loss account reserves is an amount totalling £619,599 (2022: £568,799) in respect of the Preferred Ordinary shares reserve in accordance with the Articles of Association.

SINES PARKS (S.E.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
-
0
19,778
13
Related party transactions

Included in other debtors is a balance due from Sines Parks Luxury Living Limited, a company connected to the directors, amounting to £2,879,223 (2022: £2,307,480) at the balance sheet date.

 

Included in other debtors is a balance due from Sines Parks Limited, a company connected to the directors, amounting to £1,772,114 (2022: £1,772,114) at the balance sheet date.

 

Included in other debtors is a balance due from Leisure Parks Luxury Living Limited, a company in which F Doe is a director, amounting to £100,000 (2022: £100,000) at the balance sheet date.

 

Included in other debtors is a balance due from Leisure Parks Real Estate Limited, a company in which F doe is a director, amounting to £553,566 (2022: £553,566) at the balance sheet date.

 

Included in other debtors is a balance due from Sines Parks Residential Limited, a company connected to the directors, amounting to £80,000 (2022: £80,000) at the balance sheet date.

 

Included in other debtors is an amount due from Sines Parks Holdings Limited, a company connected to the directors, amounting to £327,000 (2022: £327,000) at the balance sheet date.

 

Included in other creditors is an amount due to Sines Parks Luxury Services Limited, a company in which Mrs E Sines is a director, amounting to £1,750 (2022: £1,750) at the balance sheet date.

 

The directors have given personal guarantees to the company's bankers limited to £500,000.

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