Company registration number 11723804 (England and Wales)
RIMINGTON LEISURE PARK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
Ridehalgh Limited
Chartered Accountants and Statutory Auditor
Guardian House
42 Preston New Road
Blackburn
Lancashire
BB2 6AH
RIMINGTON LEISURE PARK LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
RIMINGTON LEISURE PARK LTD
BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,505,206
5,493,638
Current assets
Stocks
368,073
205,751
Debtors
4
109,534
70,204
Cash at bank and in hand
477,795
453,929
955,402
729,884
Creditors: amounts falling due within one year
5
(1,659,707)
(1,990,738)
Net current liabilities
(704,305)
(1,260,854)
Total assets less current liabilities
4,800,901
4,232,784
Creditors: amounts falling due after more than one year
6
(747,585)
(966,413)
Provisions for liabilities
(180,389)
(172,513)
Net assets
3,872,927
3,093,858
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
3,872,926
3,093,857
Total equity
3,872,927
3,093,858

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

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

The financial statements were approved by the board of directors and authorised for issue on 19 November 2024 and are signed on its behalf by:
Mr MW Holgate
Director
Company registration number 11723804 (England and Wales)
RIMINGTON LEISURE PARK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information

Rimington Leisure Park Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Middlebarrow Plain, Silverdale, Nr Carnforth, Lancashire, LA5 0SH.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue is recognised as follows:

Caravan sales - upon delivery to customer

Pitch fees and provision of services - in the period that the service is provided

Bar, shop and other sales - at the point of sale to the customer

Other operating income is recognised in the period it is earned.

1.3
Tangible fixed assets

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

Land is not depreciated. Depreciation is recognised on other assets so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
2% per annum staright line
Machinery and caravans
25% per annum reducing balance
Equipment, fixtures and fittings
25% per annum reducing balance
Motor vehicles
25% per annum reducing balance

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
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

RIMINGTON LEISURE PARK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
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 recognised at transaction price.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are recognised at transaction price.

 

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.

1.7
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.

RIMINGTON LEISURE PARK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.8
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 and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

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

2024
2023
Number
Number
Total
7
9
RIMINGTON LEISURE PARK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
3
Tangible fixed assets
Freehold property
Machinery and caravans
Equipment, fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2023
5,252,940
485,129
41,403
10,000
5,789,472
Additions
2,695
110,800
4,085
-
0
117,580
Disposals
-
0
(48,000)
-
0
-
0
(48,000)
At 29 February 2024
5,255,635
547,929
45,488
10,000
5,859,052
Depreciation and impairment
At 1 March 2023
32,599
235,542
20,857
6,836
295,834
Depreciation charged in the year
10,096
67,369
5,667
791
83,923
Eliminated in respect of disposals
-
0
(25,911)
-
0
-
0
(25,911)
At 29 February 2024
42,695
277,000
26,524
7,627
353,846
Carrying amount
At 29 February 2024
5,212,940
270,929
18,964
2,373
5,505,206
At 28 February 2023
5,220,341
249,587
20,546
3,164
5,493,638

Included in freehold property is property amounting to £4,750,828 on which no depreciation has been provided.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
103,990
66,055
Prepayments and accrued income
5,544
4,149
109,534
70,204
5
Creditors: amounts falling due within one year
2024
2023
£
£
Pension scheme loan
218,828
218,828
Trade creditors
35,265
94,713
Amounts owed to group undertakings
913,095
1,154,796
Corporation tax
99,166
43,230
Other taxation and social security
5,079
4,059
Accruals and deferred income
388,274
475,112
1,659,707
1,990,738
RIMINGTON LEISURE PARK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
5
Creditors: amounts falling due within one year
(Continued)
- 6 -

The loan from the pension scheme is secured on certain assets of the company.

6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Pension scheme loan
747,585
966,413

The loan from the pension scheme is secured on certain assets of the company.

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Lyanne-Michelle Higginbottom ACA FCCA
Statutory Auditor:
Ridehalgh Limited
Date of audit report:
19 November 2024
8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

At 29 February 2024 the company owed £905,159 to Holgates (Caravan Parks) Limited, a group company, in respect of loans received during the year. The loan is interest free and there are no fixed terms for repayment.

 

At 29 February 2024 the company owed £7,937 to Holgates Leisure Parks Limited, a group company, in respect of loans received during the year. The loan is interest free and there are no fixed terms for repayment.

 

At 29 February 2024 the company owed £966,413 to the Holgates Pension Scheme in respect of a loan received. Interest was charged at a rate of 6% per annum amounting to £47,410 n the year. The loan is to be repaid by annual instalments of £266,237, calculated to repay the loan by October 2027.

9
Parent company

The company is a wholly owned subsidiary of Holgates (Caravan Parks) Limited, a company incorporated in England and Wales.

The ultimate parent company is Holgates Holdings Limited, which is the only undertaking that prepares group accounts including the financial statements of the company. Holgates Holdings Limited is incorporated in England and Wales and its registered office is Middlebarrow Plain, Silverdale, Carnforth, Lancashire, LA5 0SH.

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