Company registration number 06315158 (England and Wales)
HOLGATES LEISURE PARKS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
Ridehalgh Limited
Chartered Accountants and Statutory Auditor
Guardian House
42 Preston New Road
Blackburn
Lancashire
BB2 6AH
HOLGATES LEISURE PARKS LTD
COMPANY INFORMATION
Directors
Mr JW Holgate
(Appointed 10 July 2024)
Mr MW Holgate
Company number
06315158
Registered office
Middlebarrow Plain
Silverdale
Carnforth
Lancashire
LA5 0SH
Auditor
Ridehalgh Limited
Guardian House
42 Preston New Road
Blackburn
Lancashire
BB2 6AH
HOLGATES LEISURE PARKS LTD
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of income and retained earnings
6
Balance sheet
7
Notes to the financial statements
8 - 12
HOLGATES LEISURE PARKS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -

The directors present their annual report and financial statements for the year ended 29 February 2024.

Principal activities

The principal activity of the company continued to be that of selling caravan holiday homes and the provision of caravan park services.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr JW Holgate
(Appointed 10 July 2024)
Mr JW Holgate
(Resigned 15 November 2023)
Mr MW Holgate
Auditor

The auditor, Ridehalgh Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr MW Holgate
Director
19 November 2024
HOLGATES LEISURE PARKS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HOLGATES LEISURE PARKS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HOLGATES LEISURE PARKS LTD
- 3 -
Opinion

We have audited the financial statements of Holgates Leisure Parks Ltd (the 'company') for the year ended 29 February 2024 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 directors' 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 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 directors 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 auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

HOLGATES LEISURE PARKS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HOLGATES LEISURE PARKS LTD (CONTINUED)
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' 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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to Employment legislation, Health & Safety Legislation and other legislation specific to the industry in which the company operates, and we considered the extent to which this might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risk related to management fraudulently manipulating revenue or costs to achieve better results for the company.

Audit procedures we have performed include:

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

HOLGATES LEISURE PARKS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HOLGATES LEISURE PARKS LTD (CONTINUED)
- 5 -

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's 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 member, for our audit work, for this report, or for the opinions we have formed.

Lyanne-Michelle Higginbottom ACA FCCA
Senior Statutory Auditor
For and on behalf of Ridehalgh Limited
19 November 2024
Chartered Accountants
Statutory Auditor
Guardian House
42 Preston New Road
Blackburn
Lancashire
BB2 6AH
HOLGATES LEISURE PARKS LTD
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
2024
2023
£
£
Turnover
4,402,583
3,016,111
Cost of sales
(1,571,792)
(1,049,171)
Gross profit
2,830,791
1,966,940
Administrative expenses
(1,009,153)
(976,354)
Other operating income
37,447
32,971
Operating profit
1,859,085
1,023,557
Interest receivable and similar income
6,259
1,877
Profit before taxation
1,865,344
1,025,434
Tax on profit
(470,832)
(272,788)
Profit for the financial year
1,394,512
752,646
Retained earnings brought forward
7,975,248
7,222,602
Retained earnings carried forward
9,369,760
7,975,248

The profit and loss account has been prepared on the basis that all operations are continuing operations.

HOLGATES LEISURE PARKS LTD
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 7 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,085,934
9,980,201
Current assets
Stocks
76,359
210,542
Debtors
4
104,057
104,922
Cash at bank and in hand
1,182,016
450,178
1,362,432
765,642
Creditors: amounts falling due within one year
5
(1,725,443)
(2,434,373)
Net current liabilities
(363,011)
(1,668,731)
Total assets less current liabilities
9,722,923
8,311,470
Provisions for liabilities
(353,161)
(336,220)
Net assets
9,369,762
7,975,250
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
9,369,760
7,975,248
Total equity
9,369,762
7,975,250

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

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 06315158 (England and Wales)
HOLGATES LEISURE PARKS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
1
Accounting policies
Company information

Holgates Leisure Parks Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Middlebarrow Plain, Silverdale, 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

Cafe, 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 straight line
Machinery and caravans
25% per annum reducing balance
Equipment, fixtures and fittings
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.

HOLGATES LEISURE PARKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 9 -
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.

HOLGATES LEISURE PARKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 10 -
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
23
16
HOLGATES LEISURE PARKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 11 -
3
Tangible fixed assets
Freehold property
Machinery and caravans
Equipment, fixtures and fittings
Total
£
£
£
£
Cost
At 1 March 2023
10,181,980
341,715
259,726
10,783,421
Additions
101,552
88,595
53,814
243,961
Disposals
-
0
(38,000)
-
0
(38,000)
At 29 February 2024
10,283,532
392,310
313,540
10,989,382
Depreciation and impairment
At 1 March 2023
460,177
199,571
143,472
803,220
Depreciation charged in the year
61,810
39,493
29,045
130,348
Eliminated in respect of disposals
-
0
(30,120)
-
0
(30,120)
At 29 February 2024
521,987
208,944
172,517
903,448
Carrying amount
At 29 February 2024
9,761,545
183,366
141,023
10,085,934
At 28 February 2023
9,721,803
142,144
116,254
9,980,201
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
79,237
84,325
Amounts owed by group undertakings
7,939
8,009
Prepayments and accrued income
16,881
12,588
104,057
104,922
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
156,638
179,071
Amounts owed to group undertakings
541,074
1,450,632
Corporation tax
333,891
95,344
Other taxation and social security
1,778
36,022
Accruals and deferred income
692,062
673,304
1,725,443
2,434,373
HOLGATES LEISURE PARKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 12 -
6
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 £541,074 to Holgates (Caravan Parks) Limited, a group company, in respect of loans made during the year. The loan is interest free and there are no fixed terms for repayment.

 

At 29 February 2024 the company was owed £7,937 by Rimington Leisure Park 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 was owed £2 by Holgates Holdings 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.

7
Parent company

The company is a wholly owned subsidiary of 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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