Company registration number 00570598 (England and Wales)
HOLGATES (CARAVAN PARKS) LIMITED
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 (CARAVAN PARKS) LIMITED
COMPANY INFORMATION
Directors
Mr JW Holgate
(Appointed 10 July 2024)
Mr MW Holgate
Mr GP Beaumont
Company number
00570598
Registered office
Middlebarrow Plain
Silverdale
Lancashire
LA5 0SH
Auditor
Ridehalgh Limited
Guardian House
42 Preston New Road
Blackburn
Lancashire
BB2 6AH
HOLGATES (CARAVAN PARKS) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
Notes to the financial statements
10 - 18
HOLGATES (CARAVAN PARKS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -

The directors present the strategic report for the year ended 29 February 2024.

Principal activities

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

Review of the business

Sales have increased throughout most departments this year by 16%. The most significant element of the increase in turnover was generated through the sale of holiday homes. Supported by an overall increase in nightly occupancy of 6%.

Overall, the company made net profit before tax of £3.0m.

The board is pleased with the level of business and the year-end financial position and expect that the present level of activity will be sustained for the foreseeable future.

Cash reserves remain positive, enabling the company to finance operations and service existing group loans without the need for further borrowing.

Future Developments

Company profits continue to be re-invested back into the group to maintain and improve the provision for customers and for continued growth.

Other performance indicators

We regard the following to be the principal risks and uncertainties facing the company:

The company provides the financial means to service the banks loans held by Holgates Holding Ltd.

Liquidity Risk

The company monitors cash flow daily and considers this as meeting its objectives to manage risk exposure.

Going Concern

Trading has been in line with our expectations in the current year. Our strong cash position going into the year and forecasted cash flow over the next 12 months gives us confidence in our ability to continue to operate as a going concern.

 

On behalf of the board

Mr MW Holgate
Director
19 November 2024
HOLGATES (CARAVAN PARKS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -

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

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)
Mrs JM Holgate
(Resigned 15 November 2023)
Mrs JL Beaumont
(Resigned 10 October 2023)
Mr MW Holgate
Mr GP Beaumont
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.

Medium-sized companies exemption

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

On behalf of the board
Mr MW Holgate
Director
19 November 2024
HOLGATES (CARAVAN PARKS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -

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 (CARAVAN PARKS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HOLGATES (CARAVAN PARKS) LIMITED
- 4 -
Opinion

We have audited the financial statements of Holgates (Caravan Parks) Limited (the 'company') for the year ended 29 February 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 (CARAVAN PARKS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HOLGATES (CARAVAN PARKS) LIMITED (CONTINUED)
- 5 -
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 strategic report and 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 (CARAVAN PARKS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HOLGATES (CARAVAN PARKS) LIMITED (CONTINUED)
- 6 -

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 (CARAVAN PARKS) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
2024
2023
£
£
Turnover
16,124,798
13,846,076
Cost of sales
(8,092,892)
(6,566,781)
Gross profit
8,031,906
7,279,295
Administrative expenses
(5,077,851)
(4,753,196)
Other operating income
286,876
296,862
Operating profit
3,240,931
2,822,961
Interest receivable and similar income
63,177
6,783
Interest payable and similar expenses
(295,944)
(196,487)
Profit before taxation
3,008,164
2,633,257
Tax on profit
(788,582)
(637,384)
Profit for the financial year
2,219,582
1,995,873

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

HOLGATES (CARAVAN PARKS) LIMITED
BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 8 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
16,594,001
16,411,036
Investments
6
1
1
16,594,002
16,411,037
Current assets
Stocks
2,264,164
3,227,000
Debtors
8
18,856,433
18,458,324
Cash at bank and in hand
5,859,554
2,384,365
26,980,151
24,069,689
Creditors: amounts falling due within one year
9
(8,300,101)
(7,263,393)
Net current assets
18,680,050
16,806,296
Total assets less current liabilities
35,274,052
33,217,333
Provisions for liabilities
(592,086)
(504,949)
Net assets
34,681,966
32,712,384
Capital and reserves
Called up share capital
606
606
Revaluation reserve
10
1,094,392
1,124,521
Profit and loss reserves
33,586,968
31,587,257
Total equity
34,681,966
32,712,384

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

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 00570598 (England and Wales)
HOLGATES (CARAVAN PARKS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 9 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2022
606
1,143,057
29,822,848
30,966,511
Year ended 28 February 2023:
Profit and total comprehensive income
-
-
1,995,873
1,995,873
Dividends
-
-
(250,000)
(250,000)
Transfers
-
(18,536)
18,536
-
Balance at 28 February 2023
606
1,124,521
31,587,257
32,712,384
Year ended 29 February 2024:
Profit and total comprehensive income
-
-
2,219,582
2,219,582
Dividends
-
-
(250,000)
(250,000)
Transfers
-
(30,129)
30,129
-
Balance at 29 February 2024
606
1,094,392
33,586,968
34,681,966
HOLGATES (CARAVAN PARKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 10 -
1
Accounting policies
Company information

Holgates (Caravan Parks) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Middlebarrow Plain, Silverdale, 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, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

The company has taken advantage of the exemptions available in section 400 of the Companies Act 2006, not to prepare group accounts. The financial statements of the company and its subsidiary undertakings are included in the consolidated accounts of Holgates Holdings Limited, which is the parent company of the group. The registered office of Holgates Holdings Limited is Middlebarrow Plain, Cove Road, Silverdale, Carnforth, Lancashire, LA5 0SH

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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, including rents, management charges, agricultural sales and commissions, is recognised in the period it is earned.

HOLGATES (CARAVAN PARKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 11 -
1.4
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.

 

The company previously accounted for freehold property at cost, adjusted for the revaluation of certain properties. The company used the transition exemption in paragraph 35.10(d) of FRS 102 and elected to use the previous valuation as its deemed cost at the date of transition.

Land is not depreciated. Depreciation on other assets 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:

Freehold property
2% per annum, straight 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.

1.5
Fixed asset investments

Interests in subsidiaries are initially 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.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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, loans to fellow group companies and cash and bank balances, are recognised at transaction price.

HOLGATES (CARAVAN PARKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 12 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

HOLGATES (CARAVAN PARKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 13 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
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.

1.10
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.

1.11
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.

1.12
Retirement benefits

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

1.13
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

HOLGATES (CARAVAN PARKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
(Continued)
- 14 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Valuation of stock

Stocks are stated at the lower of cost and the directors' estimate of net realisable value.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of freehold property

The directors provide for depreciation based on their estimate of useful economic and residual value for each asset class. The annual depreciation is a material figure and any under/over estimate could be significant.

3
Employees

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

2024
2023
Number
Number
Administrative staff
20
22
Other site staff
130
106
Total
150
128

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,478,483
2,309,361
Social security costs
198,079
185,392
Pension costs
149,617
119,362
2,826,179
2,614,115
HOLGATES (CARAVAN PARKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 15 -
4
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
280,179
288,640
5
Tangible fixed assets
Freehold property
Machinery and caravans
Equipment, fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 March 2023
17,544,960
2,803,814
1,832,016
407,973
22,588,763
Additions
149,181
438,148
234,352
38,250
859,931
Disposals
-
0
(184,200)
-
0
(8,495)
(192,695)
At 29 February 2024
17,694,141
3,057,762
2,066,368
437,728
23,255,999
Depreciation and impairment
At 1 March 2023
2,606,406
1,962,940
1,359,875
248,506
6,177,727
Depreciation charged in the year
204,547
238,098
140,721
45,423
628,789
Eliminated in respect of disposals
-
0
(136,571)
-
0
(7,947)
(144,518)
At 29 February 2024
2,810,953
2,064,467
1,500,596
285,982
6,661,998
Carrying amount
At 29 February 2024
14,883,188
993,295
565,772
151,746
16,594,001
At 28 February 2023
14,938,554
840,874
472,141
159,467
16,411,036

In accordance with paragraph 35.10(d) of FRS102, the company has elected to use a previous valuation as its deemed cost at the date of transition for freehold property.

 

Included in freehold property is land amounting to £7,370,218 on which no depreciation has been provided.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Freehold property
2024
2023
£
£
Cost
16,240,302
16,091,121
Accumulated depreciation
(2,604,133)
(2,282,311)
Carrying value
13,636,169
13,808,810
HOLGATES (CARAVAN PARKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 16 -
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings
1
1
7
Subsidiaries

Details of the company's subsidiaries at 29 February 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Rimington Leisure Park Ltd
1
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Middlebarrow Plain, Silverdale, Nr Carnforth, Lancashire, LA5 0SH
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
733,190
753,822
Amounts owed by group undertakings
18,057,125
17,256,354
Prepayments and accrued income
66,118
448,148
18,856,433
18,458,324
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,028,068
2,304,884
Amounts owed to group undertakings
1,260,452
108,551
Corporation tax
347,398
121,738
Other taxation and social security
93,363
112,608
Other creditors
2,605,755
2,632,785
Accruals and deferred income
1,965,065
1,982,827
8,300,101
7,263,393
HOLGATES (CARAVAN PARKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 17 -
10
Revaluation reserve
2024
2023
£
£
At the beginning of the year
1,124,521
1,143,057
Transfer to retained earnings
(30,129)
(18,536)
At the end of the year
1,094,392
1,124,521
11
Financial commitments, guarantees and contingent liabilities

There is in existence an inter-company guarantee to secure the bank borrowings of the ultimate parent company, Holgates Holdings Limited. The guarantee is supported by a first legal charge over the company's freehold property and a debenture over the company's assets. The amount owed by Holgates Holdings Limited in respect of bank borrowings at 29 February 2024 was £2,233,461 (2023: £2,756,574).

12
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 was owed £541,074 by Holgates Leisure 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 £905,159 by Rimington Leisure Park 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 £16,267,162 by Holgates Holdings 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 owed £1,260,452 to Westmorland Caravans (Beetham) 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 £343,730 by A & W Commercials 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.

 

During the year the company received a management charge of £45,000 from Holgates Silver Ridge Limited, The director, Mr M.W. Holgate is a director and shareholder in this company.

13
Directors' transactions

At 29 February 2024 the company owed £1,594.336 to Mr M.W. Holgate (a director). Interest has been charged on this balance through the year at a rate of 7% amounting to £92,472. There are no specific terms of repayment for this loan.

14
Parent company

The company is a wholly owned subsidiary of Blue Brick UK Ltd, a company incorporated in England and Wales and its registered office is Middlebarrow Plain, Silverdale, Carnforth, Lancashire, LA5 0SH.

HOLGATES (CARAVAN PARKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
14
Parent company
(Continued)
- 18 -

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.

2024-02-292023-03-01falseCCH SoftwareCCH Accounts Production 2024.200Mr JW HolgateMrs JM HolgateMrs JL BeaumontMr MW HolgateMr GP Beaumontfalsefalse005705982023-03-012024-02-2900570598bus:Director12023-03-012024-02-2900570598bus:Director42023-03-012024-02-2900570598bus:Director52023-03-012024-02-2900570598bus:Director22023-03-012024-02-2900570598bus:Director32023-03-012024-02-2900570598bus:RegisteredOffice2023-03-012024-02-29005705982024-02-29005705982022-03-012023-02-2800570598core:RetainedEarningsAccumulatedLosses2022-03-012023-02-2800570598core:RetainedEarningsAccumulatedLosses2023-03-012024-02-29005705982023-02-2800570598core:LandBuildingscore:OwnedOrFreeholdAssets2024-02-2900570598core:PlantMachinery2024-02-2900570598core:FurnitureFittings2024-02-2900570598core:MotorVehicles2024-02-2900570598core:LandBuildingscore:OwnedOrFreeholdAssets2023-02-2800570598core:PlantMachinery2023-02-2800570598core:FurnitureFittings2023-02-2800570598core:MotorVehicles2023-02-2800570598core:CurrentFinancialInstrumentscore:WithinOneYear2024-02-2900570598core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2800570598core:CurrentFinancialInstruments2024-02-2900570598core:CurrentFinancialInstruments2023-02-2800570598core:ShareCapital2024-02-2900570598core:ShareCapital2023-02-2800570598core:RevaluationReserve2024-02-2900570598core:RevaluationReserve2023-02-2800570598core:RetainedEarningsAccumulatedLosses2024-02-2900570598core:RetainedEarningsAccumulatedLosses2023-02-2800570598core:ShareCapital2022-02-2800570598core:RevaluationReserve2022-02-2800570598core:RetainedEarningsAccumulatedLosses2022-02-2800570598core:RevaluationReserve2023-02-2800570598core:RevaluationReserve2022-03-012023-02-2800570598core:RevaluationReserve2023-03-012024-02-2900570598core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-012024-02-2900570598core:PlantMachinery2023-03-012024-02-2900570598core:FurnitureFittings2023-03-012024-02-2900570598core:MotorVehicles2023-03-012024-02-2900570598core:LandBuildingscore:OwnedOrFreeholdAssets2023-02-2800570598core:PlantMachinery2023-02-2800570598core:FurnitureFittings2023-02-2800570598core:MotorVehicles2023-02-28005705982023-02-2800570598bus:PrivateLimitedCompanyLtd2023-03-012024-02-2900570598bus:FRS1022023-03-012024-02-2900570598bus:Audited2023-03-012024-02-2900570598bus:FullAccounts2023-03-012024-02-29xbrli:purexbrli:sharesiso4217:GBP