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REGISTERED NUMBER: SC088900 (Scotland)











PETTYCUR BAY HOLIDAY PARK LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3 to 4

Report of the Independent Auditors 5 to 8

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16 to 17

Notes to the Consolidated Financial Statements 18 to 30


PETTYCUR BAY HOLIDAY PARK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: T Wallace
M Wallace
A J Wallace
T J Wallace



SECRETARY: M Wallace



REGISTERED OFFICE: Pettycur Bay Holiday Park
Burntisland Road
Kinghorn
Fife
KY3 9YE



REGISTERED NUMBER: SC088900 (Scotland)



AUDITORS: Azets Audit Services
Chartered accountants
Statutory auditor
Abercorn House
79 Renfrew Road
Paisley
Renfrewshire
PA3 4DA



BANKERS: The Royal Bank of Scotland
23/25 Rosslyn Street
Kirkcaldy
KY1 3HA



SOLICITORS: James Thomson and Son
51A High Street
Kirkcaldy
Fife
KY1 1LJ

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their strategic report of the company and the group for the year ended 29 February 2024.

REVIEW OF BUSINESS
The key financial highlights are as follows:

2024 2023 2022
£ £ £

Turnover 9,838,633 8,068,605 8,068,605
Turnover growth 21.94% 86.92% 86.92%
Profit before tax 1,332,721 1,818,604 3,519,641

The net assets of the group have increased from £16,265,529 at 28 February 2023 to £16,755,864 at 29 February 2024. The directors are confident that the group will continue to trade in a similar manner in the coming year.

PRINCIPAL RISKS AND UNCERTAINTIES
Competitive pressure has increased in the marketplace and margins remain under pressure.

The directors seek to control overhead costs in order to maintain the profitability of the group.

FY24 is expected to be a satisfactory year as the hospitality and leisure sectors are in high demand but pressures now exist with regards to the cost of living crisis which will undoubtedly impact demand for holidays, due to the squeeze on household income.

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, trade creditors and loans from related parties. The main purpose of these instruments is to finance the company's operations.

Trade debtors are managed in respect of credit and cashflow risk by policies concerning the credit offered to customers and the monitoring of amounts outstanding.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

ENVIRONMENT
The company recognises the importance of its environmental responsibilities, and has policies in place to manage its impact on the environment.

ON BEHALF OF THE BOARD:





A J Wallace - Director


25 November 2024

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their report with the financial statements of the company and the group for the year ended 29 February 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the operation of a holiday park and hotel at Pettycur Bay and a holiday park at Kinghorn, Fife.

DIVIDENDS
An interim dividend of 31.60 per share on the Ordinary A £1 shares was paid on 29 February 2024. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary B £1 shares. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary C £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 29 February 2024 will be £ 474,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report.

T Wallace
M Wallace
A J Wallace
T J Wallace

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29 FEBRUARY 2024


AUDITORS
The auditors, Azets Audit Services, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A J Wallace - Director


25 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PETTYCUR BAY HOLIDAY PARK LIMITED

Opinion
We have audited the financial statements of Pettycur Bay Holiday Park Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the group's and of the parent company affairs as at 29 February 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PETTYCUR BAY HOLIDAY PARK LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PETTYCUR BAY HOLIDAY PARK LIMITED


Auditors' 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 a Report of the Auditors 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group, and determined that the most significant are those that relate to the form and content of the financial statements such as the accounting policies and the UK Companies Act 2006.

We assessed how the Group is complying with these frameworks by observing the oversight of those charged with governance, the culture of honesty and ethical behaviours and a strong emphasis placed on fraud prevention, which may reduce opportunities for fraud to take place, and fraud deterrence, which could persuade individuals not to commit fraud because of the likelihood of detection and punishment.

We assessed the susceptibility of the Group's financial statements to material misstatement, including how fraud might occur, by making an assessment of the key fraud risks to the Group, and the manner in which such risks may occur in practice, based on our previous knowledge of the Group, as well as an assessment of the current business environment.

Based on this understanding, we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered higher, we performed audit procedures to address each identified fraud risk, including management override of controls. These procedures included testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud or error. We evaluated the design and operational effectiveness of controls put in place to address the risks identified, or that otherwise prevent, deter and detect fraud.

In addition, our audit procedures included enquiring of management concerning actual and potential litigation and claims, and performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. We addressed the fraud risk in relation to revenue recognition by testing completeness and cut off of income.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards.

As with any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance, and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PETTYCUR BAY HOLIDAY PARK LIMITED


Use of our report
This report is made solely to the company's members, as a body, 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 members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed.




Kirsty Mackie BAcc CA (Senior Statutory Auditor)
for and on behalf of Azets Audit Services
Chartered accountants
Statutory auditor
Abercorn House
79 Renfrew Road
Paisley
Renfrewshire
PA3 4DA

25 November 2024

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
Notes £    £   

TURNOVER 10,328,975 9,838,633

Cost of sales (2,887,080 ) (2,717,519 )
GROSS PROFIT 7,441,895 7,121,114

Administrative expenses (6,419,616 ) (5,356,992 )
1,022,279 1,764,122

Other operating income 20,230 87,446
OPERATING PROFIT 1,042,509 1,851,568

Income from fixed asset investments 126,464 137,108
Interest receivable and similar income 30,214 13,534
1,199,187 2,002,210
Amounts written off investments 4 (79,844 ) (242,472 )
Gain/loss on revaluation of assets 218,154 58,866
1,337,497 1,818,604

Interest payable and similar expenses 5 (4,776 ) -
PROFIT BEFORE TAXATION 6 1,332,721 1,818,604

Tax on profit 7 (368,486 ) (327,900 )
PROFIT FOR THE FINANCIAL YEAR 964,235 1,490,704
Profit attributable to:
Owners of the parent 964,235 1,490,704

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 964,235 1,490,704


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

964,235

1,490,704

Total comprehensive income attributable to:
Owners of the parent 964,235 1,490,704

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

CONSOLIDATED BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 10,922,261 9,796,421
Investments 11 - -
10,922,261 9,796,421

CURRENT ASSETS
Stocks 12 3,724,330 2,121,367
Debtors 13 911,741 1,017,433
Investments 14 3,569,165 5,214,638
Cash at bank and in hand 1,301,780 2,161,688
9,507,016 10,515,126
CREDITORS
Amounts falling due within one year 15 2,757,103 3,160,144
NET CURRENT ASSETS 6,749,913 7,354,982
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,672,174

17,151,403

PROVISIONS FOR LIABILITIES 18 916,310 885,774
NET ASSETS 16,755,864 16,265,629

CAPITAL AND RESERVES
Called up share capital 19 50,000 50,000
Retained earnings 20 16,705,864 16,215,629
SHAREHOLDERS' FUNDS 16,755,864 16,265,629

The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2024 and were signed on its behalf by:





A J Wallace - Director


PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

COMPANY BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 10,922,261 9,796,421
Investments 11 100 100
10,922,361 9,796,521

CURRENT ASSETS
Stocks 12 1,644,353 800,640
Debtors 13 2,991,568 2,338,060
Investments 14 3,569,165 5,214,638
Cash at bank and in hand 1,301,780 2,161,688
9,506,866 10,515,026
CREDITORS
Amounts falling due within one year 15 2,756,303 3,160,144
NET CURRENT ASSETS 6,750,563 7,354,882
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,672,924

17,151,403

PROVISIONS FOR LIABILITIES 18 916,310 885,774
NET ASSETS 16,756,614 16,265,629

CAPITAL AND RESERVES
Called up share capital 19 50,000 50,000
Retained earnings 20 16,706,614 16,215,629
SHAREHOLDERS' FUNDS 16,756,614 16,265,629

Company's profit for the financial year 964,985 1,490,703

The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2024 and were signed on its behalf by:





A J Wallace - Director


PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 March 2022 50,000 15,284,925 15,334,925

Changes in equity
Dividends - (560,000 ) (560,000 )
Total comprehensive income - 1,490,704 1,490,704
Balance at 28 February 2023 50,000 16,215,629 16,265,629

Changes in equity
Dividends - (474,000 ) (474,000 )
Total comprehensive income - 964,235 964,235
Balance at 29 February 2024 50,000 16,705,864 16,755,864

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 March 2022 50,000 15,284,926 15,334,926

Changes in equity
Dividends - (560,000 ) (560,000 )
Total comprehensive income - 1,490,703 1,490,703
Balance at 28 February 2023 50,000 16,215,629 16,265,629

Changes in equity
Dividends - (474,000 ) (474,000 )
Total comprehensive income - 964,985 964,985
Balance at 29 February 2024 50,000 16,706,614 16,756,614

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (326,723 ) 147,342
Interest paid (4,776 ) -
Tax paid (547,978 ) (603,540 )
Net cash from operating activities (879,477 ) (456,198 )

Cash flows from investing activities
Purchase of tangible fixed assets (1,825,790 ) (1,101,582 )
Sale of tangible fixed assets 265,229 794,439
Sale of current asset investments 1,900,000 250,000
Investment fees paid 17,728 21,454
Interest received 30,214 13,534
Dividends received 126,464 137,108
Net cash from investing activities 513,845 114,953

Cash flows from financing activities
Amount introduced by directors 473,110 635,211
Amount withdrawn by directors (473,459 ) (557,422 )
Loans advanced to related parties (16,348 ) (18,827 )
Equity dividends paid (474,000 ) (560,000 )
Net cash from financing activities (490,697 ) (501,038 )

Decrease in cash and cash equivalents (856,329 ) (842,283 )
Cash and cash equivalents at beginning of
year

2

2,148,273

2,990,556

Cash and cash equivalents at end of year 2 1,291,944 2,148,273

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 1,332,721 1,818,604
Depreciation charges 627,228 520,581
Profit on disposal of fixed assets (192,507 ) (538,722 )
Gain on revaluation of fixed assets (218,154 ) (58,866 )
Fair value adjustment to investments 79,844 242,472
Investment income (126,464 ) (137,108 )
Interest received on investments (7,481 ) (2,629 )
Finance costs 4,776 -
Finance income (156,678 ) (150,642 )
1,343,285 1,693,690
Increase in stocks (1,602,963 ) (1,592,442 )
Decrease/(increase) in trade and other debtors 122,930 (343,888 )
(Decrease)/increase in trade and other creditors (189,975 ) 389,982
Cash generated from operations (326,723 ) 147,342

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 29 February 2024
29/2/24 1/3/23
£    £   
Cash and cash equivalents 1,301,780 2,161,688
Bank overdrafts (9,836 ) (13,415 )
1,291,944 2,148,273
Year ended 28 February 2023
28/2/23 1/3/22
£    £   
Cash and cash equivalents 2,161,688 2,990,556
Bank overdrafts (13,415 ) -
2,148,273 2,990,556


PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/3/23 Cash flow At 29/2/24
£    £    £   
Net cash
Cash at bank and in hand 2,161,688 (859,908 ) 1,301,780
Bank overdrafts (13,415 ) 3,579 (9,836 )
2,148,273 (856,329 ) 1,291,944

Liquid resources
Current asset investments 5,214,638 (1,645,473 ) 3,569,165
5,214,638 (1,645,473 ) 3,569,165
Total 7,362,911 (2,501,802 ) 4,861,109

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Pettycur Bay Limited is a private company, limited by shares, registered in Scotland. The Company's registered number is SC088900 and registered office address is Pettycur Bay Holiday Park, Burntisland Road, Kinghorn, Fife KY3 9YE.

The nature of the company's operations and its principal activities is that of the operation of a holiday park and hotel at Pettycur Bay and a holiday park at Kinghorn, Fife.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 £.

Going concern
At 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
There were no critical accounting judgements or key sources of estimation uncertainty used when preparing these financial statements.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Consideration is given to the point at which the Company is entitled to receive the income, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from the provision of services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due;
- the costs incurred can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 10% on cost

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, 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.

Construction in progress is measured at cost until such time as the property is complete and ready for use at which point it will be transferred to fixed assets.

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 initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.


PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only 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.

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Deferred tax assets and deferred tax liabilities are offset only if the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

Leases
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

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

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Investments
Investments are included at fair value in the accounts. Any fair value adjustments are reflected through the profit and loss account.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,125,296 1,968,805
Social security costs 164,623 148,164
Other pension costs 30,766 31,266
2,320,685 2,148,235

The average number of employees during the year was as follows:
2024 2023

Administration 5 5
Park 13 12
Bar / Leisure / Restaurant 101 101
119 118

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

3. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Directors' remuneration - -

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

4. AMOUNTS WRITTEN OFF INVESTMENTS
2024 2023
£    £   
Fair value adjustment on
investments 79,844 242,472

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Corporation tax interest 4,776 -

6. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 1,859 540
Depreciation - owned assets 627,228 520,581
Profit on disposal of fixed assets (192,507 ) (538,722 )
Auditors' remuneration 19,500 19,500

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 337,950 335,910
Adjustment in respect of
prior periods - (1 )
Total current tax 337,950 335,909

Deferred tax:
Originating and reversal of
timing differences 30,536 (8,009 )
Tax on profit 368,486 327,900

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,332,721 1,818,604
Profit multiplied by the standard rate of corporation tax in the UK of
24.492 % (2023 - 19 %)

326,410

345,535

Effects of:
Adjustments to tax charge in respect of previous periods 155 (1 )
Disallowed expenses and non-taxable income (42,974 ) 40,640
Deferred tax rate changes 617 (1,922 )
Indexation allowances and rebasing 84,278 (56,352 )
Total tax charge 368,486 327,900

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2024 2023
£    £   
Ordinary A shares of £1 each
Interim 474,000 560,000

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 March 2023 12,118,539 507,737 1,202,658
Additions 543,043 691,796 498,576
Disposals - - (153,063 )
At 29 February 2024 12,661,582 1,199,533 1,548,171
DEPRECIATION
At 1 March 2023 3,834,409 260,023 373,141
Charge for year 246,759 101,072 177,829
Eliminated on disposal - (7,746 ) (72,595 )
At 29 February 2024 4,081,168 353,349 478,375
NET BOOK VALUE
At 29 February 2024 8,580,414 846,184 1,069,796
At 28 February 2023 8,284,130 247,714 829,517

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2023 232,456 534,751 14,596,141
Additions 83,815 8,560 1,825,790
Disposals - - (153,063 )
At 29 February 2024 316,271 543,311 16,268,868
DEPRECIATION
At 1 March 2023 112,309 219,838 4,799,720
Charge for year 47,498 54,070 627,228
Eliminated on disposal - - (80,341 )
At 29 February 2024 159,807 273,908 5,346,607
NET BOOK VALUE
At 29 February 2024 156,464 269,403 10,922,261
At 28 February 2023 120,147 314,913 9,796,421

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

10. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 March 2023 12,118,539 507,737 1,202,658
Additions 543,043 691,796 498,576
Disposals - - (153,063 )
At 29 February 2024 12,661,582 1,199,533 1,548,171
DEPRECIATION
At 1 March 2023 3,834,409 260,023 373,141
Charge for year 246,759 101,072 177,829
Eliminated on disposal - (7,746 ) (72,595 )
At 29 February 2024 4,081,168 353,349 478,375
NET BOOK VALUE
At 29 February 2024 8,580,414 846,184 1,069,796
At 28 February 2023 8,284,130 247,714 829,517

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2023 232,456 534,751 14,596,141
Additions 83,815 8,560 1,825,790
Disposals - - (153,063 )
At 29 February 2024 316,271 543,311 16,268,868
DEPRECIATION
At 1 March 2023 112,309 219,838 4,799,720
Charge for year 47,498 54,070 627,228
Eliminated on disposal - - (80,341 )
At 29 February 2024 159,807 273,908 5,346,607
NET BOOK VALUE
At 29 February 2024 156,464 269,403 10,922,261
At 28 February 2023 120,147 314,913 9,796,421

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 March 2023
and 29 February 2024 100
NET BOOK VALUE
At 29 February 2024 100
At 28 February 2023 100

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Formula Wallace Ltd
Registered office: Building 1000 Cambridge Research Park, Waterbeach, Inited Kingdom, CB25 9PD
Nature of business: Letting and operating of real estate
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves (650 ) 100
Loss for the year (750 ) -


12. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Finished goods 1,644,353 800,640 1,644,353 800,640
Construction in progress 2,079,977 1,320,727 - -
3,724,330 2,121,367 1,644,353 800,640

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 237,247 397,095 237,247 397,095
Amounts owed by group undertakings - - 2,079,977 1,320,627
Amounts owed by associates 494,706 477,468 494,706 477,468
VAT 15,175 - 15,025 -
Prepayments and accrued income 164,613 142,870 164,613 142,870
911,741 1,017,433 2,991,568 2,338,060

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

14. CURRENT ASSET INVESTMENTS

Group Company
2024 2023 2024 2023
£    £    £    £   
Listed investments 3,569,165 5,214,638 3,569,165 5,214,638

Market value of listed investments at 29 February 2024 held by the group and the company - £ (3,569,165) (2023 - £ (5,214,638) ).

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 16) 9,836 13,415 9,836 13,415
Trade creditors 2,277,876 2,521,499 2,277,876 2,521,499
Corporation tax 125,882 335,910 125,882 335,910
Social security and other taxes 25,999 23,202 25,999 23,202
VAT - 16,926 - 16,926
Other creditors 176,739 127,759 176,739 127,759
Directors' current accounts 1,837 1,296 1,037 1,296
Accruals and deferred income 138,934 120,137 138,934 120,137
2,757,103 3,160,144 2,756,303 3,160,144

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 9,836 13,415 9,836 13,415

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

17. FINANCIAL INSTRUMENTS

The carrying amount for each category of financial instrument is as follows:

Group
2024 2023
£ £
Financial assets
Financial assets that are debt instruments measured at amortised cost 731,953 844,563
Financial assets measured at fair value through profit and loss 3,569,165 5,214,638
Cash and cash equivalents 1,301,780 2,161,688
5,602,898 8,220,889
Financial liabilities
Financial liabilities measured at amortised cost 2,466,288 2,663,968

Company
2024 2023
£ £
Financial assets
Financial assets that are debt instruments measured at amortised cost 2,811,930 2,195,190
Financial assets measured at fair value through profit and loss 3,569,165 5,214,638
Cash and cash equivalents 1,301,780 2,161,688
7,682,875 9,571,516
Financial liabilities
Financial liabilities measured at amortised cost 2,465,488 2,663,968

18. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 916,310 885,774 916,310 885,774

Group
Deferred
tax
£   
Balance at 1 March 2023 885,774
Origination and reversal of
timing differences 48,546
Effect of changes in tax rates (18,010 )
Balance at 29 February 2024 916,310

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

18. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 March 2023 885,774
Originating and reversal of
timing differences 48,546
Effect of changes in tax rates (18,010 )
Balance at 29 February 2024 916,310

Details of the provision for deferred taxation are given below:

Group
2024 2023
£ £

Accelerated capital allowances 655,158 584,229
Other timing differences (478 ) (371 )
Rollover or holdover gains 231,094 309,925
885,774 893,783

Details of the provision for deferred taxation are given below:

Company
2024 2023
£ £

Accelerated capital allowances 655,158 584,229
Other timing differences (478 ) (371 )
Rollover or holdover gains 231,094 309,925
885,774 893,783

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Nominal 2024 2023
Number: Class: value: £ £

15,000 Ordinary A £1 15,000 15,000
19,800 Ordinary B £1 19,800 19,800
15,000 Ordinary C £1 15,000 15,000
200 Ordinary D £1 200 200
50,000 50,000

PETTYCUR BAY HOLIDAY PARK LIMITED (REGISTERED NUMBER: SC088900)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

20. RESERVES

Group
Retained
earnings
£   

At 1 March 2023 16,215,629
Profit for the year 964,235
Dividends (474,000 )
At 29 February 2024 16,705,864

Company
Retained
earnings
£   

At 1 March 2023 16,215,629
Profit for the year 964,985
Dividends (474,000 )
At 29 February 2024 16,706,614


21. PENSION COMMITMENTS

The group operates a defined contribution pension scheme. During the year the company made contributions of £30.766 to the scheme (2023 - £31,266). At the year end, there is a balance of £6,064 (2023 - £5,102) included in creditors relating to pension contributions.

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 28 February 2024, the balance due from the company to the directors family loan account was £1,837 (2023 - due to the company £1,296).

The company was under the control of the directors throughout the current and previous year.

23. RELATED PARTY DISCLOSURES

Included in debtors is a balance of £494,706 (2023 - £477,468) due from A&T Residential Properties Limited, a company with common directors.

During the year, the total paid to the group's key management personnel was £nil (2023 - £nil).