REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 28 February 2024 |
for |
Camping in the Forest LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 28 February 2024 |
for |
Camping in the Forest LLP |
Camping in the Forest LLP (Registered number: OC370500) |
Contents of the Financial Statements |
for the Year Ended 28 February 2024 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Camping in the Forest LLP |
General Information |
for the Year Ended 28 February 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Hermes House |
Fire Fly Avenue |
Swindon |
Wiltshire |
SN2 2GA |
Camping in the Forest LLP (Registered number: OC370500) |
Balance Sheet |
28 February 2024 |
2024 | 2023 |
Notes | £'000 | £'000 | £'000 | £'000 |
FIXED ASSETS |
Intangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
4,243 |
4,352 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
8 |
3,160 |
3,269 |
MEMBERS' OTHER INTERESTS |
Other reserves |
4,243 | 4,352 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 8 | 3,160 | 3,269 |
Members' other interests | 1,083 | 1,083 |
4,243 | 4,352 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
Camping in the Forest LLP (Registered number: OC370500) |
Balance Sheet - continued |
28 February 2024 |
In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
Camping in the Forest LLP (Registered number: OC370500) |
Notes to the Financial Statements |
for the Year Ended 28 February 2024 |
1. | STATUTORY INFORMATION |
Camping in the Forest LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies. |
Going concern |
From 1st December 2022 the trading operations of Camping in the Forest LLP became incorporated into Forestry England and Forestry and Land Scotland trading operations. The sites will continue to be operated through a landlord and tenant model however the result will be no trading income within Camping in the Forest LLP from 1 December 2022. The members of the LLP have assessed its ability to continue as a going concern and deems that the going concern assertion is appropriate. |
Critical accounting judgements and key sources of estimation uncertainty |
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: |
Impairment of investments held as fixed assets |
Camping in the Forest LLP have a loan note receivable of £3,959k (2023: £4,071k) which is repayable in quarterly equal instalments over the period to 2046. There is a key judgement around the recoverability of this loan note, which requires assessment of the financial condition of the counter-party and historic performance of payments received in accordance with the contract. At 28 February 2024 there is no indicator of impairment of this asset. |
Turnover |
Turnover is generated from the operation of campsites within the UK. Turnover is deferred and recognised in the Income statement when the holiday is taken. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Financial instruments |
The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments. |
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term creditors are measured at transaction price. |
Cash |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on the notice of not more than 24 hours. |
Camping in the Forest LLP (Registered number: OC370500) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Finance costs |
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
Taxation |
Taxation on all LLP’s profits is solely the liability of the individual members. |
3. | EMPLOYEE INFORMATION |
The average number of employees, including members with contracts of employment, during the year was NIL (2023 - NIL). |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£'000 |
COST |
At 1 March 2023 |
Disposals | ( |
) |
At 28 February 2024 |
AMORTISATION |
At 1 March 2023 |
Eliminated on disposal | ( |
) |
At 28 February 2024 |
NET BOOK VALUE |
At 28 February 2024 |
At 28 February 2023 |
5. | FIXED ASSET INVESTMENTS |
Other |
loans |
£'000 |
At 1 March 2023 |
New in year |
Repayment in year | ( |
) |
At 28 February 2024 |
Investments are loan notes which have a fixed coupon rate and mature in 2046. They are measured at amortised cost. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£'000 | £'000 |
Amounts owed by group undertakings |
Other debtors |
Camping in the Forest LLP (Registered number: OC370500) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£'000 | £'000 |
Trade creditors |
Other creditors |
8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
In the event of winding up, loans and other debtors due to members and members' other interests rank |
subordinate to other unsecured creditors. |
9. | RELATED PARTY DISCLOSURES |
The following information is provided in accordance with FRS 102 – ‘Related Party Disclosures’ as being transactions with related parties for the year. |
During the year ended 28 February 2024, The Camping and Caravanning Club Limited, a related party, |
charged the LLP: |
- £nil (2023: £1,234,768) in respect of management charges. |
- £nil (2023: £17,104) in respect of a year’s tax charge. |
The outstanding balance owed to CITF Public Sector Holdings LLP relating to tax charges at year end |
was £160,368 (2023: £160,368). |
During the year ended 28 February 2024 the LLP was charged £nil (2023: £394,976) in respect of Ground Rent and site repairs, of this £nil (2023: £330,239) was charged by Forestry England and £nil (2023: £64,737) charged by Forestry and Land Scotland. |
There were no other related party transactions other than those disclosed in these financial statements. |
10. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
Camping in the Forest LLP is wholly owned and controlled by its member, The Forestry Commission, a |
non-Ministerial Government Department public body governed in England and Wales, being the ultimate |
controlling party. |