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REGISTERED NUMBER: 07457537 (England and Wales)









TREVORNICK HOLIDAY PARK LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






TREVORNICK HOLIDAY PARK LIMITED (REGISTERED NUMBER: 07457537)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TREVORNICK HOLIDAY PARK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: R P M Hartley
R D T Hartley





REGISTERED OFFICE: 7 Sandy Court
Ashleigh Way
Langage Business Park
Plymouth
Devon
PL7 5JX





REGISTERED NUMBER: 07457537 (England and Wales)





ACCOUNTANTS: Mark Holt & Co Limited
Chartered Accountants
7 Sandy Court
Ashleigh Way
Langage Business Park
Plymouth
Devon
PL7 5JX

TREVORNICK HOLIDAY PARK LIMITED (REGISTERED NUMBER: 07457537)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 7,394,617 6,608,258
Investments 6 1,652,917 600,010
9,047,534 7,208,268

CURRENT ASSETS
Stocks and work in progress 853,543 1,085,065
Debtors 7 161,925 275,619
Cash at bank and in hand 936,689 1,697,120
1,952,157 3,057,804
CREDITORS
Amounts falling due within one year 8 2,541,038 2,559,140
NET CURRENT (LIABILITIES)/ASSETS (588,881 ) 498,664
TOTAL ASSETS LESS CURRENT LIABILITIES 8,458,653 7,706,932

CREDITORS
Amounts falling due after more than one year 9 (655,197 ) (826,912 )

PROVISIONS FOR LIABILITIES (396,000 ) (240,000 )
NET ASSETS 7,407,456 6,640,020

CAPITAL AND RESERVES
Called up share capital 640 640
Capital redemption reserve 250,000 -
Retained earnings 7,156,816 6,639,380
SHAREHOLDERS' FUNDS 7,407,456 6,640,020

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

TREVORNICK HOLIDAY PARK LIMITED (REGISTERED NUMBER: 07457537)

BALANCE SHEET - continued
29 FEBRUARY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by:





R P M Hartley - Director


TREVORNICK HOLIDAY PARK LIMITED (REGISTERED NUMBER: 07457537)

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

1. STATUTORY INFORMATION

Trevornick Holiday Park Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax, which are mainly derived from the rental of holiday tents and camping & touring pitches for short term holiday lettings and associated ancillary services.

Revenue from the let of holiday tents and pitches is recognised on the first day of the holiday letting period. All ancillary services are recognised on the date that they occur. All deposits for holidays that are subsequently cancelled are recognised on the cancellation date.

Revenue from lodge sales are recognised when the full balance has been paid and ownership transferred. Until this point, deposits received are held in deferred income on the balance sheet.

TREVORNICK HOLIDAY PARK LIMITED (REGISTERED NUMBER: 07457537)

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

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Improvements to property - 10% on cost
Plant and machinery - 4% - 20% on cost
Fixtures and fittings - 5% - 20% on cost
Motor vehicles - 20% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

In accordance with the FRS 102 no depreciation is charged on the land owned by the company. This land is included within Freehold Property and is valued at £4,478,459 (2023: £4,478,459).

The remainder of Freehold Property relates to buildings on the premises which is depreciated at 2% on a straight line basis.

Investments
Investments represent monies invested into corporate investment portfolios. Investments are initially recognised at cost, with fair value adjustments made annually thereafter. Investment returns are recorded as interest or dividend income as appropriate in the financial statements.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Included within stock are the eurotents, which have a useful economic life of 4 years.

Also included in stocks are the value of lodges held for sale and costs incurred on the development of the associated plots.


TREVORNICK HOLIDAY PARK LIMITED (REGISTERED NUMBER: 07457537)

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

3. 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 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.

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).

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is a finance lease or an operating lease based on the substances of the arrangement.

Finance leases
Leases of assets that transfer substantially all the risks and rewards of ownership to the Company are classified as finance leases.

Assets held under finance leases are recognized initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss.

Assets held under finance leases are included in tangible fixed assets and depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

Operating leases
Leases that do no transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Pension costs and other post-retirement benefits
Short- term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

Provision for liabilities
Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

TREVORNICK HOLIDAY PARK LIMITED (REGISTERED NUMBER: 07457537)

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

3. ACCOUNTING POLICIES - continued

Grant income
Income received in relation to grants are classified either as relating to revenue or to assets.

Grants relating to revenue are recognised in other income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Where a timing difference arises, the income is held on the balance sheet. When received in arrears the income is recognises as a debtor providing the relevant conditions have been satisfied. When received in advance of the associated costs being incurred, the income is recorded as deferred income and systematically released to the profit and loss in the period that the associated cost is incurred.

Grants relating to assets are recognised initially as deferred income and released to other income on a systematic basis over the expected useful economic life of the asset.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2023 - 36 ) .

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 March 2023 5,505,564 610,498 854,227
Additions - 69,008 21,756
At 29 February 2024 5,505,564 679,506 875,983
DEPRECIATION
At 1 March 2023 194,391 142,525 547,896
Charge for year 20,542 7,016 61,805
At 29 February 2024 214,933 149,541 609,701
NET BOOK VALUE
At 29 February 2024 5,290,631 529,965 266,282
At 28 February 2023 5,311,173 467,973 306,331

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 March 2023 933,358 67,005 1,115 7,971,767
Additions 878,278 39,532 2,253 1,010,827
At 29 February 2024 1,811,636 106,537 3,368 8,982,594
DEPRECIATION
At 1 March 2023 417,052 61,412 233 1,363,509
Charge for year 125,136 9,305 664 224,468
At 29 February 2024 542,188 70,717 897 1,587,977
NET BOOK VALUE
At 29 February 2024 1,269,448 35,820 2,471 7,394,617
At 28 February 2023 516,306 5,593 882 6,608,258

Freehold property is recorded at historical cost.

TREVORNICK HOLIDAY PARK LIMITED (REGISTERED NUMBER: 07457537)

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

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 March 2023 43,250 - 43,250
Additions - 36,532 36,532
Transfer to ownership (43,250 ) - (43,250 )
At 29 February 2024 - 36,532 36,532
DEPRECIATION
At 1 March 2023 34,600 - 34,600
Charge for year 8,650 7,306 15,956
Transfer to ownership (43,250 ) - (43,250 )
At 29 February 2024 - 7,306 7,306
NET BOOK VALUE
At 29 February 2024 - 29,226 29,226
At 28 February 2023 8,650 - 8,650

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 March 2023 600,010
Additions 1,241,153
Disposals (227,699 )
Revaluations 39,453
At 29 February 2024 1,652,917
NET BOOK VALUE
At 29 February 2024 1,652,917
At 28 February 2023 600,010

Cost or valuation at 29 February 2024 is represented by:

Other
investments
£   
Valuation in 2024 39,453
Cost 1,613,464
1,652,917

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 33,877 15,643
Other debtors 128,048 259,976
161,925 275,619

TREVORNICK HOLIDAY PARK LIMITED (REGISTERED NUMBER: 07457537)

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

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Hire purchase contracts 10,123 8,387
Trade creditors 536,935 56,742
Taxation and social security 219,807 368,450
Other creditors 1,774,173 2,125,561
2,541,038 2,559,140

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
as restated
£    £   
Hire purchase contracts 20,037 -
Other creditors 635,160 826,912
655,197 826,912

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
as restated
£    £   
Hire purchase contracts 30,160 8,387

The liability is secured against the assets to which the finance was used to purchase. The net book value of these assets are disclosed in Note 5.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
as restated
£    £   
R P M Hartley
Balance outstanding at start of year 189,158 (395,463 )
Amounts advanced 150,993 605,104
Amounts repaid (295,853 ) (20,483 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 44,298 189,158

The amount due to the company is repayable on demand.

Beneficial loan interest has been charged by the company on the loan at the prevailing beneficial loan rate set by HMRC.

The loan was repaid to the company within 9 months of the year end.