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Registration number: 08594110

Manor Farm Caravan & Camping Site Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Manor Farm Caravan & Camping Site Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Manor Farm Caravan & Camping Site Limited

(Registration number: 08594110)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

8,500

17,000

Tangible assets

5

432,921

328,556

 

441,421

345,556

Current assets

 

Stocks

6

9,750

9,750

Debtors

7

88,809

92,846

Investments

8

459,096

459,094

Cash at bank and in hand

 

286,231

382,751

 

843,886

944,441

Creditors: Amounts falling due within one year

9

(686,731)

(632,623)

Net current assets

 

157,155

311,818

Total assets less current liabilities

 

598,576

657,374

Creditors: Amounts falling due after more than one year

9

(167,403)

(220,302)

Provisions for liabilities

(61,633)

(61,633)

Net assets

 

369,540

375,439

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

369,440

375,339

Shareholders' funds

 

369,540

375,439

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

 

Manor Farm Caravan & Camping Site Limited

(Registration number: 08594110)
Statement of Financial Position as at 31 March 2024 (continued)

Approved and authorised by the Board on 27 November 2024 and signed on its behalf by:
 


Mr Tim Salter
Director


Mrs Tina Jane Salter
Director

 

Manor Farm Caravan & Camping Site Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Manor Farm Campsite
Seaton Down Hill
Seaton
Devon
EX12 2JA

Principal activity

The principal activity of the company is that of providing camping and caravan facilities.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Manor Farm Caravan & Camping Site Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Manor Farm Caravan & Camping Site Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

No depreciation

Tenants improvements

10% straight line

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Manor Farm Caravan & Camping Site Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

 

Manor Farm Caravan & Camping Site Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 March 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

85,000

85,000

At 31 March 2024

85,000

85,000

Amortisation

At 1 April 2023

68,000

68,000

Amortisation charge

8,500

8,500

At 31 March 2024

76,500

76,500

Carrying amount

At 31 March 2024

8,500

8,500

At 31 March 2023

17,000

17,000

5

Tangible assets

Land and buildings
£

Tenants Improvements
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

57,505

69,893

663,855

32,475

823,728

Additions

-

-

230,652

-

230,652

At 31 March 2024

57,505

69,893

894,507

32,475

1,054,380

Depreciation

At 1 April 2023

-

45,371

424,710

25,091

495,172

Charge for the year

-

6,991

117,450

1,846

126,287

At 31 March 2024

-

52,362

542,160

26,937

621,459

Carrying amount

At 31 March 2024

57,505

17,531

352,347

5,538

432,921

At 31 March 2023

57,505

24,522

239,145

7,384

328,556

Included within the net book value of land and buildings above is £57,505 (2023 - £57,505) in respect of freehold land and buildings and £17,531 (2023 - £24,522) in respect tenants improvements.
 

 

Manor Farm Caravan & Camping Site Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 March 2024 (continued)

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

9,750

9,750

7

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

12

-

244

Other debtors

 

78,951

67,298

Prepayments

 

2,407

25,304

Income tax asset

7,451

-

 

88,809

92,846

8

Current asset investments

2024
£

2023
£

Other investments

459,096

459,094

 

Manor Farm Caravan & Camping Site Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 March 2024 (continued)

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

56,010

55,767

Trade creditors

 

4,289

4,785

Taxation and social security

 

44,365

51,914

Other creditors

 

582,067

520,157

 

686,731

632,623

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

167,403

220,302

10

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Manor Farm Caravan & Camping Site Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 March 2024 (continued)

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

167,403

220,302

Current loans and borrowings

2024
£

2023
£

Other borrowings

56,010

55,767

12

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

67,296

81,655

(70,000)

78,951

         
       

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

73,374

68,922

(75,000)

67,296