PARIO LEISURE GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
Company Registration No. 05391648 (England and Wales)
PARIO LEISURE GROUP LIMITED
COMPANY INFORMATION
Directors
Mr D W Williams
Mrs S F M Williams
Miss F R R A Williams
Miss P M J Williams
Secretary
Mrs S F M Williams
Company number
05391648
Registered office
C/o DSG Chartered Accountants
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
Auditor
DSG Audit
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
PARIO LEISURE GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 32
PARIO LEISURE GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 1 -

The directors present the strategic report for the year ended 28 February 2024.

Principal activities

The principal activity of the company and group continued to be that of operating caravan and leisure parks.

Review of the business

The group for the year showed turnover of £8,390,473 compared to £8,484,779 in 2023 and a profit before taxation of £732,218 compared to £1,979,178 in 2023

 

During the year the Company has expanded with the acquisition of a new holiday park. 

 

Trading during the year remained strong with continued investment across all the parks in infrastructure, landscaping and hire fleet to ensure we keep up with demand.

 

The employees are key to the success of the company, and they are lead by an excellent management team.

 

Principal risks and uncertainties

The company operates within the leisure and tourism industry, which is highly competitive, and faces risks and challenges.  In order to mitigate the various challenges, the management team meet regularly to review activities, and the company continues to develop the support infrastructure for the business to support growth.

 

The company’s management recognise the liquidity risk to the company and utilises short and long-term cash flow projections to review this.  The directors are confident that they have sufficient banking and financing facilities in place to meet the company’s working capital requirements and sufficient funds are available for existing operations and future plans.

 

The company strives to make improvements in all aspects of the business, with the focus on maintaining excellent customer relations and driving revenue growth.

 

Key performance indicators

The directors consider the key performance indicators to be: -

1. Turnover and gross profit margin

The company’s turnover for the year was £8,390,473 compared to £8,484,779 in the previous year. The company’s gross profit margin saw a small decrease in the year to 71% (2023: 74%).

2. Profit before tax

The company maintains strong controls over fixed costs and other overheads. The business continues to invest in new parks to enable it to achieve considerable growth in the coming years. Profit before tax decreased to £732,218 compared to £1,569,947 in 2023.

3. Cash and liquidity

The cash balance at the year end was £707,470 (2023: £574,213). The company has sufficient banking and financing facilities in place to meet its working capital requirements for the foreseeable future.

4. Shareholder equity

Shareholders’ equity increased to £18,957,503 from £6,550,905. Dividends of £607,193 (2023: £590,514) were paid in the year.

5. Employees

Average headcount for 2024 was 54 (2023: 54). The company continues to invest in its strategies for the training, development and retention of employees.

PARIO LEISURE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -

On behalf of the board

Mr D W Williams
Director
29 November 2024
PARIO LEISURE GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -

The directors present their annual report and financial statements for the year ended 28 February 2024.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £607,193. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr D W Williams
Mrs S F M Williams
Miss F R R A Williams
Miss P M J Williams
Post reporting date events

On 28 March 2024 the company acquired the assets of Gimblet Rock Caravan Park.

Auditor

DSG resigned as auditor on 11 September 2024. DSG Audit were appointed as auditor to the company on 11 September 2024 and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

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 auditor of the company 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 auditor of the company 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 D W Williams
Director
29 November 2024
PARIO LEISURE GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -

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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PARIO LEISURE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PARIO LEISURE GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of Pario Leisure Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 group and parent 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 group's and 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 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:

PARIO LEISURE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PARIO LEISURE GROUP LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or 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 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 parent 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.

Capability of the audit in detecting irregularities, including fraud

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity:

 

 

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

 

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

PARIO LEISURE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PARIO LEISURE GROUP LIMITED
- 7 -

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.

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 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Moss BA FCA (Senior Statutory Auditor)
For and on behalf of DSG Audit, Statutory Auditor
Chartered Accountants
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
29 November 2024
PARIO LEISURE GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
8,390,473
8,484,779
Cost of sales
(2,412,087)
(2,219,729)
Gross profit
5,978,386
6,265,050
Administrative expenses
(4,613,898)
(4,285,872)
Operating profit
4
1,364,488
1,979,178
Interest receivable and similar income
6
501
224
Interest payable and similar expenses
7
(632,771)
(409,455)
Profit before taxation
732,218
1,569,947
Tax on profit
8
(314,349)
(273,353)
Profit for the financial year
23
417,869
1,296,594
Profit for the financial year is all attributable to the owners of the parent company.
PARIO LEISURE GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 9 -
2024
2023
£
£
Profit for the year
417,869
1,296,594
Other comprehensive income
Revaluation of tangible fixed assets
16,109,653
-
0
Tax relating to other comprehensive income
(3,513,731)
6,461
Other comprehensive income for the year
12,595,922
6,461
Total comprehensive income for the year
13,013,791
1,303,055
Total comprehensive income for the year is all attributable to the owners of the parent company.
PARIO LEISURE GROUP LIMITED
GROUP BALANCE SHEET
AS AT 28 FEBRUARY 2024
28 February 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
1,760,428
800,984
Tangible assets
11
30,673,401
14,570,100
32,433,829
15,371,084
Current assets
Stocks
14
1,186,825
824,392
Debtors
15
2,061,039
1,863,074
Cash at bank and in hand
707,470
574,213
3,955,334
3,261,679
Creditors: amounts falling due within one year
16
(5,155,784)
(4,663,446)
Net current liabilities
(1,200,450)
(1,401,767)
Total assets less current liabilities
31,233,379
13,969,317
Creditors: amounts falling due after more than one year
17
(7,626,670)
(6,305,029)
Provisions for liabilities
Deferred tax liability
20
4,649,206
1,113,383
(4,649,206)
(1,113,383)
Net assets
18,957,503
6,550,905
Capital and reserves
Called up share capital
22
1,000
1,000
Revaluation reserve
23
15,014,138
2,500,760
Profit and loss reserves
23
3,942,365
4,049,145
Total equity
18,957,503
6,550,905

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

The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
29 November 2024
Mr D W Williams
Director
Company registration number 05391648 (England and Wales)
PARIO LEISURE GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 28 FEBRUARY 2024
28 February 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
1,760,428
800,984
Tangible assets
11
27,561,495
11,263,792
Investments
12
102
2
29,322,025
12,064,778
Current assets
Debtors
15
1,005,928
907,890
Cash at bank and in hand
92,392
197,112
1,098,320
1,105,002
Creditors: amounts falling due within one year
16
(3,145,269)
(3,354,693)
Net current liabilities
(2,046,949)
(2,249,691)
Total assets less current liabilities
27,275,076
9,815,087
Creditors: amounts falling due after more than one year
17
(7,598,589)
(6,279,885)
Provisions for liabilities
Deferred tax liability
20
4,020,952
507,221
(4,020,952)
(507,221)
Net assets
15,655,535
3,027,981
Capital and reserves
Called up share capital
22
1,000
1,000
Revaluation reserve
23
15,014,138
2,500,760
Profit and loss reserves
23
640,397
526,221
Total equity
15,655,535
3,027,981

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £638,825 (2023 - £807,250 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
29 November 2024
Mr D W Williams
Director
Company registration number 05391648 (England and Wales)
PARIO LEISURE GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2022
1,000
2,520,144
3,317,220
5,838,364
Year ended 28 February 2023:
Profit for the year
-
-
1,296,594
1,296,594
Other comprehensive income:
Tax relating to other comprehensive income
-
6,461
-
0
6,461
Total comprehensive income
-
6,461
1,296,594
1,303,055
Dividends
9
-
-
(590,514)
(590,514)
Transfers
-
(25,845)
25,845
-
Balance at 28 February 2023
1,000
2,500,760
4,049,145
6,550,905
Year ended 28 February 2024:
Profit for the year
-
-
417,869
417,869
Other comprehensive income:
Revaluation of tangible fixed assets
-
16,109,653
-
16,109,653
Tax relating to other comprehensive income
-
(3,513,731)
-
0
(3,513,731)
Total comprehensive income
-
12,595,922
417,869
13,013,791
Dividends
9
-
-
(607,193)
(607,193)
Transfers
-
(82,544)
82,544
-
Balance at 28 February 2024
1,000
15,014,138
3,942,365
18,957,503
PARIO LEISURE GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2022
1,000
2,520,144
283,640
2,804,784
Year ended 28 February 2023:
Profit for the year
-
-
807,250
807,250
Other comprehensive income:
Tax relating to other comprehensive income
-
6,461
-
0
6,461
Total comprehensive income
-
6,461
807,250
813,711
Dividends
9
-
-
(590,514)
(590,514)
Transfers
-
(25,845)
25,845
-
Balance at 28 February 2023
1,000
2,500,760
526,221
3,027,981
Year ended 28 February 2024:
Profit for the year
-
-
638,825
638,825
Other comprehensive income:
Revaluation of tangible fixed assets
-
16,109,653
-
16,109,653
Tax relating to other comprehensive income
-
(3,513,731)
-
0
(3,513,731)
Total comprehensive income
-
12,595,922
638,825
13,234,747
Dividends
9
-
-
(607,193)
(607,193)
Transfers
-
(82,544)
82,544
-
Balance at 28 February 2024
1,000
15,014,138
640,397
15,655,535
PARIO LEISURE GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,732,730
2,980,079
Interest paid
(632,771)
(409,455)
Income taxes paid
(130,604)
(250,889)
Net cash inflow from operating activities
1,969,355
2,319,735
Investing activities
Purchase of business
(1,567,749)
-
Purchase of tangible fixed assets
(400,302)
(1,494,696)
Proceeds from disposal of tangible fixed assets
27,811
52,940
Proceeds from disposal of subsidiaries, net of cash disposed
-
2
Repayment of loans
71,290
(16,679)
Interest received
501
224
Net cash used in investing activities
(1,868,449)
(1,458,209)
Financing activities
Proceeds from new bank loans
8,060,000
-
Repayment of bank loans
(7,257,387)
(605,439)
Payment of finance leases obligations
(163,069)
(310,416)
Dividends paid to equity shareholders
(607,193)
(590,514)
Net cash generated from/(used in) financing activities
32,351
(1,506,369)
Net increase/(decrease) in cash and cash equivalents
133,257
(644,843)
Cash and cash equivalents at beginning of year
574,213
1,219,056
Cash and cash equivalents at end of year
707,470
574,213
PARIO LEISURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 15 -
1
Accounting policies
Company information

Pario Leisure Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Pario Leisure Group Limited and all of its subsidiaries.

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.

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. The principal accounting policies adopted are set out below.

The 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 for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

PARIO LEISURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Pario Leisure Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 28 February 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

The company meets its day to day working capital requirements through facilities from it's principal bankers and support from other group companies. Based upon their continuing support the Directors' consider it appropriate to prepare the Financial Statements on the Going Concern basis. The Financial Statements, therefore, do not include any adjustments that would result from a withdrawal of the support of it's bankers.

1.5
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised when goods and services are supplied to customers.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

PARIO LEISURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 17 -
1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
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.

Depreciation 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 land and buildings
5% on cost or 2% on cost
Leasehold land and buildings
5% on cost
Plant and equipment
10% on cost or 5% on cost
Fixtures and fittings
20% reducing balance
Computers
25% reducing balance or 25% on cost
Motor vehicles
25% reducing balance
Hire fleet
10% on cost

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 recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

PARIO LEISURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 18 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and net realisable value. The cost of caravan stock is valued by using specific identification of their individual costs as the items are not ordinarily interchangeable. Cost includes expenditure incurred in acquiring the stocks and other costs in bringing them to their existing location and condition. Net realisable value of used caravan stock is determined with reference to trade published guides. A provision is made for obsolete, slow moving or defective items where required.

PARIO LEISURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 19 -
1.11
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.

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 transaction 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.

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 group 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.

PARIO LEISURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 20 -
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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies that are classified as debt, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PARIO LEISURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 21 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
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.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

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

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

PARIO LEISURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 22 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
8,361,773
8,476,079
Rent
28,700
8,700
8,390,473
8,484,779
2024
2023
£
£
Other revenue
Interest income
501
224
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
790,145
626,592
Loss/(profit) on disposal of tangible fixed assets
48,285
(8,821)
Amortisation of intangible assets
215,555
186,180
Operating lease charges
28,062
31,509
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
54
54
4
4

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,095,606
1,018,152
-
0
-
0
Social security costs
108,836
103,362
-
-
Pension costs
13,656
8,201
-
0
-
0
1,218,098
1,129,715
-
0
-
0
PARIO LEISURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 23 -
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
501
224
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
597,092
344,720
Interest on finance leases and hire purchase contracts
35,679
64,735
Total finance costs
632,771
409,455
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
294,672
130,605
Adjustments in respect of prior periods
(2,415)
(42,108)
Total current tax
292,257
88,497
Deferred tax
Origination and reversal of timing differences
22,092
184,856
Total tax charge
314,349
273,353

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
732,218
1,569,947
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
183,055
298,290
Tax effect of expenses that are not deductible in determining taxable profit
27,678
12,879
Effect of change in corporation tax rate
(6,137)
-
Group relief
(117)
-
0
Permanent capital allowances in excess of depreciation
87,778
(180,564)
Under/(over) provided in prior years
-
0
(42,108)
22,092
184,856
Taxation charge
314,349
273,353
PARIO LEISURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
8
Taxation
(Continued)
- 24 -

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
3,513,731
(6,461)
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
607,193
590,514
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 March 2023
3,723,767
Additions
1,174,999
At 28 February 2024
4,898,766
Amortisation and impairment
At 1 March 2023
2,922,783
Amortisation charged for the year
215,555
At 28 February 2024
3,138,338
Carrying amount
At 28 February 2024
1,760,428
At 28 February 2023
800,984
PARIO LEISURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
10
Intangible fixed assets
(Continued)
- 25 -
Company
Goodwill
£
Cost
At 1 March 2023
3,723,767
Additions
1,174,999
At 28 February 2024
4,898,766
Amortisation and impairment
At 1 March 2023
2,922,783
Amortisation charged for the year
215,555
At 28 February 2024
3,138,338
Carrying amount
At 28 February 2024
1,760,428
At 28 February 2023
800,984
PARIO LEISURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 26 -
11
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Hire fleet
Total
£
£
£
£
£
£
£
£
Cost or valuation
At 1 March 2023
12,969,501
132,404
3,050,190
689,662
241,487
841,148
2,819,372
20,743,764
Additions
426,342
42,968
42,440
18,790
13,963
60,409
254,977
859,889
Disposals
-
0
-
0
(305,404)
-
0
-
0
-
0
(108,240)
(413,644)
Revaluation
14,514,475
-
0
-
0
-
0
-
0
-
0
-
0
14,514,475
Transfers
-
0
-
0
(16,100)
-
0
16,100
-
0
-
0
-
0
At 28 February 2024
27,910,318
175,372
2,771,126
708,452
271,550
901,557
2,966,109
35,704,484
Depreciation and impairment
At 1 March 2023
1,837,877
26,480
2,253,259
441,696
174,623
359,581
1,080,148
6,173,664
Depreciation charged in the year
140,000
6,620
153,973
52,007
20,415
129,299
287,831
790,145
Eliminated in respect of disposals
-
0
-
0
(257,119)
-
0
-
0
-
0
(80,429)
(337,548)
Revaluation
(1,595,178)
-
0
-
0
-
0
-
0
-
0
-
0
(1,595,178)
Transfers
-
0
-
0
(12,193)
-
0
12,193
-
0
-
0
-
0
At 28 February 2024
382,699
33,100
2,137,920
493,703
207,231
488,880
1,287,550
5,031,083
Carrying amount
At 28 February 2024
27,527,619
142,272
633,206
214,749
64,319
412,677
1,678,559
30,673,401
At 28 February 2023
11,131,624
105,924
796,931
247,966
66,864
481,567
1,739,224
14,570,100
PARIO LEISURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 27 -
Company
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost or valuation
At 1 March 2023
12,492,775
1,931,898
14,424,673
Additions
392,750
-
0
392,750
Revaluation
14,514,475
-
0
14,514,475
At 28 February 2024
27,400,000
1,931,898
29,331,898
Depreciation and impairment
At 1 March 2023
1,595,178
1,565,703
3,160,881
Depreciation charged in the year
108,100
96,600
204,700
Revaluation
(1,595,178)
-
0
(1,595,178)
At 28 February 2024
108,100
1,662,303
1,770,403
Carrying amount
At 28 February 2024
27,291,900
269,595
27,561,495
At 28 February 2023
10,897,597
366,195
11,263,792

The directors have assessed the freehold land and buildings value during the year and have had these revalued to £27,400,000 on 26 June 2023 by Christie & Co on the basis of market value. These are independent valuers not connected with the company on the basis of market value.

12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
102
2
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 March 2023
2
Additions
100
At 28 February 2024
102
Carrying amount
At 28 February 2024
102
At 28 February 2023
2
PARIO LEISURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 28 -
13
Subsidiaries

Details of the company's subsidiaries at 28 February 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Marine Holiday Park Limited
Castle Chambers, 43 Castle Street, Liverpool, England, L2 9TL
Ordinary
100.00
Tan Rallt Holiday Home Park Limited
Castle Chambers, 43 Castle Street, Liverpool, England, L2 9TL
Ordinary
100.00
Bryn Defaid Holiday Park Limited
Castle Chambers, 43 Castle Street, Liverpool, England, L2 9TL
Ordinary
100.00
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
1,186,825
824,392
-
0
-
0
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
794,045
558,032
80,753
2,175
Amounts owed by group undertakings
-
1,000
321,752
211,834
Other debtors
1,140,377
1,165,369
591,017
627,307
Prepayments and accrued income
126,617
138,673
12,406
66,574
2,061,039
1,863,074
1,005,928
907,890
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
316,086
832,177
316,086
832,177
Obligations under finance leases
19
44,098
143,267
-
0
-
0
Trade creditors
1,132,426
918,533
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
2,506,213
2,299,583
Corporation tax payable
294,980
133,327
72,999
42,185
Other taxation and social security
280,149
187,551
246,564
150,000
Other creditors
68,095
71,612
-
0
-
0
Accruals and deferred income
3,019,950
2,376,979
3,407
30,748
5,155,784
4,663,446
3,145,269
3,354,693
PARIO LEISURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 29 -
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
7,598,589
6,279,885
7,598,589
6,279,885
Obligations under finance leases
19
28,081
25,144
-
0
-
0
7,626,670
6,305,029
7,598,589
6,279,885
Amounts included above which fall due after five years are as follows:
Payable by instalments
7,598,589
3,362,845
7,598,589
3,362,845
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
7,914,675
7,112,062
7,914,675
7,112,062
Payable within one year
316,086
832,177
316,086
832,177
Payable after one year
7,598,589
6,279,885
7,598,589
6,279,885

The security for the bank loan is supported by first legal charges over the freehold property of the company and a debenture comprising fixed and floating charges over the assets of the company and its subsidiary undertakings.

 

The bank loan is due for repayment in 2038.

 

Also included within bank loans is £nil (2023: £628,333) in respect of a Coronavirus Business Interruption loan.

19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
44,098
143,266
-
0
-
0
In two to five years
28,081
25,145
-
0
-
0
72,179
168,411
-
-

Finance lease payments represent rentals payable by the group for vehicles and caravans. No restrictions are placed on the use of the assets. The average lease term is 3-5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

PARIO LEISURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 30 -
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
628,254
606,162
Revaluations
4,020,952
507,221
4,649,206
1,113,383
Liabilities
Liabilities
2024
2023
Company
£
£
Revaluations
4,020,952
507,221
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 March 2023
1,113,383
507,221
Charge to profit or loss
22,092
-
Charge to equity
3,513,731
3,513,731
Liability at 28 February 2024
4,649,206
4,020,952
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
13,656
8,201

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
PARIO LEISURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 31 -
23
Reserves
Revaluation reserve

Revaluation reserve represents the amount for revalued land and buildings.

Profit & loss account

The profit and loss reserve includes all current period retained profits and losses.

24
Acquisition of a business

On 10 August 2023 the group entered into an asset purchase agreement for the acquisition of the assets of Bryn Defaid Caravan Park and House.

 

The following tables set out a summary of the assets assumed during the transaction together with details of how the purchase consideration was settled.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Land and buildings
392,750
-
392,750
Goodwill
1,174,999
Total consideration
1,567,749
The consideration was satisfied by:
£
Cash
1,567,749
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
-
Loss after tax
(50,486)
25
Financial commitments, guarantees and contingent liabilities

The company's bankers hold a multilateral guarantee dated 10 August 2023 given by the company, Marine Holiday Park Limited, Tan Rallt Holiday Home Park Limited and Bryn Defaid Holiday Park Limited.

26
Events after the reporting date

On 28 March 2024 the company acquired the assets of Gimblet Rock Caravan Park.

27
Related party transactions

At 28 February the group had an amount of £464,169 (2023: £483,725) owing to it from Williams Property Ventures Limited.

PARIO LEISURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 32 -
28
Directors' transactions

Dividends totalling £607,193 (2023 - £590,514) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr D W and Mrs S F M Williams - Loan
-
607,193
535,903
(607,193)
535,903
607,193
535,903
(607,193)
535,903
29
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
417,869
1,296,594
Adjustments for:
Taxation charged
314,349
273,353
Finance costs
632,771
409,455
Investment income
(501)
(224)
Loss/(gain) on disposal of tangible fixed assets
48,285
(8,821)
Amortisation and impairment of intangible assets
215,555
186,180
Depreciation and impairment of tangible fixed assets
790,145
626,592
Movements in working capital:
Increase in stocks
(362,433)
(152,729)
(Increase)/decrease in debtors
(269,255)
1,420
Increase in creditors
945,945
348,259
Cash generated from operations
2,732,730
2,980,079
30
Analysis of changes in net debt - group
1 March 2023
Cash flows
New finance leases
28 February 2024
£
£
£
£
Cash at bank and in hand
574,213
133,257
-
707,470
Borrowings excluding overdrafts
(7,112,062)
(802,613)
-
(7,914,675)
Obligations under finance leases
(168,411)
163,069
(66,837)
(72,179)
(6,706,260)
(506,287)
(66,837)
(7,279,384)
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