REGISTERED NUMBER: 00449956 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
LICKHILL MANOR LIMITED |
REGISTERED NUMBER: 00449956 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
LICKHILL MANOR LIMITED |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Statement of Comprehensive Income |
10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement |
17 |
Notes to the Consolidated Financial Statements |
19 |
LICKHILL MANOR LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Black Country House |
Rounds Green Road |
Oldbury |
West Midlands |
B69 2DG |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
INTRODUCTION |
The principal activity of the group in the year under review was that of caravan park operators and finance providers. |
BUSINESS REVIEW |
The business of Lickhill Manor Limited, trading as Hillandale Caravan Parks continues to thrive; Lickhill Manor's primary aim is to provide quality recreational destinations for caravan holiday home ownership, together with facilities for users of touring caravans, motorhomes and camping; Hillandale Caravan Finance Limited provides low cost, low interest rate and zero interest rate finance facilities for purchasers of holiday homes from Lickhill Manor Limited. |
The trading season for 2023 presented a challenging trading environment following a combination of the previous 3 years influences, i.e. restricted availability of new holiday homes due to Brexit and COVID shutdowns, exacerbated by Russia's warmongering, with the knock-on effect on energy prices and the squeezing of the pecuniary resources of our core audience. After our enjoying a boost in holiday home sales coming out of COVID, at which time new stock was in short supply and on long delivery times, at which time we confidently placed large forward orders with manufacturers, only to find that in early 2023, demand for new holiday homes had been impaired by customers' financial pressures. Our new stock on order had to be honoured, hence, since then, we have experienced unusually high stock levels. |
During 2023, the Company made some significant purchases: Hay-on-Wye Caravan Park, formerly Ashbrook Caravan & Camping; land adjacent to our Stay-on-Wye Caravan Park, required to allow a comfortable expansion; plus a property at the entrance to Lincomb Lock Caravan Park, necessary to protect the business of the park from possible future access restrictions making the delivery of holiday homes an impossibility. The significant purchases, together with higher than normal holiday home stock level, resulted in our using the bank facility to a greater extent than usual, the borrow requirement coincided with our lenders amending their terms, such that interest costs increased by 100+%. |
The weather in 2023 played a significant role, it being unusually wet during the period between March to October, which had a dampening effect on trading. Despite these challenges, the number of holiday home sales were comparable with the previous 2 years, with turnover slightly reduced. Our pitch fee income for holiday homes and seasonal pitches maintained parity, whereas, despite poor weather, the touring and camping income increased by 39.75%, much of the increase due to the addition of Hay on Wye CP. All matters considered, and to the credit of the hard work and diligence of our staff, the business fared well for the year. |
Looking ahead, with the benefit of being 6 months knowledge into the following financial year, our stock levels have reduced significantly, although still higher than desirable, however our commitment now to caravan manufacturers for new stock is at a very low level, consequently we are confidently trading ourselves out of the high stock situation. |
In order to achieve holiday home sales in the ongoing challenging environment, we offer generous reductions on holiday homes, also increased flexibility in our trading terms; we have employed a Marketing Executive, we now use an alternative website designer and developer. We anticipate our bank indebtedness will be significantly reduced within a further 6 months. |
We have future developments planned for further holiday home pitches on two of the parks, as well as new washrooms planned for Morfa Bychan Holiday Park and Lickhill Manor Caravan Park. Stay-on-Wye Caravan Park remains a valuable asset which we await to re-develop and re-open. |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
Regarding risks and uncertainty in the business, we are concerned by Government influences, i.e. taxation and employment policies, also the result of further or increased conflict in Eastern Europe and the Middle East. The major factor that has the potential to outweigh most, is the availability of good weather. |
Looking at the performance of the business since these set of accounts, we are confident that with the ongoing sales of holiday homes, pitch fee income, plus touring and camping revenue, that the Company will continue to meet its primary objectives and in doing so prosper. |
Through our staff we endeavour to provide a personal and attentive service to our customers, also a well-maintained environment suitable for customers of all ages to enjoy relaxing recreational time. We believe that high standards of park maintenance, landscaping, facilities and customer services, are key to our ongoing success. |
ON BEHALF OF THE BOARD: |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of caravan park operators and finance providers. |
DIVIDENDS |
No interim dividend was paid during the year. The directors recommend a final dividend of £262.23 per share. |
The total distribution of dividends for the year ended 31 March 2024 will be £ 150,000 . |
An interim dividend of £200,000 for the the year ended 31 March 2025 was declared on 28 October 2024. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Crowe U.K. LLP, will be proposed for re-appointment in accordance with section 485 of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LICKHILL MANOR LIMITED |
Opinion |
We have audited the financial statements of Lickhill Manor Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LICKHILL MANOR LIMITED |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LICKHILL MANOR LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory frameworks within which the Company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. |
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the Company's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Company for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation (GDPR), Anti-fraud, bribery and corruption legislation, environmental protection legislation, Health and safety legislation, Taxation legislation and Employment legislation. |
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. |
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be in the following areas: timing of recognition of income; the override of controls by management, including posting of unusual journals; inappropriate treatment of non-routine transactions and areas of estimation uncertainty. |
Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, review and discussion of non-routine transactions, sample testing on the posting of journals and income transactions and review of accounting estimates for biases. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LICKHILL MANOR LIMITED |
Other matters |
The company was exempt from audit in the year ended 31 March 2023 and consequently the |
corresponding figures are unaudited. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Black Country House |
Rounds Green Road |
Oldbury |
West Midlands |
B69 2DG |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
(Unaudited) |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 9,147,162 | 9,156,139 |
Cost of sales | 4,286,532 | 4,298,167 |
GROSS PROFIT | 4,860,630 | 4,857,972 |
Distribution costs | 281,232 | 193,402 |
Administrative expenses | 3,943,356 | 3,421,558 |
4,224,588 | 3,614,960 |
OPERATING PROFIT | 5 | 636,042 | 1,243,012 |
Interest receivable and similar income |
7 |
31,824 |
15,293 |
667,866 | 1,258,305 |
Interest payable and similar expenses |
8 |
273,822 |
162,218 |
PROFIT BEFORE TAXATION | 394,044 | 1,096,087 |
Tax on profit | 9 | 158,456 | 260,934 |
PROFIT FOR THE FINANCIAL YEAR |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
(Unaudited) |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 13 | 620,785 | 770,236 |
Tangible assets | 14 | 5,327,099 | 5,492,819 |
Investments | 15 | - | - |
5,947,884 | 6,263,055 |
CURRENT ASSETS |
Stocks | 16 | 2,966,209 | 2,086,824 |
Debtors: amounts falling due within one year |
17 |
1,087,316 |
1,516,987 |
Debtors: amounts falling due after more than one year |
17 |
1,168,953 |
1,454,751 |
Cash at bank and in hand | 1,755,855 | 1,815,970 |
6,978,333 | 6,874,532 |
CREDITORS |
Amounts falling due within one year | 18 | 5,924,989 | 6,006,550 |
NET CURRENT ASSETS | 1,053,344 | 867,982 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
7,001,228 |
7,131,037 |
CREDITORS |
Amounts falling due after more than one year |
19 |
(3,081,026 |
) |
(3,239,594 |
) |
PROVISIONS FOR LIABILITIES | 22 | (120,965 | ) | (177,794 | ) |
NET ASSETS | 3,799,237 | 3,713,649 |
CAPITAL AND RESERVES |
Called up share capital | 23 | 572 | 572 |
Retained earnings | 3,798,665 | 3,713,077 |
SHAREHOLDERS' FUNDS | 3,799,237 | 3,713,649 |
The financial statements were approved by the Board of Directors and authorised for issue on 12 November 2024 and were signed on its behalf by: |
D G Lloyd Jones - Director |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
COMPANY BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
(Unaudited) |
As restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 13 |
Tangible assets | 14 |
Investments | 15 |
CURRENT ASSETS |
Stocks | 16 |
Debtors: amounts falling due within one year |
17 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 18 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
19 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 22 | ( |
) | ( |
) |
NET ASSETS |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
COMPANY BALANCE SHEET - continued |
31 MARCH 2024 |
2024 | 2023 |
(Unaudited) |
As restated |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year |
197,813 |
740,662 |
The financial statements were approved by the Board of Directors and authorised for issue on |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 | 572 | 3,207,924 | 3,208,496 |
Changes in equity |
Dividends | - | (330,000 | ) | (330,000 | ) |
Total comprehensive income | - | 835,153 | 835,153 |
Balance at 31 March 2023 | 572 | 3,713,077 | 3,713,649 |
Changes in equity |
Dividends | - | (150,000 | ) | (150,000 | ) |
Total comprehensive income | - | 235,588 | 235,588 |
Balance at 31 March 2024 | 572 | 3,798,665 | 3,799,237 |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Prior year adjustment |
(see note 12) | - | (313,929 | ) | (313,929 | ) |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
(Unaudited) |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 819,287 | 1,548,366 |
Interest paid | (273,822 | ) | (162,218 | ) |
Tax paid | (152,997 | ) | (218,083 | ) |
Net cash from operating activities | 392,468 | 1,168,065 |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (259,417 | ) |
Purchase of tangible fixed assets | (184,379 | ) | (2,687,025 | ) |
Sale of tangible fixed assets | 2,110 | 7,391 |
Interest received | 30,751 | 13,125 |
Net cash from investing activities | (151,518 | ) | (2,925,926 | ) |
Cash flows from financing activities |
New loans in year | - | 3,500,000 |
Loan repayments in year | (147,765 | ) | (3,142,671 | ) |
Capital repayments in year | (3,300 | ) | (3,300 | ) |
Equity dividends paid | (150,000 | ) | (330,000 | ) |
Net cash from financing activities | (301,065 | ) | 24,029 |
Decrease in cash and cash equivalents | (60,115 | ) | (1,733,832 | ) |
Cash and cash equivalents at beginning of year |
2 |
1,815,970 |
3,549,802 |
Cash and cash equivalents at end of year |
2 |
1,755,855 |
1,815,970 |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
(Unaudited) |
£ | £ |
Profit before taxation | 394,044 | 1,096,087 |
Depreciation charges | 497,940 | 534,037 |
Profit on disposal of fixed assets | (500 | ) | (990 | ) |
Finance costs | 273,822 | 162,218 |
Finance income | (31,824 | ) | (15,293 | ) |
1,133,482 | 1,776,059 |
Increase in stocks | (879,386 | ) | (1,005,180 | ) |
Decrease/(increase) in trade and other debtors | 715,469 | (135,879 | ) |
(Decrease)/increase in trade and other creditors | (150,278 | ) | 913,366 |
Cash generated from operations | 819,287 | 1,548,366 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 1,755,855 | 1,815,970 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
(Unaudited) |
£ | £ |
Cash and cash equivalents | 1,815,970 | 3,549,802 |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1.4.23 | Cash flow | changes | At 31.3.24 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 1,815,970 | (60,115 | ) | 1,755,855 |
1,815,970 | (60,115 | ) | 1,755,855 |
Debt |
Finance leases | (4,475 | ) | 3,300 | - | (1,175 | ) |
Debts falling due |
within 1 year | (142,657 | ) | 147,765 | (157,393 | ) | (152,285 | ) |
Debts falling due |
after 1 year | (3,238,419 | ) | - | 157,393 | (3,081,026 | ) |
(3,385,551 | ) | 151,065 | - | (3,234,486 | ) |
Total | (1,569,581 | ) | 90,950 | - | (1,478,631 | ) |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Lickhill Manor Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The prior reporting period was unaudited. |
Basis of consolidation |
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases. |
Significant judgements and estimates |
Investments and goodwill carrying values are assessed at each balance sheet date for any indication of impairment . This estimate relies principally on the assessment of future earnings and cash generation of the investments and cash generating units, which is itself inherently subject to uncertainty. |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover comprises revenue recognised by the company in respect of goods and services |
supplied during the year, exclusive of Value Added Tax and trade discounts. |
Where holiday homes are sold on deferred terms, this is funded via a loan. If the loan is at an interest rate below market rate, the value of the sale is reduced to fair value. All the resulting interest is recognised over the term of the loan. |
Turnover regarding holiday home fees are recognised over the term of pitch licence |
agreement. |
Turnover for touring fees is recognised upon the specific date services are provided. |
Recharges of holiday home related costs and miscellaneous income are recognised at the date the services or goods are supplied. |
Turnover for hire purchase charge is the interest income on the provision of caravan finance given is recognised over the term of the hire purchase loan agreement. |
Goodwill |
Goodwill is the difference between amounts paid on the acquisition of a business and the fair |
value of the identifiable assets and liabilities. It is amortised on a straight line basis to the |
Profit and loss account over its estimated economic life of 10 years. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery | - |
Motor vehicles | - |
Land is not depreciated |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Hire purchase loans, which are basic financial Instruments, are initially recorded at the present value of future payments discounted at a market rate of interest for a similar loan. Subsequently, they are measured at amortised cost using the effective interest method. Hire purchase loans that are receivable within one year are not discounted. |
Creditors |
Short term creditors are measured at transaction price. |
There are no complex financial instruments. |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Going concern |
Please refer to the Group Strategic Report, which covers the future as well as the past. |
After overcoming the expenses and challenges referred to in the Strategic Report, combined with the trading success of the current financial year, we believe that with continued greater trading level, come April 2025, the Group will be in a stronger financial position; furthermore that by September 2025 we will be in a position to commence many of our future expansion and improvement projects, as well as to place significant orders for 2026 model holiday homes. |
Taking the above into account, the Directors have reviewed the ongoing cash and trading position, being mindful of servicing of the bank facility. They are confident that the Group has adequate resources to continue successful operation into the future, plus they believe the going concern basis appropriate in preparing the annual financial statements. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
All turnover is in the United Kingdom. |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
(Unaudited) |
£ | £ |
Wages and salaries | 1,945,015 | 1,556,459 |
Social security costs | 190,813 | 152,178 |
Other pension costs | 39,319 | 28,580 |
2,175,147 | 1,737,217 |
The average number of employees during the year was as follows: |
2024 | 2023 |
(Unaudited) |
Average number of employees |
2024 | 2023 |
(Unaudited) |
£ | £ |
Directors' remuneration | 266,010 | 253,568 |
Directors' pension contributions to money purchase schemes | 5,936 | 6,064 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 3 |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
(Unaudited) |
£ | £ |
Emoluments etc | 80,850 | 71,600 |
Pension contributions to money purchase schemes | 1,321 | 1,321 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases | 55,000 | 55,000 |
Depreciation | 348,489 | 402,100 |
Profit on disposal of fixed assets | (500 | ) | (990 | ) |
Amortisation | 149,451 | 131,937 |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | AUDITORS' REMUNERATION |
2024 | 2023 |
(Unaudited) |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
15,000 |
- |
Auditors' remuneration for non audit work | 41,030 | 35,665 |
7. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2024 | 2023 |
(Unaudited) |
£ | £ |
Deposit account interest | 30,752 | 13,125 |
Other interest receivable | 1,072 | 2,168 |
31,824 | 15,293 |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
(Unaudited) |
£ | £ |
Bank loan interest | 219,867 | 108,031 |
Other interest | 53,955 | 54,187 |
273,822 | 162,218 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
(Unaudited) |
£ | £ |
Current tax: |
UK corporation tax | 218,059 | 229,972 |
Adjustments in respect of |
prior periods | (2,774 | ) | - |
Total current tax | 215,285 | 229,972 |
Deferred tax | (56,829 | ) | 30,962 |
Tax on profit | 158,456 | 260,934 |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
(Unaudited) |
£ | £ |
Profit before tax | 394,044 | 1,096,087 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
98,511 |
208,257 |
Effects of: |
Expenses not deductible for tax purposes | 9,929 | 2,831 |
Depreciation in excess of capital allowances | 88,233 | 67,005 |
Adjustments to tax charge in respect of previous periods | (2,774 | ) | - |
Remeasurement of deferred tax for changes in tax rate | 3,022 | 8,156 |
Marginal relief | (1,313 | ) | - |
Goodwill Amortisation | (37,152 | ) | (25,068 | ) |
Other adjustments | - | (247 | ) |
Total tax charge | 158,456 | 260,934 |
10. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
11. | DIVIDENDS |
2024 | 2023 |
(Unaudited) |
£ | £ |
Ordinary shares of £1 each |
Dividends paid | 150,000 | 330,000 |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | PRIOR YEAR ADJUSTMENT |
A prior year adjustment was made to the parent entity results, after a reassessment of the value of the investment in the Company's wholly owned subsidiary, Hillandale Caravan Finance Limited in the year ended 31 March 2018 and a subsequent dividend paying up reserves in 2020. The effect of the adjustment has reduced the opening retained earnings in the comparative year by £313,929, decreased the opening cumulative amortisation of goodwill by £566,239. The comparative year amortisation charges have decreased by £117,152, resulting in an increase in parent entity profit of £117,152. The adjustment has also reduced the cost of the goodwill by £1,171,575 and increased the book value of Fixed Asset investments by £291,407. Current year retained earnings brought forward have therefore decreased by £196,777. |
An adjustment has been made to correct this. |
This adjustment had no impact on the Group's Balance Sheet or Profit and Loss account. |
13. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
and 31 March 2024 | 1,586,036 | 13,556 | 1,599,592 |
AMORTISATION |
At 1 April 2023 | 829,356 | - | 829,356 |
Amortisation for year | 148,604 | 847 | 149,451 |
At 31 March 2024 | 977,960 | 847 | 978,807 |
NET BOOK VALUE |
At 31 March 2024 | 608,076 | 12,709 | 620,785 |
At 31 March 2023 | 756,680 | 13,556 | 770,236 |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
13. | INTANGIBLE FIXED ASSETS - continued |
Company |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
and 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
Amortisation for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
14. | TANGIBLE FIXED ASSETS |
Group |
Land and | Plant and | Motor |
buildings | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 | 5,260,149 | 1,675,045 | 176,552 | 7,111,746 |
Additions | 104,881 | 40,585 | 38,913 | 184,379 |
Disposals | - | (12,025 | ) | - | (12,025 | ) |
At 31 March 2024 | 5,365,030 | 1,703,605 | 215,465 | 7,284,100 |
DEPRECIATION |
At 1 April 2023 | 516,947 | 984,421 | 117,559 | 1,618,927 |
Charge for year | 88,099 | 235,914 | 24,476 | 348,489 |
Eliminated on disposal | - | (10,415 | ) | - | (10,415 | ) |
At 31 March 2024 | 605,046 | 1,209,920 | 142,035 | 1,957,001 |
NET BOOK VALUE |
At 31 March 2024 | 4,759,984 | 493,685 | 73,430 | 5,327,099 |
At 31 March 2023 | 4,743,202 | 690,624 | 58,993 | 5,492,819 |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
14. | TANGIBLE FIXED ASSETS - continued |
Company |
Land and | Plant and | Motor |
buildings | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Included in cost of land and buildings is freehold land of £ 1,078,549 (2023 - £ 1,078,549 ) which is not depreciated. |
Group and Company |
At 31 March 2024, included within the net book value of land and buildings is £4,728,569 (2023: £4,707,635) relating to freehold land and buildings and £31,415 (2023: £35,567) relating to long term leasehold land and buildings. |
15. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
15. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Hillandale Caravan Finance Limited |
Registered office: Lincomb Lock, Titton, Stourport on Severn, Worcestershire, DY13 9QR |
Nature of business: Finance provider |
% |
Class of shares: | holding |
Ordinary | 100.00 |
16. | STOCKS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
(Unaudited) | (Unaudited) |
As restated |
£ | £ | £ | £ |
Stock and caravans held for |
sale | 2,966,209 | 2,086,824 |
2,966,209 | 2,086,824 |
17. | DEBTORS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
(Unaudited) | (Unaudited) |
As restated |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 339,809 | 692,871 |
Amounts owed by group undertakings | - | - |
Amounts receivable in respect of hire purchase contracts |
622,618 |
667,477 |
- |
- |
Other debtors | 83,224 | 56,002 | 46,192 | 15,239 |
VAT | 41,665 | 100,637 |
1,087,316 | 1,516,987 |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
17. | DEBTORS - continued |
Group | Company |
2024 | 2023 | 2024 | 2023 |
(Unaudited) | (Unaudited) |
As restated |
£ | £ | £ | £ |
Amounts falling due after more than | one year: |
Amounts receivable in respect of hire purchase contracts |
1,168,953 |
1,454,751 |
- |
- |
Aggregate amounts | 2,256,269 | 2,971,738 |
The hire purchase assets are secured on the assets to which they relate. |
18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
(Unaudited) | (Unaudited) |
As restated |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 20) | 152,285 |
142,657 |
Hire purchase contracts (see note 21) | 1,175 |
3,300 |
Payments on account | 2,359,386 | 2,407,030 |
Trade creditors | 1,760,224 | 1,795,183 |
Corporation tax | 139,826 | 78,611 |
Social security and other taxes | 42,759 | 43,642 |
Other creditors | 155,567 | 162,633 | 155,567 | 162,633 |
Directors' loan accounts | 1,134,713 | 1,205,499 | 1,134,713 | 1,205,499 |
Accruals and deferred income | 179,054 | 167,995 |
5,924,989 | 6,006,550 |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
19. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
(Unaudited) | (Unaudited) |
As restated |
£ | £ | £ | £ |
Bank loans (see note 20) | 3,081,026 | 3,238,419 |
Hire purchase contracts (see note 21) | - |
1,175 |
3,081,026 | 3,239,594 |
The bank loan is secured on fixed charges over the land at certain parks and on fixed and floating charges over all property and undertakings of the company. |
The hire purchase liabilities are secured on the assets to which they relate. |
Bank loans relate to a refinancing loan of an initial £3,500,000. Under the terms of the loan, monthly variable payments commenced, to be paid over a period of 180 months starting from August 2022, with each payment including interest charged at 1.75% above the base rate. |
20. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
(Unaudited) | (Unaudited) |
As restated |
£ | £ | £ | £ |
Amounts falling due within one year | or on demand: |
Bank loans | 152,285 | 142,657 |
Amounts falling due between one | and two years: |
Bank loans - 1-2 years | 163,276 | 156,259 |
Amounts falling due between two | and five years: |
Bank loans - 2-5 years | 563,994 | 536,413 |
Amounts falling due in more than | five years: |
Repayable by instalments |
Bank loans more 5 yr | 2,353,756 | 2,545,747 | 2,353,756 | 2,545,747 |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
21. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase | contracts |
2024 | 2023 |
(Unaudited |
£ | £ |
Net obligations repayable: |
Within one year | 1,175 | 3,300 |
Between one and five years | - | 1,175 |
1,175 | 4,475 |
Company |
Hire purchase | contracts |
2024 | 2023 |
as restate |
(Unaudited |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Company |
Non-cancellable | operating leases |
2024 | 2023 |
as restated |
(Unaudited) |
As restated |
£ | £ |
Within one year |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
22. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
(Unaudited) | (Unaudited) |
As restated |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 122,153 | 181,763 |
Other timing differences | (1,188 | ) | (3,969 | ) | - | - |
120,965 | 177,794 | 122,153 | 181,763 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 177,794 |
Credit to Statement of Comprehensive Income during year | (56,829 | ) |
Balance at 31 March 2024 | 120,965 |
Company |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 31 March 2024 |
23. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 572 | 572 |
24. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. £7,210 (2023: £6,596) was due to the pension scheme as at the balance sheet date and are included within creditors. |
LICKHILL MANOR LIMITED (REGISTERED NUMBER: 00449956) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
25. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
During the year, the Group paid rent of £55,000 (2023: £55,000) to a pension scheme of which D G Lloyd Jones and K E Lloyd Jones are the beneficiaries. The cost is for the rent of Borders Hideaway Caravan Park which is owned wholly by the pension scheme. |
Included within Group other debtors is a balance of £37,032 for a loan provided to a relative of one of the directors of an initial £43,000. Under the terms of the loan, monthly payments to be paid over 156 months starting from March 2021, with interest charged at 1.9%. |
During the year, a total of key management personnel compensation of £ 301,983 was paid. |
26. | POST BALANCE SHEET EVENTS |
On 28 October 2024, the Board of Directors declared an interim dividend of £349.65 per share totalling £200,000, to be paid immediately. |
27. | ULTIMATE CONTROLLING PARTY |
The controlling party is D G Lloyd Jones. |