Company registration number 3934509 (England and Wales)
THORNEY BAY PARK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Richard Anthony
Chartered Accountants and Registered Auditors
THORNEY BAY PARK LIMITED
COMPANY INFORMATION
Director
Mr Arthur Weiss
Company number
3934509
Registered office
C/O Aztec Financial Services (UK) Limited
Forum 4 Solent Business Park
Whiteley
Fareham
Hampshire
England
PO15 7AD
Auditor
Richard Anthony
Ground Floor Cooper House
316 Regents Park Road
London
United Kingdom
N3 2JX
THORNEY BAY PARK LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 26
THORNEY BAY PARK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The director presents their strategic report for the year ended 31 March 2024.

Review of the business

The company is a subsidiary of Pemican Limited.

 

The financial position of the company at the period end was considered satisfactory in the circumstances by the director. Following a movement in sales revenue the company returned an improved gross profit margin, which in turn led to a loss before taxation of £303,947 (2023 loss - £5,319,982).

Principal risks and uncertainties

The director considers that the principal risk associated with the company's activities is the exposure that any company would have when undertaking such a major site development project. However, the director feels that any risk is covered within the wider group.

 

The director also considers that there are no major uncertainties that need to be addressed here, again, based on the continued progress of the project following the balance sheet date.

Development and performance

The director has considered the value of the land held for site rental and development.

Key performance indicators

The director monitors a number of what he believes to be key performance indicators. These include the site development costs, both as an overall project and on a plot by plot basis. Maintaining the rental income both from properties owned and ground rents from those plots that have already been sold. Monitoring any comments or feedback provided by the residents and tenants regarding the site's amenities.

 

Numerically, the key performance indicators are as follows:

 

Overall gross profit      63.15%        2023 - 23.07%

Net (loss)/profit          (3.53)%     2023 - (14.39)%

Property gross profit     44.74%        2023 - 8.55%

On behalf of the board

Mr Arthur Weiss
Director
16 December 2024
THORNEY BAY PARK LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The director presents his annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activities of the company continued to be that of development and the sale of residential homes, and running of the park.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

Director

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

Mr Arthur Weiss
Auditor

In accordance with the company's articles, a resolution proposing that Richard Anthony be reappointed as auditor of the company will be put at a General Meeting.

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 company’s auditor 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 company’s auditor 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 Arthur Weiss
Director
16 December 2024
THORNEY BAY PARK LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THORNEY BAY PARK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THORNEY BAY PARK LIMITED
- 4 -
Opinion

We have audited the financial statements of Thorney Bay Park Limited (the 'company') for the year ended 31 March 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 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 director's 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 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 director 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 director is 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:

THORNEY BAY PARK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THORNEY BAY PARK LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has 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.

The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:

 

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

 

We understood how the company is complying with those legal and regulatory frameworks by making inquiries of management and those responsible for legal and compliance procedures.

 

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with these laws and regulations. The assessment did not identify any issues in this area.

 

THORNEY BAY PARK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THORNEY BAY PARK LIMITED (CONTINUED)
- 6 -

We assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

 

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential existed within the recording and recognition of revenue.

 

Our procedures in this respect were focused on the origination of revenue and directed towards ensuring the accuracy and completeness of the same by undertaking testing on a sample basis of the revenue items to ensure that sales had been recorded correctly and in the appropriate accounting period. We consider that the work we undertook in this regard was considered capable of detecting irregularities and fraud within the sales cycle.

 

Due to 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 regulations. 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. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. The risk is also greater regarding irregularities occurring to fraud other than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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.

Michael Barnett BA FCA
Senior Statutory Auditor
For and on behalf of Richard Anthony
16 December 2024
Chartered Accountants
Statutory Auditor
Ground Floor Cooper House
316 Regents Park Road
London
United Kingdom
N3 2JX
THORNEY BAY PARK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
Year
Period
ended
ended
31 March
31 March
2024
2023
Notes
£
£
Turnover
3
8,620,477
36,958,668
Cost of sales
(3,175,810)
(28,430,621)
Gross profit
5,444,667
8,528,047
Administrative expenses
(5,928,943)
(13,541,586)
Other operating income
203,330
20,378
Operating loss
4
(280,946)
(4,993,161)
Interest payable and similar expenses
8
(23,001)
(28,805)
Amounts written off investments
9
-
(298,016)
Loss before taxation
(303,947)
(5,319,982)
Tax on loss
10
(822,189)
1,196,029
Loss for the financial year
(1,126,136)
(4,123,953)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

THORNEY BAY PARK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
Year
Period
ended
ended
2024
2023
£
£
Loss for the year
(1,126,136)
(4,123,953)
Other comprehensive income
Revaluation of tangible fixed assets
(10,970,000)
111,923
Tax relating to other comprehensive income
2,742,500
(5,286,403)
Total other comprehensive income for the year
(8,227,500)
(5,174,480)
Total comprehensive income for the year
(9,353,636)
(9,298,433)
THORNEY BAY PARK LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
79,223,917
90,307,321
Current assets
Stocks
12
7,999,033
3,593,329
Debtors
13
5,669,888
5,282,857
Cash at bank and in hand
504,406
132,114
14,173,327
9,008,300
Creditors: amounts falling due within one year
14
(10,768,734)
(4,431,805)
Net current assets
3,404,593
4,576,495
Total assets less current liabilities
82,628,510
94,883,816
Creditors: amounts falling due after more than one year
15
(10,243,820)
(10,375,731)
Provisions for liabilities
Deferred tax liability
18
19,284,181
22,053,940
(19,284,181)
(22,053,940)
Net assets
53,100,509
62,454,145
Capital and reserves
Called up share capital
20
2,000
2,000
Revaluation reserve
21
57,964,468
66,191,968
Profit and loss reserves
22
(4,865,959)
(3,739,823)
Total equity
53,100,509
62,454,145

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

The financial statements were approved and signed by the director and authorised for issue on 16 December 2024
Mr Arthur Weiss
Director
Company registration number 3934509 (England and Wales)
THORNEY BAY PARK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 October 2021
2,000
71,366,448
384,130
71,752,578
Period ended 31 March 2023:
Loss
-
-
(4,123,953)
(4,123,953)
Other comprehensive income:
Revaluation of tangible fixed assets
-
111,923
-
111,923
Tax relating to other comprehensive income
-
(5,286,403)
-
0
(5,286,403)
Total comprehensive income
-
(5,174,480)
(4,123,953)
(9,298,433)
Balance at 31 March 2023
2,000
66,191,968
(3,739,823)
62,454,145
Year ended 31 March 2024:
Loss
-
-
(1,126,136)
(1,126,136)
Other comprehensive income:
Revaluation of tangible fixed assets
-
(10,970,000)
-
(10,970,000)
Tax relating to other comprehensive income
-
2,742,500
-
0
2,742,500
Total comprehensive income
-
(8,227,500)
(1,126,136)
(9,353,636)
Balance at 31 March 2024
2,000
57,964,468
(4,865,959)
53,100,509
THORNEY BAY PARK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
122,344
(9,842,088)
Interest paid
(23,001)
(28,805)
Income taxes refunded/(paid)
339,210
(369)
Net cash inflow/(outflow) from operating activities
438,553
(9,871,262)
Investing activities
Purchase of tangible fixed assets
(2,035)
(82,417)
Proceeds from disposal of tangible fixed assets
-
0
70,901
Repayment of loans
-
0
(298,016)
Net cash used in investing activities
(2,035)
(309,532)
Financing activities
Repayment of borrowings
(5,250)
9,652,466
Repayment of bank loans
-
0
(46,451)
Payment of finance leases obligations
(58,976)
(304,099)
Net cash (used in)/generated from financing activities
(64,226)
9,301,916
Net increase/(decrease) in cash and cash equivalents
372,292
(878,878)
Cash and cash equivalents at beginning of year
132,114
1,010,992
Cash and cash equivalents at end of year
504,406
132,114
THORNEY BAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
1
Accounting policies
Company information

Thorney Bay Park Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Aztec Financial Services (UK) Limited, Forum 4 Solent Business Park, Whiteley, Fareham, Hampshire, England, PO15 7AD.

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.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

The company has various streams of income including the sale of park homes; rental income from homes sited on company also rented ground, which earns ground rent as well as property rent and income from park amenities.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, 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. Regarding sales of holiday homes, these are recognised upon the exchange of ownership indicated by the raising of a sales agreement following completion.

1.4
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 buildings
No depreciation charged due to the revaluation
Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Computers
20% straight line
Motor vehicles
20% reducing balance
THORNEY BAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

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.

1.6
Stocks

Stocks, consisting of work in progress and finished goods, are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

The work in progress includes the preparation of each specific site as well as the installation of the park home itself. The valuation method is based on the materials and labour spent on the site development after taking into account those sites completed and sold as well as the stage of progress achieved on those sites that have yet to be finished.

 

Further, there is also the stock of consumable items used in the park amenities and services.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
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.

THORNEY BAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
1.8
Financial instruments

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

 

Financial assets and liabilities are offset, with 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 company 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.

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 company after deducting all of its liabilities.

THORNEY BAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company 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 company.

1.10
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

THORNEY BAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
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 when the company has 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.

1.11
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.

1.12
Retirement benefits

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

1.13
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.

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

THORNEY BAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Park home sales
5,319,012
26,320,000
Sales of part exchange properties
-
4,187,700
Rental income
2,353,678
4,706,375
Service licenses
61,472
124,051
Bar sales
348,413
552,532
Other income
537,902
1,068,010
8,620,477
36,958,668
4
Operating loss
2024
2023
Operating loss for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
105,299
161,921
Loss on disposal of tangible fixed assets
10,140
221,455
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
36,000
35,000
For other services
All other non-audit services
16,500
20,000
THORNEY BAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
6
Employees

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

2024
2023
Number
Number
Directors
1
1
Administration
6
10
Maintenance
44
45
Total
51
56

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,451,116
2,517,346
Social security costs
112,108
198,804
Pension costs
21,389
86,145
1,584,613
2,802,295
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
-
0
56,190
Company pension contributions to defined contribution schemes
-
53,690
-
0
109,880
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
384
Other interest on financial liabilities
5,715
14,802
5,715
15,186
Other finance costs:
Interest on finance leases and hire purchase contracts
8,821
11,174
Other interest
8,465
2,445
23,001
28,805
THORNEY BAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
9
Amounts written off investments
2024
2023
£
£
Amounts written back to/(written off) current loans
-
(298,016)
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
77,642
-
0
Deferred tax
Origination and reversal of timing differences
744,547
(1,196,029)
Total tax charge/(credit)
822,189
(1,196,029)

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

2024
2023
£
£
Loss before taxation
(303,947)
(5,319,982)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(75,987)
(1,010,797)
Tax effect of expenses that are not deductible in determining taxable profit
-
0
56,865
Unutilised tax losses carried forward
55,313
907,525
Permanent capital allowances in excess of depreciation
20,674
46,407
Under/(over) provided in prior years
77,642
-
0
Deferred tax
744,547
(1,196,029)
Taxation charge/(credit) for the year
822,189
(1,196,029)

In addition to the amount charged/(credited) 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
(2,742,500)
5,286,403
THORNEY BAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
11
Tangible fixed assets
Freehold buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
90,000,000
382,957
91,707
70,861
47,000
90,592,525
Additions
-
0
-
0
2,035
-
0
-
0
2,035
Disposals
-
0
-
0
-
0
-
0
(11,700)
(11,700)
Revaluation
(10,970,000)
-
0
-
0
-
0
-
0
(10,970,000)
At 31 March 2024
79,030,000
382,957
93,742
70,861
35,300
79,612,860
Depreciation and impairment
At 1 April 2023
-
0
210,026
41,327
28,051
5,800
285,204
Depreciation charged in the year
-
0
63,986
18,673
14,172
8,468
105,299
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(1,560)
(1,560)
At 31 March 2024
-
0
274,012
60,000
42,223
12,708
388,943
Carrying amount
At 31 March 2024
79,030,000
108,945
33,742
28,638
22,592
79,223,917
At 31 March 2023
90,000,000
172,931
50,380
42,810
41,200
90,307,321

The carrying value of land and buildings comprises:

2024
2023
£
£
Freehold
79,030,000
90,000,000

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and equipment
73,100
132,738

 

THORNEY BAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
12
Stocks
2024
2023
£
£
Work in progress
7,976,660
3,565,209
Finished goods and goods for resale
22,373
28,120
7,999,033
3,593,329
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,366,459
236,676
Income tax recoverable
410,922
827,774
Amounts owed by group undertakings
2,930,511
2,754,490
Other debtors
489,753
255,069
Prepayments and accrued income
49,937
14,736
5,247,582
4,088,745
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 18)
422,306
1,194,112
Total debtors
5,669,888
5,282,857
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
17
76,532
59,379
Payments received on account
22,973
1,750
Trade creditors
454,301
460,324
Amounts owed to group undertakings
9,301,885
3,058,194
Taxation and social security
22,080
24,168
Other creditors
284,333
690,906
Accruals and deferred income
606,630
137,084
10,768,734
4,431,805

The above obligations under finance leases are secured on the assets to which they relate.

THORNEY BAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
17
16,819
92,948
Other borrowings
16
9,647,216
9,652,466
Other creditors
579,785
630,317
10,243,820
10,375,731

The above obligations under finance leases are secured on the assets to which they relate.

16
Loans and overdrafts
2024
2023
£
£
Loans from group undertakings
9,647,216
9,652,466
Payable after one year
9,647,216
9,652,466

The long-term loans are secured by a first legal mortgage over the parcels of land owned by the company to include both fixed and floating charges and a negative pledge.

The loan from Time GB (SB) Limited was provided to the company in line with the purchase of the shares of its immediate parent company, Pemican Limited.

17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
76,532
59,379
In two to five years
16,819
92,948
93,351
152,327

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

THORNEY BAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
18
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
-
27,258
-
-
Tax losses
-
-
422,306
1,194,112
Revaluations
19,284,181
22,026,682
-
-
19,284,181
22,053,940
422,306
1,194,112
2024
Movements in the year:
£
Liability at 1 April 2023
20,859,828
Charge to profit or loss
744,547
Other
(2,742,500)
Liability at 31 March 2024
18,861,875
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
21,389
86,145

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
1,000
1,000
1,000
1,000
Ordinary B shares of £1 each
1,000
1,000
1,000
1,000
2,000
2,000
2,000
2,000
THORNEY BAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
21
Revaluation reserve
2024
2023
£
£
At the beginning of the year
66,191,968
71,366,448
Revaluation surplus arising in the year
(10,970,000)
111,923
Deferred tax on revaluation of tangible assets
2,742,500
(5,286,403)
At the end of the year
57,964,468
66,191,968
22
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
(3,739,823)
384,130
Loss for the year
(1,126,136)
(4,123,953)
At the end of the year
(4,865,959)
(3,739,823)
23
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
4,700
4,700
Between two and five years
5,874
13,814
10,574
18,514
24
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
-
0
56,190
Other information
THORNEY BAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
24
Related party transactions
(Continued)
- 25 -

As at the balance sheet date, the following amounts were owed by the company:

 

Sun Communities LLC            £9,301,885    2023 - £3,058,194

Sun UK Holdings LLC            £550,432    2022 - £550,432

Time GB (SB) Limited            £9,647,216    2023 - £9,652,466

 

with the following amounts owing to the company:

 

Pemican Limited                £2,930,511    2023 - £2,754,490

 

The above companies are related by virtue of being part of the same group.

25
Ultimate controlling party

The director considers that Pemican Limited, a company incorporated in England and Wales, to be the immediate parent company.

The director also considers that the ultimate controlling party, within the UK, is Time GB (SB) Limited.

 

The ultimate controlling party is Sun Communities, Inc. a public company incorporated in the United States of America.

26
Cash generated from/(absorbed by) operations
2024
2023
£
£
Loss for the year after tax
(1,126,136)
(4,123,953)
Adjustments for:
Taxation charged/(credited)
822,189
(1,196,029)
Finance costs
23,001
28,805
Loss on disposal of tangible fixed assets
10,140
221,455
Depreciation and impairment of tangible fixed assets
105,299
161,921
Other gains and losses
-
298,016
Movements in working capital:
(Increase)/decrease in stocks
(4,405,704)
7,096,929
Increase in debtors
(1,575,689)
(2,871,835)
Increase/(decrease) in creditors
6,269,244
(9,457,397)
Cash generated from/(absorbed by) operations
122,344
(9,842,088)
THORNEY BAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
27
Analysis of changes in net debt
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
132,114
372,292
504,406
Borrowings excluding overdrafts
(9,652,466)
5,250
(9,647,216)
Obligations under finance leases
(152,327)
58,976
(93,351)
(9,672,679)
436,518
(9,236,161)
2024-03-312023-04-01falsefalsefalseCCH SoftwareCCH Accounts Production 2024.301Mr Arthur Weiss39345092023-04-012024-03-313934509bus:Director12023-04-012024-03-313934509bus:RegisteredOffice2023-04-012024-03-3139345092024-03-3139345092021-10-012023-03-313934509core:RetainedEarningsAccumulatedLosses2021-10-012023-03-313934509core:RetainedEarningsAccumulatedLosses2023-04-012024-03-313934509core:RevaluationReserve2023-04-012024-03-313934509core:RevaluationReserve2021-10-012023-03-313934509core:RevenueReservesInvestmentFundsOnly2021-10-012023-03-3139345092023-03-313934509core:LandBuildingscore:OwnedOrFreeholdAssets2024-03-313934509core:PlantMachinery2024-03-313934509core:FurnitureFittings2024-03-313934509core:ComputerEquipment2024-03-313934509core:MotorVehicles2024-03-313934509core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-313934509core:PlantMachinery2023-03-313934509core:FurnitureFittings2023-03-313934509core:ComputerEquipment2023-03-313934509core:MotorVehicles2023-03-313934509core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-313934509core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-313934509core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-313934509core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-313934509core:CurrentFinancialInstruments2024-03-313934509core:CurrentFinancialInstruments2023-03-313934509core:Non-currentFinancialInstruments2024-03-313934509core:Non-currentFinancialInstruments2023-03-313934509core:ShareCapital2024-03-313934509core:ShareCapital2023-03-313934509core:RevaluationReserve2024-03-313934509core:RevaluationReserve2023-03-313934509core:RetainedEarningsAccumulatedLosses2024-03-313934509core:RetainedEarningsAccumulatedLosses2023-03-313934509core:ShareCapital2021-09-303934509core:RevaluationReserve2021-09-303934509core:RetainedEarningsAccumulatedLosses2021-09-303934509core:ShareCapitalOrdinaryShares2024-03-313934509core:ShareCapitalOrdinaryShares2023-03-313934509core:RevaluationReserve2023-03-313934509core:RetainedEarningsAccumulatedLosses2023-03-31393450912023-04-012024-03-31393450912021-10-012023-03-3139345092023-03-3139345092021-09-303934509core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-313934509core:PlantMachinery2023-04-012024-03-313934509core:FurnitureFittings2023-04-012024-03-313934509core:ComputerEquipment2023-04-012024-03-313934509core:MotorVehicles2023-04-012024-03-313934509core:UKTax2023-04-012024-03-313934509core:UKTax2021-10-012023-03-31393450922023-04-012024-03-31393450922021-10-012023-03-313934509core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-313934509core:PlantMachinery2023-03-313934509core:FurnitureFittings2023-03-313934509core:ComputerEquipment2023-03-313934509core:MotorVehicles2023-03-313934509core:Non-currentFinancialInstruments12024-03-313934509core:Non-currentFinancialInstruments12023-03-313934509core:WithinOneYear2024-03-313934509core:WithinOneYear2023-03-313934509core:BetweenTwoFiveYears2024-03-313934509core:BetweenTwoFiveYears2023-03-313934509bus:PrivateLimitedCompanyLtd2023-04-012024-03-313934509bus:FRS1022023-04-012024-03-313934509bus:Audited2023-04-012024-03-313934509bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP