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Registered number: 11451745









PRESTIGE COUNTRY PARKS LIMITED

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PRESTIGE COUNTRY PARKS LIMITED
 

COMPANY INFORMATION


DIRECTORS
J A Knowles 
M W Knowles 




REGISTERED NUMBER
11451745



REGISTERED OFFICE
C/O Prestige Country Parks
Melbourne Road

Allerthorpe

York

Yorkshire

YO42 4RL




INDEPENDENT AUDITORS
George Hay Partnership LLP
Chartered Accountants & Statutory Auditor

Unit 1b, Focus 4

Fourth Avenue

Letchworth Garden City

Hertfordshire

SG6 2TU





 
PRESTIGE COUNTRY PARKS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Balance Sheet
 
10 - 11
Company Balance Sheet
 
12 - 13
Consolidated Statement of Changes in Equity
 
14 - 15
Company Statement of Changes in Equity
 
16
Consolidated Statement of Cash Flows
 
17 - 18
Consolidated Analysis of Net Debt
 
19
Notes to the Financial Statements
 
20 - 42


 
PRESTIGE COUNTRY PARKS LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

INTRODUCTION
 
The directors are present their strategic report for the group for the year to 31 December 2023.

BUSINESS REVIEW
 
In common with other businesses in the holiday park sector, we faced a number of challenges in 2023. Double digit inflation, rising interest rates and geopolitical uncertainty combined to erode consumer confidence. Big ticket discretionary spending on holiday homes was inevitably impacted and caravan manufacturing volumes dropped to their lowest levels for some time. As regards short break holidays, customers were focussed very much on value, making it difficult for park operators to pass on their high level of operating cost inflation, in particular with respect to energy costs and staff wages.
 
Comparison to the previous year is also clouded because domestic tourism in 2022 was exceptionally strong as concerns about overseas travel in the  post pandemic world persisted. And government support for hospitality businesses, such as the reduced VAT rate and business rates relief were curtailed or reduced in 2023. 
Turnover in the year to 31 December 2023 grew by 8%, largely due to the acquisition of two holiday parks in 2022. Gross Margin remained consistent at 39% (2022: 40%). But an increase in overhead costs, due to both the two new parks and inflationary pressures referred to above, meant that Operating Profit fell from £4,463,562 to £3,067,673.
The directors are nonetheless very pleased with this performance in such challenging conditions. The business model is resilient and Prestige has good quality assets and a strong management team which will take advantage when more favourable conditions return. 
The group has continued to grow via acquisitions, purchasing Galtres Retreat & Lodge Park Ltd in 2023 for £2.8m. In order to finance these acquisitions the group has taken on additional loan finance of £3.5m (2022 - £3.4m). These additional financing arrangements have caused the liquidity of the group to fall since the prior year to 93% (2022 - 129%). The Group's gearing ratio has increased from 45% to 56%, however the group continues to make good on its debt repayments.
Due to the nature of the group's business of operating residential and holiday parks, the group enjoys a short debtor days period of 13 days (2022 - 23 days). Along with careful cash management this has helped the group maintain a healthy cash balance of £2.5m (2022 - £2.9m).

Page 1

 
PRESTIGE COUNTRY PARKS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
 
The directors continually review all aspects of risk in the business and the hospitality market. The group faces all the usual risks facing a major hospitality business and considers the main risks to be:
Liquidity risk
The group manages liquidity risk by ensuring sufficient funds are available to meet foreseeable costs. The directors consider that the cash reserves are sufficient to finance short to medium term operations and has sufficient security to acquire additional loan financing to fund larger projects as required to meet the group's growth objectives.
Price risk
At the date of this report, there is still uncertainty as to the long term impact of various global and national events, such as Brexit and the Russia-Ukraine conflict. All these events have the potential to have a long lasting impact on the future economy and affect everything from fuel prices, exchange rates, interest rates, material prices, staff costs and availability, and future changes to tax rates. However, the directors continually monitor the group's costs and will take action wherever necessary to protect its stakeholders should any period of uncertainty continue for longer than expected.
Credit risk
The group's principal financial assets are cash and trade debtors. The credit risk associated with cash is limited as the group only uses reputable financial institutions. In order to manage credit risk on trade debtors the group secures the debts over the plots held by its residents, while turnover for holiday lets are collected in advance.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The directors consider that the group's key performance indicators (KPIs) are those that communicate the financial performance and strength of the group as a whole to its members. The KPIs comprise revenue growth, gross margin and net margin.

OTHER KEY PERFORMANCE INDICATORS
 
The directors monitor other performance indicators such as occupancy rates and staff turnover to assess the success of the group and are satisfied that these KPIs are within expectations.


This report was approved by the board and signed on its behalf.



................................................
J A Knowles
Director

Date: 11 January 2025

Page 2

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors present their report and the financial statements for the year ended 31 December 2023.

PRINCIPAL ACTIVITY

The principal activity of the group continued to be that of residential and holiday mobile home parks.

DIRECTORS

The Directors who served during the year were:

J A Knowles 
M W Knowles 

DIRECTORS' RESPONSIBILITIES STATEMENT

The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements 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 Group will continue in business.

The Directors are 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £1,818,560 (2022 - £3,375,839).

Ordinary dividends totalling £100,000 were paid in the year ended 31 December 2023 (2022 - £Nil). There were no final dividends.

MATTERS COVERED IN THE STRATEGIC REPORT

Items required to be disclosed under Schedule 7 in the directors report are set out in the strategic report in accordance with s.414C(11) CA 2006.

Page 3

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

AUDITORS

The auditorsGeorge Hay Partnership LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 







J A Knowles
Director

Date: 11 January 2025

Page 4

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRESTIGE COUNTRY PARKS LIMITED
 

OPINION


We have audited the financial statements of Prestige Country Parks Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 December 2023 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 United Kingdom, including the Financial Reporting Council'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 or 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.


Page 5

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRESTIGE COUNTRY PARKS LIMITED (CONTINUED)


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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.


OPINION 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report 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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


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 Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the 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.


Page 6

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRESTIGE COUNTRY PARKS LIMITED (CONTINUED)


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 an Auditors' 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 Group financial statements.


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, we considered the following:
1. The nature of the industry and sector, control environment and business performance;
2. Reliance on external financing and the need to meet bank covenants;
3. Enquiries with management about their own identification and assessment of the risks of irregularities.
As a result of these procedures, the audit team considered the opportunities and incentives that may exist within the organisation for irregularities and identified the greatest potential for fraud in terms of misstatements in the financial statements was in relation to sales revenue.  In common with all audits under ISA's (UK), we are also required to perform specific procedures to respond to the risk of management override. The assessment of the risk of fraud in terms of misappropriation of assets highlighted fraudulent supplier/bank payments as a focus area.
In addition we considered the legal and regulatory framework that the group operates in, focusing on provisions of these law and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements.  Key laws considered include the UK Companies Act and UK Tax Legislation  We also considered those laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the companies ability to operate or to avoid a material penalty, these include Health & Safety Legislation.
Audit response to risks identified:
• Substantive testing was undertaken on the completeness of revenue by way of tracing the purchase of holiday units through to being invoiced/included in the financial statements.
• Standard procedures were used to test management override including the review of year end journals and whether the judgments made in making accounting estimates are indicative of potential bias.
• To cover the assessed risks in relation to fraudulent payments, we have undertaken an extended substantive test to cover purchases occurrence and also non-purchase ledger payments.
• We also perform analytical procedures to identify any unusual or unexpected relationship that may indicate risks of material misstatement due to fraud or other irregularities, these procedures also include the review of profit margins.
• We remained alert to any indications of fraud or non compliance throughout the entire audit process.


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 Auditors' Report.


Page 7

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRESTIGE COUNTRY PARKS LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





Emma Wilsher FCA (Senior Statutory Auditor)
  
for and on behalf of
George Hay Partnership LLP
 
Chartered Accountants
Statutory Auditor
  
Unit 1b, Focus 4
Fourth Avenue
Letchworth Garden City
Hertfordshire
SG6 2TU

13 January 2025
Page 8

 
PRESTIGE COUNTRY PARKS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Turnover
  
17,115,962
15,783,047

Cost of sales
  
(10,383,040)
(9,505,235)

Gross profit
  
6,732,922
6,277,812

Administrative expenses
  
(3,689,582)
(2,255,206)

Other operating income
 4 
24,332
440,955

Operating profit
  
3,067,672
4,463,561

Interest receivable and similar income
 8 
8,247
-

Interest payable and similar expenses
 9 
(613,324)
(299,836)

Profit before taxation
  
2,462,595
4,163,725

Tax on profit
 10 
(644,035)
(787,886)

Profit for the financial year
  
1,818,560
3,375,839

  

Unrealised surplus on revaluation of tangible fixed assets
  
1,481,131
234,350

Deferred tax on revaluations
  
(370,283)
(55,274)

Other comprehensive income for the year
  
1,110,848
179,076

Total comprehensive income for the year
  
2,929,408
3,554,915

Profit for the year attributable to:
  

Owners of the parent Company
  
1,818,560
3,375,839

  
1,818,560
3,375,839

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
2,929,408
3,554,915

  
2,929,408
3,554,915

The notes on pages 20 to 42 form part of these financial statements.

Page 9

 
PRESTIGE COUNTRY PARKS LIMITED
REGISTERED NUMBER: 11451745

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
2,068,648
1,511,913

Tangible assets
 14 
30,699,010
25,026,148

  
32,767,658
26,538,061

Current assets
  

Stocks
 16 
6,878,499
4,502,495

Debtors: amounts falling due within one year
 17 
1,861,716
2,131,575

Cash at bank and in hand
  
2,483,908
2,904,601

  
11,224,123
9,538,671

Creditors: amounts falling due within one year
 18 
(8,177,386)
(7,389,667)

Net current assets
  
 
 
3,046,737
 
 
2,149,004

Total assets less current liabilities
  
35,814,395
28,687,065

Creditors: amounts falling due after more than one year
 19 
(10,999,226)
(7,637,081)

Provisions for liabilities
  

Deferred taxation
 22 
(3,530,743)
(2,594,966)

  
 
 
(3,530,743)
 
 
(2,594,966)

Net assets excluding pension asset
  
21,284,426
18,455,018

Net assets
  
21,284,426
18,455,018


Capital and reserves
  

Called up share capital 
 23 
102
102

Revaluation reserve
  
8,066,935
6,956,087

Profit and loss account
  
13,217,389
11,498,829

Equity attributable to owners of the parent Company
  
21,284,426
18,455,018

  
21,284,426
18,455,018


Page 10

 
PRESTIGE COUNTRY PARKS LIMITED
REGISTERED NUMBER: 11451745

CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
J A Knowles
Director

Date: 11 January 2025

The notes on pages 20 to 42 form part of these financial statements.

Page 11

 
PRESTIGE COUNTRY PARKS LIMITED
REGISTERED NUMBER: 11451745

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
8,736
1,250

Tangible assets
 14 
-
78,972

Investments
 15 
8,086,485
5,120,450

  
8,095,221
5,200,672

Current assets
  

Debtors: amounts falling due within one year
 17 
4,799,452
3,730,695

Cash at bank and in hand
  
122,169
78,848

  
4,921,621
3,809,543

Creditors: amounts falling due within one year
 18 
(2,259,074)
(1,614,608)

Net current assets
  
 
 
2,662,547
 
 
2,194,935

Total assets less current liabilities
  
10,757,768
7,395,607

  

Creditors: amounts falling due after more than one year
 19 
(7,142,803)
(3,889,059)

  

Net assets excluding pension asset
  
3,614,965
3,506,548

Net assets
  
3,614,965
3,506,548


Capital and reserves
  

Called up share capital 
 23 
102
102

Profit and loss account
  
3,614,863
3,506,446

  
3,614,965
3,506,548


Page 12

 
PRESTIGE COUNTRY PARKS LIMITED
REGISTERED NUMBER: 11451745

COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






................................................
J A Knowles
Director

Date: 11 January 2025

The notes on pages 20 to 42 form part of these financial statements.

Page 13

 
PRESTIGE COUNTRY PARKS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023 (as previously stated)
102
6,956,087
11,464,160
18,420,349

Prior year adjustment - correction of error
-
-
34,669
34,669

At 1 January 2023 (as restated)
102
6,956,087
11,498,829
18,455,018


Comprehensive income for the year

Profit for the year

-
-
1,818,560
1,818,560

Surplus on revaluation of freehold property
-
1,481,131
-
1,481,131

Deferred tax on revaluations
-
(370,283)
-
(370,283)


Other comprehensive income for the year
-
1,110,848
-
1,110,848


Total comprehensive income for the year
-
1,110,848
1,818,560
2,929,408


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(100,000)
(100,000)


Total transactions with owners
-
-
(100,000)
(100,000)


At 31 December 2023
102
8,066,935
13,217,389
21,284,426


The notes on pages 20 to 42 form part of these financial statements.

Page 14

 
PRESTIGE COUNTRY PARKS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022 (as previously stated)
102
6,777,011
8,203,149
14,980,262

Prior year adjustment - correction of error
-
-
(80,159)
(80,159)

At 1 January 2022 (as restated)
102
6,777,011
8,122,990
14,900,103


Comprehensive income for the year

Profit for the year

-
-
3,375,839
3,375,839

Surplus on revaluation of freehold property
-
234,350
-
234,350

Deferred tax on revaluations
-
(55,274)
-
(55,274)


Other comprehensive income for the year
-
179,076
-
179,076


Total comprehensive income for the year
-
179,076
3,375,839
3,554,915


At 31 December 2022
102
6,956,087
11,498,829
18,455,018


The notes on pages 20 to 42 form part of these financial statements.

Page 15

 
PRESTIGE COUNTRY PARKS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022 (as previously stated)
102
2,733,422
2,733,524

Prior year adjustment - correction of error
-
198,482
198,482


At 1 January 2022 (as restated)
102
2,931,904
2,932,006


Comprehensive income for the year

Profit for the year
-
574,542
574,542
Total comprehensive income for the year
-
574,542
574,542



At 1 January 2023
102
3,506,446
3,506,548


Comprehensive income for the year

Profit for the year
-
208,417
208,417
Total comprehensive income for the year
-
208,417
208,417


Contributions by and distributions to owners

Dividends: Equity capital
-
(100,000)
(100,000)


Total transactions with owners
-
(100,000)
(100,000)


At 31 December 2023
102
3,614,863
3,614,965


The notes on pages 20 to 42 form part of these financial statements.

Page 16

 
PRESTIGE COUNTRY PARKS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

As restated
2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,818,560
3,375,839

Adjustments for:

Amortisation of intangible assets
193,887
142,931

Depreciation of tangible assets
169,225
169,748

Loss on disposal of tangible assets
(1,721)
(555,216)

Interest paid
613,325
299,836

Interest received
(8,247)
-

Taxation charge
644,035
787,886

(Increase) in stocks
(2,347,195)
(1,189,445)

Decrease/(increase) in debtors
516,541
(854,583)

(Decrease)/increase in creditors
(425,791)
684,400

Corporation tax (paid)
(1,127,692)
(180,110)

Net cash generated from operating activities

44,927
2,681,286


Cash flows from investing activities

Purchase of intangible fixed assets
(58,428)
-

Purchase of tangible fixed assets
(783,934)
(5,145,474)

Sale of tangible fixed assets
675,933
1,272,826

Purchase of fixed asset investments
(2,965,723)
(2,097,067)

Interest received
8,247
-

Net cash from investing activities

(3,123,905)
(5,969,715)

Cash flows from financing activities

New secured loans
4,175,000
3,550,000

Repayment of loans
(1,144,504)
(334,291)

Repayment of/new finance leases
(16,590)
18,469

Loans due from/(repaid to) directors
(224,869)
(294,358)

Dividends paid
(100,000)
-

Interest paid
(30,752)
(268,545)

Net cash used in financing activities
2,658,285
2,671,275

Net (decrease) in cash and cash equivalents
(420,693)
(617,154)

Cash and cash equivalents at beginning of year
2,904,601
3,521,755

Cash and cash equivalents at the end of year
2,483,908
2,904,601


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,483,908
2,904,601
Page 17

 
PRESTIGE COUNTRY PARKS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

As restated

2023
2022

£
£



The notes on pages 20 to 42 form part of these financial statements.

Page 18

 
PRESTIGE COUNTRY PARKS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023





At 1 January 2023
(As restated)
Cash flows
Acquisition and disposal of subsidiaries
At 31 December 2023
£

£

£

£

Cash at bank and in hand

2,904,601

2,552,040

(2,972,733)

2,483,908

Debt due after 1 year

(7,599,334)

456,531

-

(7,142,803)

Debt due within 1 year

(618,511)

(4,072,169)

-

(4,690,680)

Finance leases

(49,399)

14,235

-

(35,164)


(5,362,643)
(1,049,363)
(2,972,733)
(9,384,739)

The notes on pages 20 to 42 form part of these financial statements.

Page 19

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

GENERAL INFORMATION

Prestige Country Parks Limited is a private Company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is C/O Prestige Country Parks Melbourne Road, Allerthorpe, York, Yorkshire, United Kingdom, YO42 4RL. 
The principal activity of the Company continued to be that of a holding company. 
The principal activity of the Group continued to be that of Residential and Holiday Mobile Home Parks. 
The place of business is Allerthorpe Golf & Country Park, Melbourne Road, Allerthorpe, York, YO42 4RL.
The Company is the parent of the Prestige Country Parks Limited Group.

1.ACCOUNTING POLICIES

 
1.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The Company's functional and presentational currency is Pounds sterling.
The level of rounding is to the nearest £.

The following principal accounting policies have been applied:

 
1.2

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 Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
1.3

GOING CONCERN

The directors have considered the going concern basis in preparing these financial statements. They have concluded that the going concern basis is appropriate because sufficient funds will be generated from future trading for a period of at least twelve months from the date of the approval of these financial statements to enable the company to meet its liabilities as they arise. 

Page 20

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.ACCOUNTING POLICIES (CONTINUED)

 
1.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Unit sales
Sales of mobile homes are recognised when the risks and rewards of ownership are transferred to
the customer, usually on occupation when the park home agreement is signed or legal completion
takes place.
Non-Refundable Deposits
Non-refundable deposits are recognised when it becomes certain that the sale of a unit will not be
completed.
Recharges of expenses, Maintenance fees, Commissions and Membership fees
Recharges of expenses, Maintenance fees, Commissions and Membership fees are recognised on an accruals basis in the period to which they relate.

 
1.5

OPERATING LEASES: THE GROUP AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
1.6

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
1.7

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.8

PENSIONS

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 21

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.ACCOUNTING POLICIES (CONTINUED)

 
1.9

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises corporation and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
1.10

INTANGIBLE ASSETS

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Goodwill is amortised over a period of 10 years. Website Development is amortised over a period of 3 years.

Page 22

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.ACCOUNTING POLICIES (CONTINUED)

 
1.11

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Plant and machinery
-
15% - 25% reducing balance and 5% - 25% straight line
Motor vehicles
-
25% reducing balance and 25% straight line
Fixtures and fittings
-
25% reducing balance and 20% - 25% straight line
Office equipment
-
15% - 25% reducing balance and 20% - 25% straight line
Other fixed assets
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

No depreciation has been provided on freehold property as the property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result the corresponding depreciation would not be material, and therefore is not charged to the profit and loss account.

 
1.12

REVALUATION OF TANGIBLE FIXED ASSETS

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
1.13

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 23

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.ACCOUNTING POLICIES (CONTINUED)

 
1.14

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
1.15

DEBTORS

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

 
1.16

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
1.17

CREDITORS

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

Page 24

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.ACCOUNTING POLICIES (CONTINUED)

 
1.18

FINANCIAL INSTRUMENTS

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
1.19

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 25

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may ultimately differ from those estimates.
As described in note 14, land and buildings are stated at fair value based upon the valuation performed by an independent professional valuer. The valuers have recent experience in the location and category of the property valued. The valuer used observable market prices adjusted as necessary for any difference in the future, location or condition of the specific asset. 


3.

TURNOVER

2023
2022
        £
        £
Unit sales

11,472,528

12,591,994
 
Site and maintenance fees

1,608,038

609,913
 
Commission

16,500

1,306,372
 
Non-refundable deposits

12,875

50,701
 
Golf membership

112,638

124,597
 
Recharges

796,207

685,382
 
Rental income

1,617,518

388,991
 
Sundry income

24,489

25,097
 
Motor vehicle sales

1,440,169

-
 
Sales and marketing support

15,000

-
 

17,115,962

15,783,047
 


4.


OTHER OPERATING INCOME

2023
2022
£
£

Net rents receivable
24,332
24,355

Sundry income
-
416,600

24,332
440,955


Page 26

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


AUDITORS' REMUNERATION

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
50,000
50,000


6.


EMPLOYEES

Staff costs, including Directors' remuneration, were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
1,025,370
991,196

Social security costs
91,550
83,210

Cost of defined contribution scheme
14,993
13,321

1,131,913
1,087,727


The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
2
2



Admin and sales
45
37

47
39


7.


DIRECTORS' REMUNERATION

2023
2022
£
£



Remuneration for qualifying services
24,638
25,037

24,638
25,037

Page 27

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


INTEREST RECEIVABLE

2023
2022
£
£


Other interest receivable
8,247
-


9.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
£
£


Bank interest payable
541,003
248,274

Other loan interest payable
36,879
23,968

Finance leases and hire purchase contracts
2,444
918

Other interest payable
32,998
26,676

613,324
299,836


10.


TAXATION


2023
2022
£
£

Corporation tax


Current tax on profits for the year
700,465
590,574

Adjustments in respect of previous periods
(21,430)
157,671


679,035
748,245


Total current tax
679,035
748,245

Deferred tax


Origination and reversal of timing differences
(35,000)
39,641

Total deferred tax
(35,000)
39,641


Tax on profit
644,035
787,886
Page 28

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

As restated
2023
2022
£
£


Profit on ordinary activities before tax
2,462,594
4,163,725


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
615,649
791,108

Effects of:


Non-tax deductible amortisation of goodwill and impairment
46,189
26,197

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
22,243
1,661

Capital allowances for year in excess of depreciation
34,875
(38,212)

Utilisation of tax losses
19,085
-

Adjustments to tax charge in respect of prior periods
(21,430)
-

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
879
-

Short-term timing difference leading to an increase (decrease) in taxation
(35,000)
39,642

Book profit on chargeable assets
(430)
(105,491)

Capital gains
-
89,736

Other differences leading to an increase (decrease) in the tax charge
248
(10,168)

Marginal relief
(300)
-

Change in tax rate during the year
(37,973)
-

Prior year adjustment
-
(6,587)

Total tax charge for the year
644,035
787,886


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.



Page 29

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


DIVIDENDS

2023
2022
£
£


Ordinary Dividends
100,000
-

100,000
-


12.


PARENT COMPANY PROFIT FOR THE YEAR

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £208,417 (2022 - £574,542).

Page 30

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


INTANGIBLE ASSETS

Group





Website development
Goodwill
Total

£
£
£



Cost


At 1 January 2023
9,168
1,696,820
1,705,988


Additions
58,428
692,195
750,623



At 31 December 2023

67,596
2,389,015
2,456,611



Amortisation


At 1 January 2023
6,250
187,825
194,075


Charge for the year on owned assets
9,130
184,757
193,887



At 31 December 2023

15,380
372,582
387,962



Net book value



At 31 December 2023
52,216
2,016,433
2,068,649



At 31 December 2022
2,918
1,508,995
1,511,913

The parent company acquired 100% of the share capital of Galtres Retreat & Lodge Park Ltd on 18 Octover 2023. Details of business combinations are shown in note 24.



Page 31

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
           13.INTANGIBLE ASSETS (CONTINUED)

Company




Website development

£



Cost


At 1 January 2023
7,500


Additions
12,837



At 31 December 2023

20,337



Amortisation


At 1 January 2023
6,250


Charge for the year
5,351



At 31 December 2023

11,601



Net book value



At 31 December 2023
8,736



At 31 December 2022
1,250

Page 32

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


TANGIBLE FIXED ASSETS

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings

£
£
£
£



Cost or valuation


At 1 January 2023
23,824,420
448,545
461,364
22,349


Additions
510,793
27,437
45,468
8,953


Acquisition of subsidiary
4,250,000
-
-
1,236


Disposals
-
-
(493,732)
-


Reclassified to stock
-
-
-
-


Revaluations
1,481,131
-
-
-



At 31 December 2023

30,066,344
475,982
13,100
32,538



Depreciation


At 1 January 2023
-
89,079
68,396
5,881


Charge for the year on owned assets
-
83,783
2,377
4,821


Charge for the year on financed assets
-
8,300
-
-


Disposals
-
-
(59,162)
-



At 31 December 2023

-
181,162
11,611
10,702



Net book value



At 31 December 2023
30,066,344
294,820
1,489
21,836



At 31 December 2022
23,824,420
359,466
392,968
16,468
Page 33

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           14.TANGIBLE FIXED ASSETS (CONTINUED)


Office equipment
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 January 2023
25,116
480,255
25,262,049


Additions
7,883
183,399
783,933


Acquisition of subsidiary
-
-
4,251,236


Disposals
(150)
-
(493,882)


Reclassified to stock
-
(239,539)
(239,539)


Revaluations
-
-
1,481,131



At 31 December 2023

32,849
424,115
31,044,928



Depreciation


At 1 January 2023
10,532
62,013
235,901


Charge for the year on owned assets
7,187
62,758
160,926


Charge for the year on financed assets
-
-
8,300


Disposals
(47)
-
(59,209)



At 31 December 2023

17,672
124,771
345,918



Net book value



At 31 December 2023
15,177
299,344
30,699,010



At 31 December 2022
14,584
418,242
25,026,148




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
30,066,344
23,824,421

30,066,344
23,824,421


Page 34

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           14.TANGIBLE FIXED ASSETS (CONTINUED)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
14,525
22,825

Other fixed assets
24,671
34,221

39,196
57,046



Cost or valuation at 31 December 2023 is as follows:

Land and buildings
£


At cost
19,437,611
At valuation:

Market value as at 31 December 2023
10,628,733



30,066,344

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£

Group


Cost
19,437,611
14,412,843

Net book value
19,437,611
14,412,843

Page 35

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           14.TANGIBLE FIXED ASSETS (CONTINUED)


Company






Motor vehicles

£

Cost


At 1 January 2023
107,537


Disposals
(107,537)



At 31 December 2023

-





At 1 January 2023
28,565


Disposals
(28,565)



At 31 December 2023

-



Net book value



At 31 December 2023
-



At 31 December 2022
78,972








Page 36

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


FIXED ASSET INVESTMENTS

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
5,120,450


Additions
2,966,035



At 31 December 2023
8,086,485





SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Allerthorpe Golf and Country Park Limited
Ordinary
100%
Brickyard Leisure Ltd
Ordinary
100%
Vale of York Country Park Limited
Ordinary
100%
Moor Valley Country Park Ltd
Ordinary
100%
Wild Rose Country Park Ltd
Ordinary
100%
Sandholme Country Park Limited
Ordinary
100%
Malton Grange Lodges Limited
Ordinary
100%
Galtres Retreat & Lodge Park Ltd
Oridnary
100%

The parent company and all subsidiaries share a registered office, C/O Prestige Country Parks, Melbourne Road, Allerthorpe, York, Yorkshire, United Kingdom, YO42 4RL.

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Allerthorpe Golf and Country Park Limited
10,305,018
806,696

Brickyard Leisure Ltd
2,252,818
6,577

Vale of York Country Park Limited
615,804
588,248

Moor Valley Country Park Ltd
4,443,394
417,845

Wild Rose Country Park Ltd
230,040
(39,554)

Sandholme Country Park Limited
(13,626)
(10,950)

Malton Grange Lodges Limited
3,702,336
117,082

Galtres Retreat & Lodge Park Ltd
2,180,303
(90,052)

Page 37

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


STOCKS

Group

Group
As restated
2023
2022
£
£

Raw materials and consumables
1,144,352
262,000

Work in progress
480,219
519,894

Finished goods
5,253,928
3,720,601

6,878,499
4,502,495


The difference between purchase price or production cost of stocks and their replacement cost is not material.


17.


DEBTORS

Group

Group
As restated
Company

Company
As restated
2023
2022
2023
2022
£
£
£
£


Trade debtors
591,022
1,013,314
-
-

Amounts owed by group undertakings
-
-
4,471,399
3,244,781

Other debtors
776,445
518,452
262,994
451,835

Prepayments and accrued income
494,249
599,809
65,059
30,067

Deferred taxation
-
-
-
4,012

1,861,716
2,131,575
4,799,452
3,730,695



18.


CREDITORS: Amounts falling due within one year

Group

Group
As restated
Company

Company
As restated
2023
2022
2023
2022
£
£
£
£

Bank loans
836,008
604,124
293,113
264,116

Trade creditors
2,501,037
2,608,602
35,359
-

Amounts owed to group undertakings
-
-
1,622,879
954,124

Corporation tax
1,271,513
1,733,690
245,487
352,729

Other taxation and social security
307,395
217,117
-
-

Obligations under finance lease and hire purchase contracts
15,684
14,235
-
-

Other creditors
217,213
248,542
14,386
14,387

Accruals and deferred income
3,028,536
1,963,357
47,850
29,252

8,177,386
7,389,667
2,259,074
1,614,608


Page 38

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


CREDITORS: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
10,978,163
7,599,334
7,142,803
3,889,059

Net obligations under finance leases and hire purchase contracts
19,480
35,164
-
-

Accruals and deferred income
1,583
2,583
-
-

10,999,226
7,637,081
7,142,803
3,889,059


Included within creditors are secured debts amounting to £11,891,629 (2022: £8,252,858) which are secured with a debenture comprising fixed and floating charges over all the assets and undertaking of the group.




20.


LOANS


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Bank loans
836,008
604,124
293,113
264,116

Amounts falling due 1-2 years

Bank loans
2,182,972
663,331
1,590,182
299,969

Amounts falling due 2-5 years

Bank loans
2,217,970
2,023,480
938,338
844,349

Amounts falling due after more than 5 years

Bank loans
6,577,222
4,912,523
4,614,283
2,744,740

11,814,172
8,203,458
7,435,916
4,153,174


Page 39

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
15,684
14,235

Between 1-5 years
11,405
35,164

27,089
49,399


22.


DEFERRED TAXATION


Group



2023


£






At beginning of year
(2,594,966)


Charged to profit or loss
35,000


Charged to other comprehensive income
(370,282)


Arising on business combinations
(600,495)



At end of year
(3,530,743)

Company


2023


£






At beginning of year
4,012


Charged to profit or loss
(4,012)



At end of year
-
Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(105,886)
(139,476)
-
4,012

Deferred tax on revaluations
(3,425,892)
(2,455,490)
-
-

Unpaid pensions
1,035
-
-
-

(3,530,743)
(2,594,966)
-
4,012

Page 40

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


SHARE CAPITAL

2023
2022
£
£
Allotted, called up and fully paid



102 (2022 - 102) Ordinary shares of £1.00 each
102
102



24.
 

BUSINESS COMBINATIONS

On 18 October 2023 the Group acquired 100% of the ordinary shares of Galtres Retreat & Lodge Park Ltd.

Acquisition of Galtres Retreat & Lodge Park Ltd

Recognised amounts of identifiable assets acquired and liabilities assumed

Book value
Fair value adjustments
Fair value
£
£
£

Fixed Assets

Tangible
4,251,236
-
4,251,236

4,251,236
-
4,251,236

Current Assets

Stocks
28,810
-
28,810

Debtors
21,813
-
21,813

Cash at bank and in hand
311
-
311

Total Assets
4,302,170
-
4,302,170

Creditors

Due within one year
(1,427,836)
-
(1,427,836)

Deferred taxation
(600,495)
-
(600,495)

Total Identifiable net assets
2,273,839
-
2,273,839


Goodwill
692,195

Total purchase consideration
2,966,034

Consideration

£


Cash
2,848,212

Directly attributable costs
117,822

Total purchase consideration
2,966,034

Page 41

 
PRESTIGE COUNTRY PARKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.BUSINESS COMBINATIONS (CONTINUED)

Cash outflow on acquisition

£


Purchase consideration settled in cash, as above
2,848,212

Directly attributable costs
117,822

2,966,034

Less: Cash and cash equivalents acquired
(311)

Net cash outflow on acquisition
2,965,723


25.


PRIOR YEAR ADJUSTMENT

Group
A post year end analysis of the director's loan accounts revealed costs which have now been reflected as valid business expenses of the Group. The effect of these adjustments reduced the previous year's profit and retained earnings by £54,256 (2021: £80,159). These adjustments also increased stock and creditors by £262,000 for motor vehicle stock purchased.
A prior year adjustment has been processed within a subsidiary to restate cost of sales which was overstated by £88,926 and work in progress which was understated by £88,926. The effect of this adjustment has increased the previous year's profit and retained earnings by £88,296.
Company
The above post year end reanalysis of the director's loan accounts affected the Parent Company accounts as follows. The effect of these adjustments reduced the previous year's directors loan account and intercompany balances by £316,327 (2021: £80,159).


26.


PENSION COMMITMENTS

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge
represents contributions payable by the Group to the fund and amounted to £14,993 (2022 - £13,321). Contributions totalling £3,516 (2022 - £624) were payable to the fund at the balance sheet date and are included in creditors.


27.


RELATED PARTY TRANSACTIONS

During the year the Company had transactions with its Directors. The amounts payable as at the year end totalled £180,477 (2022 (As restated) - £241,420). This is shown within other debtors and is repayable on demand. Interest is charges on the balance at the official rate of interest, this toalled £4,217 in the year to 31 December 2023 (2022 - £Nil).


28.


CONTROLLING PARTY

During the year the Company was under the ultimate control of Mr M W Knowles and Mrs J A Knowles by virtue of their joint 100% shareholding. On 29th October following a bonus issue of shares, Mr M Knowles and Mrs J A Knowles remained ultimate controlling parties by virtue of their joint 80% shareholding.


Page 42