Company registration number 08320138 (England and Wales)
SINES PARKS HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
SINES PARKS HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SINES PARKS HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
19,890,725
20,300,000
Investment property
4
5,056,500
8,722,308
Investments
5
8,187,113
8,187,513
33,134,338
37,209,821
Current assets
Stocks
1,275,749
-
Debtors
6
4,969,353
492,500
Cash at bank and in hand
547
6,245,102
493,047
Creditors: amounts falling due within one year
7
(17,397,064)
(15,755,275)
Net current liabilities
(11,151,962)
(15,262,228)
Total assets less current liabilities
21,982,376
21,947,593
Provisions for liabilities
(2,299,839)
(1,850,092)
Net assets
19,682,537
20,097,501
Capital and reserves
Called up share capital
8
1,794
1,794
Revaluation reserve
4,504,096
5,300,181
Profit and loss reserves
15,176,647
14,795,526
Total equity
19,682,537
20,097,501
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SINES PARKS HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 January 2025 and are signed on its behalf by:
Mr F Doe
Director
Company registration number 08320138 (England and Wales)
SINES PARKS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Sines Parks Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is .
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rent and operating licensing fees provided in the normal course of business.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, 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:
Mobile home park land
Nil
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries are measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
SINES PARKS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks 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. Stock consists of houses taken in part exchange, bases, cabins, shop stock and plant.
1.7
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 are measured at transaction price including transaction costs . Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.
1.8
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.
1.9
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.
Deferred tax
Deferred tax is provided in full in respect of all timing differences between the treatment of certain items for tax and accounting purposes. The deferred tax balance has not been discounted.
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.
SINES PARKS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Mobile home park land
£
Cost or valuation
At 1 April 2022
20,300,000
Additions
825,725
Disposals
(1,235,000)
At 31 March 2023
19,890,725
Depreciation and impairment
At 1 April 2022 and 31 March 2023
Carrying amount
At 31 March 2023
19,890,725
At 31 March 2022
20,300,000
The historical cost of the land and buildings included at valuation above is £7,709,833 (2021: £7,709,833).
4
Investment property
2023
£
Fair value
At 1 April 2022
8,722,308
Disposals
(3,665,808)
At 31 March 2023
5,056,500
In the opinion of the directors, there has been no change in the fair value of the investment properties during the year.
The historical cost of the properties included at the valuation above is £1,862,605 (2022: £5,528,414).
SINES PARKS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
8,187,113
8,187,513
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022
8,187,513
Disposals
(400)
At 31 March 2023
8,187,113
Carrying amount
At 31 March 2023
8,187,113
At 31 March 2022
8,187,513
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
4,969,353
492,500
7
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
14,226,942
15,152,489
Corporation tax
98,819
736
Other creditors
3,071,303
602,050
17,397,064
15,755,275
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200
200
200
200
Preferred Ordinary shares of £1 each
1,594
1,594
1,594
1,594
1,794
1,794
1,794
1,794
SINES PARKS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
9
Related party transactions
Included in other creditors is the directors' current account balance of £2,478,886 (2022: £223,934) at the balance sheet date.
Included in other creditors at the balance sheet date is an amount owed to Sines Parks (S.E.) Limited, a company controlled by Mr F Doe, amounting to £327,000 (2022: £327,000).
Included in other creditors at the balance sheet date is an amount owed to Spill Land Farm Country Park Limited, a company in which Elaine Sines is the director, amounting to £210,917.
Included in other debtors at the balance sheet date is an amount of £100,000 (2022: £100,000) owed by Leisure Parks Real Estate (Holdings) Ltd, a company in which Mr F Doe is a director.