IRIS Accounts Production v24.3.2.46 08782290 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh087822902023-03-31087822902024-03-31087822902023-04-012024-03-31087822902022-03-31087822902022-04-012023-03-31087822902023-03-3108782290ns15:EnglandWales2023-04-012024-03-3108782290ns14:PoundSterling2023-04-012024-03-3108782290ns10:Director12023-04-012024-03-3108782290ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3108782290ns10:SmallEntities2023-04-012024-03-3108782290ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3108782290ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3108782290ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3108782290ns10:FullAccounts2023-04-012024-03-3108782290ns10:Director22023-04-012024-03-3108782290ns10:RegisteredOffice2023-04-012024-03-3108782290ns5:CurrentFinancialInstruments2024-03-3108782290ns5:CurrentFinancialInstruments2023-03-3108782290ns5:Non-currentFinancialInstruments2024-03-3108782290ns5:Non-currentFinancialInstruments2023-03-3108782290ns5:ShareCapital2024-03-3108782290ns5:ShareCapital2023-03-3108782290ns5:RetainedEarningsAccumulatedLosses2024-03-3108782290ns5:RetainedEarningsAccumulatedLosses2023-03-3108782290ns5:PlantMachinery2023-04-012024-03-3108782290ns5:FurnitureFittings2023-04-012024-03-3108782290ns5:MotorVehicles2023-04-012024-03-3108782290ns5:PlantMachinery2023-03-3108782290ns5:FurnitureFittings2023-03-3108782290ns5:MotorVehicles2023-03-3108782290ns5:PlantMachinery2024-03-3108782290ns5:FurnitureFittings2024-03-3108782290ns5:MotorVehicles2024-03-3108782290ns5:PlantMachinery2023-03-3108782290ns5:FurnitureFittings2023-03-3108782290ns5:MotorVehicles2023-03-3108782290ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-3108782290ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-03-3108782290ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-3108782290ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3108782290ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-3108782290ns5:Secured2024-03-3108782290ns5:Secured2023-03-31
REGISTERED NUMBER: 08782290 (England and Wales)









SOVEREIGN PARK HOME DEVELOPMENTS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






SOVEREIGN PARK HOME DEVELOPMENTS LTD (REGISTERED NUMBER: 08782290)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SOVEREIGN PARK HOME DEVELOPMENTS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: J Small
B Small





REGISTERED OFFICE: 3 The Hayloft East
Newlands Park
Cullompton
Devon
EX15 1WH





REGISTERED NUMBER: 08782290 (England and Wales)





ACCOUNTANTS: Mark Holt & Co Limited
Chartered Accountants
7 Sandy Court
Ashleigh Way
Langage Business Park
Plymouth
Devon
PL7 5JX

SOVEREIGN PARK HOME DEVELOPMENTS LTD (REGISTERED NUMBER: 08782290)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 60,473 71,361

CURRENT ASSETS
Stocks 585,940 861,586
Debtors 6 4,721,702 4,388,177
Cash at bank 25,204 3,296
5,332,846 5,253,059
CREDITORS
Amounts falling due within one year 7 1,941,803 1,856,218
NET CURRENT ASSETS 3,391,043 3,396,841
TOTAL ASSETS LESS CURRENT LIABILITIES 3,451,516 3,468,202

CREDITORS
Amounts falling due after more than one year 8 556 31,643
NET ASSETS 3,450,960 3,436,559

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 3,450,860 3,436,459
SHAREHOLDERS' FUNDS 3,450,960 3,436,559

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 January 2025 and were signed on its behalf by:





J Small - Director


SOVEREIGN PARK HOME DEVELOPMENTS LTD (REGISTERED NUMBER: 08782290)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Sovereign Park Home Developments Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared under the going concern assumption. The company has net current assets as at the year end and has reported strong profits for the year. Direct costs and overheads could be cut further if necessary and government assistance has been sought where relevant. The directors believe that this puts them in a strong position to continue as a going concern, despite the ongoing COVID-19 outbreak.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is recognised on completion of the sale of a park home.

Deposits are held within deferred income until the sale of the park home completes. At this point they are moved to turnover and the balance of monies owed is recognised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Fixed assets are originally recognised at cost, then subsequently at cost less accumulated depreciation and any provision for impairment.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at the transaction price.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.


SOVEREIGN PARK HOME DEVELOPMENTS LTD (REGISTERED NUMBER: 08782290)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Provisions for liabilities
Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance costs in profit or loss in the period it arises.

The Company recognises a provision for annual leave accrued by employees for services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months, measured at the salary costs payable for the period of absence.

Development costs
The company has elected to capitalise any development costs that meet the definition of an asset and will generate income for the company in the future. Any Development costs that are on a client assignment and generate revenue will be expense in the profit and loss account.

Grant income
Income received in relation to grants are classified either as relating to revenue or to assets.

Grants relating to revenue are recognised in other income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Where a timing difference arises, the income is held on the balance sheet. When received in arrears the expected income is recognises as a debtor so long as the relevant conditions have been satisfied. When received in advance of costs, the income is held as deferred income and systematically released to the profit and loss in the periods the cost is incurred.

Grants relating to assets are recognised initially as deferred income and released to other income on a systematic basis over the expected useful life of the asset.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

SOVEREIGN PARK HOME DEVELOPMENTS LTD (REGISTERED NUMBER: 08782290)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023
and 31 March 2024 73,750 15,275 19,936 108,961
DEPRECIATION
At 1 April 2023 12,619 6,847 18,134 37,600
Charge for year 9,172 1,264 452 10,888
At 31 March 2024 21,791 8,111 18,586 48,488
NET BOOK VALUE
At 31 March 2024 51,959 7,164 1,350 60,473
At 31 March 2023 61,131 8,428 1,802 71,361

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 April 2023
and 31 March 2024 73,750
DEPRECIATION
At 1 April 2023
and 31 March 2024 12,619
NET BOOK VALUE
At 31 March 2024 61,131
At 31 March 2023 61,131

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 4,525,014 4,165,511
Other debtors 196,688 222,666
4,721,702 4,388,177

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 692,968 364,681
Hire purchase contracts (see note 9) 4,172 14,758
Trade creditors 207,627 226,539
Taxation and social security 284,161 313,824
Other creditors 752,875 936,416
1,941,803 1,856,218

SOVEREIGN PARK HOME DEVELOPMENTS LTD (REGISTERED NUMBER: 08782290)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 9) 556 31,643

9. LEASING AGREEMENTS

The company has a number of leases in place with respect to vehicles used in the business, as well as in relation to storage space rented.

All leases are short term, generally up to 3 years, so are not considered to be a significant long term commitment to the company.

Monthly costs in relation to lease commitments ongoing at the year end, amount to £1k in relation to vehicles.

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 692,968 364,681
Hire purchase contracts 4,728 46,401
697,696 411,082

The bank overdraft facility and loans in the parent company, Sovereign Park Home Estates Limited, are secured by way of a fixed and floating charge over all assets and undertakings of the company.

Hire purchase liabilities are secured over the assets they are financing.