Company registration number 00532874 (England and Wales)
ELLIOTTS CARAVAN ESTATES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ELLIOTTS CARAVAN ESTATES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
ELLIOTTS CARAVAN ESTATES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
900,763
917,956
Investments
5
100
100
900,863
918,056
Current assets
Stocks
225,537
60,584
Debtors falling due after more than one year
6
332,643
332,643
Debtors falling due within one year
6
353,073
610,322
Cash at bank and in hand
2,623,638
1,807,454
3,534,891
2,811,003
Creditors: amounts falling due within one year
7
(1,345,373)
(1,048,423)
Net current assets
2,189,518
1,762,580
Net assets
3,090,381
2,680,636
Capital and reserves
Called up share capital
8
10,000
10,000
Other reserves
450
450
Profit and loss reserves
3,079,931
2,670,186
Total equity
3,090,381
2,680,636

The directors of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 3 February 2025 and are signed on its behalf by:
Mr D G Pratt
Mr H J Pratt
Director
Director
Mr M L Pratt
Mr K P Pratt
Director
Director
Company registration number 00532874 (England and Wales)
ELLIOTTS CARAVAN ESTATES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
10,000
450
2,302,927
2,313,377
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
367,259
367,259
Balance at 31 March 2023
10,000
450
2,670,186
2,680,636
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
409,745
409,745
Balance at 31 March 2024
10,000
450
3,079,931
3,090,381
ELLIOTTS CARAVAN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Elliotts Caravan Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Piper House, 4 Dukes Court, Bognor Road, West Sussex, Chichester, PO19 8FX.

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 adopted and 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 on the historical cost convention, modified to include an earlier revaluation of freehold land and properties. On transition to FRS 102, the company has elected to use a previously recognised valuation for freehold land and buildings as deemed cost. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.

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.

Site rents and related income are recognised on an accruals basis.

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.

1.3
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:

Land and buildings Freehold
1% straight line basis
Fixtures, fittings & equipment
25% reducing balance basis
Motor vehicles
25% reducing balance basis

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.

ELLIOTTS CARAVAN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially 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.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

 

These financial statements are not consolidated accounts and do not include the performance of the subsidiary. Elliotts Caravan Estates Ltd is not required to produce consolidated accounts on the basis that the ultimate parent company, Greenwood Parks Limited, will produce consildated accounts which include the results of the subsidiary.

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.

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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement 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.

ELLIOTTS CARAVAN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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.

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.

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.

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.

ELLIOTTS CARAVAN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all material 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.

1.11
Retirement benefits

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation and residual values

The annual depreciation charge is sensitive to changes in the useful economic live and residual values of assets. The useful lives and residual values are re-assessed annually and amended where necessary.

3
Employees

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

2024
2023
Number
Number
2
3
Total
2
3

During the year the company was charged £70,059 (2023: £72.290) for labour services from related company Pratt Developments Unlimited - Greenwood Parks division.

ELLIOTTS CARAVAN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
1,075,294
135,404
1,210,698
Depreciation and impairment
At 1 April 2023
183,096
109,646
292,742
Depreciation charged in the year
10,753
6,440
17,193
At 31 March 2024
193,849
116,086
309,935
Carrying amount
At 31 March 2024
881,445
19,318
900,763
At 31 March 2023
892,198
25,758
917,956

On transition to FRS 102, the company elected to treat the earlier valuation of land and buildings as its deemed cost going forward.

5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
15,229
9,330
Corporation tax recoverable
73,262
364,093
Amounts owed by group undertakings
10,058
-
0
Other debtors
236,969
230,354
Prepayments and accrued income
17,555
6,545
353,073
610,322
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
332,643
332,643
Total debtors
685,716
942,965
ELLIOTTS CARAVAN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Payments received on account
450,355
433,269
Trade creditors
15,950
54,959
Corporation tax
144,027
93,175
Other creditors
717,633
454,927
Accruals and deferred income
17,408
12,093
1,345,373
1,048,423
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000

Ordinary shares carry voting and dividend rights.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Jordan Abbott BSc ACA
Statutory Auditor:
Sumer Auditco Limited
Date of audit report:
3 February 2025
10
Operating lease commitments

The operating leases represent leases to third parties. The leases are negotiated over terms of 12 years and rentals are fixed for 3 years. All leases include a provision for three-yearly upward rent reviews according to prevailing market conditions.

Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
31,365
43,911
ELLIOTTS CARAVAN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
11
Directors' transactions
Description
% Rate
Opening balance
Interest charged
Closing balance
£
£
£
Director 3
2.25
219,995
4,944
224,939
219,995
4,944
224,939

The loan to Director 3 will be repaid by 5 July 2028, Interest at the HMRC official rate per annum is payable annually in arrears.

12
Parent company

The ultimate parent company is Green Wood Parks Limited which owns 100% of the called up share capital.

13
Prior period adjustment

The prior year adjustment relates to the reclassification of the loan to subsidiary to show as falling due in more than one year.

Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Mar 2023
£
£
£
Current assets
Debtors due after one year
-
332,643
332,643
Debtors due within one year
942,965
(332,643)
610,322
Net assets
2,680,636
-
2,680,636
Capital and reserves
Total equity
2,680,636
-
2,680,636
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