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REGISTERED NUMBER: 08839226 (England and Wales)












Unaudited Financial Statements

for the Year Ended 29 February 2024

for

North Devon Wake Park Ltd

North Devon Wake Park Ltd (Registered number: 08839226)

Contents of the Financial Statements
for the Year Ended 29 February 2024










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


North Devon Wake Park Ltd

Company Information
for the Year Ended 29 February 2024







DIRECTORS: Mr J C Constable
Mrs S A Constable





REGISTERED OFFICE: 69 High Street
Bideford
Devon
EX39 2AT





REGISTERED NUMBER: 08839226 (England and Wales)





ACCOUNTANTS: R T Marke & Co Ltd
Chartered Accountants
69 High Street
Bideford
Devon
EX39 2AT

North Devon Wake Park Ltd (Registered number: 08839226)

Abridged Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 584,492 650,225

CURRENT ASSETS
Stocks 3,595 3,595
Debtors 4,601 55,717
Cash at bank 58,190 53,960
66,386 113,272
CREDITORS
Amounts falling due within one year 101,795 67,784
NET CURRENT (LIABILITIES)/ASSETS (35,409 ) 45,488
TOTAL ASSETS LESS CURRENT
LIABILITIES

549,083

695,713

CREDITORS
Amounts falling due after more than one
year

6

(297,700

)

(306,274

)

PROVISIONS FOR LIABILITIES (77,074 ) (89,481 )
NET ASSETS 174,309 299,958

CAPITAL AND RESERVES
Called up share capital 9 105 105
Retained earnings 174,204 299,853
SHAREHOLDERS' FUNDS 174,309 299,958

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

North Devon Wake Park Ltd (Registered number: 08839226)

Abridged Balance Sheet - continued
29 February 2024


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2025 and were signed on its behalf by:




Mrs S A Constable - Director



Mr J C Constable - Director


North Devon Wake Park Ltd (Registered number: 08839226)

Notes to the Financial Statements
for the Year Ended 29 February 2024


1. STATUTORY INFORMATION

North Devon Wake Park 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. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below and remain unchanged from the previous period, and also have been consistently applied within the same accounts.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Equipment - Straight line over 3 years and Straight line over 20 years

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


North Devon Wake Park Ltd (Registered number: 08839226)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The company has net current liabilities of £35,409 (2023 - net current assets of £45,488). The company also reported a pre-tax loss of £65,556 for the year. The company cannot continue to make losses of this significance while still meeting its obligations as they fall due.

The company is reliant on the continuing financial support of its creditors and while there are no reasons to doubt that this support will continue, inherently there can be no certainty in relation to these matters. On this basis, and having regard to the company's anticipated future revenues and costs including repayment of debt where appropriate, together with the expected availability of working capital, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from an inability to meet obligations as they fall due.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2023 - 19 ) .

North Devon Wake Park Ltd (Registered number: 08839226)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2023 975,792
Additions 70,543
Disposals (45,993 )
At 29 February 2024 1,000,342
DEPRECIATION
At 1 March 2023 325,567
Charge for year 105,352
Eliminated on disposal (15,069 )
At 29 February 2024 415,850
NET BOOK VALUE
At 29 February 2024 584,492
At 28 February 2023 650,225


6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2024 2023
£    £   
Repayable by instalments
Bank loans due after 5 years 102,964 159,599

Deferred income includes £2,301 (2023 - £2,761) due to be released after more than 5 years.

7. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 7,680 -
Between one and five years 25,599 -
33,279 -

The company has entered into a lease which expires 1 November 2034 committing it to pay rent equivalent to 10% of turnover.

North Devon Wake Park Ltd (Registered number: 08839226)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 33,279 -
Bank loans 281,573 310,432
314,852 310,432

Bank loans and overdrafts are secured by fixed and floating charges over the company's assets.

The hire purchase contracts are secured over the assets to which they relate.

9. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100
5 A £1 5 5
105 105

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
Mr J C Constable and Mrs S A Constable
Balance outstanding at start of year 50,077 62,050
Amounts advanced 10 44,339
Amounts repaid (50,087 ) (56,312 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 50,077

The maximum overdrawn balance during the year was £50,077.

Interest was charged on the loan at the official interest rate.