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REGISTERED NUMBER: 08782287 (England and Wales)









SOVEREIGN PARK HOME ESTATES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






SOVEREIGN PARK HOME ESTATES LTD (REGISTERED NUMBER: 08782287)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SOVEREIGN PARK HOME ESTATES 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: 08782287 (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 ESTATES LTD (REGISTERED NUMBER: 08782287)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 323,250 409,450
Tangible assets 6 35,812 40,696
Investments 7 101 101
Investment property 8 17,115,266 16,749,513
17,474,429 17,199,760

CURRENT ASSETS
Debtors 9 1,029,794 1,217,671
Cash at bank 24,541 11,957
1,054,335 1,229,628
CREDITORS
Amounts falling due within one year 10 8,926,911 9,114,121
NET CURRENT LIABILITIES (7,872,576 ) (7,884,493 )
TOTAL ASSETS LESS CURRENT LIABILITIES 9,601,853 9,315,267

CREDITORS
Amounts falling due after more than one year 11 (8,119,055 ) (7,759,216 )

PROVISIONS FOR LIABILITIES (8,700 ) (6,100 )
NET ASSETS 1,474,098 1,549,951

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 1,473,898 1,549,751
1,474,098 1,549,951

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.

SOVEREIGN PARK HOME ESTATES LTD (REGISTERED NUMBER: 08782287)

BALANCE SHEET - continued
31 MARCH 2024


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 14 February 2025 and were signed on its behalf by:





J Small - Director


SOVEREIGN PARK HOME ESTATES LTD (REGISTERED NUMBER: 08782287)

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

1. STATUTORY INFORMATION

Sovereign Park Home Estates 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 on the historic cost basis, as modified for investment property, which is at valuation. The accounts have been prepared under the going concern assumption.

Preparation of consolidated financial statements
The financial statements contain information about Sovereign Park Home Estates Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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 measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.

Turnover comprises mainly rental income from the park home sites. Income is deferred if it relates to future periods.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

SOVEREIGN PARK HOME ESTATES LTD (REGISTERED NUMBER: 08782287)

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

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Fixed Assets are shown a costs less accumulated depreciation and impairment. On the transfer of trade from the partnership, assets have been capitalised at their Net Book Value, being the assessed value at that point in time.

Depreciation is charged on the following rates:

Plant and machinery 15% reducing balance
Fixtures and fittings 15% reducing balance

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. 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.

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.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

The investment property is reviewed each year by the directors to assess whether there is any change to the value reported.

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).

SOVEREIGN PARK HOME ESTATES LTD (REGISTERED NUMBER: 08782287)

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

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is a finance lease or an operating lease based on the substances of the arrangement.

Finance leases
Leases of assets that transfer substantially all the risks and rewards of ownership to the Company are classified as finance leases.

Assets held under finance leases are recognized initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss.

Assets held under finance leases are included in tangible fixed assets and depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

Operating leases
Leases that do no transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

SOVEREIGN PARK HOME ESTATES LTD (REGISTERED NUMBER: 08782287)

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

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 431,000
AMORTISATION
At 1 April 2023 21,550
Amortisation for year 86,200
At 31 March 2024 107,750
NET BOOK VALUE
At 31 March 2024 323,250
At 31 March 2023 409,450

6. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 April 2023 35,299 25,884 61,183
Additions - 1,322 1,322
At 31 March 2024 35,299 27,206 62,505
DEPRECIATION
At 1 April 2023 8,752 11,735 20,487
Charge for year 3,980 2,226 6,206
At 31 March 2024 12,732 13,961 26,693
NET BOOK VALUE
At 31 March 2024 22,567 13,245 35,812
At 31 March 2023 26,547 14,149 40,696

7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 101
NET BOOK VALUE
At 31 March 2024 101
At 31 March 2023 101

SOVEREIGN PARK HOME ESTATES LTD (REGISTERED NUMBER: 08782287)

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

8. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 16,749,513
Additions 535,753
Disposals (170,000 )
At 31 March 2024 17,115,266
NET BOOK VALUE
At 31 March 2024 17,115,266
At 31 March 2023 16,749,513

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 52,191 24,622
Other debtors 977,603 1,193,049
1,029,794 1,217,671

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 161,284 382,405
Trade creditors 201,422 43,691
Amounts owed to group undertakings 4,613,425 4,109,837
Taxation and social security 184,002 179,487
Other creditors 3,766,778 4,398,701
8,926,911 9,114,121

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 8,119,055 7,759,216

12. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 8,280,339 8,141,621

The bank loans are secured by way of a fixed and floating charge over all the assets and undertakings of the company and its subsidiary. In addition there are separate legal charges and negative pledges over the property held.

The bank loans have floating interest rates of between 1.78% and 1.88% over base rate.

13. OPERATING LEASE COMMITMENTS

The company entered into a lease agreement in relation to the rental of office space during the year. The agreement was for a minimum of 12 months, with a 3 month notice period. The commitment at the year-end was for £5,603

SOVEREIGN PARK HOME ESTATES LTD (REGISTERED NUMBER: 08782287)

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

14. RELATED PARTY DISCLOSURES

There is a loan made to a related party, being a company under common control, amounting to £1,162,073. This loan is unsecured, interest free and has no set terms of repayment. It is included in other debtors due within one year.