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Registered number: 08270725









PINEHURST PARK HOMES LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 MARCH 2024

 
PINEHURST PARK HOMES LIMITED
REGISTERED NUMBER: 08270725

BALANCE SHEET
AS AT 30 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
9,923,358
10,040,964

  
9,923,358
10,040,964

Current assets
  

Stocks
 5 
92,893
12,000

Debtors: amounts falling due within one year
 6 
1,717,727
1,859,616

Cash at bank and in hand
  
312
1,347

  
1,810,932
1,872,963

Creditors: amounts falling due within one year
 7 
(8,578,541)
(8,549,283)

Net current liabilities
  
 
 
(6,767,609)
 
 
(6,676,320)

Total assets less current liabilities
  
3,155,749
3,364,644

Creditors: amounts falling due after more than one year
 8 
(23,740)
(125,264)

Provisions for liabilities
  

Deferred tax
 9 
(10,069)
(54,553)

  
 
 
(10,069)
 
 
(54,553)

Net assets
  
3,121,940
3,184,827


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
3,121,840
3,184,727

  
3,121,940
3,184,827

Page 1

 
PINEHURST PARK HOMES LIMITED
REGISTERED NUMBER: 08270725

BALANCE SHEET (CONTINUED)
AS AT 30 MARCH 2024

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr H Simmons
Director

Date: 13 March 2025

The notes on pages 3 to 12 form part of these financial statements.
Page 2

 
PINEHURST PARK HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

1.


GENERAL INFORMATION

Pinehurst Park Homes Limited is a private Company limited by shares incorporated in England within the United Kingdom. The address of the registered office is Tennyson House, Cambridge Business Park, Cambridge, CB4 0WZ. 
The principal activity of the Company continued to be that of the ownership and operation of a residential park.
This Company is part of a group with the parent being H&S Simmons Ltd.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 Company's functional and presentational currency is Pounds sterling.
The level of rounding is to the nearest £.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The directors have considered the going concern basis in preparing these financial statements. They have concluded that the going concern basis is appropriate because of continued group support and because sufficient funds will be generated from future trading for a period of at least twelve months from the date of the approval of these financial statements to enable the company to meet its liabilities as they arise.
 
The financial statements do not include any adjustments that would result from the withdrawal of this support.

 
2.3

TURNOVER

Turnover is recognised by the Company to the extent that it obtains the right to consideration in exchange for its performance. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes. Monies received in advance are treated as deferred income and held as payments on account. 
Rent, commission, pitch fees and recharges 
Income is recognised on an accruals basis in the period to which they relate.
Sales of mobile homes 
Income is recognised when the risks and rewards of ownership are transferred to the customer, usually on occupation when the park home agreement is signed or legal completion takes place.
 
Page 3

 
PINEHURST PARK HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Plant and machinery
-
25% straight line
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% straight line
Office equipment
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

No depreciation has been provided on freehold property as the property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result the corresponding depreciation would not be material, and therefore is not charged to the profit and loss account.

 
2.5

IMPAIRMENT OF FIXED ASSETS AND GOODWILL

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.6

STOCK AND WORK IN PROGRESS

Stock are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 
At each balance sheet date stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 4

 
PINEHURST PARK HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value.

 
2.8

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
 
2.9

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each
reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

 
2.10

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value.

 
2.11

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

Page 5

 
PINEHURST PARK HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.13

CORPORATION AND DEFERRED TAXATION

The tax expense for the year comprises corporation and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Page 6

 
PINEHURST PARK HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.14

EXCEPTIONAL ITEMS

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 7
 


 
PINEHURST PARK HOMES LIMITED


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024


4.


TANGIBLE FIXED ASSETS






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 31 March 2023
9,750,000
74,523
299,900
67,662
15,331
10,207,416


Additions
38,840
-
113,052
-
1,358
153,250


Disposals
-
-
(241,445)
-
-
(241,445)



At 30 March 2024

9,788,840
74,523
171,507
67,662
16,689
10,119,221



Depreciation


At 31 March 2023
-
30,388
95,459
31,117
9,488
166,452


Charge for the year on owned assets
-
18,631
32,616
16,916
2,021
70,184


Disposals
-
-
(40,773)
-
-
(40,773)



At 30 March 2024

-
49,019
87,302
48,033
11,509
195,863



Net book value



At 30 March 2024
9,788,840
25,504
84,205
19,629
5,180
9,923,358



At 30 March 2023
9,750,000
44,135
204,441
36,545
5,843
10,040,964

Page 8
 
PINEHURST PARK HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

           4.TANGIBLE FIXED ASSETS (CONTINUED)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
9,788,840
9,750,000

9,788,840
9,750,000


The property was professionally revalued in August 2023 by agents at market value, the Director chose to
adopt this valuation as at 31 March 2024.


5.


STOCKS AND WORK IN PROGRESS

2024
2023
£
£

Work in progress
15,402
-

Stock
77,491
12,000

92,893
12,000



6.


DEBTORS

As restated
2024
2023
£
£


Amounts owed by group undertakings
820,705
1,269,480

Other debtors
835,432
525,019

Prepayments and accrued income
61,590
65,117

1,717,727
1,859,616


Page 9

 
PINEHURST PARK HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

7.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Bank loans
7,121,698
7,147,892

Trade creditors
66,513
19,847

Amounts owed to group undertakings
667,960
706,131

Corporation tax
360,892
279,095

Obligations under finance lease and hire purchase contracts
26,746
30,372

Other creditors
325,260
365,858

Accruals and deferred income
9,472
88

8,578,541
8,549,283


Bank loans are secured over the freehold property to which they relate.


8.


CREDITORS: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
23,740
125,264

23,740
125,264


Details of security provided:
 
The loans are secured over the assets to which they relate.

Page 10

 
PINEHURST PARK HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

9.


DEFERRED TAXATION




2024
2023


£

£






At beginning of year
(54,553)
(83,885)


Charged to profit or loss
44,484
(23,903)


Charged to other comprehensive income
-
53,235



At end of year
(10,069)
(54,553)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(10,069)
(54,553)


10.


SHARE CAPITAL

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) ordinary shares of £1.00 each
100
100



11.


RELATED PARTY TRANSACTIONS

During the year the Company operated loans with the Directors of the Company. The amount owed from the Director at the end of the year was £615,039 (2023 - £380,836). Interest of £10,763 (2023 - £5,109) has been charged on the overdrawn balance. The loan, which is unsecured and repayable on demand, is shown within debtors.
During the year the Company continued its intercompany loan with its fellow subsidiaries and parent company. The balance owed from group companies is £152,745 (2023 - £563,349). The balance is interest free and repayable on demand.

Page 11

 
PINEHURST PARK HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

12.


PRIOR YEAR ADJUSTMENT

A prior year adjustment has been recognised to move costs previously recognised in the Directors Loan Account to a fellow group company. The effect of this adjustment has reduced the amounts owed from the Director by £32,000 and increased amounts owed from group companies by £32,000.


13.


CONTINGENT LIABILITIES

The company is jointly and severally liable in respect of the group's bank loan facilities, which amounted to £13,673,544 as at 31 March 2024 (2023 - £12,427,559). A debenture is secured over group assets.


14.


CONTROLLING PARTY

As of the balance sheet date the controlling party is H & S Simmons Limited, by virtue of its 100% shareholding.
The Ultimate Controlling Party is Mr H Simmons and Mrs G Simmons by virtue of their joint shareholding in H & S Simmons Limited.

Page 12