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Company No: 13477333 (England)

NC TOURING PARK LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH THE REGISTRAR

NC TOURING PARK LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

Contents

NC TOURING PARK LTD

BALANCE SHEET

AS AT 30 JUNE 2024
NC TOURING PARK LTD

BALANCE SHEET (continued)

AS AT 30 JUNE 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 69,000 73,000
Tangible assets 4 524,280 532,486
593,280 605,486
Current assets
Stocks 8,525 8,911
Debtors 5 21,266 12,567
Cash at bank and in hand 500 26,088
30,291 47,566
Creditors: amounts falling due within one year 6 ( 471,926) ( 470,384)
Net current liabilities (441,635) (422,818)
Total assets less current liabilities 151,645 182,668
Creditors: amounts falling due after more than one year 7 ( 190,247) ( 205,147)
Net liabilities ( 38,602) ( 22,479)
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account ( 38,604 ) ( 22,481 )
Total shareholders' deficit ( 38,602) ( 22,479)

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of NC Touring Park Ltd (registered number: 13477333) were approved and authorised for issue by the Board of Directors on 14 March 2025. They were signed on its behalf by:

Timothy Reed
Director
Madeline Lynch
Director
NC TOURING PARK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
NC TOURING PARK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

NC Touring Park Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England. The address of the Company's registered office is 1c Pinecliffe Avenue, Bournemouth, BH6 3PY, England, United Kingdom. The principal place of business is The Halladale Inn & North Coast Touring Park, Melvich, KW14 7YJ.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £38,602. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided to customers, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs are the contributions payable in the financial year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 20 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Computer equipment 4 years straight line

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from other related parties 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 11 13

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 July 2023 80,000 80,000
At 30 June 2024 80,000 80,000
Accumulated amortisation
At 01 July 2023 7,000 7,000
Charge for the financial year 4,000 4,000
At 30 June 2024 11,000 11,000
Net book value
At 30 June 2024 69,000 69,000
At 30 June 2023 73,000 73,000

4. Tangible assets

Land and buildings Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 July 2023 404,460 36,668 147,783 548 589,459
Additions 9,527 0 16,465 0 25,992
At 30 June 2024 413,987 36,668 164,248 548 615,451
Accumulated depreciation
At 01 July 2023 0 1,076 55,646 251 56,973
Charge for the financial year 0 8,898 25,163 137 34,198
At 30 June 2024 0 9,974 80,809 388 91,171
Net book value
At 30 June 2024 413,987 26,694 83,439 160 524,280
At 30 June 2023 404,460 35,592 92,137 297 532,486

5. Debtors

2024 2023
£ £
Prepayments 10,270 9,854
Other debtors 10,996 2,713
21,266 12,567

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts (secured) 19,625 15,273
Trade creditors 27,475 25,039
Amounts owed to directors 409,785 376,268
Accruals 6,211 5,593
Other taxation and social security 8,335 17,978
Other creditors 495 30,233
471,926 470,384

The bank loan is secured over The Halladale Inn and North Coast Touring Park.

Amounts owed to directors and other creditors are interest free and have no fixed terms of repayment.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 190,247 205,147

The bank loan is secured over The Halladale Inn and North Coast Touring Park.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured) 120,888 138,139

The bank loan is secured over The Halladale Inn and North Coast Touring Park.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Key management personnel 409,785 376,269

These balances are interest free and have no fixed terms of repayment.