Registered number: 10211859
WHITE HORSE PARK LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 29 MARCH 2024
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WHITE HORSE PARK LIMITED
REGISTERED NUMBER: 10211859
BALANCE SHEET
AS AT 29 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Page 1
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WHITE HORSE PARK LIMITED
REGISTERED NUMBER: 10211859
BALANCE SHEET (CONTINUED)
AS AT 29 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:
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Mr H Simmons
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The notes on pages 3 to 10 form part of these financial statements.
Page 2
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WHITE HORSE PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2024
White Horse Park Limited is a private Company limited by shares incorporated in England and Wales 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
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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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 Pound Sterling.
The level of rounding is to the nearest £.
The following principal accounting policies have been applied:
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.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Pitch Fees, recharges and other income are recognised on an accruals basis in the period to which they relate.
Sale of mobile homes are 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
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WHITE HORSE PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2024
2.ACCOUNTING POLICIES (continued)
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 lines
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 and site improvements 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.
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STOCK AND WORK IN PROGRESS
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Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs.
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Cash and cash equivalents
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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.
Page 4
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WHITE HORSE PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2024
2.ACCOUNTING POLICIES (continued)
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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value.
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.
Interest income is recognised in profit or loss using the effective interest method.
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CORPORATION AND DEFERRED TAXATION
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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 current income 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.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Page 5
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WHITE HORSE PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2024
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The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
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At 30 March 2023 (as previously stated)
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At 30 March 2023 (as restated)
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At 30 March 2023 (as previously stated)
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At 30 March 2023 (as restated)
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Charge for the year on owned assets
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At 29 March 2023 (as restated)
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The net book value of land and buildings may be further analysed as follows:
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Page 6
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WHITE HORSE PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2024
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STOCK AND WORK IN PROGRESS
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Unit stock is included in a stocking facility in which the creditor is secured against the relevant stock units and included in hire purchase creditors.
As at 29 March 2024 the total stocking facility is secured against gross assets with a cost of £714,103 (2023 - £445,302), of which £151,308 (2023 - £365,801) is recognised in White Horse Park Limited.
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Amounts owed by group undertakings
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Prepayments and accrued income
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Page 7
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WHITE HORSE PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2024
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Amounts owed to group undertakings
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Obligations under finance lease and hire purchase contracts
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The following liabilities were secured:
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Obligations under finance lease and hire purchase contracts
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Details of security provided:
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Stock units purchased under a stock facility have been recognised in the balance sheet of fellow subsidiaries to which they relate. Hire purchase contracts are secured against the relevant stock units and included in hire purchase creditors.
Bank loans are secured against the freehold to which they relate and a Director guarantee.
Page 8
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WHITE HORSE PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2024
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Charged to profit or loss
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Charged to other comprehensive income
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Allotted, called up and fully paid
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100 (2023 - 100) Ordinary shares of £1.00 each
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The company is jointly and severally liable in respect of the group's bank loan facilities, which amounted to £13,673,544 as at 29 March 2024 (2023 - £12,427,559). A debenture is secured over group assets.
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RELATED PARTY TRANSACTIONS
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The amount due from the Director at the end of the year was £1,195,800 (2023 - £994,314). Interest of £24,633 (2023 - £13,848) has been charged on this overdrawn balance. The loan, which is unsecured and repayable on demand, is shown within other debtors.
During the year the company continued its intercompany loan with its fellow subsidiaries. The balance as at 31 March 2024 is £870,216 (2023 - £164,590). This balance is shown within debtors and creditors and is interest free and repayable on demand.
During the year fellow subsidiaries recharged expenses paid on behalf of White Horse Park Limited totalling £3,600 (2023 - £2,900).
During the year, stock units were sold to fellow subsidiaries at cost, this totalled £834,795 (2023 - £377,232).
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Page 9
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WHITE HORSE PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2024
An adjustment to the year ended 29 March 2022 has been recognised to move costs previously recognised in the Directors Loan Account to fixed assets and administrative expenses. The effect of this adjustment has reduced the amounts owed from the Director by £3,043, increased tangible fixed assets by £1,743, and increased administrative expenses by £1,300. Additional depreciation has been recognised on tangible fixed assets, this has increased administrative expenses and reduced tangible fixed asets by a further £218. The profit and loss account has been reduced in total by £1,518.
An adjustment to the year ended 29 March 2023 has been recognised to move costs previously recognised in the Directors Loan Account to administrative expenses. The effect of this adjustment has reduced the amounts owed from the Director by £2,561 and increased administrative expenses by £2,561. Additional depreciation of £381 has been recognised on tangible fixed assets per the above adjustment. The profit and loss account has been reduced in total by £2,942.
The controlling party of the Company is H & S Simmons Limited by virtue of a 100% shareholding in White Horse Park Limited.
The Ultimate Controlling Party is Mr H Simmons and Mrs G Simmons by virtue of their joint shareholding in H & S Simmons Limited.
Page 10
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