Company No: 00570389 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Intangible assets	3	132		264
Tangible assets	4	4,721,227		4,532,570
		4,721,359		4,532,834
Current assets
Stocks		44,694		40,654
Debtors	5	122,990		121,266
Cash at bank and in hand		39,337		261,360
		207,021		423,280
Creditors: amounts falling due within one year	6	( 843,792)		( 744,455)
Net current liabilities		(636,771)		(321,175)
Total assets less current liabilities		4,084,588		4,211,659
Creditors: amounts falling due after more than one year	7	( 1,355,017)		( 1,581,029)
Provision for liabilities		( 490,000)		( 402,000)
Net assets		2,239,571		2,228,630
Capital and reserves
Called-up share capital	8	1,000		1,000
Profit and loss account		2,238,571		2,227,630
Total shareholders' funds		2,239,571		2,228,630

For the financial year ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Richards Holiday Developments (Woolacombe) Limited (registered number: 00570389) were approved and authorised for issue by the Board of Directors on 02 April 2025. They were signed on its behalf by:

Mrs N E McCormick Director

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

Richards Holiday Developments (Woolacombe) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Woolacombe Sands Holiday Park, Station Road, Woolacombe, EX34 7AF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, 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 have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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 stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the customer. Revenue from services is recognised as the customer receives the benefit of the service provided. Turnover from the sale of goods is recognised when the goods are physically purchased by the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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:

Trademarks, patents and licences

10 years straight line

Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 10 years which is their estimated useful economic life. Provision is made for any impairment.

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	50 years straight line
Plant and machinery	3 - 10 years straight line
Vehicles	20 % reducing balance
Fixtures and fittings	15 % reducing balance
Other property, plant and equipment	10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 Statement of Income and Retained Earnings 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 is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	53		49

3. Intangible assets

	Trademarks, patents and licences		Total
	£		£
Cost
At 01 November 2023	1,320		1,320
At 31 October 2024	1,320		1,320
Accumulated amortisation
At 01 November 2023	1,056		1,056
Charge for the financial year	132		132
At 31 October 2024	1,188		1,188
Net book value
At 31 October 2024	132		132
At 31 October 2023	264		264

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Fixtures and fittings		Other property, plant and equipment		Total
	£		£		£		£		£		£
Cost
At 01 November 2023	4,159,846		691,734		139,999		240,516		1,774,216		7,006,311
Additions	531,444		32,735		0		898		0		565,077
Disposals	( 40,447)		( 106,735)		( 39,518)		( 18,969)		( 114,227)		( 319,896)
At 31 October 2024	4,650,843		617,734		100,481		222,445		1,659,989		7,251,492
Accumulated depreciation
At 01 November 2023	901,844		232,742		83,523		92,530		1,163,102		2,473,741
Charge for the financial year	93,019		45,546		9,915		21,482		110,499		280,461
Disposals	( 7,241)		( 56,575)		( 32,617)		( 13,277)		( 114,227)		( 223,937)
At 31 October 2024	987,622		221,713		60,821		100,735		1,159,374		2,530,265
Net book value
At 31 October 2024	3,663,221		396,021		39,660		121,710		500,615		4,721,227
At 31 October 2023	3,258,002		458,992		56,476		147,986		611,114		4,532,570

5. Debtors

	2024		2023
	£		£
Trade debtors	96,664		40,532
Amounts owed by directors	0		81
Prepayments	26,326		80,653
	122,990		121,266

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans (secured)	365,906		365,145
Trade creditors	158,424		110,028
Amounts owed to directors	72,497		27,681
Accruals	84,517		82,294
Other taxation and social security	151,526		155,107
Other creditors	10,922		4,200
	843,792		744,455

Included in Bank loans due within 1 year are loans of £365,906 (2023: £365,145) on which the following security has been provided:

1. A personal guarantee pledged by a director of up to £1,000,000.
2. A fixed and floating charge over assets of company.

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

	2024		2023
	£		£
Bank loans (secured)	1,355,017		1,581,029

Included in Bank loans due after 1 year are loans of £1,355,017 (2023: £1,581,029) on which the following security has been provided:

1. A personal guarantee pledged by a director of up to £1,000,000.
2. A fixed and floating charge over assets of company.

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

	2024		2023
	£		£
Bank loans	697,060		746,572

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each	1,000		1,000

9. Financial commitments

Commitments

	2024		2023
	£		£
Total future minimum lease payments under non-cancellable operating lease	17,615		31,532

10. Related party transactions

Transactions with the entity's directors

	2024		2023
	£		£
Amounts owed by a director	0		81

Amounts owed by directors are repayable on demand and do not attract interest.