Company Registration No. 13515164 (England and Wales)
TRAILER PARK GROUP UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TRAILER PARK GROUP UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
TRAILER PARK GROUP UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
Year
Period
ending
ending
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
500,811
93,532
Investments
5
13,746,832
12,156,171
14,247,643
12,249,703
Current assets
Debtors
6
1,968,753
2,037,839
Cash at bank and in hand
33,787
1,461,260
2,002,540
3,499,099
Creditors: amounts falling due within one year
7
(4,317,850)
(8,230,702)
Net current liabilities
(2,315,310)
(4,731,603)
Total assets less current liabilities
11,932,333
7,518,100
Creditors: amounts falling due after more than one year
8
(6,981,565)
-
Provisions for liabilities
(22,977)
-
Net assets
4,927,791
7,518,100
Capital and reserves
Called up share capital
1
1
Other reserves
3,150,000
3,150,000
Profit and loss reserves
1,777,790
4,368,099
Total equity
4,927,791
7,518,100
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 4 April 2025 and are signed on its behalf by:
Mr D Zuaiter
Director
Company Registration No. 13515164
TRAILER PARK GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Trailer Park Group UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Third Floor Threeways House, 40/44 Clipstone Street, London, United Kingdom, W1W 5DE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources, including the availability of group funding to assist with the cash flow and working capital of the company as needed, to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Reporting period
The current figures relate to the year ended 31 December 2023. The comparative figures are for the period 1 October 2021 to 31 December 2022. Therefore, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.4
Turnover
Turnover is recognised at the fair value of consideration received or receivable in line with the delivery of projects to the customer or at designated milestones, and is shown net of VAT. When payment is received in advance of the delivery of projects turnover is deferred until the project is delivered or the designated milestone has been reached.
Turnover may also include any relevant expenses incurred in line with the project completion which are recharged to the client on a like for like basis as per the agreed terms and conditions of service.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over the life of the lease
Plant and equipment
Straight line over 5 years
Fixtures and fittings
Straight line over 7 years
Computer equipment
Straight line over 5 years
TRAILER PARK GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.
1.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price. 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. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
TRAILER PARK GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
TRAILER PARK GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 5 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Deferred Income
When payment is received in advance of the delivery of projects turnover is deferred until the project is delivered or the designated milestone has been reached. Where projects are on-going at the year end project teams are required to estimate the stage of completion to determine the amount of revenue which should be deferred. At 31 December 2023 deferred income amounted to £522,392 (2022: £1,161,502).
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
37
21
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
105,724
105,724
Additions
317,772
9,405
12,410
197,892
537,479
At 31 December 2023
317,772
9,405
12,410
303,616
643,203
Depreciation and impairment
At 1 January 2023
12,192
12,192
Depreciation charged in the year
65,127
1,902
1,898
61,273
130,200
At 31 December 2023
65,127
1,902
1,898
73,465
142,392
Carrying amount
At 31 December 2023
252,645
7,503
10,512
230,151
500,811
At 31 December 2022
93,532
93,532
5
Fixed asset investments
2023
2022
£
£
Investment in subsidiary
13,746,832
12,156,171
TRAILER PARK GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost
At 1 January 2023
12,156,171
Additions
1,590,661
At 31 December 2023
13,746,832
Carrying amount
At 31 December 2023
13,746,832
At 31 December 2022
12,156,171
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,370,051
1,059,107
Corporation tax recoverable
13,964
Prepayments and accrued income
380,522
774,516
1,764,537
1,833,623
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
204,216
204,216
Total debtors
1,968,753
2,037,839
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
60,961
63,060
Amounts owed to group undertakings
3,322,109
6,542,188
Corporation tax
64,409
Other taxation and social security
231,546
280,268
Accruals and deferred income
703,234
1,280,777
4,317,850
8,230,702
TRAILER PARK GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Intercompany loan
6,981,565
9
Financial commitments, guarantees and contingent liabilities
A connected company has secured fixed and floating charges over the undertakings of the company as security for a group credit facility amounting to $99,722,375 (2022: $99,722,375).
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
340,360
283,633
Between two and five years
964,353
1,304,713
1,304,713
1,588,346
11
Parent company
The immediate parent company is Trailer Park Inc, a company incorporated in the USA with registered office at 6922 Hollywood Blvd, 10th Floor, Hollywood, CA 90028.
The ultimate controlling party is Erie Street TPG Investment, LLC, a company incorporated in the USA with registered office at 444 West Lake Street, Suit 3460, Chicago, IL, 60606.
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Simon Mott-Cowan.
The auditor was HW Fisher Audit.
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