| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 August 2024 |
| for |
| Sunseeker Holiday Homes Limited |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 August 2024 |
| for |
| Sunseeker Holiday Homes Limited |
| Sunseeker Holiday Homes Limited (Registered number: 11912005) |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Statement of Income and Retained Earnings | 10 |
| Balance Sheet | 11 |
| Notes to the Financial Statements | 12 |
| Sunseeker Holiday Homes Limited |
| Company Information |
| for the Year Ended 31 August 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 63 Broad Green |
| Wellingborough |
| Northamptonshire |
| NN8 4LQ |
| Sunseeker Holiday Homes Limited (Registered number: 11912005) |
| Strategic Report |
| for the Year Ended 31 August 2024 |
| Principal Activities |
| The principal activity of the group during the year continued to be manufacture of holiday park homes. |
| Business review |
| The Directors report that the group made a loss before tax of -£729,285 (2023 profit £1,234,253). Shareholders funds amounted to £842,050 (2023 £1,423,025). |
| Key performance indicators ('KPIs') |
| 2024 | 2023 |
| £ | £ |
| Turnover | 8,447,087 | 16,169,667 |
| Profit/(Loss) before taxation | (729,285) | 1,234,253 |
| Shareholder's funds | 842,050 | 1,423,025 |
| The key performance indicators reflect a difficult year with excess stock in the market from competitors not adjusting their levels of production after the peak from Covid. Sunseeker will continue to search out new opportunities, particularly by innovating for existing and new customers, to increase turnover again. |
| Principal risk and Uncertainties |
| Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. |
| General economic Risk |
| The company is exposed to general economic risk, including changes in the economic outlook in the mobile home sector. Increasing levels of inflation and disruption to supply chains caused by various worldwide events and the financial and economic uncertainty that this brings. The company is also exposed to the risk of future government changes in industrial, fiscal, monetary or regulatory policies. The company has an effective revenue strategy by monitoring costs and demand. This reduces, though does not eliminate, the financial impact arising from such adverse conditions. |
| Price Risk |
| The company is exposed to price risk due to normal inflationary increases in the purchase price of goods and services in the UK. |
| Demand risk |
| The main risk facing the company is that demand for new park homes doesn't continue. The company responds to changes in the market and customer demands to try and maintain its position in the market. |
| Quality risk |
| Failure to meet customer expectation in terms of quality. The company is at the forefront of innovation and is continually looking for ways to improve and manufacture homes. The Directors work closely with customers and suppliers to ensure that the products meet or exceed expectations as far as possible. |
| Credit risk |
| The company seeks to manage its credit risk by establishing clear contractual relationships with customers and by identifying and addressing any credit issues arising in a timely manner. |
| Liquidity Risk - Management maintains cash flow in order to ensure the company is able to meet its liabilities as they fall due. |
| Sunseeker Holiday Homes Limited (Registered number: 11912005) |
| Strategic Report |
| for the Year Ended 31 August 2024 |
| Interest rate Risk |
| The company has interest bearing liabilities with a fixed interest rate for the duration. |
| Future Developments |
| The management are focused on improving sales of manufacturing. |
| Post Balance Sheet Events |
| The Company entered into a Loan Repayment and Share Transfer Deed of Agreement with Dennis Ashton , Richard Moore, Mark Christison and SRG Park Holdings Limited. See Note 20 to the accounts for full details. |
| ON BEHALF OF THE BOARD: |
| 28 May 2025 |
| Sunseeker Holiday Homes Limited (Registered number: 11912005) |
| Report of the Directors |
| for the Year Ended 31 August 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 August 2024. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 August 2024. |
| EVENTS SINCE THE END OF THE YEAR |
| Information relating to events since the end of the year is given in the notes to the financial statements. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report. |
| Other changes in directors holding office are as follows: |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| Sunseeker Holiday Homes Limited (Registered number: 11912005) |
| Report of the Directors |
| for the Year Ended 31 August 2024 |
| AUDITORS |
| The auditors, Clifford Roberts - Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Sunseeker Holiday Homes Limited |
| Opinion |
| We have audited the financial statements of Sunseeker Holiday Homes Limited (the 'company') for the year ended 31 August 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its loss for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| Sunseeker Holiday Homes Limited |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| Sunseeker Holiday Homes Limited |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| - | We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: Companies Act 2006, UK Generally Accepted Accounting Practice. |
| - | We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and by observing the oversight of management, the culture of honesty and ethical behaviour and whether strong emphasis is placed on fraud prevention, which may reduce the opportunities for fraud to take place, and fraud deterrence, which could persuade individuals not to commit fraud in the first instance. We corroborated our inquiries through our review of all relevant available audit information. |
| - | We assessed and understood the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. The audit procedures performed by the engagement team included: |
| - | Identifying and assessing the design and effectiveness of controls management has in place to prevent and detect fraud; |
| - | Understanding how senior management consider and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
| - | Performing audit work on the risk of management override of the controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing the accounting estimates for bias; and |
| - | Assessing the extent of compliance with the relevant laws and regulations. |
| Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Sunseeker Holiday Homes Limited |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| 63 Broad Green |
| Wellingborough |
| Northamptonshire |
| NN8 4LQ |
| Sunseeker Holiday Homes Limited (Registered number: 11912005) |
| Statement of Income and Retained Earnings |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING (LOSS)/PROFIT | 5 | ( |
) |
| Interest receivable and similar income |
| (658,229 | ) | 1,298,437 |
| Interest payable and similar expenses | 6 |
| (LOSS)/PROFIT BEFORE TAXATION | ( |
) |
| Tax on (loss)/profit | 7 | ( |
) |
| (LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
| Retained earnings at beginning of year |
| RETAINED EARNINGS AT END OF YEAR |
| Sunseeker Holiday Homes Limited (Registered number: 11912005) |
| Balance Sheet |
| 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 8 |
| CURRENT ASSETS |
| Stocks | 9 |
| Debtors | 10 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 11 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
12 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 17 |
| Share premium | 18 |
| Retained earnings | 18 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Sunseeker Holiday Homes Limited (Registered number: 11912005) |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| Sunseeker Holiday Homes Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows. |
| Significant judgements and estimates |
| Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include deferred taxation and the estimated useful economic life of tangible fixed assets. |
| Revenue |
| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised: |
| Sale of goods |
| Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
| - The Company has transferred the significant risks and rewards of ownership to the buyer; |
| - The Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
| - The amount of revenue can be measured reliably; |
| - It is probable that the Company will receive the consideration due under the transaction; and |
| - The costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Sunseeker Holiday Homes Limited (Registered number: 11912005) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour. |
| 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. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Sunseeker Holiday Homes Limited (Registered number: 11912005) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
| Creditors |
| Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method |
| Provisions for liabilities |
| Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
| Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
| When payments are eventually made, they are charged to the provision carried in the Balance Sheet. |
| 3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
| In the application of the Company's accounting policies, management have been required to make judgments, estimates and assumptions. These estimates which relate to the carrying value of assets and liabilities, where not readily available from other sources, are based on underlying assumptions and experience. Actual results may differ from these estimates. These estimates and assumptions are reviewed on an on-going basis. |
| Sources of estimation uncertainty: |
| Depreciation rates are based on estimates of the useful lives and residual values of the associated assets. |
| Warranty provisions are based on an estimated additional spend per home, for snagging and costs applicable to homes already delivered. |
| Labour absorptions are based on an estimated values for net sales, and then multiplied by the stage completion on each job. |
| Sunseeker Holiday Homes Limited (Registered number: 11912005) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and Salaries | 2,120,160 | 2,897,278 |
| Social Security costs | 199,546 | 276,243 |
| Other Pension costs | 42,807 | 57,395 |
| 2,348,152 | 3,230,916 |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Weekly | 50 | 74 |
| Monthly | 19 | 18 |
| 69 | 92 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| 5. | OPERATING (LOSS)/PROFIT |
| The operating loss (2023 - operating profit) is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Other operating leases |
| Depreciation - owned assets |
| Loss on disposal of fixed assets |
| Auditors' remuneration |
| Auditors' remuneration for non audit work |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank interest |
| Other interest |
| Sunseeker Holiday Homes Limited (Registered number: 11912005) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 7. | TAXATION |
| Analysis of the tax (credit)/charge |
| The tax (credit)/charge on the loss for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Corporation Tax prior year adj | (137,999 | ) | - |
| Total current tax | ( |
) |
| Deferred tax | ( |
) | ( |
) |
| Tax on (loss)/profit | ( |
) |
| UK corporation tax was charged at 25%) in 2023. |
| Reconciliation of total tax (credit)/charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| (Loss)/profit before tax | ( |
) |
| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of |
( |
) |
| Effects of: |
| Expenses not deductible for tax purposes |
| Depreciation in excess of capital allowances |
| Change in tax rate | 30,347 | (50,799 | ) |
| Origination and reversal of timing differences | - | (2,013 | ) |
| temporary timing differences | (20,311 | ) | - |
| Total tax (credit)/charge | (158,310 | ) | 261,343 |
| Sunseeker Holiday Homes Limited (Registered number: 11912005) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 8. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor | Computer |
| machinery | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 September 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 9. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Stocks |
| Work-in-progress |
| Finished goods |
| 10. | DEBTORS |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| VAT |
| Deferred tax asset |
| Prepayments |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| Sunseeker Holiday Homes Limited (Registered number: 11912005) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accrued expenses |
| 12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other loans (see note 13) |
| Amounts owed to group undertakings |
| Accruals and deferred income |
| 13. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due between one and two years: |
| Other loans | 99,800 |
| 14. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| Sunseeker Holiday Homes Limited (Registered number: 11912005) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 15. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Other loans |
| Group | 666,704 | 660,000 |
| Security shareholders loans includes a fixed and floating charge over all assets. |
| Interest is charged on the shareholder loans at 4% per annum over the Bank of England base rate. |
| 16. | DEFERRED TAX |
| £ |
| Balance at 1 September 2023 | ( |
) |
| Accelerated capital allowances | (20,311 | ) |
| Temporary timing difference |
| Balance at 31 August 2024 | ( |
) |
| 17. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | 1 | 400 | 400 |
| 18. | RESERVES |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 September 2023 | 1,422,625 |
| Deficit for the year | ( |
) | ( |
) |
| Prior year adjustment | - | (9,800 | ) | (9,800 | ) |
| At 31 August 2024 | 841,850 |
| 19. | RELATED PARTY DISCLOSURES |
| The company previously received a loan from its parent company amounting to £666,704. At the year end the balance outstanding is £666,704 (2023: £666,704). Interest is chargeable on the loan at 4% over base rate and is repayable on demand. |
| During the year, the ultimate controlling company provided consultancy services amounting to £30,000 (2023: £30,000). At the year end the amount owed to the ultimate controlling company was £24,000 (2023: nil). |
| Sunseeker Holiday Homes Limited (Registered number: 11912005) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 20. | POST BALANCE SHEET EVENTS |
| Subsequent to the balance sheet date the Company entered into a Loan Repayment and Share Transfer Deed of Agreement with the Dennis Ashton (DA), Richard Moore (RM), Mark Christison (MC), and SRG Park Holdings Limited (SRG). |
| As at February 2025, the Company had outstanding Shareholder Loans totalling £523,631 owed to DA, RM, MC, and SRG. |
| The Agreement provides for the repayment of Shareholder Loans owed to MC and SRG and the transfer of certain Shares, structured to alter the Company's capital structure and ownership. |
| Certain shares held by SRG and MC have been transferred to DA and RM by way of gift for nil consideration. Following these initial transfers, the shareholdings have become: SRG 46.75%, MC 2.75%, DA 25.25%, and RM 25.25%. |
| Monthly repayments towards the outstanding balances of the MC and SRG Shareholder Loans are scheduled to commence on 1st January 2026. The commencement date may be brought forward if the Company meets certain criteria before January 2026. |
| Further share transfers from SRG and MC to DA and RM are conditional upon the reduction of the aggregate outstanding balance of the MC and SRG Shareholder Loans. |
| The final share transfer stage occurs when the combined MC and SRG loan balance is nil. This would result in a final shareholding structure where SRG holds 0%, MC holds 0%, DA holds 50%, and RM holds 50%. These subsequent transfers are also by way of gift for nil consideration. |
| Upon the full and irrevocable repayment of their respective Shareholder Loans and completion of applicable share transfers, MC is to release the MC Debenture and related obligations, and SRG is to release the SRG Debenture and related obligations. MC and SRG will also be released from certain prior agreements, including the Shareholders Agreement and Deed of Priority. |
| Until the MC and SRG Shareholder Loans are fully repaid, the Company is subject to various restrictions without prior written consent from MC and SRG. These include inter alia limitations on declaring dividends, repaying other shareholder loans, incurring certain new debt or security, disposing of material assets outside the ordinary course of business etc.. |
| The obligations to make repayments and transfer shares are subject to the Company being solvent at the time of these actions and reasonably expected to remain solvent for the following 12 months, taking into account the effect of these actions. |
| This Agreement represents a significant post-balance sheet event that will materially impact the Company's debt levels, financing arrangements, security over assets, ownership structure, governance, and future cash flow management. |
| 21. | ULTIMATE CONTROLLING PARTY |
| The controlling party is SRG Park Holdings Limited. |
| The ultimate controlling party is |
| SRG Park Holdings Limited and Silvro Limited's registered office: |
| 1 Saxon House |
| Headway Business Park |
| Corby |
| Northants |
| NN18 9EZ |