Year Ended
Registration number:
SBL Parks & Leisure Holdings Limited
Contents
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Company Information |
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Strategic Report |
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Director's Report |
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Statement of Director's Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
SBL Parks & Leisure Holdings Limited
Company Information
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Director |
Mr M J Taylor |
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Registered office |
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Auditors |
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SBL Parks & Leisure Holdings Limited
Strategic Report
Year Ended 31 October 2024
The director presents his strategic report for the year ended 31 October 2024.
Principal activity
The principal activity of the company is that of a holding company. The principal activity of the group is the retailing and refurbishing of caravans and operating caravan parks.
Fair review of the business
As we reflect on the past year, it’s clear that 2024 presented a mix of challenges and opportunities for our business. Despite economic headwinds, shifting consumer trends, and external pressures, we have navigated through these complexities with resilience and adaptability.
Interest rates remained high for most of the year, leading to a slowdown in both retail and hire fleet sales. A wetter-than-average winter also impacted momentum, with many holiday parks reporting a 15-25% decline in customers, partly due to the increased demand for foreign travel.
Compounding these challenges, the announcement of a general election created uncertainty, slowing the demand for holiday homes and leading to an overproduction from caravan manufacturers. Additionally, global economic difficulties, increased National Insurance Contributions (NIC), and a rise in the national minimum wage placed added strain on operational costs, impacting both our business and suppliers. As a result, retail prices could be subject to further increases, though only time will tell how these shifts influence consumer purchasing behaviour.
The decline in the letting market, coupled with a strategic need to reduce overheads, led to a noticeable increase in caravan owners selling their units on holiday parks. This influx of stock made new caravan sales more competitive, driving higher industry stock levels. However, we are encouraged by the steady decline in stock levels over the past six months, with early signs of market stabilisation and potential growth.
Encouragingly, despite broader economic uncertainty, interest in retail holiday home purchases remains strong, particularly among our primary customer base (aged 55-75). This demographic, being less impacted by inflation and interest rate fluctuations, continues to show confidence in holiday home investments. Moreover, ongoing global uncertainties and extreme weather conditions have reaffirmed the UK as a reliable and attractive holiday destination.
The used caravan sales market remains highly competitive, driven largely by increased stock availability. Despite this, our sales figures have remained steady. Higher wage costs and increased material prices associated with refurbishments have raised overheads, but our ability to retain strong margins, comparable to pre-pandemic seasons, has been a key success.
Looking ahead, we anticipate similar sales numbers for the new season. While increased competition may lead to price adjustments, demand remains robust, particularly among our established customer base, who continue to prioritize value-driven purchases.
Advance bookings for the upcoming season are slightly up compared to the previous year. While household budgets remain tight, booking patterns suggest a positive outlook, with peak dates performing strongly. Pricing flexibility will continue to be a focal point, allowing us to remain competitive while ensuring sustainable profitability.
SBL Parks & Leisure Holdings Limited
Strategic Report
Year Ended 31 October 2024
Our strategy for the caravan hire fleet remains selective. We are investing in upgrades at parks showing growth potential while reducing fleet units in other locations to boost retail sales. The demand for high-end holiday experiences remains high, particularly in the premium sector, apartments, bungalows, cottages, and lodges, which validates our ongoing investment in both existing properties and future acquisitions where viable.
Recruiting skilled staff continues to be a challenge across the industry. However, we firmly believe that investing time in hiring the right people and providing quality training is essential for sustained business growth. Attracting and retaining the best talent remains a top priority as we continue to expand our market share and maintain high service standards.
Despite the many obstacles faced over the past year, we are encouraged by the resilience of our business and the industry as a whole. While global uncertainties persist, we are optimistic that the UK’s economic turbulence is easing, allowing for a more stable and predictable trading environment.
The balance sheet remains strong, and the Directors consider that the results are encouraging considering what has been another challenging year whilst there are still conflicts around the world and with the UK’s economic turbulence. we are gradually settling back to pre-pandemic trading, and we remain confident that our balance sheet for this year will continue to be positive.
The group's key financial and other performance indicators during the year were as follows:
|
Unit |
2024 |
2023 |
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Sales |
£m |
25 |
32 |
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Gross profit |
% |
20 |
19 |
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Profit before tax |
£m |
1 |
2 |
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Net profit margin |
% |
2 |
5 |
Principal risks and uncertainties
Below are the principal risks that could impact the groups business model and future performance.
The directors are aware that the principal risks to the company relate to the wider economic uncertainties and may influence the demand for products and holidays.
Multiple interest rate rises and inclement weather can play a substantial role in depressing the market and inefficient production in the manufacturing process could have an impact on our product supply.
Approved by the
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SBL Parks & Leisure Holdings Limited
Director's Report
Year Ended 31 October 2024
The director presents his report and the for the year ended 31 October 2024.
Director of the group
The director who held office during the year was as follows:
Financial risk management objectives and policies
The main risks facing the company are set out below:
Price risk, credit risk, liquidity risk and cash flow risk
The group considers the major financial risks of the business to be linked to liquidity, cash flow and cyclical changes in the economy. The group mitigates these risks by carefully managing cash, stock and debt levels through forecasting and budgeting. The group also maintains close contact with its bank keeping them informed of developments and changes within the business. The experience of management enables the company to respond to changes in the economy and to adapt the group's strategy accordingly.
Trustee holdings
A discretionary trust owns 80% of the Ordinary shares in the company. Mr P Collings is one of the three trustees of this trust and is also a Partner of PKF Francis Clark, the company's auditor. Mr P Collings is neither a beneficiary of the trust or a responsible individual for the purposes of Audit Regulation and has no involvement in the audit of the company's accounts.
Disclosure of information to the auditor
The director has taken 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 auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.
Approved and authorised by the
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SBL Parks & Leisure Holdings Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
SBL Parks & Leisure Holdings Limited
Independent Auditor's Report to the Members of SBL Parks & Leisure Holdings Limited
Opinion
We have audited the financial statements of SBL Parks & Leisure Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 group's and the parent company's affairs as at 31 October 2024 and of the group's profit 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 group and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
SBL Parks & Leisure Holdings Limited
Independent Auditor's Report to the Members of SBL Parks & Leisure Holdings Limited
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Director's Report.
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities set out on page 5, the director is 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 director determines is 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 director is responsible for assessing the group’s and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
SBL Parks & Leisure Holdings Limited
Independent Auditor's Report to the Members of SBL Parks & Leisure Holdings Limited
Auditor’s 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 an auditor’s report 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.
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:
As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the company. We gained an understanding of the company and the industry in which the company operates as part of this assessment to identify the key laws and regulations affecting the company.
We identified the principal risks of non-compliance with laws and regulations as relating to the laws and regulations that have a direct impact on the preparation of the financial statements, including, but not limited to the reporting framework (FRS 102 and Companies Act 2006) and the relevant tax compliance regulations in the UK. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements including the risk of override of controls, and determined that the principal risks were related to fraudulent financial reporting.
We discussed with management how the compliance with these laws and regulations is monitored and obtained copies of the key policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the company complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non compliance with laws and regulations on the company’s ability to continue trading and the risk of material misstatement to the accounts.
We also addressed the risk of management override of internal controls, including testing of journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.
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. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
SBL Parks & Leisure Holdings Limited
Independent Auditor's Report to the Members of SBL Parks & Leisure Holdings 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 an auditor’s report 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.
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Melville Building East
Unit 18, 23 Royal William Yard
Devon
PL1 3GW
SBL Parks & Leisure Holdings Limited
Consolidated Profit and Loss Account
Year Ended 31 October 2024
|
Note |
2024 |
2023 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
- |
|
|
Interest payable and similar charges |
( |
( |
|
|
(544,702) |
(376,980) |
||
|
Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
Profit for the financial year |
|
|
|
|
Profit/(loss) attributable to: |
|||
|
Owners of the company |
|
|
SBL Parks & Leisure Holdings Limited
Consolidated Statement of Comprehensive Income
Year Ended 31 October 2024
|
2024 |
2023 |
|
|
Profit for the year |
|
|
|
Deferred tax movement on revalued fixed assets |
|
|
|
Total comprehensive income for the year |
|
|
|
Total comprehensive income attributable to: |
||
|
Owners of the company |
|
|
SBL Parks & Leisure Holdings Limited
Consolidated Balance Sheet
31 October 2024
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Note |
2024 |
2023 |
|
|
Fixed assets |
|||
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Intangible assets |
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|
|
|
Tangible assets |
|
|
|
|
|
|
||
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Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
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Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
100 |
100 |
|
|
Revaluation reserve |
1,850,350 |
1,825,972 |
|
|
Merger reserve |
724,565 |
724,565 |
|
|
Profit and loss account |
7,825,497 |
7,551,720 |
|
|
Equity attributable to owners of the company |
10,400,512 |
10,102,357 |
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Total equity |
10,400,512 |
10,102,357 |
Approved and authorised by the
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Company Registration Number: 11876205
SBL Parks & Leisure Holdings Limited
Balance Sheet
31 October 2024
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Note |
2024 |
2023 |
|
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Fixed assets |
|||
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Investments |
|
|
|
|
Current assets |
|||
|
Cash at bank and in hand |
1 |
1 |
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current liabilities |
( |
( |
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
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Called up share capital |
100 |
100 |
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Shareholders' funds |
100 |
100 |
The company has taken the exemption in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The company made a profit after tax for the financial year of £191,600 (2023 - profit of £240,121).
Approved and authorised by the
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Company Registration Number: 11876205
SBL Parks & Leisure Holdings Limited
Consolidated Statement of Changes in Equity
Year Ended 31 October 2024
|
Share capital |
Revaluation reserve |
Merger reserve |
Profit and loss account |
Total |
|
|
At 1 November 2023 |
|
|
|
|
|
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Profit for the year |
- |
- |
- |
|
|
|
Other comprehensive income |
- |
|
- |
- |
|
|
Total comprehensive income |
- |
|
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
At 31 October 2024 |
|
|
|
|
|
|
Share capital |
Revaluation reserve |
Merger reserve |
Profit and loss account |
Total |
|
|
At 1 November 2022 |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Other comprehensive income |
- |
|
- |
- |
|
|
Total comprehensive income |
- |
|
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
Transfers |
- |
(97,512) |
- |
97,512 |
- |
|
At 31 October 2023 |
|
|
|
|
|
SBL Parks & Leisure Holdings Limited
Statement of Changes in Equity
Year Ended 31 October 2024
|
Share capital |
Profit and loss account |
Total |
|
|
At 1 November 2023 |
|
- |
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 31 October 2024 |
|
- |
|
|
Share capital |
Profit and loss account |
Total |
|
|
At 1 November 2022 |
|
- |
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 31 October 2023 |
100 |
- |
100 |
SBL Parks & Leisure Holdings Limited
Consolidated Statement of Cash Flows
Year Ended 31 October 2024
|
Note |
2024 |
2023 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items; |
|||
|
Depreciation and amortisation |
|
|
|
|
Profit on disposal of tangible assets |
- |
( |
|
|
Finance income |
( |
- |
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
Decrease/(increase) in stocks |
|
( |
|
|
Decrease in trade debtors |
|
|
|
|
(Decrease)/increase in trade creditors |
( |
|
|
|
Cash generated from operations |
( |
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
( |
( |
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
- |
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
- |
|
|
|
Acquisition of intangible assets |
( |
- |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from bank borrowing draw downs |
|
|
|
|
Repayment of bank borrowing |
( |
( |
|
|
Proceeds from other borrowing draw downs |
|
|
|
|
Repayment of other borrowing |
( |
- |
|
|
Payments to finance lease creditors |
( |
( |
|
|
Interest on preference shares |
( |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
|
|
|
|
Net decrease in cash and cash equivalents |
( |
( |
|
|
Cash and cash equivalents at 1 November |
8,735 |
2,185,431 |
|
|
Cash and cash equivalents at 31 October |
(2,192,725) |
8,735 |
|
SBL Parks & Leisure Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 October 2024.
As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
SBL Parks & Leisure Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2024
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Judgements
The company obtains periodic independent valuations of its freehold property and caravan fleet asset classes to ensure that carrying value in the financial statements does not differ materially from fair value. The directors have judged that based on the latest valuation obtained the fair value of freehold property and the caravan fleet considered individually does not differ materially from the carrying value of these assets at year end. |
Key sources of estimation uncertainty
The directors estimate the recovery of all amounts included in trade debtors and provide for a bad debt provision. This estimate is subject to increased uncertainty due to the long credit terms offered to customers. As at the year end the company has estimated that the potential bad debt provision is immaterial to the accounts.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
SBL Parks & Leisure Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2024
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the consolidated profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Land |
Not depreciated |
|
Freehold and long leasehold buildings |
2% straight line |
|
Fixtures and fittings |
10% reducing balance |
|
Motor vehicles |
25% reducing balance |
|
Caravan fleet |
10 - 15% reducing balance |
|
Plant and machinery |
10% reducing balance |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Website |
20% Straight line |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
SBL Parks & Leisure Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2024
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
SBL Parks & Leisure Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2024
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
|
Turnover |
The analysis of the group's revenue for the year from continuing operations is as follows:
|
2024 |
|
|
Sale of goods |
|
|
Rendering of services |
|
|
|
The analysis of the group's turnover for the year by market is as follows:
|
2024 |
|
|
UK |
|
|
Europe |
|
|
|
SBL Parks & Leisure Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2024
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Operating lease expense - property |
30,000 |
32,400 |
|
Operating lease expense - plant and machinery |
|
|
|
Operating lease expense - other |
|
|
|
Profit on disposal of property, plant and equipment |
- |
( |
|
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
|
|
|
Director's remuneration |
The director's remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
10,319 |
14,731 |
SBL Parks & Leisure Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2024
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2024 |
2023 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditor's remuneration |
|
2024 |
2023 |
|
|
Audit of these financial statements |
2,500 |
2,500 |
|
Audit of the financial statements of subsidiaries of the company pursuant to legislation |
16,128 |
13,000 |
|
|
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on preference shares |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
|
|
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Tax expense in the income statement |
|
|
SBL Parks & Leisure Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2024
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 22.52%).
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Deferred tax expense relating to changes in tax rates or laws |
- |
|
|
Decrease from effect of tax incentives |
- |
( |
|
Total tax charge |
|
|
Deferred tax
Group
Deferred tax assets and liabilities
|
2024 |
Liability |
|
Differences between accumulated depreciation and capital allowances |
|
|
Deferred tax on revalued property, plant and equipment |
|
|
|
|
2023 |
Liability |
|
Differences between accumulated depreciation and capital allowances |
|
|
Deferred tax on revalued property, plant and equipment |
|
|
|
Tax relating to items recognised in other comprehensive income or equity - group
|
2024 |
2023 |
|
|
Deferred tax related to items recognised as items of other comprehensive income |
( |
( |
SBL Parks & Leisure Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2024
|
Intangible assets |
Group & company
|
Website |
|
|
Cost or valuation |
|
|
At 1 November 2023 |
|
|
Additions acquired separately |
|
|
At 31 October 2024 |
|
|
Amortisation |
|
|
At 1 November 2023 |
|
|
Amortisation charge |
|
|
At 31 October 2024 |
|
|
Carrying amount |
|
|
At 31 October 2024 |
|
|
At 31 October 2023 |
|
|
Tangible assets |
Group
|
Land and buildings |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Caravan fleet |
Total |
|
|
Cost or valuation |
||||||
|
At 1 November 2023 |
|
|
|
|
|
|
|
Additions |
|
|
|
- |
|
|
|
At 31 October 2024 |
|
|
|
|
|
|
|
Depreciation |
||||||
|
At 1 November 2023 |
|
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
|
At 31 October 2024 |
|
|
|
|
|
|
|
Carrying amount |
||||||
|
At 31 October 2024 |
|
|
|
|
|
|
|
At 31 October 2023 |
|
|
|
|
|
|
SBL Parks & Leisure Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2024
Included within the net book value of land and buildings above is £18,663,634 in respect of freehold land and buildings and £1 in respect of short leasehold land and buildings.
Revaluation
The fair value of the company's Freehold land and buildings and Caravan fleet was revalued on
The valuation was performed based on market value of the assets. Based on this valuation the fair value of the assets was found not to be materially different from the carrying value in the financial statements. Owing to the age of the assets it has not been possible to identify the carrying amount under the historical cost model.
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2024 |
2023 |
|
|
Caravan fleet |
87,947 |
103,467 |
Restriction on title and pledged as security
|
Investments |
Company
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 November 2023 |
|
|
At 31 October 2024 |
|
|
Carrying amount |
|
|
At 31 October 2024 |
|
|
At 31 October 2023 |
|
SBL Parks & Leisure Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2024
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
||||
|
2024 |
2023 |
||||||
|
Subsidiary undertakings |
|||||||
|
|
The South West Caravan Centre
England and Wales |
|
|
|
|||
|
Subsidiary undertakings |
|
3T's Leisure Limited The principal activity of 3T's Leisure Limited is |
|
Stocks |
|
Group |
||
|
2024 |
2023 |
|
|
Work in progress |
|
|
|
Other inventories |
|
|
|
|
|
|
|
Debtors |
|
Group |
|||
|
Note |
2024 |
2023 |
|
|
Trade debtors |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
Income tax asset |
|
- |
|
|
|
|
||
SBL Parks & Leisure Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2024
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Cash on hand |
|
|
|
|
|
Cash at bank |
|
|
- |
- |
|
103,867 |
110,401 |
1 |
1 |
|
|
Bank overdrafts |
( |
( |
- |
- |
|
Cash and cash equivalents in statement of cash flows |
(2,192,725) |
8,735 |
1 |
1 |
|
Creditors |
|
Group |
Company |
||||
|
Note |
2024 |
2023 |
2024 |
2023 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
- |
- |
|
|
Amounts due to group undertakings |
- |
- |
|
|
|
|
Corporation tax |
- |
1,498 |
- |
- |
|
|
Social security and other taxes |
|
|
- |
- |
|
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
|
Other creditors |
|
|
- |
- |
|
|
Accrued expenses |
|
|
- |
- |
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
SBL Parks & Leisure Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2024
|
Loans and borrowings |
Non-current loans and borrowings
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Bank borrowings |
- |
|
- |
- |
|
Hire purchase contracts |
|
|
- |
- |
|
Redeemable preference shares |
|
|
|
|
|
Other borrowings |
|
- |
- |
- |
|
|
|
|
|
|
Current loans and borrowings
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Bank borrowings |
|
|
- |
- |
|
Bank overdrafts |
|
|
- |
- |
|
Hire purchase contracts |
|
|
- |
- |
|
Redeemable preference shares |
|
|
|
|
|
|
|
|
|
|
Group
Included in the loans and borrowings are the following amounts due after more than five years:
|
2024 |
2023 |
|
|
After more than five years by instalments |
- |
|
Bank loans and overdrafts
The bank loans are repayable by instalments with the final instalment scheduled to be paid within 2-20 years from the balance sheet date. Interest is chargeable on six of bank loans at 2.0% above the bank base rate. There is one bank loan at 3.75% above base rate and three of the loans range frrom 2.2% - 2.4% above base rate. The loans are secured by a First Legal Charge over the Freehold Property of the company and additional charges over all other assets of the company.
As at the year end, the company had a bank borrowings totaling £5,492,966 classified as repayable on demand due to breaching a covenant. Post year end, the bank waived the covenant breach and bank borrowings of £5,170,222 as at the balance sheet date were reclassified as non-current.
SBL Parks & Leisure Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2024
|
Analysis of changes in net debt |
Group
|
At 1 November 2023 |
Cash flow |
Non-cash movement |
At 31 October 2024 |
|
|
£ |
£ |
£ |
£ |
|
|
Cash at bank and on hand |
110,400 |
(6,534) |
- |
103,866 |
|
Bank overdrafts |
(101,666) |
(2,194,926) |
- |
(2,296,592) |
|
Cash and cash equivalents |
8,734 |
(2,201,460) |
- |
(2,192,726) |
|
Bank loans |
(4,796,081) |
(2,530,671) |
- |
(7,326,752) |
|
Hire purchase contracts |
(329,493) |
50,396 |
(279,097) |
|
|
Preference shares |
(9,050,000) |
- |
- |
(9,050,000) |
|
Net debt |
(14,166,840) |
(4,681,735) |
- |
(18,848,575) |
|
Obligations under leases and hire purchase contracts |
Group
Finance leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
SBL Parks & Leisure Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2024
|
Provisions for liabilities |
Group
|
Deferred tax |
|
|
At 1 November 2023 |
|
|
Increase in existing provisions |
( |
|
At 31 October 2024 |
|
|
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
90.00 |
|
90.00 |
|
|
|
5.00 |
|
5.00 |
|
|
|
0.50 |
|
0.50 |
|
|
|
2.25 |
|
2.25 |
|
|
|
2.25 |
|
2.25 |
|
|
|
|
|
|
Redeemable preference shares
|
The |
Rights, preferences and restrictions
|
Ordinary shares have the following rights, preferences and restrictions: |
|
Preference shares have the following rights, preferences and restrictions: |
SBL Parks & Leisure Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2024
|
Dividends |
Interim dividends paid
|
2024 |
2023 |
|||
|
Interim dividend of £Nil (2023 - £ |
- |
|
||
|
Interim dividend of £ |
|
|
||
|
Interim dividend of £ |
|
|
||
|
Interim dividend of £ |
|
|
||
|
Interim dividend of £ |
|
|
||
|
|
|
|
Related party transactions |
Group
The company has taken advantage of the exemption in FRS 102 "Related Party Disclosures" from disclosing transactions with wholly owned members of the group.
|
Transactions with the director |
|
2024 |
At 1 November 2023 |
Advances to director |
Repayments by director |
At 31 October 2024 |
|
Director 1 |
||||
|
Interest free, unsecured and repayable on demand |
|
|
( |
|
|
2023 |
At 1 November 2022 |
Advances to director |
Repayments by director |
At 31 October 2023 |
|
Director 1 |
||||
|
Interest free, unsecured and repayable on demand |
|
|
( |
|
SBL Parks & Leisure Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2024
Expenditure with and payables to related parties
During the prior year the company entered into transactions with a director's SIPP. Transactions entered into, and trading balances outstanding at the year end, are shown below. Outstanding balances with entities are unsecured, interest free and cash settled. In prior year, the land was purchased from the SIPP so there is no longer any rent due, therefore, no amounts to disclose in 2024.
|
2023 |
Other related parties |
|
Purchase of goods |
|
|
Leases |
|
|
|
|
|
|
|
|
Parent and ultimate parent undertaking |
The ultimate controlling party is Mr M J Taylor throughout the current year by virtue of shares held by the John and Sylvia Taylor Settlement Trust (in which he is the beneficiary) and his individual shareholding in the company.