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Company No: 05097413 (England and Wales)

SALCOMBE PARK LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

SALCOMBE PARK LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

SALCOMBE PARK LIMITED

BALANCE SHEET

As at 31 December 2024
SALCOMBE PARK LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 1,806,234 1,210,902
1,806,234 1,210,902
Current assets
Stocks 4,370 2,686
Debtors 5 962,625 760,987
Cash at bank and in hand 20,877 9,083
987,872 772,756
Creditors: amounts falling due within one year 6 ( 1,009,727) ( 174,399)
Net current (liabilities)/assets (21,855) 598,357
Total assets less current liabilities 1,784,379 1,809,259
Creditors: amounts falling due after more than one year 7 ( 541,680) ( 587,869)
Provision for liabilities ( 218,000) ( 220,450)
Net assets 1,024,699 1,000,940
Capital and reserves
Called-up share capital 8 240 240
Revaluation reserve 634,366 687,790
Capital redemption reserve 240 240
Profit and loss account 389,853 312,670
Total shareholder's funds 1,024,699 1,000,940

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

Director's responsibilities:

The financial statements of Salcombe Park Limited (registered number: 05097413) were approved and authorised for issue by the Director on 26 August 2025. They were signed on its behalf by:

Mr R A Hardick
Director
SALCOMBE PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
SALCOMBE PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Salcombe Park Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 56 The Square, Chagford, TQ13 8AE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year adjustment

During the year ended December 31, 2024, the company discovered an error in the recognition of income for the year ended December 31, 2023. The sales revenue was understated by £25,405 due to a miscalculation of basis periods. The error has been corrected in the comparative year presented in these financial statements.

Turnover

Turnover compromises the fair value of consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is stated net of VAT, rebates and trade discounts, and after eliminating sales within the company.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 25 % reducing balance
Vehicles 4 years straight line
Office equipment 3 years straight line
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method.

2. Prior year adjustment

During the year ended December 31, 2024, the company discovered an error in the recognition of income for the year ended December 31, 2023. The sales revenue was understated by £25,405 due to a miscalculation of basis periods.
The error has been corrected in the comparative year presented in these financial statements. The opening balance of retained earnings for the year ended December 31, 2024 has been adjusted to reflect the correction, as follows:

As previously reported Adjustment As restated
Year ended 31 December 2023 £ £ £
Turnover 181,775 25,405 207,180
Deferred income 25,405 (25,405) 0
Corporation tax 12,091 5,975 18,066

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 January 2024 1,238,018 24,426 36,490 0 1,298,934
Additions 621,189 0 0 716 621,905
At 31 December 2024 1,859,207 24,426 36,490 716 1,920,839
Accumulated depreciation
At 01 January 2024 64,109 8,719 15,204 0 88,032
Charge for the financial year 16,027 1,231 9,122 193 26,573
At 31 December 2024 80,136 9,950 24,326 193 114,605
Net book value
At 31 December 2024 1,779,071 14,476 12,164 523 1,806,234
At 31 December 2023 1,173,909 15,707 21,286 0 1,210,902

The Freehold Land, included in Land and buildings, is not depreciated.

Included within Land and buildings are development costs in relation to an asset under construction. Depreciation has not been charged on this development.

5. Debtors

2024 2023
£ £
Trade debtors 14,156 1,095
Amounts owed by related parties 711,331 739,793
Prepayments and accrued income 122,326 16,006
VAT recoverable 114,812 4,093
962,625 760,987

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 46,269 45,009
Trade creditors 4,770 746
Amounts owed to Group undertakings 1,538 0
Taxation and social security 21,683 13,765
Other creditors 935,467 114,879
1,009,727 174,399

Bank loans of £46,269 (2023: £45,009) are secured over the company's assets by way of a fixed and floating charge in favour of Lloyds bank.

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

2024 2023
£ £
Bank loans (secured) 541,680 587,869

Bank loans of £541,680 (2023: £587,869) are secured over the company's assets by way of a fixed and floating charge in favour of Lloyds bank.

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

2024 2023
£ £
Bank loans (secured) 343,992 395,366

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
240 Ordinary shares of £ 1.00 each 240 240

9. Related party transactions

Other related party transactions

During the year, a loan existed between Salcombe Park Limited and Ocean Cove Limited, a company under common control. At the balance sheet date the amount due (to)/from Ocean Cove Limited was £(1,538) (2023: £28,462). The balance is repayable on demand.

During the year, a loan existed between Salcombe Park Limited and Ocean Cove Parks Limited, a parent company. At the balance sheet date the amount due from Ocean Cove Parks Limited was £711,331 (2023: £711,601). The balance is repayable on demand.

During the year, a loan existed between Brechin Investments Limited and Salcombe Park Limited, a related company. At the balance sheet date the amount due to Brechin Investments Limited was £886,751 (2022: £70,441). The balance is repayable on demand.