Company No:
Contents
| Note | 2024 | 2023 | ||
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| Restated - note 2 | ||||
| Fixed assets | ||||
| Tangible assets | 4 |
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| 1,806,234 | 1,210,902 | |||
| Current assets | ||||
| Stocks |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| 987,872 | 772,756 | |||
| Creditors: amounts falling due within one year | 6 | (
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| 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 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Revaluation reserve |
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| Capital redemption reserve |
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| Profit and loss account |
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| Total shareholder's funds |
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Director's responsibilities:
The financial statements of Salcombe Park Limited (registered number:
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Mr R A Hardick
Director |
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.
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 £.
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.
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.
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.
| Land and buildings |
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| Plant and machinery |
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| Vehicles |
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| Office equipment |
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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 |
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| Land and buildings | Plant and machinery | Vehicles | Office equipment | Total | |||||
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| Cost | |||||||||
| At 01 January 2024 |
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| Additions |
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| At 31 December 2024 |
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| Accumulated depreciation | |||||||||
| At 01 January 2024 |
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| Charge for the financial year |
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| At 31 December 2024 |
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| 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 |
Included within Land and buildings are development costs in relation to an asset under construction. Depreciation has not been charged on this development.
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| £ | £ | ||
| Trade debtors |
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| Amounts owed by related parties |
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| Prepayments and accrued income |
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| VAT recoverable |
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| Bank loans (secured) |
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| Trade creditors |
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| Amounts owed to Group undertakings |
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| Taxation and social security |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans (secured) |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
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| £ | £ | ||
| Bank loans (secured) |
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| Allotted, called-up and fully-paid | |||
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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.