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Company No: 12985593 (England and Wales)

ROSS PARK HOMES LIMITED

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

ROSS PARK HOMES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

ROSS PARK HOMES LIMITED

BALANCE SHEET

As at 31 December 2024
ROSS PARK HOMES LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 31.12.2024 31.12.2023
£ £
Fixed assets
Intangible assets 3 275,125 321,625
Tangible assets 4 4,973,042 5,041,048
5,248,167 5,362,673
Current assets
Stocks 886,472 1,018,991
Debtors 5 189,445 45,247
Cash at bank and in hand 41,127 10,901
1,117,044 1,075,139
Creditors: amounts falling due within one year 6 ( 5,565,856) ( 5,433,491)
Net current liabilities (4,448,812) (4,358,352)
Total assets less current liabilities 799,355 1,004,321
Creditors: amounts falling due after more than one year 7 ( 799,911) ( 848,336)
Provision for liabilities ( 12,750) ( 11,250)
Net (liabilities)/assets ( 13,306) 144,735
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account ( 13,406 ) 144,635
Total shareholders' (deficit)/funds ( 13,306) 144,735

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.

Directors' responsibilities:

The financial statements of Ross Park Homes Limited (registered number: 12985593) were approved and authorised for issue by the Board of Directors on 26 August 2025. They were signed on its behalf by:

T R Hardick
Director
ROSS PARK HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
ROSS PARK HOMES 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

Ross Park Homes 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 principal place of business is The Old Barn, Ipplepen, Newton Abbot, Devon, TQ12 5TT.

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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have 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.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Turnover from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

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 basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

31.12.2024 31.12.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2024 465,000 465,000
At 31 December 2024 465,000 465,000
Accumulated amortisation
At 01 January 2024 143,375 143,375
Charge for the financial year 46,500 46,500
At 31 December 2024 189,875 189,875
Net book value
At 31 December 2024 275,125 275,125
At 31 December 2023 321,625 321,625

4. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost
At 01 January 2024 5,006,949 45,542 5,052,491
Additions 0 7,044 7,044
At 31 December 2024 5,006,949 52,586 5,059,535
Accumulated depreciation
At 01 January 2024 0 11,443 11,443
Charge for the financial year 64,806 10,244 75,050
At 31 December 2024 64,806 21,687 86,493
Net book value
At 31 December 2024 4,942,143 30,899 4,973,042
At 31 December 2023 5,006,949 34,099 5,041,048

The Land element of Land and buildings has not been depreciated.

5. Debtors

31.12.2024 31.12.2023
£ £
Trade debtors 305 5,933
Amounts owed by Group undertakings 33,971 0
Amounts owed by directors 131 0
Prepayments 28,743 24,701
VAT recoverable 3,639 14,598
Corporation tax 116,168 0
Other debtors 6,488 15
189,445 45,247

6. Creditors: amounts falling due within one year

31.12.2024 31.12.2023
£ £
Bank loans (secured) 47,490 46,557
Trade creditors 11,831 52,941
Amounts owed to Group undertakings 3,847,201 3,797,644
Other loans 1,515,009 1,451,057
Accruals and deferred income 60,578 77,885
Taxation and social security 2,044 7,300
Other creditors 81,703 107
5,565,856 5,433,491

The bank loans of £47,490 (2023: £46,557) are secured by way of fixed and floating charges over the property and undertaking of the company.

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

31.12.2024 31.12.2023
£ £
Bank loans (secured) 799,911 848,336

The bank loans of £799,911 (2023: £848,336) are secured by way of fixed and floating charges over the property and undertaking of the company.

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

31.12.2024 31.12.2023
£ £
Bank loans 571,938 624,111

8. Called-up share capital

31.12.2024 31.12.2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with owners holding a participating interest in the entity

During the current year, a loan existed between Brechin Investments Limited and Ross Park Homes Limited. Interest of £119,335 was charged on the loan and the balance is repayable on demand. At the balance sheet date the amount due to Brechin Investments Limited was £3,847,201 (2023: £3,797,644).

Transactions with the entity's directors

During the year a loan existed between the company and a director. The loan is repayable on demand. At the year end, the amount due by the director was £131 (2023: £Nil).

During the year a loan existed between the company and a director's spouse. The loan is repayable on demand. At the year end the amount due to the director's spouse was £300,000 (2023: £300,000).

Other related party transactions

During the current year, a loan existed between Irregular Cornwall Limited and Ross Park Homes Limited. No interest was charged on the loan and the balance is repayable on demand. At the balance sheet date the amount due to Ross Park Homes Limited was £33,971 (2023: £Nil).

During the current year, a loan existed between an associated company, Wilson Leisure Limited and Ross Park Homes Limited. Interest of £47,050 was charged on the loan and the balance is repayable on demand. At the balance sheet date the amount due to Wilson Leisure Limited was £1,215,009 (2023: £1,151,057).