|
Registered number:
FOR THE YEAR ENDED 29 FEBRUARY 2024
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BEESTON HOLDINGS LIMITED
COMPANY INFORMATION
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BEESTON HOLDINGS LIMITED
CONTENTS
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BEESTON HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
The Directors present their Strategic report for Beeston Holdings Limited ('the Company') and its subsidiaries, Beeston Enterprises Limited and Beeston Regis Holiday Park Limited (together 'the Group') for the year ended 29 February 2024.
The principal activity of the group continues to be the operation of caravan holiday parks. The Group remains profitable and continues to pursue new business opportunities.
The Group has undergone some reconstruction during the year. Beeston Holdings Limited acquired the share Capital of Beeston Enterprises Limited through a share for share exchange. The accounting treatment for these transactions follows merger accounting; the prior year comparatives are presented as if Beeston Holdings had always headed the group. The Hollies Leisure Resort has been sold outside the group, the results of The Hollies leisure Resort are disclosed as a discontinued operation in the financial statements. The Group trade has reduced significantly and saw turnover decrease by 29.96% in the 12 month period to February 2024 primarily as a result of the demerger of The Hollies Leisure Resort resulting in a decrease in lodge and caravan sales, as well as pitch fees. During the year, the Group remained in an overdrawn position of £767,285 (2023: £188,353) in part due to the large investment in stock and the development of Cliff House. The Group did reduce its bank loan position from £2,531,789 down to £2,112,403. When looking at the Statement of Financial Position as at February 2024, the Group now has a net current asset position of £75,644 compared to the previous year net current liability position of £938,776. Included within this balance is a significant deferred income balance of £1,626,073 (2023: £1,786,353). Once the deferred income is removed this shows the Company with a net current asset position of £1,701,717 (2023: £847,577). The Directors are pleased to report that trading up until the point of signing the financial statements in February 2025 has been strong.
The management of the business and the execution of the Group's strategy are subject to a number of risks.
The directors of the Group monitor these risks and consider the key risks to be adverse movements in interest rates, ongoing retention of key supplier relationships, the continued health and wellbeing of key personnel and unfavourable weather conditions. The Group looks to mitigate these risks through maintaining regular communication with it's banker and key suppliers, actively investing time into the well being of it's employees and looking, where possible, to make the parks as weather resilient as possible. In order to look to manage and mitigate any existing and ongoing uncertainty arising from the ongoing cost of living crisis and the future behavioural patterns of UK holiday makers, the Directors continue to revise forecasts and take appropriate steps to ensure they are best placed to continue to trade profitability. One ongoing challenge is the lead time of new lodges from the time the order is placed to the date a lodge arrives on site. The Directors are actively investing in new stock to give their customers as much choice as possible and to enable the Group to continue to meet the demand for lodge and caravan sales. Strong cashflow generation has enabled the Group to invest for the future to manage this extended lead time.
Page 1
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BEESTON HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
The Directors use a range of financial and non-financial performance indicators to monitor business performance. The Directors are of the opinion that the key performance indicators for the Group are turnover, gross profit, operating profit, EBITDA and number of units sold at each site. These are as follows:
2024 2023 Turnover £6,358,082 £9,077,921 Gross profit £2,459,498 £4,299,883 Operating profit £575,440 £2,119,070 EBITDA £981,576 £2,558,625 Number of units sold - Beeston 29 39 Number of units sold - Cliff House 4 12 Number of units sold - The Hollies 0 9 All performance data is reported monthly to the directors.
This report was approved by the board and signed on its behalf.
Page 2
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BEESTON HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
The directors present their report and the financial statements for the year ended 29 February 2024.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £291,550 (2023 - £1,553,788).
Dividends of £427,500 (2023 - £1,095,000) were declared and paid during the year.
The directors who served during the year were:
The Company will continue to provide financial support towards the Group's activities. The Group will continue to look for new opportunities for future investment.
Page 3
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BEESTON HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
There have been no significant events affecting the Group since the year end.
The auditors, Larking Gowen LLP were appointed on 1 March 2023, and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 4
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BEESTON HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEESTON HOLDINGS LIMITED
We have audited the financial statements of Beeston Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 29 February 2024, which comprise the Consolidated Income Statement, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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).
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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
Other matter - prior year financial statements unaudited
The company was not required to have a statutory audit for period ended 28 February 2023 as it was entitled to exemption from the provision of the Companies Act 2006 relating to the audit of the financial statement for the period by virtue of section 477 and no member or members requested an audit persuant to section 476 of the Act. Accordingly, the corresponding figures for the period ended 28 February 2023 were unaudited
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 Group's or the parent 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.
Page 5
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BEESTON HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEESTON HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
Page 6
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BEESTON HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEESTON HOLDINGS LIMITED (CONTINUED)
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 Auditors' 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 Group 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:
∙Enquiry with management about any actual and potential litigations and claims against the company;
∙Enquiry with management about any known or suspected instances of non-compliance with laws and regulations and fraud;
∙Reviewing financial statement disclosures and testing to support documentation to assess compliance with applicable laws and regulations;
∙Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness;
∙Performing analytical reviews for revenue and obtaining supporting information for variances from set expectations.
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 Auditors' Report.
Page 7
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BEESTON HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEESTON HOLDINGS LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
1st Floor, Prospect House
Rouen Road
NR1 1RE
Page 8
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BEESTON HOLDINGS LIMITED
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024
Page 9
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BEESTON HOLDINGS LIMITED
REGISTERED NUMBER: 14236120
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024
Page 10
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BEESTON HOLDINGS LIMITED
REGISTERED NUMBER: 14236120
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 40 form part of these financial statements.
Page 11
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BEESTON HOLDINGS LIMITED
REGISTERED NUMBER: 14236120
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 40 form part of these financial statements.
Page 12
|
|
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
Page 14
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||