REGISTERED NUMBER: 05480327 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

SHOREWOOD PARKS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D R Allison

N Willson

SECRETARY:

D R Allison

REGISTERED OFFICE:

Marton Hall

Church Lane

Sewerby

Bridlington

East Yorkshire

YO15 1DS

REGISTERED NUMBER:

05480327 (England and Wales)

INDEPENDENT AUDITORS:

Ryecroft Glenton

Chartered Accountants & Statutory

Auditors

32 Portland Terrace

Newcastle Upon Tyne

NE2 1QP

FIXED ASSETS

Intangible assets

4

276,249

354,249

Tangible assets

5

4,311,145

4,344,660

4,587,394

4,698,909

CURRENT ASSETS

Stocks

1,097,791

1,407,594

Debtors

6

139,125

96,269

Cash at bank and in hand

927,123

614,130

2,164,039

2,117,993

CREDITORS

Amounts falling due within one year

7

799,217

1,184,175

NET CURRENT ASSETS

1,364,822

933,818

TOTAL ASSETS LESS CURRENT LIABILITIES

5,952,216

5,632,727

CAPITAL AND RESERVES

Called up share capital

8

3,418,373

3,418,373

Retained earnings

2,533,843

2,214,354

SHAREHOLDERS' FUNDS

5,952,216

5,632,727

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 May 2025 and were signed on its behalf by:

D R Allison - Director

N Willson - Director

1.	STATUTORY INFORMATION

Shorewood Parks Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on the going concern basis of accounting, which assumes that the company is able to continue operating as a going concern. The board have considered this assumption, in particular relating to the uncertainty in the UK economy and the ongoing war in the Ukraine and the resultant impact to the company's costs.

Having considered all relevant factors, the board are of the opinion that the going concern basis of accounting remains appropriate.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents net invoiced sales of goods and services provided by the company as part of the operation of the caravan parks, excluding value added tax.

Income regarding site fees and insurance is deferred and released over the term of chargeable period, with the deferred amount being recorded as a current liability.

Income regarding light and heat recharges and other sundry park income is accrued and released over the term of the chargeable period, with the accrued amount being recorded as a current asset.

Income regarding park services, caravans and other goods sold are recognised on a receipts basis.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land, buildings & site development

-

2% on cost, excluding land element

Plant & equipment

-

15% on reducing balance

Fixed assets are depreciated in full in the year of acquisition.

Stocks

Stocks are valued at the lower of cost, market and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying value and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Rental paid under operating leases are charged to the statement of income and retained earnings on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company has implemented auto-enrolment pension in respect of all employees. Contributions are charged to the statement of income and retained earnings in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

779,999

AMORTISATION

At 1 January 2024

425,750

Charge for year

78,000

At 31 December 2024

503,750

NET BOOK VALUE

At 31 December 2024

276,249

At 31 December 2023

354,249

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

4,491,191

47,284

4,538,475

Additions

2,623

627

3,250

At 31 December 2024

4,493,814

47,911

4,541,725

DEPRECIATION

At 1 January 2024

165,836

27,979

193,815

Charge for year

33,775

2,990

36,765

At 31 December 2024

199,611

30,969

230,580

NET BOOK VALUE

At 31 December 2024

4,294,203

16,942

4,311,145

At 31 December 2023

4,325,355

19,305

4,344,660

Included in cost of land and buildings is freehold land of £ 2,804,999 (2023 - £ 2,804,999 ) which is not depreciated.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

22,758

65,004

Amounts owed by group undertakings

77,805

810

Other debtors

38,562

30,455

139,125

96,269

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

153,785

207,284

Amounts owed to group undertakings

116,276

493,065

Taxation and social security

138,503

67,216

Other creditors

390,653

416,610

799,217

1,184,175

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

3,418,373

Ordinary

£1

3,418,373

3,418,373

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Cameron (Senior Statutory Auditor)

for and on behalf of Ryecroft Glenton

10.	CONTINGENT LIABILITIES

The company's bankers hold a cross guarantee between the company and the other members of the group being Shorewood Leisure Group Limited, North Bay Leisure Limited, Marton Hall Leisure Limited, Hornsea Leisure Limited and Witton Castle Country Park Limited.

It is the opinion of the directors that this guarantee will not crystallise and therefore, no provision has been made in these financial statements.

11.	RELATED PARTY DISCLOSURES

The company's ultimate parent undertaking is Shorewood Leisure Group Limited a company incorporated in the United Kingdom. Group consolidated financial statements are available from the group and company's registered office, Marton Hall, Church Lane, Sewerby, Bridlington, YO15 1DS.