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Registered number: 12653990 MEADOW SPRINGS LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
MEADOW SPRINGS LIMITED REGISTERED NUMBER: 12653990 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 5 |  | 197,656 |  | 225,161
Tangible assets | 6 |  | 3,615,725 |  | 3,362,356
|  |  | 3,813,381 |  | 3,587,517
Current assets |  |  |  |  |
Stocks | 7 | 738,925 |  | 417,622 |
Debtors: amounts falling due within one year | 8 | 268,219 |  | 464,417 |
Cash at bank and in hand | 9 | 1,021,494 |  | 718,041 |
|  | 2,028,638 |  | 1,600,080 |
Creditors: amounts falling due within one year | 10 | (1,182,549) |  | (1,449,242) |
Net current assets |  |  | 846,089 |  | 150,838
Total assets less current liabilities |  |  | 4,659,470 |  | 3,738,355
Creditors: amounts falling due after more than one year | 11 |  | (2,872,834) |  | (2,790,960)
Provisions for liabilities |  |  |  |  |
Deferred tax | 14 | (410,766) |  | (195,151) |
|  |  | (410,766) |  | (195,151)
Net assets |  |  | 1,375,870 |  | 752,244
Capital and reserves |  |  |  |  |
Called up share capital | 15 |  | 100 |  | 100
Profit and loss account |  |  | 1,375,770 |  | 752,144
|  |  | 1,375,870 |  | 752,244
Page 1
MEADOW SPRINGS LIMITED REGISTERED NUMBER: 12653990 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 July 2025.
J E Williams
Director
The notes on pages 3 to 16 form part of these financial statements. Page 2
MEADOW SPRINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Meadow Springs Limited, 12653990, is a private company limited by shares, incorporated in England and Wales, with its registered office and principal place of business at Ffinnant, Trefeglwys, Caersws, Powys, SY17 5QY. The principal activity of the Company relates to holiday centres and villages. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 3
MEADOW SPRINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.7 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 4
MEADOW SPRINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.9 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Development expenditure | - | 10 | years
|  |  |  | Computer costs | - | 5 | years
Page 5
MEADOW SPRINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - |  | No depreciation
|  |  |  | Plant and machinery | - | 20% |
|  |  |  | Fixtures and fittings | - | 20% |
|  |  |  | Office equipment | - | 20% |
|  |  |  | Kitchen equipment | - | 25% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. The Companies Act 2006 requires tangible fixed assets to be depreciated. Leasehold property is not depreciated. The director considers that the property is maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation would not be material and therefore is not charged to profit and loss.
| 2.11 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Page 6
MEADOW SPRINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.14 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.15 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.16 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
| 2.17 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates nor assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
4. | Employees
| The average monthly number of employees, including directors, during the year was 16 (2023 - 16).
Page 7
MEADOW SPRINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Intangible assets
|  | Development costs | Website | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2024 | 266,157 | 18,445 | 284,602
| Additions | - | 3,500 | 3,500
| At 31 December 2024 | 266,157 | 21,945 | 288,102
| Amortisation |  |  |
| At 1 January 2024 | 53,232 | 6,209 | 59,441
| Charge for the year on owned assets | 26,616 | 4,389 | 31,005
| At 31 December 2024 | 79,848 | 10,598 | 90,446
| Net book value |  |  |
| At 31 December 2024 | 186,309 | 11,347 | 197,656
| At 31 December 2023 | 212,925 | 12,236 | 225,161
Page 8
MEADOW SPRINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Tangible fixed assets
|  | Long-term leasehold property | Plant and machinery | Fixtures and fittings | Office equipment | Other fixed assets
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2024 | 3,041,989 | 298,308 | 111,821 | 7,018 | 32,484
| Additions | 193,874 | 55,168 | 59,681 | 2,212 | 25,403
| At 31 December 2024 | 3,235,863 | 353,476 | 171,502 | 9,230 | 57,887
| Depreciation |  |  |  |  |
| At 1 January 2024 | - | 69,099 | 42,587 | 3,001 | 14,577
| Charge for the year on owned assets | - | 18,202 | 22,620 | 950 | 7,167
| Charge for the year on financed assets | - | 34,030 | - | - | -
| At 31 December 2024 | - | 121,331 | 65,207 | 3,951 | 21,744
| Net book value |  |  |  |  |
| At 31 December 2024 | 3,235,863 | 232,145 | 106,295 | 5,279 | 36,143
| At 31 December 2023 | 3,041,989 | 229,209 | 69,234 | 4,017 | 17,907
Page 9
MEADOW SPRINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 6.Tangible fixed assets (continued)
|  | Total
|  | £
| Cost or valuation |
| At 1 January 2024 | 3,491,620
| Additions | 336,338
| At 31 December 2024 | 3,827,958
| Depreciation |
| At 1 January 2024 | 129,264
| Charge for the year on owned assets | 48,939
| Charge for the year on financed assets | 34,030
| At 31 December 2024 | 212,233
| Net book value |
| At 31 December 2024 | 3,615,725
| At 31 December 2023 | 3,362,356
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Plant and machinery | 185,956 | 155,148
|  | 185,956 | 155,148
Page 10
MEADOW SPRINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bar and restaurant stock | 15,261 | 16,904
| Caravan, lodge and gas stock | 723,664 | 400,718
|  | 738,925 | 417,622
8. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 201,303 | 423,026
| Amounts owed by group undertakings | 3,300 | 3,300
| Other debtors | 17,929 | 1,670
| Prepayments and accrued income | 45,687 | 36,421
|  | 268,219 | 464,417
9. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,021,494 | 718,041
|  | 1,021,494 | 718,041
Page 11
MEADOW SPRINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 55,211 | 47,419
| Trade creditors | 610,864 | 561,190
| Amounts owed to group undertakings | 242,016 | 274,366
| Other taxation and social security | 23,547 | 50,773
| Obligations under finance lease and hire purchase contracts | 55,632 | 37,904
| Other creditors | 97,801 | 224,121
| Accruals and deferred income | 97,478 | 253,469
|  | 1,182,549 | 1,449,242
| The following liabilities were secured:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 55,211 | 47,419
| Obligations under finance lease and hire purchase contracts | 55,632 | 37,904
|  | 110,843 | 85,323
| Details of security provided:
The bank loan is secured against the Meadow Springs Holiday Resort and Penddol Caravan Park. Hire purchase liabilities are secured upon the assets to which they relate. Page 12
MEADOW SPRINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 2,637,619 | 2,699,734
| Other loans | 140,132 | -
| Net obligations under finance leases and hire purchase contracts | 95,083 | 91,226
|  | 2,872,834 | 2,790,960
| The following liabilities were secured:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 2,637,619 | 2,699,734
| Net obligations under finance leases and hire purchase contracts | 95,083 | 91,226
| Other loans | 140,132 | -
|  | 2,872,834 | 2,790,960
| Details of security provided:
The bank loan is secured against the Meadow Springs Holiday Resort and Penddol Caravan Park. Hire purchase liabilities are secured upon the assets to which they relate. The other loans are secured upon the assets to which they relate. Page 13
MEADOW SPRINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 55,211 | 47,419
|  | 55,211 | 47,419
| Amounts falling due 1-2 years |  |
| Bank loans | 58,982 | 52,028
|  | 58,982 | 52,028
| Amounts falling due 2-5 years |  |
| Bank loans | 200,784 | 177,523
| Other loans | 140,132 | -
|  | 340,916 | 177,523
| Amounts falling due after more than 5 years |  |
| Bank loans | 2,377,854 | 2,470,183
|  | 2,377,854 | 2,470,183
|  | 2,832,963 | 2,747,153
13. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Within one year | 55,632 | 37,904
| Between 1-5 years | 95,083 | 91,226
|  | 150,715 | 129,130
Page 14
MEADOW SPRINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | 195,151
| Charged to profit or loss | 215,615
| At end of year | 410,766
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | 474,025 | 389,297
| Tax losses carried forward | (63,112) | (194,146)
| Pension surplus | (147) | -
|  | 410,766 | 195,151
15. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2023 - 100) Ordinary shares of £1.00 each | 100 | 100
16. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £5,658 (2023: £4,202). Contributions totaling £1,395 (2023: £Nil) were payable to the fund at the balance sheet date and are included in creditors. Page 15
MEADOW SPRINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
17. | Related party transactions
| Included within amounts owed to group undertakings is an amount due in the sum of £238,039 (2023: £269,854) to Penddol Holiday Park Limited (Mr J E Williams is a director of both companies). Repayments of £50,798 have been made in the period and no interest has been charged on the amount. Loan advances have been received in the sum of £18,983. The balance is repayable on demand. Included within amounts owed to group undertakings is an amount due in the sum of £3,976 (2023: £4,512) to Holiday Park (Carno) Limited (Mr J E Williams is a director of both companies). Repayments of £724 have been made in the period and no interest has been charged on the amount. Loan advances have been received in the sum of £188. The balance is repayable on demand. Included within other debtors is an amount due in the sum of £3,300 (2023: £3,300) from The Oaks Leisure Group Limited (parent company). No repayments have been made during the period and no interest has been charged on the amount. The balance is repayable on demand.
18. | Controlling party
The ultimate holding company is The Oaks Leisure Group Limited, which owns 100% of the issued share capital, and is a UK registered company. The registered office address is the same as this Company.
Page 16