Registration number:
FWSC (Ladram) Limited
for the Year Ended 31 December 2024
FWSC (Ladram) Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
FWSC (Ladram) Limited
Company Information
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Directors |
Mr R A B Carter Mrs Z A House Mr R C Carter |
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Registered office |
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Auditors |
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FWSC (Ladram) Limited
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is that of the operation of holiday parks.
Fair review of the business
The Board is pleased to announce a profit after tax of £907,918 for the year ended 31 December 2024. In 2024, the business continued to benefit from an increase in the number of holidaymakers choosing to stay in the UK for the holiday season.
The company has seen an increase in net assets from £7,837,353 in 2023 to £8,145,271 in 2024 due to retained earnings.
The company's key financial and other performance indicators during the year were as follows:
|
Unit |
2024 |
2023 |
|
|
Turnover |
£ |
13,571,432 |
14,706,665 |
|
Gross profit margin |
% |
74 |
69 |
|
Profit after tax |
£ |
907,918 |
1,563,124 |
|
Earnings before interest, tax, depreciation and amortisation |
£ |
2,747,912 |
3,426,735 |
Principal risks and uncertainties
Customer feedback and reviews are extremely important in the leisure and tourism industry. This is reviewed regularly to ensure that customers are happy with the holiday package and, if there are any issues, these are rectified immediately. Regular capital expenditure is committed for the up-keep of the parks to make them the destination of choice.
Approved and authorised by the
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FWSC (Ladram) Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The directors are responsible for monitoring financial risk. Appropriate policies have been developed and implemented to identify, evaluate and manage key risks.
Price risk, credit risk, liquidity risk and interest rate cash flow risk
a) Price risk - The nature of the company's main operations does not give rise to significant price risk.
b) Credit risk - The nature of the company's main operations does not give rise to significant credit risk.
c) Liquidity risk - The company actively maintains a mixture of long-term and short-term debt finance that is designed to ensure the company has sufficient available funds for operations and planned expansions. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
d) Interest rate cash flow risk - The company has interest bearing liabilities and has selected variable rates to best suit the future cash flow. The directors will revisit the appropriateness of this policy should the company's situation change.
Future developments
The intentions of the board are to continue to invest in upgrading the sites, maintain a high level of customer service and retain its 5 star status at both of the parks from which it operates.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the
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FWSC (Ladram) Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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• |
select suitable accounting policies and apply them consistently; |
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• |
make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
FWSC (Ladram) Limited
Independent Auditor's Report to the Members of FWSC (Ladram) Limited
Opinion
We have audited the financial statements of FWSC (Ladram) Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, 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).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.
Conclusions relating to going concern
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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements were 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.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
FWSC (Ladram) Limited
Independent Auditor's Report to the Members of FWSC (Ladram) Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
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 auditor’s 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 financial statements.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
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obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; |
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inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud; |
FWSC (Ladram) Limited
Independent Auditor's Report to the Members of FWSC (Ladram) Limited
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• |
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. |
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
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 auditor’s 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
Winchester House
Deane Gate Avenue
Somerset
TA1 2UH
FWSC (Ladram) Limited
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
|
|
|
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Cost of sales |
( |
( |
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Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
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Operating profit |
|
|
|
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Other interest receivable and similar income |
|
|
|
|
Interest payable and similar charges |
( |
( |
|
|
(379,830) |
(380,063) |
||
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Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above and therefore a separate statement of other comprehensive income has not been presented.
FWSC (Ladram) Limited
(Registration number: 03633025)
Balance Sheet as at 31 December 2024
|
Note |
2024 |
2023 |
|
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Fixed assets |
|||
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Tangible assets |
|
|
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Current assets |
|||
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Stocks |
|
|
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Debtors |
347,449 |
489,046 |
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Cash at bank and in hand |
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|
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|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
|
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Provisions for liabilities |
( |
( |
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Net assets |
|
|
|
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Capital and reserves |
|||
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Called up share capital |
|
510 |
|
|
Share premium reserve |
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2,208,885 |
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Capital redemption reserve |
|
370 |
|
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Profit and loss account |
|
5,627,588 |
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Total equity |
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7,837,353 |
Approved and authorised by the
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FWSC (Ladram) Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Share premium |
Capital redemption reserve |
Profit and loss account |
Total |
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At 1 January 2024 |
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|
|
|
|
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Profit for the year and total comprehensive income |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
Share capital |
Share premium |
Capital redemption reserve |
Profit and loss account |
Total |
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At 1 January 2023 |
|
|
|
|
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Profit for the year and total comprehensive income |
- |
- |
- |
|
|
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Dividends |
- |
- |
- |
(450,000) |
(450,000) |
|
At 31 December 2023 |
510 |
2,208,885 |
370 |
5,627,588 |
7,837,353 |
FWSC (Ladram) Limited
Statement of Cash Flows for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Cash flows from operating activities |
|||
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Profit for the year |
|
|
|
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Adjustments to cash flows |
|||
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Depreciation and amortisation |
|
|
|
|
(Profit) on disposal of tangible fixed assets |
(196,162) |
(209,406) |
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|
Finance income |
( |
( |
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|
Finance costs |
|
|
|
|
Income tax expense |
|
|
|
|
|
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||
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Working capital adjustments |
|||
|
(Increase)/decrease in stocks |
( |
|
|
|
Decrease in trade debtors |
|
|
|
|
(Decrease)/increase in trade creditors |
( |
|
|
|
(Decrease)/increase in deferred income, including government grants |
( |
|
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Net cash flows from investing activities |
( |
( |
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|
Cash flows from financing activities |
|||
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Interest paid |
( |
( |
|
|
Repayment of bank borrowing |
(334,580) |
(1,332,310) |
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|
Dividends paid |
(600,000) |
(450,000) |
|
|
Movements in directors' loan accounts |
90,283 |
(450,476) |
|
|
Advances from finance lease creditors |
- |
|
|
|
Payments to finance lease creditors |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net decrease in cash and cash equivalents |
( |
( |
|
|
Cash and cash equivalents at 1 January |
1,608,039 |
2,673,573 |
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|
Cash and cash equivalents at 31 December |
882,139 |
1,608,039 |
|
FWSC (Ladram) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The principal place of business is:
Ladram Bay Holiday Centre
Ladram Bay
Otterton
Budleigh Salterton
Devon
EX9 7BX
The registered office address is:
Winchester House
Deane Gate Avenue
Taunton
Somerset
TA1 2UH
These financial statements were authorised for issue by the
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Accounting policies |
Statement of compliance
These financial statements are prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that, as disclosed in the accounting policies, certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The company has healthy profits, a strong net asset position and a healthy cash balance at the year end. The directors have reviewed the management accounts and budgets/forecasts for the next twelve months and given the level of cash held by the company, the high levels of reserves, plentiful capital resources and support of the shareholders, the directors consider the company to be a going concern for the foreseeable future.
FWSC (Ladram) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Depreciation
Caravan depreciation has inherent estimation uncertainty due to varying useful lives together with difficulties in estimating the residual value. Caravans have a variable market and, in addition, the price achieved is affected by whether the van will be sold on site or off site. The carrying amount of caravan assets at the year end was £3,223,326 (2023 - £3,392,841).
Caravan stock
The value of pre-owned caravan stock is also affected by a variable market and how a caravan is purchased and subsequently sold. The stock provision therefore carries some estimation uncertainty. The carrying value of caravan stock at the year end was £1,060,692 (2023 - £1,009,749) which included a provision of £308,124 (2023 - £237,208).
FWSC (Ladram) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services and other revenue in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Some of the holiday homes sold to customers of the company are part-funded by third party finance companies, so the payment terms are in accordance with the finance provider's terms and conditions. However, in the event of a default by a customer, the company may be required to re-purchase a holiday home from the third party finance company at a price based on an agreed formula.
Tax
The tax expense for the period comprises UK corporation tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
FWSC (Ladram) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Freehold land |
Nil |
|
Freehold buildings |
2% to 25% straight line |
|
Fixtures and fittings |
10% to 33.3% straight line |
|
Motor vehicles |
10% to 25% straight line |
|
Caravans |
12.5% straight line from years 3 to 10 for vans and single lodges, and 7.7% straight line for double lodges from years 3-15 (with 20% to 25% straight line on decking) |
|
Plant and machinery |
6.7% to 33.3% straight line |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and assets under construction comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell and the impairment loss is recognised immediately in profit or loss.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. At each reporting date, trade debtors are assessed for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
FWSC (Ladram) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
A dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
FWSC (Ladram) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Caravan sales |
|
|
|
Licences |
|
|
|
Holiday and touring |
|
|
|
Retail operations |
|
|
|
Sundry sales |
94,213 |
44,241 |
|
Other revenue |
|
|
|
|
|
The analysis of the company's revenue for the year by market is as follows:
|
2024 |
2023 |
|
|
UK |
|
|
|
Operating profit |
Arrived at after charging/(crediting):
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
(Profit) on disposal of tangible fixed assets |
(196,162) |
(209,406) |
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
|
Other finance income |
- |
|
|
|
|
FWSC (Ladram) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Other interest payable |
14,129 |
199 |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category, was as follows:
|
2024 |
2023 |
|
|
Administration and support |
|
|
|
Maintenance |
|
|
|
Other departments |
|
|
|
|
|
FWSC (Ladram) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
342,219 |
323,424 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2024 |
2023 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
140,452 |
132,297 |
FWSC (Ladram) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit and accounts preparation of the financial statements |
|
|
|
Other fees to auditors |
||
|
All other assurance services |
|
|
|
Taxation |
Tax charged/(credited) in the income statement
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
( |
|
399,793 |
248,614 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Adjustment to deferred tax in respect of prior period |
- |
(486) |
|
Total deferred taxation |
( |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
FWSC (Ladram) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
2024 |
2023 |
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
( |
( |
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Deferred tax credit from unrecognised temporary difference from a prior period |
- |
( |
|
Deferred tax expense relating to changes in tax rates or laws |
- |
|
|
Decrease from effect of tax incentives |
- |
( |
|
Other tax effects for reconciliation between accounting profit and tax expense (income) |
( |
( |
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Liability |
|
Differences between accumulated depreciation and capital allowances |
|
|
|
|
2023 |
Liability |
|
Differences between accumulated depreciation and capital allowances |
|
|
|
FWSC (Ladram) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Tangible assets |
|
Freehold land and buildings |
Fixtures and fittings |
Motor vehicles |
Caravans |
Plant and machinery |
Assets under construction |
Total |
|
|
Cost or valuation |
|||||||
|
At 1 January 2024 |
|
|
|
|
|
|
|
|
Additions |
|
|
|
|
|
|
|
|
Disposals |
( |
( |
( |
( |
( |
- |
( |
|
Transfers |
|
- |
- |
- |
|
( |
- |
|
At 31 December 2024 |
|
|
|
|
|
|
|
|
Depreciation |
|||||||
|
At 1 January 2024 |
|
|
|
|
|
- |
|
|
Charge for the year |
|
|
|
|
|
- |
|
|
Eliminated on disposal |
( |
( |
( |
( |
( |
- |
( |
|
At 31 December 2024 |
|
|
|
|
|
- |
|
|
Carrying amount |
|||||||
|
At 31 December 2024 |
|
|
|
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
|
|
|
Included within the net book value of land and buildings above is £8,596,965 (2023 - £8,473,938) in respect of freehold land and buildings. Within these amounts, the net book value of the land not being depreciated is £5,123,118 (2023 - £5,123,118).
FWSC (Ladram) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2024 |
2023 |
|
|
Caravans |
1,095,440 |
1,473,823 |
|
Motor vehicles |
98,800 |
199,264 |
|
1,194,240 |
1,673,087 |
Restriction on title and pledged as security
|
Stocks |
|
2024 |
2023 |
|
|
Finished goods and raw materials |
|
|
|
Stock provision |
( |
( |
|
|
|
Impairment of stocks
The amount of impairment loss included in profit or loss is £70,916 (2023 - £29,988). The impairment loss is included in cost of sales.
The carrying amount of stocks pledged as security for liabilities amounted to £
The current replacement cost is not materially different to the amount at which stock is stated in the financial statements.
FWSC (Ladram) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Debtors |
|
Current |
2024 |
2023 |
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
Total current trade and other assets with a carrying amount of £170,544 (2023 - £183,985) has been pledged as security for all bank loans.
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other creditors |
|
|
|
|
Accruals |
|
|
|
|
Corporation tax liability |
101,444 |
33,614 |
|
|
Deferred income |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
FWSC (Ladram) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Deferred tax and other provisions |
|
Deferred tax |
|
|
At 1 January 2024 |
|
|
Decrease in existing provisions |
( |
|
At 31 December 2024 |
( |
|
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £7,151 (2023 - £8,856) were payable to the scheme at the end of the year and are included in creditors.
FWSC (Ladram) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Share capital |
Authorised, allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
210 |
|
210 |
|
|
|
150 |
|
150 |
|
|
|
150 |
|
150 |
|
|
|
|
|
|
Rights, preferences and restrictions
|
Capital shares have the following rights, preferences and restrictions: |
|
Voting shares have the following rights, preferences and restrictions: |
|
Income shares have the following rights, preferences and restrictions: |
|
Reserves |
Share premium reserve
The share premium reserve is a non-distributable reserve that represents the difference between the par value of shares issued and the price paid for those shares.
Capital redemption reserve
The capital redemption reserve arose due to the company buying back and cancelling 150 voting shares, 150 income shares and 70 capital shares with a nominal value of £370. The capital redemption reserve preserves the capital of the company.
FWSC (Ladram) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Loans and borrowings |
|
2024 |
2023 |
|
|
Non-current loans and borrowings |
||
|
Bank borrowings |
|
|
|
HP and finance lease liabilities |
|
|
|
|
|
|
|
2024 |
2023 |
|
|
Current loans and borrowings |
||
|
Bank borrowings |
|
|
|
HP and finance lease liabilities |
|
|
|
|
|
|
Bank borrowings
|
|
Bank loan 2 is denominated in GBP with an interest rate of 1.75% per annum above Barclays Bank Base Rate and the final instalment is due on 1 December 2025. The carrying amount at the year end is £2,377,856 (2023 - £2,576,011). As noted in the post balance sheet events note, this loan has been renewed and the new loan has an interest rate of 1.75% above Barclays Base Rate and is due for repayment in June 2028.
Bank loan 3 is denominated in GBP with an interest rate of 1.90% per annum above Barclays Bank Base Rate and the final instalment is due on 6 October 2027. The carrying amount at the year end is £2,000,000 (2023 - £2,000,000).
FWSC (Ladram) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Obligations under finance leases and hire purchase contracts |
Finance leases and hire purchase contracts
Obligations under finance leases and hire purchase contracts are secured against the assets that the arrangements finance.
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
|
Dividends |
|
2024 |
2023 |
|||
|
£ |
£ |
|||
|
Interim dividend of £ |
600,000 |
450,000 |
||
The directors are proposing a final dividend of £Nil (2023 - £Nil) per share totalling £Nil (2023 - £Nil).
|
Commitments |
Capital commitments
The total amount contracted for but not provided in the financial statements was £
FWSC (Ladram) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Analysis of changes in net debt |
|
At 1 January 2024 |
Financing cash flows |
At 31 December 2024 |
|
|
Cash and cash equivalents |
|||
|
Cash |
1,608,039 |
(725,900) |
882,139 |
|
Borrowings |
|||
|
Long term borrowings |
(4,842,305) |
2,560,255 |
(2,282,050) |
|
Short term borrowings |
(315,939) |
(2,225,675) |
(2,541,614) |
|
Lease liabilities |
(749,611) |
295,391 |
(454,220) |
|
(5,907,855) |
629,971 |
(5,277,884) |
|
|
( |
( |
( |
|
|
|
|||
FWSC (Ladram) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Related party transactions |
Key management personnel
Key management are considered to be the directors of the business.
Summary of transactions with other related parties
The company continued to receive loans from other related parties which are interest free and repayable on demand.
Income and receivables from related parties
|
2024 |
Other related parties |
|
Sale of goods |
|
|
|
|
|
2023 |
Other related parties |
|
Sale of goods |
|
|
Amounts receivable from related party |
|
|
|
|
FWSC (Ladram) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Expenditure with and payables to related parties
|
2024 |
Other related parties |
|
Purchase of goods / services |
|
|
Amounts payable to related party |
|
|
|
|
|
2023 |
Other related parties |
|
Purchase of goods / services |
|
|
Amounts payable to related party |
|
|
|
|
Loans from related parties
|
2024 |
Key management |
Total |
|
At start of period |
|
|
|
Advanced |
( |
( |
|
Repaid |
|
|
|
At end of period |
|
|
|
|
||
|
2023 |
Key management |
Total |
|
At start of period |
|
|
|
Advanced |
( |
( |
|
Repaid |
|
|
|
At end of period |
|
|
|
|
||
Terms of loans from related parties
FWSC (Ladram) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Non adjusting events after the financial period |
|
|
|
Parent and ultimate parent undertaking |
The ultimate controlling party is