Registration number:
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Registration number:
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Woolacombe Bay Holiday Village Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Independent Auditor's Report |
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Statement of Comprehensive Income |
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Balance Sheet |
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Notes to the Financial Statements |
Woolacombe Bay Holiday Village Limited
Company Information
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Directors |
R J R Lancaster Mrs S E Lancaster |
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Company secretary |
Mrs L M Todd |
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Registered office |
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Auditors |
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Woolacombe Bay Holiday Village 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 the operation of holiday parks
Fair review of the business
There has been a small 0.9% decrease in the turnover of the company compared to last year. There was much more holiday competition for the 2023 year with the lifting of foreign travel restrictions and this continued in 2024. This decrease in turnover, combined with higher costs resulting from inflation and wages increases has more than proportionally reduced the reported profit before tax compared to the previous year as shown in the Key Performance Indicators table below, however it is still pleasing to note that profits are still substantially higher than those profits achieved before the pandemic.
Forward bookings are strong but, as with any seasonal business, forward visibility of income is limited thus it is still uncertain what the recent impacts of high inflation, interest rates and general ecomonic conditions might have on the company's income over the forthcoming twelve months.
With the internationally acclaimed Woolacombe beach and also the continued investment into the sites has helped to place the Woolacombe Bay Holiday Village parks above the standard of offerings provided by other competitors in the South West.
The company has a very strong balance sheet and at the end of the year, net assets totalled £37,314,728 (2023 - £34,680,300). Given the very significant expense of obtaining and then maintaining valuations of the land and buildings included within the company's fixed assets, the directors' have historically decided to keep these assets at cost. However, they believe that the market value of these assets is well in excess of the value stated in the financial statements, but in the absence of formal valuations have not adopted these values in the financial statements.
The company has plans to develop the Twitchen holiday park further with projects to introduce a splash park, water slides and wave rider to be implemented in the winter of 2024/25 as well as the usual ongoing caravan replacement program.
The company's key financial and other performance indicators during the year were as follows:
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Financial KPIs |
Unit |
2024 |
2023 |
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Turnover (reduction)/growth |
% |
(1) |
5 |
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Profit before tax |
£ |
3,535,929 |
4,609,374 |
Woolacombe Bay Holiday Village Limited
Strategic Report for the Year Ended 31 December 2024
Principal risks and uncertainties
Due to the nature of the business, the company’s primary earnings period is over the summer months and therefore it can be difficult to accurately project future earnings as this can be weather dependant, particularly regarding last minute bookings. However, the directors’ actively monitor the booking deposits received, which are a reasonably reliable indicator of the expected earnings, and manage the business accordingly. The current economic situation does introduce further uncertainities for the company, however as noted above the balance sheet position is extremely strong and should be able to withstand a downturn in trade should the fears of a general recession be realised.
Approved by the Board on
Mrs L M Todd
Company secretary
Woolacombe Bay Holiday Village 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:
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.
Employment of disabled persons
It is our policy that people with disabilities should have full and fair consideration for all vacancies and training needs. We are committed to interview those people with disabilities who fulfil the minimum criteria, and also endeavour to retain employees in the workforce if they become disabled during employment. We will actively retrain and adjust their environment where possible to allow them to maximise their potential.
Woolacombe Bay Holiday Village Limited
Directors' Report for the Year Ended 31 December 2024
Financial instruments
Objectives and policies
As the positive cash flow can be orientated towards the Spring and Summer months, the company is managed to ensure that there is sufficient working capital to adequately finance the company through the Winter and also allow ongoing maintenance and refurbishment to proceed where required.
Price risk, credit risk, liquidity risk and cash flow risk
The business' principal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors, loans to the business and finance lease agreements. The main purpose of these instruments is to finance the business' operations.
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts and loans at floating rates of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors. Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Loans comprise loans from financial institutions. The interest rates are variable and the business manages the liquidity risk by ensuring that there are sufficient funds to meet the payments. The business is a lessee in respect of finance leased assets. The liquidity risk in respect of these is managed by ensuring that there are sufficient funds to meet the payments.
Future developments
The company is continually seeking to maintain and, where possible, improve the high standard of the holiday parks that it operates and so will incur substantial repairs and maintenance costs each year. In addition, where opportunities arise, new attractions and features will be installed to enhance the holiday makers experience.
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 Board on
Mrs L M Todd
Company secretary
Woolacombe Bay Holiday Village Limited
Independent Auditor's Report to the Members of Woolacombe Bay Holiday Village Limited
Opinion
We have audited the financial statements of Woolacombe Bay Holiday Village Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, Balance Sheet, 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 director's 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 original 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.
Woolacombe Bay Holiday Village Limited
Independent Auditor's Report to the Members of Woolacombe Bay Holiday Village Limited
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.
Opinions on other matters 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.
Woolacombe Bay Holiday Village Limited
Independent Auditor's Report to the Members of Woolacombe Bay Holiday Village Limited
Auditor’s 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
1. The nature of the industry and sector, control environment and business performance;
2. results of our enquiries of management about their own identification and assessment of the risks of irregularities;
3. any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
4. the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in income. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and UK tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
Audit response to risks identified
As a result of performing the above, we have not identified any contradictory evidence during our enquiries.
Woolacombe Bay Holiday Village Limited
Independent Auditor's Report to the Members of Woolacombe Bay Holiday Village Limited
Our procedures to respond to risks identified included the following:
- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
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 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
30 Bear Street
Devon
EX32 7DD
Woolacombe Bay Holiday Village Limited
Statement of Comprehensive Income 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 |
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Administrative expenses |
( |
( |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar charges |
( |
( |
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97,534 |
782,366 |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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Retained earnings brought forward |
34,668,580 |
31,152,383 |
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Retained earnings carried forward |
37,294,728 |
34,668,580 |
The above results were derived from continuing operations.
Woolacombe Bay Holiday Village Limited
(Registration number: 01853817)
Balance Sheet as at 31 December 2024
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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 |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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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 |
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Retained Earnings |
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Shareholders' funds |
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Approved and authorised for issue by the
R J R Lancaster
Director
Woolacombe Bay Holiday Village 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.
The address of its registered office is:
The principal place of business is:
Wych Elm
Sunnyside Road
WOOLACOMBE
Devon
EX34 7DG
These financial statements were authorised for issue by the
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Accounting policies |
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.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
All amounts are in £'s.
Summary of disclosure exemptions
The individual accounts of Woolacombe Bay Holiday Village Limited have also adopted the following disclosure exemptions:
- The company has taken advantage of the exemption, under FRS 102 paragraph 1.12(b), from preparing a statement of cash flows on the basis that it is a qualifying entity and its ultimate parent company, Lancaster Leisure Limited, includes the company’s cash flows in its own consolidated financial statements. Being a qualifying entity, it has also taken advantage of the exemption from disclosing key management personnel compensation as this is disclosed in the parent company's consolidated accounts.
Going concern
The financial statements have been prepared on a going concern basis.
Woolacombe Bay Holiday Village Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Judgements
There are no judgements which management have made in the process of applying the accounting policies. |
Key sources of estimation uncertainty
Depreciation is a key source of estimation uncertainty that have a significant risk of causing a material adjustment to assets and liabilities to be disclosed..
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, refunds and discounts.
The Company recognises revenue when residents of the holiday parks arrive. Revenue relating to the bars and other activity and amenity areas is recognised at the point of delivery of service.
Government grants
Grants have been recognised in the accounts under the accrual model. Under the accrual model, grants relating to revenue shall be recognised as income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
Tax
The tax expense for the period comprises current and deferred 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 corporation 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 UK where the company operates and generates taxable income.
Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the balance sheet 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.
Woolacombe Bay Holiday Village Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Depreciation
No depreciation is provided on freehold land. Freehold buildings are also not depreciated as it is company policy to maintain them to such a standard that the estimated aggregate residual values are so high that any depreciation is not material to the accounts. Any impairment in the value of the assets is recognised in the profit and loss account when incurred.
Depreciation is provided on remaining tangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
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Asset class |
Depreciation method and rate |
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Leasehold property |
over period of lease straight line basis |
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Other equipment |
25% reducing balance basis |
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Motor vehicles |
25% reducing balance basis |
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Fixtures and fittings (other) |
20% straight line basis |
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Caravans |
10% reducing balance basis |
Trade 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. They are subsequently measured at the undiscounted amount of the cash expected to be received (i.e. net of 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 debts.
Stocks
Stock is valued at the lower of cost and net realisable value, on a first in first out basis, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less selling costs.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 the undiscounted amount of the cash expected to be paid.
Woolacombe Bay Holiday Village Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Borrowings
Interest-bearing borrowings are initially recorded at transaction price, net of transaction costs.
Interest-bearing borrowings are subsequently carried at amortised cost, with the interest expense 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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. 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 reducing-balance basis substantially 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.
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.
Woolacombe Bay Holiday Village Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Financial instruments
Classification
Recognition and measurement
Basic financial liabilities are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Other creditors are classified as current liabilities if payment is due within one year or less and are recognised initially at transaction price and subsequently measured at the undiscounted amount of the cash expected to be paid. If not, they are presented as non-current liabilities and are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Trade creditors and leases are referred to above.
Impairment
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
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Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
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2024 |
2023 |
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Accommodation and associated facilities sales |
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Rental income from property |
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Woolacombe Bay Holiday Village Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Operating profit |
Arrived at after charging/(crediting)
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2024 |
2023 |
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Depreciation expense |
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Operating lease expense - plant and machinery |
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(Profit)/loss on disposal of property, plant and equipment |
( |
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Other interest receivable and similar income |
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2024 |
2023 |
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Interest income on bank deposits |
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Other finance income |
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- |
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Interest payable and similar expenses |
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2024 |
2023 |
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Interest on obligations under finance leases and hire purchase contracts |
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Interest expense on other finance liabilities |
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Other finance costs |
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- |
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Woolacombe Bay Holiday Village Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2024 |
2023 |
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Wages and salaries |
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Social security costs |
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Pension costs, defined contribution scheme |
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The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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2024 |
2023 |
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Administration and management |
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Bar, restaurant, entertainment, maintenance and other staff |
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Directors' remuneration |
There was no directors remuneration paid during the year ( 2023 - £nil).
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Auditors' remuneration |
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2024 |
2023 |
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Audit of the financial statements |
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Woolacombe Bay Holiday Village Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Taxation |
Tax charged/(credited) in the profit and loss account
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2024 |
2023 |
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Current taxation |
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UK corporation tax |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
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Tax expense in the income statement |
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The tax on profit before tax for the year is the same as 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:
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2024 |
2023 |
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Profit before tax |
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Corporation tax at standard rate |
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Tax increase from effect of capital allowances and depreciation |
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Total tax charge |
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Woolacombe Bay Holiday Village Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Tangible assets |
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Freehold land and buildings |
Short leasehold land and buildings |
Fixtures and fittings |
Plant and machinery |
Caravans |
Motor vehicles |
Total |
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Cost |
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At 1 January 2024 |
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Additions |
- |
- |
- |
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Disposals |
- |
- |
- |
- |
( |
- |
( |
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At 31 December 2024 |
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|
|
|
|
|
|
|
Depreciation |
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|
At 1 January 2024 |
- |
- |
|
|
|
|
|
|
Charge for the year |
- |
|
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
- |
- |
( |
- |
( |
|
At 31 December 2024 |
- |
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|
|
|
|
|
|
Carrying amount |
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|
At 31 December 2024 |
|
|
- |
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|
|
|
|
At 31 December 2023 |
|
|
|
|
|
|
|
The bank have security over all assets by fixed and floating charges.
Woolacombe Bay Holiday Village 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 |
- |
202,583 |
|
Stocks |
|
2024 |
2023 |
|
|
Consumable stocks and goods for resale |
|
|
|
Debtors |
|
Current |
2024 |
2023 |
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
- |
|
|
|
Trade creditors |
|
|
|
|
Amounts owed to group undertakings |
|
|
|
|
Social security and VAT |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other payables |
|
|
|
|
Accruals and deferred income |
|
|
|
|
Corporation tax liability |
306,841 |
636,144 |
|
|
|
|
Woolacombe Bay Holiday Village Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 31 December 2024 |
|
|
|
|
||
The deferred tax provision comprises the difference between accumulated depreciation and capital allowances.
|
Pension 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 £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
20,000 |
|
20,000 |
Rights
|
Ordinary shares have the following rights: |
Woolacombe Bay Holiday Village Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Loans and borrowings |
|
2024 |
2023 |
|
|
Current loans and borrowings |
||
|
HP and finance lease liabilities |
- |
63,907 |
Aggregate of secured liabilities
|
The aggregate of secured liabilities at the year end is £Nil (2023 - £ The finance lease liabilities are secured against the specific assets concerned. |
|
Obligations under leases and hire purchase contracts |
Finance leases and hire purchase contracts
The hire purchase contracts are secured against the specific assets financed.
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
- |
|
Operating leases
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 |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Commitments |
Capital commitments
The total amount contracted for but not provided in the financial statements was £
Woolacombe Bay Holiday Village Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Contingent liabilities |
The company has given an unlimited multilateral guarantee for the overdrafts of companies in the Lancaster Leisure group. The potential liability at 31 December 2024 of all other company overdrafts amounted to £3,212,544 (31 December 2023 - £3,266,241). Included within this guarantee is a net overdraft position of £3,212,544 (2023 - £3,262,241) relating to Lancasters Trading & Development Co Limited, a company which has a deficit balance sheet position of £1,268,158 at 31 December 2024 (2023 deficit position - £1,250,172). The Lancaster Leisure Group companies, of which Woolacombe Bay Holiday Village Limited is a member, have agreed to provide continuing financial support to Lancasters Trading & Development Co Limited.
Woolacombe Bay Holiday Village Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Related party transactions |
Summary of transactions with other related parties
From July 2021 the company rented the laundry building owned by Lancaster Leisure Retirement and Death Benefit Scheme, which is a small self administered pension scheme of which all of the directors are trustees and members. The rentable value has been determined using an open market value and the transactions with the Scheme was as follows.
Woolacombe Court Flats
The property purchase reflected below represents the acquisition of the Woolacome Court Flats leasehold property from Mr R M & Mrs R J Lancaster which was purchased at open market value in 2023.
Expenditure with related parties
|
2024 |
Other related parties |
|
Operating lease rental |
|
|
|
|
|
2023 |
Other related parties |
|
Purchase of property or other assets |
|
|
Leases |
|
|
|
|
|
|
|
|
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from the parent company's registered office which is located at 30 Bear Street, Barnstaple, Devon, EX32 7DD