REGISTERED NUMBER: 06241050 (England and Wales)

Prestige Park & Leisure Homes Limited

Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R E Wilde

R M A Clarke

J I Doyle

P J Hasnip

D J Lambert

H J Rix

S J Rix

T J Rix

J Wake

A Westwood

G Corlyon

REGISTERED OFFICE:

2 Humber Quays

Wellington Street West

Hull

HU1 2BN

REGISTERED NUMBER:

06241050 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

CURRENT ASSETS

Debtors

4

1

3,126,364

CREDITORS

Amounts falling due within one year

5

-

3,006,935

NET CURRENT ASSETS

1

119,429

TOTAL ASSETS LESS CURRENT LIABILITIES

1

119,429

CAPITAL AND RESERVES

Called up share capital

7

1

1,000

Capital redemption reserve

999

-

Retained earnings

(999

)

118,429

SHAREHOLDERS' FUNDS

1

119,429

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2025 and were signed on its behalf by:

T J Rix - Director

R E Wilde - Director

1.	STATUTORY INFORMATION

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

The financial statements are presented in Sterling which is the functional currency of the Company, and rounded to the nearest whole £1.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Going concern - Material uncertainty

As disclosed in note 9, the company is party to three property leases which contain dilapidation clauses obliging the company to meet the costs of restoring the properties to their pre-lease condition. The leases expire in September 2026, with any dilapidation obligation then crystallising. Given that the company's balance sheet reports net asset of only £1, it would be unable to meet any material dilapidation obligations, and would therefore be rendered insolvent and no longer constitute a going concern.

The directors have continued to prepare the accounts on the going concern basis.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit or Loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Debtors

Short-term debtors are measured at transactions price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost.

3.	EMPLOYEES AND DIRECTORS

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

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed by group undertakings

1

3,126,364

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed to group undertakings

-

3,006,935

6.	LEASING AGREEMENTS

Leased Property is sub let to tenants under operating leases. At the year end the committed lease receipts and payments receivable and payable under non-cancellable leases are as follows:

Payable

2024

2023

Falling due:

£

£

Within one year

217,000

217,000

Between one and five years

123,952

340,952

340,952

557,952

Receivable

2024

2023

Falling due:

£

£

Within one year

217,000

217,000

Between one and five years

144,667

361,667

361,667

578,667

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1

Ordinary

1.00

1

1,000

A resolution was passed on 26 March 2024 to reduce the share capital of the company from £1,000 to £1.00 by cancelling and extinguishing 999 Ordinary shares of £1.00 each. These were fully paid up and the cancellation of the share capital has been credited to the profit or loss reserves.

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

The Report of the Auditors was unqualified.

We draw attention to note 9 in the financial statements, which describes the Company's obligations under dilapidation clauses contained within three property leases that expire in September 2026. As disclosed in note 8, the directors are unable to reliably measure the potential liability arising from these dilapidation clauses, and therefore no provision has been recognised in the financial statements for the year ended 31 December 2024. Our opinion is not modified in respect of this matter.

Michael Stocks FCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

9.	CONTINGENT LIABILITIES

As at the balance sheet date, Prestige Park and Leisure Homes Limited is a party to three property leases which contain dilapidation clauses obliging the company to meet the costs of restoring the properties to their pre-lease conditions . The directors understand these obligations give rise to a potential liability, when the leases expire in September 2026.

The directors are unable to reliably measure the amount of the obligations and therefore no provision has been recognised in the financial statements.

10.	ULTIMATE CONTROLLING PARTY

The company's immediate parent is Prestige Developments Group Limited, a company incorporated in England & Wales.

The company's ultimate parent company is J. R. Rix & Sons Limited, a company incorporated in England & Wales.

The smallest and largest group in which the company's results are consolidated is that of J. R. Rix & Sons Limited. The financial statements for J. R. Rix & Sons Limited are available from its registered office, 2 Humber Quays, Wellington Street, Hull, England, HU1 2BN.