Registration number:
Red Valley Resort Limited
for the Year Ended 31 December 2024
Red Valley Resort Limited
Contents
|
Statement of Financial Position |
|
|
Notes to the Unaudited Financial Statements |
Red Valley Resort Limited
(Registration number: 11458710)
Statement of Financial Position as at 31 December 2024
|
Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Investment property |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current liabilities |
( |
( |
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
1 |
1 |
|
|
Revaluation reserve |
11,460,452 |
- |
|
|
Profit and loss account |
539,277 |
2,924,941 |
|
|
Shareholders' funds |
11,999,730 |
2,924,942 |
Red Valley Resort Limited
(Registration number: 11458710)
Statement of Financial Position as at 31 December 2024 (continued)
For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
|
• |
|
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
|
|
Red Valley Resort Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
Principal activity
The principal activity of the company is that of other holiday and other collective accommodation.
|
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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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 entity.
Red Valley Resort Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
|
2 |
Accounting policies (continued) |
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
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, 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.
Tax
The tax expense for the period comprises 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.
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.
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 |
|
Plant and equipment |
10 years straight line |
Red Valley Resort Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
|
2 |
Accounting policies (continued) |
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Investment property
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
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 statement of comprehensive income 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.
Red Valley Resort Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
|
2 |
Accounting policies (continued) |
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
|
Profit/loss before tax |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
Red Valley Resort Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
|
Intangible assets |
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
Amortisation |
||
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
Carrying amount |
||
|
At 31 December 2024 |
- |
- |
|
Tangible assets |
|
Plant and equipment |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
Depreciation |
||
|
At 1 January 2024 |
|
|
|
Charge for the year |
|
|
|
At 31 December 2024 |
|
|
|
Carrying amount |
||
|
At 31 December 2024 |
|
|
|
At 31 December 2023 |
|
|
Red Valley Resort Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
|
Investment properties |
|
2024 |
|
|
At 1 January |
|
|
Fair value adjustments |
|
|
At 31 December |
|
Investment property comprises of St Merryn Holiday Park, Cornwall. The fair value of the land has been arrived at on the basis of valuations carried out in the current and previous years on an open market basis.
|
Debtors |
|
2024 |
2023 |
|
|
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Prepayments |
|
|
|
Accrued income |
- |
|
|
|
|
Red Valley Resort Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
|
Creditors |
Creditors: amounts falling due within one year
|
Note |
2024 |
2023 |
|
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
|
|
|
Taxation and social security |
|
|
|
|
Accruals and deferred income |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
Note |
2024 |
2023 |
|
|
Loans and borrowings |
- |
|
|
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
|
Revaluation reserve |
Total |
|
|
Surplus/deficit on property, plant and equipment revaluation |
|
|
|
|
||
Profit and loss account:
This reserve records retained earnings and accumulated losses.
Red Valley Resort Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
|
Loans and borrowings |
Non-current loans and borrowings
|
2024 |
2023 |
|
|
Other borrowings |
- |
|
Current loans and borrowings
|
2024 |
2023 |
|
|
Other borrowings |
|
|
|
Fixed and floating charge |
After the end of the reporting period on the 18th August 2025, the company entered into an Agreement with ACO II January S.A.R.L containing a fixed and floating charge over the company and assets.