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Audited Financial Statements for the Year Ended 30 September 2021 |
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Delamere Park Management Limited |
REGISTERED NUMBER:
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Audited Financial Statements for the Year Ended 30 September 2021 |
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for |
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Delamere Park Management Limited |
Delamere Park Management Limited (Registered number: 01013623) |
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Contents of the Financial Statements |
for the Year Ended 30 September 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Delamere Park Management Limited |
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Company Information |
for the Year Ended 30 September 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Chartered Certified Accountants |
Statutory Auditors |
202 Merlin Park |
Ringtail Road |
Burscough |
Ormskirk |
Lancashire |
L40 8JY |
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BANKERS: |
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31 High Street |
Northwich |
Cheshire |
CW9 5BW |
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SOLICITORS: |
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9 Church Street |
Frodsham |
Cheshire |
WA6 7DN |
Delamere Park Management Limited (Registered number: 01013623) |
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Balance Sheet |
30 September 2021 |
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30.9.21 | 30.9.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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Revaluation reserve | 13 |
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Other reserves | 13 |
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Retained earnings | 13 |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Delamere Park Management Limited (Registered number: 01013623) |
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Notes to the Financial Statements |
for the Year Ended 30 September 2021 |
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1. | STATUTORY INFORMATION |
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Delamere Park Management Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Freehold land and buildings | - |
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Play area refurbishment | - |
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Bar refurbishment | - |
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Bar equipment, fixtures and fittings | - |
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Landscape equipment | - |
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Kitchen refurbishment | - |
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Computer equipment | - |
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It is the company's policy to ensure that its freehold land and buildings are maintained to a high standard by an ongoing maintenance programme, ensuring that estimated residual value exceeds net book amounts. As a consequence any element of depreciation would, in the opinion of the directors, be immaterial. No provision for depreciation of freehold land and buildings has therefore been included in the accounts. |
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Government grants |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. |
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A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Delamere Park Management Limited (Registered number: 01013623) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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3. | ACCOUNTING POLICIES - continued |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Delamere Park Management Limited (Registered number: 01013623) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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5. | TANGIBLE FIXED ASSETS |
Bar |
equipment, |
Freehold | fixtures |
land and | Play area | Bar | and |
buildings | refurbishment | refurbishment | fittings |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 October 2020 |
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Additions |
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Disposals |
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At 30 September 2021 |
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DEPRECIATION |
At 1 October 2020 |
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Charge for year |
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Eliminated on disposal |
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At 30 September 2021 |
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NET BOOK VALUE |
At 30 September 2021 |
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At 30 September 2020 |
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Landscape | Kitchen | Computer |
equipment | refurbishment | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 October 2020 |
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Additions |
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Disposals | ( |
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( |
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At 30 September 2021 |
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DEPRECIATION |
At 1 October 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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( |
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At 30 September 2021 |
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NET BOOK VALUE |
At 30 September 2021 |
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At 30 September 2020 |
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Delamere Park Management Limited (Registered number: 01013623) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Cost or valuation at 30 September 2021 is represented by: |
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Bar |
equipment, |
Freehold | fixtures |
land and | Play area | Bar | and |
buildings | refurbishment | refurbishment | fittings |
£ | £ | £ | £ |
Valuation in 1980 | 50,000 | - | - | - |
Cost | 1,027,104 | 18,614 | 9,582 | 11,010 |
1,077,104 | 18,614 | 9,582 | 11,010 |
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Landscape | Kitchen | Computer |
equipment | refurbishment | equipment | Totals |
£ | £ | £ | £ |
Valuation in 1980 | - | - | - | 50,000 |
Cost | 48,624 | 4,943 | 2,045 | 1,121,922 |
48,624 | 4,943 | 2,045 | 1,171,922 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Landscape |
equipment |
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COST OR VALUATION |
At 1 October 2020 |
and 30 September 2021 |
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DEPRECIATION |
At 1 October 2020 |
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Charge for year |
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At 30 September 2021 |
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NET BOOK VALUE |
At 30 September 2021 |
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At 30 September 2020 |
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6. | STOCKS |
30.9.21 | 30.9.20 |
£ | £ |
Bar stocks |
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Delamere Park Management Limited (Registered number: 01013623) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.21 | 30.9.20 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.21 | 30.9.20 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 10) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.9.21 | 30.9.20 |
£ | £ |
Bank loans |
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Hire purchase contracts (see note 10) |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loan | 47,260 | 54,176 |
Delamere Park Management Limited (Registered number: 01013623) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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10. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
30.9.21 | 30.9.20 |
£ | £ |
Gross obligations repayable: |
Within one year |
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Between one and five years |
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Finance charges repayable: |
Within one year |
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Between one and five years |
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Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable | operating leases |
30.9.21 | 30.9.20 |
£ | £ |
Within one year |
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Between one and five years |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.9.21 | 30.9.20 |
£ | £ |
Bank loans |
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Hire purchase contracts | 12,684 | 15,993 |
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The company has given a first legal charge over its freehold property to Barclays Bank plc as security for bank borrowings. The bank loans are repayable by the contractual repayment terms of each loan and incur interest of 2.5% and 4.55%. |
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Hire purchase obligations are secured on the assets concerned. |
Delamere Park Management Limited (Registered number: 01013623) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.21 | 30.9.20 |
value: | £ | £ |
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Ordinary | £1.00 | 5 | 5 |
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13. | RESERVES |
Retained | Revaluation | Other |
earnings | reserve | reserves | Totals |
£ | £ | £ | £ |
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At 1 October 2020 |
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1,051,167 |
Profit for the year |
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At 30 September 2021 |
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1,125,861 |
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Retained earnings - These represent annual surpluses which have accumulated over a number of years and have been used to assist with the rebuilding of the main club building after the fire in March 2004 and more recently the pool and plant area refurbishment. |
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Revaluation reserve - The freehold land and buildings were valued at £300,000 on 1 October 1980 on the transfer of the administration of the estate from Whelmar Limited to the plot owners of the estate. |
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A professional valuation has been sought previously but the restrictive nature of certain covenants in the Trust Deed governing the administration of Delamere Park precluded the valuer recommending a basis for valuation or an appropriate value for inclusion in the financial statements. |
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Included within the freehold land and buildings which were transferred to the plot owners of the estate from Whelmar Limited on 1 October 1980 was the main club building. This building was totally destroyed by fire on the night of Wednesday 10 March 2004. The directors of the company consider that the value of this building when it was transferred to the plot owners of the estate from Whelmar Limited was £250,000. |
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Other reserves - These represent the insurance proceeds received after the fire on the night of Wednesday 10 March 2004 plus bank account interest received on the insurance proceeds which were deposited in a Business Base Rate Tracker Account separate from the other funds of the company. The net book value of any assets destroyed in the fire and any other fire losses and investigation costs have been deducted from the insurance proceeds and the bank account interest received. |
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14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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15. | PENSION COMMITMENTS |
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The company operates a defined contribution pension scheme for the members of staff. The assets of the scheme are held separately from those of the company, being invested with insurance companies. Pension costs charged in the Trading and Profit and Loss Account represent the contributions payable by the company in the year. |
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At the balance sheet date unpaid contributions of £604 (2020: - £369) were due to the fund. |
Delamere Park Management Limited (Registered number: 01013623) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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16. | CAPITAL COMMITMENTS |
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At 30 September 2021 the company had capital commitments totalling £Nil (2020: - £Nil). |
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17. | RELATED PARTY DISCLOSURES |
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The issued shares are held by the directors of the company in their capacity as trustees of Delamere Park Management Trust, on behalf of the plot owners of Delamere Park |
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18. | ULTIMATE CONTROLLING PARTY |
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The company was controlled during the year by the directors holding office. They are responsible for ascertaining the wishes of the plot owners of Delamere Park. |