REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2022 |
FOR |
LARKFIELD CARAVAN PARK LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2022 |
FOR |
LARKFIELD CARAVAN PARK LIMITED |
LARKFIELD CARAVAN PARK LIMITED (REGISTERED NUMBER: 03319866) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST OCTOBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
LARKFIELD CARAVAN PARK LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST OCTOBER 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Old School House |
Bridge Road |
Hunton Bridge |
Kings Langley |
Hertfordshire |
WD4 8SZ |
LARKFIELD CARAVAN PARK LIMITED (REGISTERED NUMBER: 03319866) |
BALANCE SHEET |
31ST OCTOBER 2022 |
2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
LARKFIELD CARAVAN PARK LIMITED (REGISTERED NUMBER: 03319866) |
BALANCE SHEET - continued |
31ST OCTOBER 2022 |
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 |
LARKFIELD CARAVAN PARK LIMITED (REGISTERED NUMBER: 03319866) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST OCTOBER 2022 |
1. | STATUTORY INFORMATION |
Larkfield Caravan Park Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
These accounts present information about the company as an individual. The company together with the Group undertakings qualifies as a ‘small group’ as defined by Section 398 of the Companies Act 2006 and accordingly is not required to present consolidated group accounts. |
Turnover |
Turnover represents net invoiced site fees and sales of goods, excluding Value Added Tax. |
The company recognises revenue as follows: |
Holiday home sales are recognised in the month in which the customer handover occurs. |
Pitch fees, rates and insurance billed are recognised in the period to which they relate. |
Holiday revenue is recognised in the month in which the the holiday ends. |
Turnover relating to shops, bars, food outlets, fitness club, swimming pool and other incidentals are recognised on receipt. |
Commission income is recognised in the period to which the sale relates. |
Deferred income represents amounts received relating to future periods and is released to turnover in the period for which it has been received. |
Accrued income represents services provided during the period which were not invoiced at the year end. |
Tangible fixed assets |
Depreciation is provided at the following annual rates, in order to write off each asset over its estimated useful life: |
Park improvements | - 10% reducing balance |
Vehicles | - 25% reducing balance |
Fixtures and equipment | - 25% straight line |
Computer | - 33.33% straight line |
Freehold buildings | - 2% straight line |
No depreciation is provided on freehold land. |
Investment property |
These is property held for rental income. The investment property is included in the Balance Sheet at cost as the directors feel that the fair value cannot be measured reliably without undue cost or effort. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Livestock is valued at the lower of actual/deemed (cost of rearing) cost and net realisable value. |
LARKFIELD CARAVAN PARK LIMITED (REGISTERED NUMBER: 03319866) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2022 |
2. | 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. |
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. |
Leased assets |
Rental costs under operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term. |
Government grants |
Government grants are recognised using the accrual model whereby revenue grants are recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. |
A grant that becomes receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, shall be recognised in income in the period in which it becomes receivable. |
Coronavirus Job Retention Scheme (CJRS) |
Income in respect of the CJRS is recognised in the period to which the underlying furloughed staff costs relate, the payroll liability has been incurred by the entity, and therefore the conditions to claim have been met. |
Local Authority Support Grants |
These local authority grants do not have any performance conditions attached, as they are designed to provide immediate financial support. They are therefore recognised immediately upon the entity being satisfied that they have the entitlement. |
Bounce Back Loan (BBL) Interest |
Interest on the BBL, covered by the Government for the first twelve months of the loan, is recognised as a cost as accrued. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
LARKFIELD CARAVAN PARK LIMITED (REGISTERED NUMBER: 03319866) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2022 |
4. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings, |
Freehold | vehicles |
property | and |
and park | computer |
improvements | equipment | Totals |
£ | £ | £ |
COST |
At 1st November 2021 |
Additions |
At 31st October 2022 |
DEPRECIATION |
At 1st November 2021 |
Charge for year |
At 31st October 2022 |
NET BOOK VALUE |
At 31st October 2022 |
At 31st October 2021 |
The cost of freehold buildings on which depreciation is charged amounted to £96,455 (2021: £96,455). |
5. | INVESTMENT PROPERTY |
Total |
£ |
COST |
At 1st November 2021 |
and 31st October 2022 |
NET BOOK VALUE |
At 31st October 2022 |
At 31st October 2021 |
Cost represents acquisition cost at purchase in June 2016 as the directors feel that the fair value cannot be measured reliably without undue cost or effort. |
LARKFIELD CARAVAN PARK LIMITED (REGISTERED NUMBER: 03319866) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by participating interests | 1,196,427 | 196,427 |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Amounts owed to participating interests | 1,200,000 | 850,000 |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Other creditors |
9. | ULTIMATE CONTROLLING PARTY |
The company regards Graston Copse Holiday Park Limited, incorporated in England and Wales, as its ultimate holding company. Graston Copse Holiday Park Limited is controlled by the directors of the company. |
10. | GUARANTEES AND CHARGES |
The company has given a composite guarantee in respect of borrowings by related companies Highlands End Farm Caravan Park Limited and West Dorset Leisure Holidays Limited, the parent company: Graston Copse Holiday Park Limited and group company Sandyholme Holiday Park Limited. These companies have given a cross guarantee in respect of the company’s borrowings. |
The bank holds first legal mortgages over the freehold property of Larkfield Caravan Park Limited, the freehold property of a related company, West Dorset Leisure Holidays Limited and the freehold property of the parent Graston Copse Holiday Park Limited and group company Sandyholme Holiday Park Limited. |
Amounts owed to the company pension fund comprise one loan, repayable on 28th February 2017 or earlier at the option of the Company at one month’s notice of repayment. The loan bears interest at 4% over the base rate of the London Clearing Banks until 28th February 2000 and thereafter at 3% over the base rate. |
LARKFIELD CARAVAN PARK LIMITED (REGISTERED NUMBER: 03319866) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2022 |
11. | FURTHER INFORMATION |
In December 2019, China had alerted the World Health Organisation (WHO) of several cases of an unusual form of pneumonia in Wuhan. Substantive information about what has now been identified as Coronavirus (or COVID-19) came to light in early 2020. |
In the opinion of the directors, despite the potential effects of the COVID-19 outbreak, it is nonetheless considered that the Going Concern basis of the preparation of the financial statements remains appropriate. Similarly, in the opinion of the directors, no adjustments are required to the results or carrying values of assets or liabilities. |