GREENWOOD FOREST PARK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
PAGES FOR FILING WITH REGISTRAR
GREENWOOD FOREST PARK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
GREENWOOD FOREST PARK LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2021
31 January 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
35,119
50,119
Tangible assets
4
2,193,127
1,907,848
2,228,246
1,957,967
Current assets
Stocks
23,012
38,716
Debtors
5
150,640
80,052
Cash at bank and in hand
155,808
461,936
329,460
580,704
Creditors: amounts falling due within one year
6
(492,237)
(369,997)
Net current (liabilities)/assets
(162,777)
210,707
Total assets less current liabilities
2,065,469
2,168,674
Provisions for liabilities
7
(220,412)
(152,819)
Deferred income
8
(64,583)
(77,083)
Net assets
1,780,474
1,938,772
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
1,780,472
1,938,770
Total equity
1,780,474
1,938,772
The notes on pages 2 - 7 form an integral part of these financial statements.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 October 2021 and are signed on its behalf by:
A M Pawson
Director
Company Registration No. 04769234
GREENWOOD FOREST PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
- 2 -
1
Accounting policies
Company information
Greenwood Forest Park Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
St. Edmunds House, Margaret Street, York, YO10 4UX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
In common with most businesses, the company has suffered from the effects of the coronavirus pandemic and consequently the company's trading has been affected from late March 2020. The company has taken advantage of the Government's financial support packages, including the Job Retention Scheme (Furlough Scheme).
true
The directors have prepared forecasts for the period to 31 January 2023. If the anticipated revenue levels are achieved, these forecasts demonstrate that the company would be able to continue to operate within its existing facilities.
However, at present, there remains some uncertainty throughout the hospitality and leisure sector consequent upon any further national or local lockdown restrictions. As a result, revenue levels are inherently uncertain.
The financial statements do not include any adjustments that may result were the company unable to continue as a going concern.
1.3
Turnover
Turnover represents amounts receivable for visitor admissions, café and retail sales net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from visitors to the attraction is recognised by reference to the date of admission.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is twenty years.
GREENWOOD FOREST PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line (excluding land)
Plant and equipment
15% reducing balance / over 10 years
Fixtures and fittings
10% reducing balance
Computers
over 4 years
Freehold land is not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost comprises
the purchase price of stock items.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).
Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.
All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.
Amortised cost:
the original transaction value, less amounts settled, less any adjustment for impairment.
Effective interest method:
where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.
GREENWOOD FOREST PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
1
Accounting policies
(Continued)
- 4 -
Derecognition of financial assets
Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.
Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
D
eferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to
reserves
, in which case the deferred tax is also dealt with in
reserves.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to the Coronavirus Job Retention Scheme are recognised as other income in the period to which the employee costs are recognised for the relevant furlough period.
GREENWOOD FOREST PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
73
120
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2020 and 31 January 2021
300,000
Amortisation and impairment
At 1 February 2020
249,881
Amortisation charged for the year
15,000
At 31 January 2021
264,881
Carrying amount
At 31 January 2021
35,119
At 31 January 2020
50,119
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 February 2020
764,293
2,463,694
158,694
101,823
3,488,504
Additions
448,527
12,912
461,439
At 31 January 2021
764,293
2,912,221
171,606
101,823
3,949,943
Depreciation and impairment
At 1 February 2020
108,647
1,318,983
74,197
78,829
1,580,656
Depreciation charged in the year
8,545
137,983
9,743
19,889
176,160
At 31 January 2021
117,192
1,456,966
83,940
98,718
1,756,816
Carrying amount
At 31 January 2021
647,101
1,455,255
87,666
3,105
2,193,127
At 31 January 2020
655,646
1,144,711
84,497
22,994
1,907,848
GREENWOOD FOREST PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
4
Tangible fixed assets
(Continued)
- 6 -
Included in the cost of land and buildings is freehold land of £337,021 (2020: £337,021).
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
453
Corporation tax recoverable
102,501
Other debtors
20,209
20,019
Prepayments and accrued income
27,930
59,580
150,640
80,052
6
Creditors: amounts falling due within one year
2021
2020
£
£
Other borrowings
7,000
38,500
Trade creditors
22,811
46,515
Amounts due to group undertakings
415,950
244,335
Other taxation and social security
17,188
9,095
Other creditors
8,807
6,624
Accruals and deferred income
20,481
24,928
492,237
369,997
7
Provisions for liabilities
2021
2020
£
£
Deferred tax liabilities
220,412
152,819
8
Deferred grants
2021
2020
£
£
Arising from government grants
64,583
77,083
Government grants, which relate to capital expenditure included in tangible fixed assets, have been recognised as deferred income and released over the expected useful life of the assets.
The amount released during the period amounted to £12,500 (2020: £12,500).
GREENWOOD FOREST PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
- 7 -
9
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Mark Holmes BA FCA.
The auditor was Ashworth Moulds.
11
Financial commitments, guarantees and contingent liabilities
The company has provided a guarantee against the group bank borrowings, supported by a debenture over the company's assets comprising fixed and floating charges. The guarantee is limited to £1,741,250 (2020: £2,061,250).
12
Capital commitments
Amounts contracted for but not provided in the financial statements:
2021
2020
£
£
Acquisition of tangible fixed assets
67,035
382,250
13
Events after the reporting date
During 2020 the company took advantage of the Government's financial support packages, including the Job Retention Scheme (Furlough Scheme). Despite this financial support it is considered that there will
continue to
be some adverse financial impact on the company in the
calendar
year
2021
. The overall financial effect cannot be reliably estimated given the uncertainties, notably the extent of
any future
"lockdown"
,
together with any potential resurgence of the virus.
14
Parent company
The company's immediate parent undertaking is The Continuum Group Limited, a company registered in England and Wales
, with its registered office address in the UK,
and which is the parent of the smallest group in which the company is a member. These financial statements form part of the
group
financial statements of The Continuum Group Limited, copies of which are available from Companies House.