Company Registration No. 10472390 (England and Wales)
YEATHERIDGE FARM CARAVAN & CAMPING PARK LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
YEATHERIDGE FARM CARAVAN & CAMPING PARK LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
YEATHERIDGE FARM CARAVAN & CAMPING PARK LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF YEATHERIDGE FARM CARAVAN & CAMPING PARK LTD FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Yeatheridge Farm Caravan & Camping Park Ltd for the year ended 31 December 2021 which comprise, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Yeatheridge Farm Caravan & Camping Park Ltd, as a body, in accordance with the terms of our engagement letter dated 16 February 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Yeatheridge Farm Caravan & Camping Park Ltd
and state those matters that we have agreed to state to the Board of Directors of Yeatheridge Farm Caravan & Camping Park Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Yeatheridge Farm Caravan & Camping Park Ltd and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Yeatheridge Farm Caravan & Camping Park Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit
of Yeatheridge Farm Caravan & Camping Park Ltd. You consider that Yeatheridge Farm Caravan & Camping Park Ltd is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Yeatheridge Farm Caravan & Camping Park Ltd. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Azets
21 July 2022
Lime Court
Pathfields Business Park
South Molton
Devon
United Kingdom
EX36 3LH
YEATHERIDGE FARM CARAVAN & CAMPING PARK LTD
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
22,200
26,640
Tangible assets
4
513,881
487,885
536,081
514,525
Current assets
Stocks
32,222
37,782
Debtors
5
141,372
5,219
Cash at bank and in hand
19,710
14,115
193,304
57,116
Creditors: amounts falling due within one year
6
(450,331)
(438,683)
Net current liabilities
(257,027)
(381,567)
Total assets less current liabilities
279,054
132,958
Creditors: amounts falling due after more than one year
7
(45,027)
(50,000)
Provisions for liabilities
(77,195)
(82,512)
Net assets
156,832
446
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
156,732
346
Total equity
156,832
446
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
YEATHERIDGE FARM CARAVAN & CAMPING PARK LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 21 July 2022 and are signed on its behalf by:
Mr G N Hosegood
Director
Company Registration No. 10472390
YEATHERIDGE FARM CARAVAN & CAMPING PARK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
1
Accounting policies
Company information
Yeatheridge Farm Caravan & Camping Park Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Lime Court, Pathfields Business Park, South Molton, Devon, United Kingdom, EX36 3LH.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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.
1.3
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 10 years.
1.4
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
Not depreciated
Plant and equipment
8 year straight line
Motor vehicles
6 year straight line
Caravans
12.5% reducing balance
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
.
YEATHERIDGE FARM CARAVAN & CAMPING PARK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.6
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price
. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities
.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. 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.
YEATHERIDGE FARM CARAVAN & CAMPING PARK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred 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 equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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.
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.
2
Employees
2021
2020
Number
Number
Total
54
19
YEATHERIDGE FARM CARAVAN & CAMPING PARK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2021 and 31 December 2021
44,400
Amortisation and impairment
At 1 January 2021
17,760
Amortisation charged for the year
4,440
At 31 December 2021
22,200
Carrying amount
At 31 December 2021
22,200
At 31 December 2020
26,640
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Caravans
Total
£
£
£
£
£
Cost
At 1 January 2021
53,611
675,926
22,000
91,273
842,810
Additions
72,094
72,094
Business combinations
53,979
53,979
Disposals
(250)
(250)
At 31 December 2021
107,590
747,770
22,000
91,273
968,633
Depreciation and impairment
At 1 January 2021
307,985
14,668
32,272
354,925
Depreciation charged in the year
88,941
3,667
7,375
99,983
Eliminated in respect of disposals
(156)
(156)
At 31 December 2021
396,770
18,335
39,647
454,752
Carrying amount
At 31 December 2021
107,590
351,000
3,665
51,626
513,881
At 31 December 2020
53,611
367,941
7,332
59,001
487,885
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
141,372
5,219
YEATHERIDGE FARM CARAVAN & CAMPING PARK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
15,539
15,760
Corporation tax
47,545
21,795
Other taxation and social security
16,736
17,195
Other creditors
370,511
383,933
450,331
438,683
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
45,027
50,000