Burnbake Campsite Limited 31/12/2018 iXBRL

BURNBAKE CAMPSITE LIMITED - Company Information

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Company registration number: 05449875

Burnbake Campsite Limited

Unaudited filleted financial statements

31 December 2018

Burnbake Campsite Limited

Contents

Directors and other information

Chartered accountants report

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Burnbake Campsite Limited

Directors and other information


Directors	D Ryder
	GJD Ryder
	PM Ryder
	AW Fortescue
	ML Stickland


Secretary	GJD Ryder


Company number	05449875


Registered office	The Estate Office
	Cow Lane
	WAREHAM
	BH20 4RD


Business address	Burnbake
	Rempstone, Corfe Castle
	WAREHAM
	BH20 5JH


Chartered Accountants	Harding	Redmans
	Chartered Accountants
	Bridge House
	Court Road
	SWANAGE
	BH19 1DX




	Bankers	Santander UK plc
		Bridle Road
		BOOTLE
		L30 4GB

		Barclays Bank plc
		LEICESTER
		LE87 2BB

Burnbake Campsite Limited

Chartered accountants report to the board of directors on the preparation of the

unaudited statutory financial statements of Burnbake Campsite Limited

Year ended 31 December 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Burnbake Campsite Limited for the year ended 31 December 2018 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.

This report is made solely to the board of directors of Burnbake Campsite Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Burnbake Campsite Limited and state those matters that we have agreed to state to the board of directors of Burnbake Campsite Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Burnbake Campsite Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Burnbake Campsite Limited 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 loss of Burnbake Campsite Limited. You consider that Burnbake Campsite Limited 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 Burnbake Campsite Limited. 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.

Bridge House Harding Redmans

Court Road Chartered Accountants

SWANAGE

BH19 1DX

6 June 2019

Burnbake Campsite Limited

Statement of financial position

31 December 2018

		2018		2017
	Note	£	£	£	£

Fixed assets
Tangible assets	5	3,831,730		4,009,899
		_______		_______
			3,831,730		4,009,899

Current assets
Stocks	6	3,928		5,824
Debtors	7	13,486		15,643
Cash at bank and in hand		99,405		60,383
		_______		_______
		116,819		81,850
Creditors: amounts falling due
within one year	8	( 354,625)		( 376,659)
		_______		_______
Net current liabilities			( 237,806)		( 294,809)
			_______		_______
Total assets less current liabilities			3,593,924		3,715,090

Creditors: amounts falling due
after more than one year	9		( 3,889,998)		( 3,978,743)
			_______		_______
Net liabilities			( 296,074)		( 263,653)
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			( 296,174)		( 263,753)
			_______		_______
Shareholders deficit			( 296,074)		( 263,653)
			_______		_______

For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 05 June 2019 , and are signed on behalf of the board by:

D Ryder

Director

Company registration number: 05449875

Burnbake Campsite Limited

Statement of changes in equity

Year ended 31 December 2018

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 January 2017	100	( 324,545)	( 324,445)

(Loss)/profit for the period		60,792	60,792
	_______	_______	_______
Total comprehensive income for the period	-	60,792	60,792

	_______	_______	_______
At 31 December 2017 and 1 January 2018	100	( 263,753)	( 263,653)

(Loss)/profit for the year		( 32,421)	( 32,421)
	_______	_______	_______
Total comprehensive income for the year	-	( 32,421)	( 32,421)

	_______	_______	_______
At 31 December 2018	100	( 296,174)	( 296,074)
	_______	_______	_______

Burnbake Campsite Limited

Notes to the financial statements

Year ended 31 December 2018

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is The Estate Office, Cow Lane, WAREHAM, BH20 4RD.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The directors' opinion on this is given in the notes to the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Property improvements	-	Straight line over the term of the lease
Plant and machinery	-	25 %	reducing balance
Fittings fixtures and equipment	-	25 %	reducing balance
Motor vehicles	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 14 (2017: 13 ).

5. Tangible assets

	Property improvements	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2018	4,096,575	73,622	236,342	10,123	4,416,662
Additions	-	-	2,572	450	3,022
Disposals	-	-	-	( 500)	( 500)
	_______	_______	_______	_______	_______
At 31 December 2018	4,096,575	73,622	238,914	10,073	4,419,184
	_______	_______	_______	_______	_______
Depreciation
At 1 January 2018	209,490	56,306	135,547	5,420	406,763
Charge for the year	149,504	4,329	25,841	1,212	180,886
Disposals	-	-	-	( 195)	( 195)
	_______	_______	_______	_______	_______
At 31 December 2018	358,994	60,635	161,388	6,437	587,454
	_______	_______	_______	_______	_______
Carrying amount
At 31 December 2018	3,737,581	12,987	77,526	3,636	3,831,730
	_______	_______	_______	_______	_______
At 31 December 2017	3,887,085	17,316	100,795	4,703	4,009,899
	_______	_______	_______	_______	_______

6. Stocks

	2018	2017
	£	£
Stock	3,928	5,824
	_______	_______

7. Debtors

	2018	2017
	£	£
Trade debtors	950	4,602
Other debtors	12,536	11,041
	_______	_______
	13,486	15,643
	_______	_______

8. Creditors: amounts falling due within one year

		2018	2017
		£	£
Barclays current account	20 -
Loan - The Agricultural Mortgage Corporation	167,744 164,015
Loan - Manor of Wareham BGDR	- 70,000
Loan - Rempstone Estate Trust Campsite	10,000 -
	Payments received on account	36,287	15,500
	Trade creditors	11,530	14,916
	Accruals and deferred income	113,254	87,414
	Social security and other taxes	15,790	12,582
	Obligations under finance leases	-	2,450
	Director loan accounts	-	9,782
		_______	_______
		354,625	376,659
		_______	_______

9. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Loan - Rempstone Estate Trustees Ltd and Ryder Trustees Ltd Campsite	248,360	258,360
Loan - Rempstone Estate Trustees Ltd and Ryder Trustees Ltd Build	160,320	160,320
Loan - The Agricultural Mortgage Corporation	3,481,318	3,556,889
Obligations under finance leases	-	3,174
	_______	_______
	3,889,998	3,978,743
	_______	_______

The loans with the Agricultural Mortgage Corporation (AMC) are secured on the leasehold property at Burnbake Campsite under a charge dated 22 March 2019. Of the total loans advanced by AMC, £300, 000 is repayable from February 2021. The remaining AMC loan is repayable over a term of 18 years from January 2017.

The loans from the Rempstone Estate Trustees Ltd and Ryder Trustees Ltd are repayable in instalments over a term of 10 years from January 2019.

10. Related party transactions

The joint shareholders of the company are the Rempstone Estate Trustees Ltd and Ryder Trustees Ltd that are controlled by the Trustees of the Rempstone Estate Trust. The company has a long-term loan from the joint shareholders. The balance at the start and end of the year amounted to £418,680. A formal loan agreement has been made in respect of both interest and capital repayments. The Trustees of the Rempstone Estate Trust charged annual rent of £25,000 (2017 - £25,000) to Burnbake Campsite Limited under a lease on normal commercial terms.

11. Controlling party

The company's entire issued ordinary share capital is owned jointly by Rempstone Estate Trustees Ltd (Company Number 08308180) a private company limited by guarantee without share capital and Ryder Trustees Ltd (Company Number 08307678) a private company limited by guarantee without share capital.

12. Going concern

The company is technically insolvent at the balance sheet date. The Rempstone Estate Trustees Ltd and Ryder Trustees Ltd, jointly hold all of the issued share capital of the company (see note 12 for further details). The Rempstone Estate Trustees Ltd and Ryder Trustees Ltd have jointly made long- term loans to the company and have expressed their willingness to continue to give financial support to the company for the foreseeable future. For this reason, the directors have adopted the going concern basis for the preparation of the financial statements.

13. Operating lease commitments

At 31 December 2018 the company had operating lease commitments which are not included under the statement of financial position headings of creditors through the terms of a lease over the Burnbake Campsite which ends in 2044. The minimum total amount of financial commitment over the remaining term of the lease is calculated to be £650,000. The full commitment could be greater than this, however, this is dependent on future trading results.