Willowbank Holiday Park Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03589095 (England and Wales)

Financial Statements for the Year Ended 30 November 2018

for

Willowbank Holiday Park Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R H Darling

Mrs J A Darling

R S Darling

SECRETARY:

Mrs J A Darling

REGISTERED OFFICE:

Ash House

Catterick Bridge

Richmond

NORTH YORKSHIRE

REGISTERED NUMBER:

03589095 (England and Wales)

ACCOUNTANTS:

Yorkshire Accountants Ripon

Eva Lett House

1 South Crescent

Ripon

North Yorkshire

HG4 1SN

FIXED ASSETS

Intangible assets

4

500,000

600,000

Tangible assets

5

2,736,536

2,742,517

3,236,536

3,342,517

CURRENT ASSETS

Stocks

5,000

94,844

Debtors

6

182,271

121,292

Cash at bank

363,751

164,960

551,022

381,096

CREDITORS

Amounts falling due within one year

7

386,377

374,239

NET CURRENT ASSETS

164,645

6,857

TOTAL ASSETS LESS CURRENT LIABILITIES

3,401,181

3,349,374

CREDITORS

Amounts falling due after more than one year

8

(652,719

)

(791,324

)

PROVISIONS FOR LIABILITIES

(7,973

)

(8,623

)

NET ASSETS

2,740,489

2,549,427

CAPITAL AND RESERVES

Called up share capital

500,000

500,000

Retained earnings

2,240,489

2,049,427

SHAREHOLDERS' FUNDS

2,740,489

2,549,427

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors on 2 August 2019 and were signed on its behalf by:

R H Darling - Director

1.	STATUTORY INFORMATION

Willowbank Holiday Park Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold Property

-

2% on cost

Plant and Machinery

-

15% on reducing balance

Motor Vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - 11 ).

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2017

and 30 November 2018

2,000,000

AMORTISATION

At 1 December 2017

1,400,000

Charge for year

100,000

At 30 November 2018

1,500,000

NET BOOK VALUE

At 30 November 2018

500,000

At 30 November 2017

600,000

5.	TANGIBLE FIXED ASSETS

Freehold

Wardens

Plant and

Motor

Property

Accommodation

Machinery

Vehicles

Totals

£

£

£

£

£

COST

At 1 December 2017

2,777,942

22,382

194,895

82,628

3,077,847

Additions

-

-

6,850

40,821

47,671

Disposals

-

-

-

(29,000

)

(29,000

)

At 30 November 2018

2,777,942

22,382

201,745

94,449

3,096,518

DEPRECIATION

At 1 December 2017

136,228

3,917

131,546

63,639

335,330

Charge for year

10,404

-

9,504

4,744

24,652

At 30 November 2018

146,632

3,917

141,050

68,383

359,982

NET BOOK VALUE

At 30 November 2018

2,631,310

18,465

60,695

26,066

2,736,536

At 30 November 2017

2,641,714

18,465

63,349

18,989

2,742,517

Included in cost of land and buildings is freehold land of £ 2,101,777 (2017 - £ 2,101,777 ) which is not

depreciated.

6.

DEBTORS

2018

2017

£

£

Amounts falling due within one year:

Trade Debtors

25,317

15,535

Prepayments and Accrued Income

6,954

5,757

32,271

21,292

Amounts falling due after more than one year:

Other debtors

150,000

100,000

Aggregate amounts

182,271

121,292

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

139,676

139,948

Trade Creditors

44,405

55,978

Taxation

50,648

42,236

Other Taxes and PAYE

18,092

6,375

Accruals and Deferred Income

106,040

80,714

Directors' current accounts

27,516

48,988

386,377

374,239

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank Loans - 2-5 Years

564,404

562,792

Bank Loan Over 5 Years

88,315

228,532

652,719

791,324

Amounts falling due in more than five years:

Repayable by instalments

Bank Loan Over 5 Years

88,315

228,532

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

792,395

931,272

The National Westminster Bank hold a floating charge over all the assets of the company and first mortgage over

Willowbank Caravan Park and all other fixed assets of the company.

10.	ULTIMATE CONTROLLING PARTY

The company is controlled by the Darling family being the directors RH, JA and RS Darling.