Richards Holiday Developments (Woolacombe) Limited - Period Ending 2019-10-31

Richards Holiday Developments (Woolacombe) Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 October 2019

Registration number: 00570389

Richards Holiday Developments (Woolacombe) Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 10

Richards Holiday Developments (Woolacombe) Limited

Company Information

Directors

Mr J A Richards (Senior) Mrs P J Richards Ms N E McCormick Mr J A Richards (Junior)

Company secretary

Ms N E McCormick

Registered office

Woolacombe Sands Holiday Park Station Road Woolacombe EX34 7AF

Accountants

Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Page 1

Richards Holiday Developments (Woolacombe) Limited

Balance Sheet

31 October 2019

	Note	2019 £	2018 £
Fixed assets
Intangible assets	4	792	924
Tangible assets	5	2,990,104	2,888,541
		2,990,896	2,889,465
Current assets
Stocks		41,210	39,570
Debtors	6	29,882	12,246
Cash at bank and in hand		69,440	62,282
		140,532	114,098
Creditors: Amounts falling due within one year	7	(541,713)	(452,029)
Net current liabilities		(401,181)	(337,931)
Total assets less current liabilities		2,589,715	2,551,534
Creditors: Amounts falling due after more than one year	7	(1,281,766)	(1,378,456)
Provisions for liabilities		(166,000)	(147,600)
Net assets		1,141,949	1,025,478
Capital and reserves
Called up share capital		1,000	1,000
Profit and loss account		1,140,949	1,024,478
Total equity		1,141,949	1,025,478

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 2

Richards Holiday Developments (Woolacombe) Limited

Balance Sheet

31 October 2019

For the financial year ending 31 October 2019 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 March 2020 and signed on its behalf by:
 

......................................... Ms N E McCormick Director

Company Registration Number: 00570389

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 3

Richards Holiday Developments (Woolacombe) Limited

Notes to the Financial Statements

Year Ended 31 October 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Woolacombe Sands Holiday Park
Station Road
Woolacombe
EX34 7AF

These financial statements were authorised for issue by the Board on 23 March 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 Section 1A and the Companies Act 2006.

There has been no departure from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

Tax

Tax is recognised in the profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

Richards Holiday Developments (Woolacombe) Limited

Notes to the Financial Statements

Year Ended 31 October 2019

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and buildings	Over 50 years
Caravans	10% straight line
Plant and machinery	33.3% straight line to 10% reducing balance

Intangible assets

Trademarks have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Trademark	Over 10 years

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Page 5

Richards Holiday Developments (Woolacombe) Limited

Notes to the Financial Statements

Year Ended 31 October 2019

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term other debtors and trade and other creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 50 (2018 - 50).

Page 6

Richards Holiday Developments (Woolacombe) Limited

Notes to the Financial Statements

Year Ended 31 October 2019

4	Intangible assets

	Trademark  £	Total £
Cost or valuation
At 1 November 2018	1,320	1,320
At 31 October 2019	1,320	1,320
Amortisation
At 1 November 2018	396	396
Amortisation charge	132	132
At 31 October 2019	528	528
Carrying amount
At 31 October 2019	792	792
At 31 October 2018	924	924

5	Tangible assets

	Land and buildings £	Caravans  £	Plant and machinery  £	Total £
Cost or valuation
At 1 November 2018	2,708,891	1,085,709	1,311,456	5,106,056
Additions	126,631	94,950	58,854	280,435
Disposals	-	-	(15,000)	(15,000)
At 31 October 2019	2,835,522	1,180,659	1,355,310	5,371,491
Depreciation
At 1 November 2018	586,250	712,299	918,966	2,217,515
Charge for the year	51,465	73,723	53,684	178,872
Eliminated on disposal	-	-	(15,000)	(15,000)
At 31 October 2019	637,715	786,022	957,650	2,381,387
Carrying amount
At 31 October 2019	2,197,807	394,637	397,660	2,990,104
At 31 October 2018	2,122,641	373,410	392,490	2,888,541

Page 7

Richards Holiday Developments (Woolacombe) Limited

Notes to the Financial Statements

Year Ended 31 October 2019

6

Debtors

	2019 £	2018 £
Trade debtors	2,724	-
Other debtors	8,561	700
Prepayments	18,597	11,546
	29,882	12,246

7

Creditors

	Note	2019 £	2018  £
Due within one year
Loans and borrowings	8	209,628	186,350
Trade creditors		124,017	71,794
Corporation tax		43,000	37,500
Social security and other taxes		101,403	106,182
Other creditors		2,895	1,452
Accrued expenses		60,770	48,751
		541,713	452,029

	Note	2019 £	2018 £
Due after one year
Loans and borrowings	8	1,281,766	1,378,456

Page 8

Richards Holiday Developments (Woolacombe) Limited

Notes to the Financial Statements

Year Ended 31 October 2019

8	Loans and borrowings

	2019 £	2018 £
Loans and borrowings due after one year
Bank borrowings	1,223,725	1,284,180
Hire purchase liabilities	58,041	94,276
	1,281,766	1,378,456

	2019 £	2018 £
Current loans and borrowings
Bank borrowings	102,830	101,957
Hire purchase liabilities	106,798	84,393
	209,628	186,350

Other borrowings

Included in the total borrowings at the year end is £1,491,394 (2018 - £1,564,806) on which the following security has been provided: Hire purchase contracts £164,839 (2018 - £178,669) are secured over the assets to which they relate. The bank loans £1,326,555 (2018 - £1,386,137) are secured by a fixed and floating charge over the assets of the company. Two of the directors have also provided a personal guarantee for up to £1,000,000 of the bank loans held.

9	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary shares of £1 each	1,000	1,000	1,000	1,000

Page 9

Richards Holiday Developments (Woolacombe) Limited

Notes to the Financial Statements

Year Ended 31 October 2019

10	Related party transactions

Advances to directors

2019	At 1 November 2018 £	Advances to director £	Repayments by director £	At 31 October 2019 £
A director
Directors Current Account	285	-	(285)	-
A director
Directors Current Account	-	3,143	-	3,143
A director
Directors Current Account	415	10,000	(5,240)	5,175

2018	At 1 November 2017 £	Advances to director £	Repayments by director £	At 31 October 2018 £
A director
Directors Current Account	285	-	-	285
A director
Directors Current Account	535	163,465	(164,000)	-
A director
Directors Current Account	-	415	-	415

Page 10