Company No: 01391898 (England and Wales)

Contents

• Company Information
• Accountant's Report
• Balance Sheet
• Notes to the Unaudited Financial Statements

DIRECTORS	Mr G A Jones
	Mrs J F Jones
	Mr C A Jones
REGISTERED OFFICE	Chy Nyverow
	Newham Road
	Truro
	Cornwall
	TR1 2DP
	United Kingdom
COMPANY NUMBER	01391898(England and Wales)
CHARTERED ACCOUNTANTS	Bishop Fleming LLP
	Chy Nyverow
	Newham Road
	Truro
	TR1 2DP

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Penrose Camping & Leisure Ltd for the financial year ended 30 September 2020 which comprises the Balance Sheet and the related notes 1 to 9 from the Company’s accounting records and from information and explanations you have given us.

We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance/_.

It is your duty to ensure that Penrose Camping & Leisure 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 Penrose Camping & Leisure Ltd. You consider that Penrose Camping & Leisure Ltd is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Penrose Camping & Leisure 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.

This report is made solely to the Board of Directors of Penrose Camping & Leisure Ltd, 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 Penrose Camping & Leisure Ltd and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Penrose Camping & Leisure Ltd and its Board of Directors as a body for our work or for this report.

Bishop Fleming LLP
Chartered Accountants

Chy Nyverow
Newham Road
Truro
TR1 2DP

01 February 2021

		2020		2019
	Note	£		£
Fixed assets
Tangible assets	3	34,564		44,724
		34,564		44,724
Current assets
Stocks		360,536		638,667
Debtors	4	29,659		27,830
Cash at bank and in hand		532,480		265,981
		922,675		932,478
Creditors
Amounts falling due within one year	5	( 407,662)		( 609,027)
Net current assets		515,013		323,451
Total assets less current liabilities		549,577		368,175
Creditors
Amounts falling due after more than one year	6	( 166,804)		0
Provisions for liabilities		( 4,516)		( 4,934)
Net assets		378,257		363,241
Capital and reserves
Called-up share capital	7	43,751		43,751
Other reserves		43,751		43,751
Profit and loss account		290,755		275,739
Total shareholders' funds		378,257		363,241

For the financial year ending 30 September 2020 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 financial year 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; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A – small entities.

The financial statements of Penrose Camping & Leisure Ltd (registered number: 01391898) were approved and authorised for issue by the Board of Directors on 28 January 2021. They were signed on its behalf by:

Mr G A Jones Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.

General information and basis of accounting

Penrose Camping & Leisure Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Chy Nyverow, Newham Road, Truro, Cornwall, TR1 2DP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Penrose Camping & Leisure Ltd is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line and reducing balance basis over its expected useful life, as follows:

Motor Vehicles - 25% reducing balance
Fixtures and fittings - 15% reducing balance
Office equipment - 25% reducing balance
Leasehold improvements - 20% straight line


Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Profit and Loss Account, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2020	2019
	Number	Number
Monthly average number of persons employed by the Company during the year, including directors	21	21

3. Tangible assets

	Leasehold improvements	Vehicles	Fixtures and fittings	Office equipment	Total
	£	£	£	£	£
Cost/Valuation
At 01 October 2019	21,971	36,628	54,997	34,973	148,569
Additions	1,300	0	0	433	1,733
Disposals	0	( 14,637)	0	0	( 14,637)
At 30 September 2020	23,271	21,991	54,997	35,406	135,665
Accumulated depreciation
At 01 October 2019	12,908	27,343	35,901	27,693	103,845
Charge for the financial year	4,568	2,234	2,864	1,879	11,546
Disposals	0	( 14,289)	0	0	( 14,289)
At 30 September 2020	17,476	15,288	38,765	29,572	101,101
Net book value
At 30 September 2020	5,795	6,703	16,232	5,834	34,564
At 30 September 2019	9,063	9,285	19,096	7,280	44,724

4. Debtors

	2020	2019
	£	£
Trade debtors	13,630	16,966
Prepayments	16,029	10,864
	29,659	27,830

5. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	7,437	7
Trade creditors	205,962	246,247
Amounts owed to directors	0	250,000
Other creditors	2,728	681
Other loans	55,941	0
Accruals	4,500	47,015
Corporation tax	17,532	11,375
Other taxation and social security	113,562	53,702
	407,662	609,027

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

	2020	2019
	£	£
Bank loans	92,563	0
Other loans	74,241	0
	166,804	0

7. Called-up share capital and reserves

	2020	2019
	£	£
Allotted, called-up and fully-paid
43,751 Ordinary shares of £ 1.00 each (2019: 43,751 shares of £ 1.00 each)	43,751	43,751
	43,751	43,751

8. Financial commitments

Commitments

At 30 September 2020 the company has future minimum lease payments under non-cancellable operating leases of £329,125 (£2019: £303,125).

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2020	2019
	£	£
Unpaid contributions due to the fund (inc. in other creditors)	0	292
	0	292

9. Related party transactions

Mr G A Jones provided an unlimited guarantee to secure the finance of new caravans in stock and the creditor due at the year end is £102,179. He has also provided a guarantee against the other loans included in creditors greater and less than one year totaling £130,182.