|
Registered number: 09436142
HAMPSHIRE MOBILE PARK HOME ENTERPRISES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 MARCH 2020
|
|
HAMPSHIRE MOBILE PARK HOME ENTERPRISES LIMITED
REGISTERED NUMBER: 09436142
BALANCE SHEET
AS AT 30 MARCH 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
PROVISIONS FOR LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 1
|
|
HAMPSHIRE MOBILE PARK HOME ENTERPRISES LIMITED
REGISTERED NUMBER: 09436142
BALANCE SHEET (CONTINUED)
AS AT 30 MARCH 2020
The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The Director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 11 form part of these financial statements.
Page 2
|
|
HAMPSHIRE MOBILE PARK HOME ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2020
Hampsire Mobile Park Home Enterprises Limited is a private Company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is Tennyson House, Cambridge Business Park, Cambridge, CB4 0WZ.
The principal activity of the Company continued to be that of ownership and managment of residential park home sites.
2.ACCOUNTING POLICIES
|
|
|
BASIS OF PREPARATION OF FINANCIAL STATEMENTS
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The Company's functional and presentational currency is Pounds sterling.
The level of rounding is to the nearest £.
The following principal accounting policies have been applied:
The director has considered the going concern basis in preparing these financial statements. She has concluded that the going concern basis is appropriate because sufficient funds will be generated from future trading plus sufficient funds are available from the Company's bankers and director for a period of at least twelve months from the date of the approval of these financial statements to enable the company to meet its liabilities as they arise. The director has considered the impact of the COVID-19 pandemic and does not believe the adverse impact will affect the going concern basis.
The financial statements do not include any adjustments that would be result from the withdrawal of this support.
Pitch Fees
Pitch fees are recognised on an accruals basis in the period to which they relate.
Sales of Mobile Homes
Sales of mobile homes are recognised when the risks and rewards of ownership are transferred to the customer, usually on occupation when the park home agreement is signed or legal completion takes place.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Page 3
|
|
HAMPSHIRE MOBILE PARK HOME ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2020
2.ACCOUNTING POLICIES (CONTINUED)
|
|
|
CORPORATION AND DEFERRED TAXATION
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
No depreciation has been provided on freehold property as the property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result the corresponding depreciation would not be material, and therefore is not charges to the profit and loss account.
Page 4
|
|
HAMPSHIRE MOBILE PARK HOME ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2020
2.ACCOUNTING POLICIES (CONTINUED)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short term debtors are measured at transaction price.
|
|
|
CASH AND CASH EQUIVALENTS
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs.
|
|
|
PROVISIONS FOR LIABILITIES
|
Retirement Benefits
The Company provides pension benefits for the director and previous director. Under the terms of the pension contracts, fixed sums are provided for now in order to provide pension benefits to the individuals upon retirement. The pension contracts allow for an annual increase in respect of indexation over and above the initial contract amount.
The directors consider that the pension arrangement most closely reflects the characteristics of a defined benefits scheme as the company's contributions are fixed until the point of retirement at which point any further contributions of annual increase cease.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
|
|
The average monthly number of employees, including directors, during the year was 2 (2019 - 2).
|
Page 5
|
|
HAMPSHIRE MOBILE PARK HOME ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 April 2019 (as previously stated)
|
|
|
|
|
|
|
|
|
|
|
|
At 1 April 2019 (as restated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 March 2019 (as restated)
|
|
|
|
|
Page 6
|
|
HAMPSHIRE MOBILE PARK HOME ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2020
|
|
STOCKS AND WORK IN PROGRESS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 7
|
|
HAMPSHIRE MOBILE PARK HOME ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2020
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDITORS: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDITORS: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The loans are secured by charges over the assets of the Company.
|
Page 8
|
|
HAMPSHIRE MOBILE PARK HOME ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2020
|
|
|
|
|
Analysis of the maturity of loans is given below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMOUNTS FALLING DUE WITHIN ONE YEAR
|
|
|
|
|
|
|
|
|
|
AMOUNTS FALLING DUE 1-2 YEARS
|
|
|
|
|
|
|
|
|
|
AMOUNTS FALLING DUE 2-5 YEARS
|
|
|
|
|
|
|
|
|
|
AMOUNTS FALLING DUE AFTER MORE THAN 5 YEARS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charged to profit or loss
|
|
|
|
|
|
|
|
|
The deferred tax asset is made up as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelerated capital allowances
|
|
|
Page 9
|
|
HAMPSHIRE MOBILE PARK HOME ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
Charged to profit or loss
|
|
|
|
|
|
|
The Company entered into a UURBS arrangement in prior years. A charge of £8,238 (2019 £nil) in the current financial year relates to RPI adjustments to the original contribution. The amounts payable are charged to the profit and loss account in the year the contracts are entered into between the Company and the senior employees. The number of directors to whom benefits are accruing under these pension agreeements is 1 (2019 - 2). One director resigned in the prior year however the Company still holds this liability.
The director is of the opinion that the liability as disclosed in the financial statements represents the full and final amount which could be expected, at this stage, to be paid in the future to settle the pension agreement liabilities and it is considered that the characteristics of the pension arrangement most closely reflects those of a defined benefit scheme.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100 (2019 - 100) Ordinary shares shares of £1.00 each
|
|
|
Prior year adjustments arising from mobile home sales recorded in the incorrect accounting period have been made resulting in an increase in retained earning of £101,016 after tax. This is due to turnover being understated by £200,229 and cost of sales being understated by £75,515.
The tax effect of this adjustment is £23,698.
.
£67,770 in fixed assets was reclassified as stock, this does not affect the profit and loss account and results in a mobement within the balance sheet. £200,229 now shown within turnover was previously stated as other creditors.
In the prior year the bank loans had not been split between amounts due within one year and amounts due after one year. The comparatives in the creditor notes have been restated but this resulted in no overall adjustment to total creditors.
Page 10
|
|
HAMPSHIRE MOBILE PARK HOME ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2020
|
|
RELATED PARTY TRANSACTIONS
|
|
|
During the year the Company continued to operate a loan account with its Director, The amount payable to the Director at the year end was £739,570 (2019 - £912,098), the balance is shown within creditors. This loan is interest free and repayable on demand.
The Company also entered into a loan with its parent company. The amount payable by the parent company at the year end was £2,595 (2019- £NIL), the balance is shown within debtors. This loan is interest free and repayable on demand.
The Company also continues a loan with a close relative who was previously a director of the Company. The amount payable to the close relative at the year end was £165,152 (2019- £525,699), the balance is shown within other creditors.
|
|
|
POST BALANCE SHEET EVENTS
|
As at 11 March 2020 COVID-19 became a global pandemicl. The company considers this to be a non-adjusting event that will require ongoing evaluation. As the situation is rapidly developing, it is not yet practicable to estimate the potential impact this may have on the company.
As at the balance sheet date the controlling party is Howard Parks Homes Limited, by virture of its 100% shareholding. The ultimate controling party is Mrs M Howard by virtue of her 100% shareholding in Howard Parks Homes Limited.
Page 11
|
