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Registered number: 09064251
ORGANFORD MANOR COUNTRY PARK LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2021
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ORGANFORD MANOR COUNTRY PARK LIMITED
REGISTERED NUMBER: 09064251
BALANCE SHEET
AS AT 31 MARCH 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Page 1
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ORGANFORD MANOR COUNTRY PARK LIMITED
REGISTERED NUMBER: 09064251
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2021
The Directors consider 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 Directors acknowledge their 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 4 to 10 form part of these financial statements.
Page 2
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ORGANFORD MANOR COUNTRY PARK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2021
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At 1 April 2019 (as previously stated)
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At 1 April 2019 (as restated)
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Comprehensive income for the year
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Surplus on revaluation of freehold property
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Total comprehensive income for the year
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Deferred tax provision on revaluation of freehold property
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At 1 April 2020 (as previously stated)
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At 1 April 2020 (as restated)
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Comprehensive income for the year
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Surplus on revaluation of freehold property
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Total comprehensive income for the year
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Transfer to/from profit and loss account
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Deferred tax provision on revaluation of freehold property
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The notes on pages 4 to 10 form part of these financial statements.
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Page 3
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ORGANFORD MANOR COUNTRY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Organford Manor Country Park 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 the ownership and operation of a residential park.
The company is part of a group with the parent being H&S Simmons Ltd.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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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 Company's functional and presentational currency is pound sterling.
The Financial statements have been rounded to the nearest £.
The following principal accounting policies have been applied:
The director has considered the going concern basis in preparing these financial statements. He has concluded that the going concern basis is appropriate because of continued bank support and sufficient funds will be generated from future trading 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.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Pitch Fees
Pitch fees are recognised on an accrual basis in the period to which they relate.
Recharges
Recharges 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.
Page 4
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ORGANFORD MANOR COUNTRY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.ACCOUNTING POLICIES (continued)
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 and site improvements 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 charged to the profit and loss account.
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REVALUATION OF TANGIBLE FIXED ASSETS
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Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value.
Page 5
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ORGANFORD MANOR COUNTRY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.ACCOUNTING POLICIES (continued)
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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value.
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.
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CORPORATION AND DEFERRED TAXATION
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The tax expense for the year comprises corporation 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 coporation 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.
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The average monthly number of employees, including directors, during the year was 2 (2020 - 2).
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Page 6
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ORGANFORD MANOR COUNTRY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Charge for the year on owned assets
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Charge for the year on financed assets
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The net book value of land and buildings may be further analysed as follows:
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Page 7
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ORGANFORD MANOR COUNTRY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Cost or valuation at 31 March 2021 is as follows:
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If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
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The freehold property, was valued by Avison Young in June 2020. The directors have adopted this valuation.The directors have considered the valuation and believe that valuation report should be adopted at the date of signing the financial statements.
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Amounts owed by group undertakings
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Prepayments and accrued income
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Page 8
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ORGANFORD MANOR COUNTRY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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CREDITORS: Amounts falling due within one year
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Amounts owed to associates
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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CREDITORS: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Details of security provided:
The loans are secured over the assets to which it relates.
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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The aggregate amount of creditors for which security has been given amounted to £2,730,504 (2020 - £2,851,635).
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Page 9
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ORGANFORD MANOR COUNTRY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Deferred tax on revaluation
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RELATED PARTY TRANSACTIONS
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During the year the Company continued to operate a loan account the Director The amount payable to the Director as at the year end was £1,647,495 (2020 - £1,629,402).This balance is interest free and repayable on demand.
During the year the company continued its intercompany loan with its fellow subsidiaries and parent company. The balance by group companies is £2,007,458 (2020 - £2,363,790). The balance is interest free and repayable on demand.
During the year the company received management charges of £115,000 from its ellow subsidiaries.
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The controlling party of the Company is H & S Simmons Limited by virtue of a 100% shareholding in Organford Manor Country Park Limited.
The Ultimate Controlling Party is Mr H Simmons and Mrs G Simmons by virtue of their joint shareholding in H & S Simmons Limited.
Page 10
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