Ocean Leisure Parks Ltd Filleted accounts for Companies House (small and micro)

OCEAN LEISURE PARKS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 12113481

Ocean Leisure Parks Ltd

Filleted Unaudited Financial Statements

For the year ended

31 December 2021

Ocean Leisure Parks Ltd

Financial Statements

Year ended 31 December 2021

Contents	Page

Officers and professional advisers	1

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

Ocean Leisure Parks Ltd

Officers and Professional Advisers

The board of directors	Mr R T Ennis
	Mrs S A Ennis

Registered office	Crofty Showground
	Llanteg
	Narberth
	Wales
	SA67 8QE

Accountants	Clay Shaw Thomas Ltd
	Chartered accountants
	2 Oldfield Road
	Bocam Park
	Bridgend
	CF35 5LJ

Bankers	Barclays Bank plc
	Llanelli Business Centre
	PO Box 25
	Llanelli
	SA15 1XJ

Ocean Leisure Parks Ltd

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Ocean Leisure Parks Ltd

Year ended 31 December 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ocean Leisure Parks Ltd for the year ended 31 December 2021, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.

Clay Shaw Thomas Ltd Chartered accountants

2 Oldfield Road Bocam Park Bridgend CF35 5LJ

26 September 2022

Ocean Leisure Parks Ltd

Statement of Financial Position

31 December 2021

	2021		2020
Note	£	£	£

Fixed assets

Intangible assets	5	112,000	126,000
Tangible assets	6	1,255,588	1,178,016
Investments	7	69,772	69,772
		------------	------------
		1,437,360	1,373,788

Current assets

Stocks		219,485	134,100
Debtors	8	139,885	124,015
Cash at bank and in hand		57,806	19,940
		---------	---------
		417,176	278,055

Creditors: amounts falling due within one year	9	1,212,178		1,063,245
		------------		------------
Net current liabilities			795,002	785,190
			------------	------------
Total assets less current liabilities			642,358	588,598

Creditors: amounts falling due after more than one year	10		506,205	560,061

Provisions

Taxation including deferred tax	13,619	4,435
	---------	---------
Net assets	122,534	24,102
	---------	---------

Capital and reserves

Called up share capital	13	2	2
Profit and loss account	14	122,532	24,100
		---------	--------
Shareholders funds		122,534	24,102
		---------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 2021 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 year in question 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 .

Ocean Leisure Parks Ltd

Statement of Financial Position (continued)

31 December 2021

These financial statements were approved by the board of directors and authorised for issue on 26 September 2022 , and are signed on behalf of the board by:

Mr R T Ennis

Director

Company registration number: 12113481

Ocean Leisure Parks Ltd

Notes to the Financial Statements

Year ended 31 December 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Crofty Showground, Llanteg, Narberth, SA67 8QE, Wales.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors have assessed whether there are any material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. In assessing whether the going concern assumption is appropriate, the directors have taken in to account all available information about the future and conclude that the company has adequate resources to to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts for goods supplied and rental received, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Rental income is recognised on a systematic basis over the lease term. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Furniture, equipment and other fixed assets	-	20% straight line
Motor vehicles	-	10% reducing balance
Equipment	-	20% straight line

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2020: Nil).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2021 and 31 December 2021	140,000
	---------
Amortisation
At 1 January 2021	14,000
Charge for the year	14,000
	---------
At 31 December 2021	28,000
	---------
Carrying amount
At 31 December 2021	112,000
	---------
At 31 December 2020	126,000
	---------

6. Tangible assets

	Land and buildings	Furniture, equipment and other fixed assets	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2021	1,099,086	78,922	11,950	4,492	1,194,450
Additions	84,825	11,214	–	–	96,039
	------------	--------	--------	-------	------------
At 31 December 2021	1,183,911	90,136	11,950	4,492	1,290,489
	------------	--------	--------	-------	------------
Depreciation
At 1 January 2021	–	14,888	797	749	16,434
Charge for the year	–	16,454	1,115	898	18,467
	------------	--------	--------	-------	------------
At 31 December 2021	–	31,342	1,912	1,647	34,901
	------------	--------	--------	-------	------------
Carrying amount
At 31 December 2021	1,183,911	58,794	10,038	2,845	1,255,588
	------------	--------	--------	-------	------------
At 31 December 2020	1,099,086	64,034	11,153	3,743	1,178,016
	------------	--------	--------	-------	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 December 2021	10,038
	--------
At 31 December 2020	11,153
	--------

7. Investments

	Shares in group
	£
Cost
At 1 January 2021 and 31 December 2021	69,772
	--------
Impairment
At 1 January 2021 and 31 December 2021	–
	--------

Carrying amount
At 31 December 2021	69,772
	--------
At 31 December 2020	69,772
	--------

8. Debtors

	2021	2020
	£	£
Trade debtors	126,429	108,250
Other debtors	13,456	15,765
	---------	---------
	139,885	124,015
	---------	---------

9. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	31,907	31,907
Trade creditors	136,424	184,140
Amounts owed to group undertakings	238,489	132,701
Accruals and deferred income	125,274	79,202
Social security and other taxes	40,973	11,995
Obligations under finance leases and hire purchase contracts	3,645	3,645
Director loan accounts	634,699	619,137
Other creditors	767	518
	------------	------------
	1,212,178	1,063,245
	------------	------------

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

	2021	2020
	£	£
Bank loans and overdrafts	505,294	555,201
Obligations under finance leases and hire purchase contracts	911	4,860
	---------	---------
	506,205	560,061
	---------	---------

Included within creditors: amounts falling due after more than one year is an amount of £377,656 (2020: £427,573) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

11. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2021	2020
	£	£
Not later than 1 year	3,645	3,645
Later than 1 year and not later than 5 years	911	4,860
	-------	-------
	4,556	8,505
	-------	-------

12. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2021	2020
	£	£
Included in provisions	13,619	4,435
	--------	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2021	2020
	£	£
Accelerated capital allowances	13,619	4,435
	--------	-------

13. Called up share capital

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

14. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

15. Related party transactions

Zed Ten Caravans & Transport Limited is a 100% subsidiary of Ocean Leisure Parks Limited, and as such has taken advantage of the exemption stated in FRS102 which does not require the disclosure of transactions between group companies if at least 100% of the voting rights are controlled within the group. Included within creditors are loans issued by the company directors:

		2021
		£
	Director loan as at 1 January 2021	619,137
	Capital repayments	(25,356)
	Interest net of tax	40,918
		---------
	Director loan as at 31 December 2021	634,699
		---------

Interest is charged at 8% and there are no fixed terms of repayment. During the year the company paid costs on behalf of Sardis Leisure Limited, a company under common control. At the year end the company was owed £2,114 (2020:£3,616) in respect of these costs. During the year, Tenby Tourers Limited, a company under common control, paid costs on behalf of the company. At the year end the company owed £139,691 (2020:£70,041) in respect of these costs.

16. Comparative figures

The comparative figures are for a 17 month period.

17. Ultimate control

The company is under the ultimate control of Mr R T Ennis and Mrs S A Ennis who between them own 100% of the issued share capital.