Pure Leisure Lakes Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06882710 (England and Wales)

PURE LEISURE LAKES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

Page

Company Information

1

Abridged Balance Sheet

3

Notes to the Financial Statements

4

DIRECTORS:

J C Morphet

P Rossiter

SECRETARY:

P Rossiter

REGISTERED OFFICE:

South Lakeland House

Main A6

Yealand Redmayne

Carnforth

LA5 9RN

BUSINESS ADDRESS:

Silver Hill Caravan Park

Lutton Gowts

Long Sutton

Spalding

Lincolnshire

PE12 9LQ

REGISTERED NUMBER:

06882710 (England and Wales)

AUDITORS:

Rushtons

Chartered Accountants

Statutory Auditors

Shorrock House

1 Faraday Court

Fulwood

Preston

Lancashire

PR2 9NB

FIXED ASSETS

Intangible assets

4

38,333

43,333

Tangible assets

5

1,067,474

1,073,840

1,105,807

1,117,173

CURRENT ASSETS

Stocks

93,333

188,226

Debtors

1,561,408

1,408,403

Cash at bank and in hand

381,782

314,312

2,036,523

1,910,941

CREDITORS

Amounts falling due within one year

4,472,476

4,561,865

NET CURRENT LIABILITIES

(2,435,953

)

(2,650,924

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,330,146

)

(1,533,751

)

PROVISIONS FOR LIABILITIES

923

923

NET LIABILITIES

(1,331,069

)

(1,534,674

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(1,331,169

)

(1,534,774

)

SHAREHOLDERS' FUNDS

(1,331,069

)

(1,534,674

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 January 2022 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2022 and were signed on its behalf by:

P Rossiter - Director

1.	STATUTORY INFORMATION

Pure Leisure Lakes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Turnover

Revenue is recognised to the extent that the company obtains the rights to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts and VAT. Turnover represents the sale of holiday caravan and lodges, income from owners and short term holiday lets.

Intangible assets

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

25% on cost

Land is not depreciated.

Stocks

Stocks of caravans and other goods are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade debtors, other debtors, amounts owed by group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including trade creditors, other creditors and amounts due to fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Government grants

Government grants are recognised at fair value where there is a reasonable assurance that the grant will be received and the company will comply with the attached conditions. Government grants are deferred in the statement of profit and loss over the period necessary to match them with the costs that they are intended to compensate. The company received UK government grants in relation to the Coronavirus Job Retention Scheme and also received grants from local authorities due to enforced park closures following local and UK wide restrictions. All grants have been presented as other operating income on a separate line in the statement of profit and loss.

Going concern

The financial statements have been prepared on a going concern basis. The company is part of a large profitable group, which will continue to give support and does not intend to place the company under any undue pressure to repay any intercompany loans.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 February 2021

and 31 January 2022

100,000

AMORTISATION

At 1 February 2021

56,667

Amortisation for year

5,000

At 31 January 2022

61,667

NET BOOK VALUE

At 31 January 2022

38,333

At 31 January 2021

43,333

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 February 2021

and 31 January 2022

1,154,539

DEPRECIATION

At 1 February 2021

80,699

Charge for year

6,366

At 31 January 2022

87,065

NET BOOK VALUE

At 31 January 2022

1,067,474

At 31 January 2021

1,073,840

6.	SECURED DEBTS

The bank loans in Pure Leisure Group Limited, the ultimate parent company are secured by a first legal charge dated 30 June 2015 over the freehold property known as Silver Hill Caravan Park.

There is a debenture with HSBC Bank plc dated 30 June 2015 including a fixed charge over all present freehold and leasehold property, a first fixed charge, both present and future, over book and other debts, chattels, goodwill and uncalled share capital. Additionally, there is a first floating charge dated 30 June 2015, both present and future, over all assets and undertakings of the business.

The facilities are secured by a debenture deed dated 30 June 2015. The security provided is a composite company unlimited, multilateral guarantee given by Pure Leisure Group Limited (the company), Pure Leisure Estates Limited, Pure Leisure Lakes Limited, Tydd St Giles Golf and Leisure Complex Limited, Bridlington Links Golf and Leisure Estate Limited, Northamptonshire Leisure Estates Limited, Pure Leisure Air Limited, Pure Pendle Limited, Tydd St Giles Lodge Developments Limited, Primrose Bank Caravan Park Limited, WES (UK) Limited, Fylde Golf and Leisure Estates Limited, Billing Investments Limited, Pure Leisure Penrith Limited, Pure Leisure Cumbria Limited, Trawsfynydd Holidays Limited, DWR Bronaber CYF, Bowland Lakes Leisure Village Limited and Docker Park Farm Kirkby Lonsdale Limited. Also, there is a first legal charge over the parks owned personally by John Morphet: Fell End Caravan Park, Hallmore Caravan Park and Crook O Lune Holiday Park.

The debenture deed was amended on 21 April 2021 to include Gledfield Highland Estate Limited and Coniston View Ltd. This was subsequently amended on 21 May 2021 to include JBCO Limited and Country Holiday Parks Limited.

In addition, there is a negative pledge.

HSBC Bank plc hold a group off-set in respect of all companies.

Amounts due to group undertakings are repayable upon demand.

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Neil Calvert BFP FCA (Senior Statutory Auditor)

for and on behalf of Rushtons

8.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption under Financial Reporting Standard 102 (Section 33.1A) from disclosing transactions with group companies where consolidated financial statements are prepared.

Included in the security of the Group credit facilities with HSBC, of which the company is a party to, are the assets owned personally by Mr. John Morphet.

During the year, the company also entered into the following transactions with Pure Leisure, a sole trader business operated by John Morphet, the principal shareholder of the ultimate parent undertaking:

2022

2021

£

£

Purchases

-

887

9.	ULTIMATE CONTROLLING PARTY

The directors consider the ultimate parent undertaking to be Pure Leisure Group Limited, a company incorporated in the United Kingdom. The registered office address for the parent company is:

South Lakeland House

Main A6

Yealand Redmayne

Carnforth

Lancashire

LA5 9RN.

The ultimate controlling party is John Morphet by way of his controlling interest in the ultimate parent undertaking Pure Leisure Group Limited.

The smallest and largest group in which the results of the company are consolidated is that headed by Pure Leisure Group Limited. The consolidated accounts of this group are available to the public and may be obtained from:

The Registrar of Companies

Companies House

Crown Way

Cardiff

CF14 3UZ.