Lickhill Manor Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00449956 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

LICKHILL MANOR LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D G Lloyd Jones

K E Lloyd Jones

L Chadwick

C Lloyd Jones

SECRETARY:

D G Lloyd Jones

REGISTERED OFFICE:

Lincomb Lock

Titton

Stourport on Severn

Worcestershire

DY13 9QR

REGISTERED NUMBER:

00449956 (England and Wales)

ACCOUNTANTS:

Crowe U.K. LLP

Chartered Accountants

Black Country House

Rounds Green Road

Oldbury

West Midlands

B69 2DG

FIXED ASSETS

Intangible assets

4

1,488,848

1,729,604

Tangible assets

5

2,891,711

2,981,737

Investments

6

957,242

957,242

5,337,801

5,668,583

CURRENT ASSETS

Stocks

196,514

1,428,173

Debtors

7

1,351,882

977,633

Cash at bank and in hand

3,313,915

1,149,923

4,862,311

3,555,729

CREDITORS

Amounts falling due within one year

8

4,309,483

4,109,845

NET CURRENT ASSETS/(LIABILITIES)

552,828

(554,116

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,890,629

5,114,467

CREDITORS

Amounts falling due after more than one year

9

(3,070,975

)

(3,290,721

)

PROVISIONS FOR LIABILITIES

(37,462

)

(48,550

)

NET ASSETS

2,782,192

1,775,196

CAPITAL AND RESERVES

Called up share capital

572

572

Retained earnings

2,781,620

1,774,624

SHAREHOLDERS' FUNDS

2,782,192

1,775,196

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 18 November 2021 and were signed on its behalf by:

D G Lloyd Jones - Director

1.	STATUTORY INFORMATION

Lickhill Manor 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.

Going concern

The directors have reviewed the ongoing cash and trading position taking into account the servicing of bank debt. Despite the closure of the parks from 23 March to 4 July 2020 due to the COVID-19 pandemic trade has picked up since reopening. The pick up in trade has caused a shortage of stock of caravans which has curtailed sales levels, however profitability and cashflow are in line with the Directors expectations. As a result the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and continue to believe the going concern basis appropriate in preparing the annual financial statements.

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Where holiday homes are sold on deferred terms, this is funded via a loan in Hillandale Caravan Finance Limited. If the loan is at an interest rate below market rate, the value of the sale is reduced to fair value. All the resulting interest is recognised over the term of the loan in Hillandale Caravan Finance Limited.

Turnover regarding holiday home fees are recognised over the term of pitch licence agreement.

Turnover for touring fees is recognised upon the specific date services are provided.

Recharges of holiday home related costs and miscellaneous income are recognised at the date the services or goods are supplied.

Intangible fixed assets

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised on a straight line basis to the Profit and loss account over its estimated economic life of 10 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets

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

Land and buildings

-

2% on cost

Plant and machinery

-

25% on cost

Motor vehicles

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 46 (2020 - 49 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

Goodwill

software

Totals

£

£

£

COST

At 1 April 2020

and 31 March 2021

2,507,611

4,139

2,511,750

AMORTISATION

At 1 April 2020

782,146

-

782,146

Amortisation for year

240,756

-

240,756

At 31 March 2021

1,022,902

-

1,022,902

NET BOOK VALUE

At 31 March 2021

1,484,709

4,139

1,488,848

At 31 March 2020

1,725,465

4,139

1,729,604

5.	TANGIBLE FIXED ASSETS

Land and

Plant and

Motor

buildings

machinery

vehicles

Totals

£

£

£

£

COST

At 1 April 2020

3,039,672

708,022

111,995

3,859,689

Additions

24,597

45,932

-

70,529

Disposals

-

(8,000

)

-

(8,000

)

At 31 March 2021

3,064,269

745,954

111,995

3,922,218

DEPRECIATION

At 1 April 2020

308,526

499,993

69,433

877,952

Charge for year

49,146

94,436

10,640

154,222

Eliminated on disposal

-

(1,667

)

-

(1,667

)

At 31 March 2021

357,672

592,762

80,073

1,030,507

NET BOOK VALUE

At 31 March 2021

2,706,597

153,192

31,922

2,891,711

At 31 March 2020

2,731,146

208,029

42,562

2,981,737

At 31 March 2021, included within the net book value of land and buildings is £2,703,647 (2020: £2,726,394 relating to freehold land and buildings and £2,950 (2020: £4,752) relating to long term leasehold land and buildings.

The net book value of assets held under finance leases or hire purchase contracts included above, are as follows:

2021

2020

£

£

Plant and machinery

9,250

13,875

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2020

and 31 March 2021

957,242

NET BOOK VALUE

At 31 March 2021

957,242

At 31 March 2020

957,242

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

158,201

197,046

Amounts owed by group undertakings

842,429

657,308

Other debtors

312,168

22,759

VAT

39,084

100,520

1,351,882

977,633

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

203,720

201,069

Hire purchase contracts (see note 10)

3,300

3,300

Payments on account

2,155,902

1,824,766

Trade creditors

244,784

1,152,278

Corporation tax

383,537

234,278

Social security and other taxes

29,105

28,621

Other creditors

112,672

70,956

Directors' loan accounts

1,012,093

397,875

Accruals and deferred income

164,370

196,702

4,309,483

4,109,845

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 2-5 years

843,043

832,308

Bank loans more than 5 years

by installments

2,220,157

2,447,338

Hire purchase contracts (see note 10)

7,775

11,075

3,070,975

3,290,721

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

by installments

2,220,157

2,447,338

2,220,157

2,447,338

The bank loan is secured on fixed charges over the land at certain parks and on fixed and floating charges over all property and undertakings of the company.

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2021

2020

£

£

Net obligations repayable:

Within one year

3,300

3,300

Between one and five years

7,775

11,075

11,075

14,375

Non-cancellable

operating leases

2021

2020

£

£

Within one year

59,774

59,774

Between one and five years

17,032

28,741

76,806

88,515

11.	CONTROLLING PARTY

The controlling party is D G Lloyd Jones.

12.

PENSIONS

The company operates a defined contribution pension scheme. £3,669 (2020: £4,168) was due to the pension scheme as at the balance sheet date.