Heathland Beach Caravan Park Limited Filleted accounts for Companies House (small and micro)

Heathland Beach Caravan Park Limited Filleted accounts for Companies House (small and micro)

HEATHLAND BEACH CARAVAN PARK LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04639100
Heathland Beach Caravan Park Limited
Unaudited financial statements
28 February 2021
Heathland Beach Caravan Park Limited
Statement of financial position
28 February 2021
2021
2020
Note
£
£
£
£
Fixed assets
Intangible assets
5
20,000
30,000
Tangible assets
6
1,628,996
1,748,314
-----------
-----------
1,648,996
1,778,314
Current assets
Stocks
6,265
130,750
Debtors
7
32,949
34,893
Cash at bank and in hand
5,032,073
4,243,069
-----------
-----------
5,071,287
4,408,712
Creditors: Amounts falling due within one year
8
( 791,340)
( 694,034)
-----------
-----------
Net current assets
4,279,947
3,714,678
-----------
-----------
Total assets less current liabilities
5,928,943
5,492,992
Provisions
Taxation including deferred tax
( 91,900)
( 112,371)
-----------
-----------
Net assets
5,837,043
5,380,621
-----------
-----------
Capital and reserves
Called up share capital
9
10,000
10,000
Profit and loss account
5,827,043
5,370,621
-----------
-----------
Shareholders funds
5,837,043
5,380,621
-----------
-----------
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 income statement has not been delivered.
For the year ending 28 February 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 .
Heathland Beach Caravan Park Limited
Statement of financial position (continued)
28 February 2021
These financial statements were approved by the board of directors and authorised for issue on 15 July 2021 , and are signed on behalf of the board by:
Mr B H Reader
Mrs M A Reader
Director
Secretary
Mr R H Reader
Director
Company registration number: 04639100
Heathland Beach Caravan Park Limited
Notes to the financial statements
Year ended 28 February 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 Excelsior House, 9 Quay View Business Park, Barnards Way, Lowestoft, Suffolk, NR32 2HD. The trading address is London Road, Kessingland, Lowestoft, Suffolk, NR33 7PJ.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Income tax
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.
Amortisation
Goodwill has been continued to be amortised over 20 years as this was the basis that was deemed reasonable when the goodwill was purchased by the company. There has been no evidence to show that this is not a reasonable basis as the company is still trading.
Goodwill
-
5% straight line
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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Land and buildings
-
2% straight line on buildings only
Hire vans
-
15% reducing balance
Furniture and equipment
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Swimming pool
-
10% reducing balance
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.
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 and the performance 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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.
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 employees during the year was 8 (2020: 8 ).
5. Intangible assets
Goodwill
£
Cost
At 1 March 2020 and 28 February 2021
200,000
---------
Amortisation
At 1 March 2020
170,000
Charge for the year
10,000
---------
At 28 February 2021
180,000
---------
Carrying amount
At 28 February 2021
20,000
---------
At 29 February 2020
30,000
---------
6. Tangible assets
Land and buildings
Hire vans
Furniture, fittings and equipment
Motor vehicles
Swimming pool
Total
£
£
£
£
£
£
Cost
At 1 March 2020
1,517,030
221,158
376,667
77,129
90,948
2,282,932
Additions
–
–
13,897
–
–
13,897
Disposals
–
( 101,529)
–
( 24,995)
–
( 126,524)
-----------
---------
---------
-------
-------
-----------
At 28 February 2021
1,517,030
119,629
390,564
52,134
90,948
2,170,305
-----------
---------
---------
-------
-------
-----------
Depreciation
At 1 March 2020
137,264
51,474
250,240
48,084
47,556
534,618
Charge for the year
8,808
15,377
19,423
3,648
4,339
51,595
Disposals
–
( 34,359)
–
( 10,545)
–
( 44,904)
-----------
---------
---------
-------
-------
-----------
At 28 February 2021
146,072
32,492
269,663
41,187
51,895
541,309
-----------
---------
---------
-------
-------
-----------
Carrying amount
At 28 February 2021
1,370,958
87,137
120,901
10,947
39,053
1,628,996
-----------
---------
---------
-------
-------
-----------
At 29 February 2020
1,379,766
169,684
126,427
29,045
43,392
1,748,314
-----------
---------
---------
-------
-------
-----------
7. Debtors
2021
2020
£
£
Trade debtors
25,804
28,512
Other debtors
7,145
6,381
-------
-------
32,949
34,893
-------
-------
8. Creditors: Amounts falling due within one year
2021
2020
£
£
Social security and other taxes
151,151
112,072
Other creditors
640,189
581,962
---------
---------
791,340
694,034
---------
---------
9. Called up share capital
Issued, called up and fully paid
2021
2020
No.
£
No.
£
Ordinary Class 1 shares of £ 1 each
2,600
2,600
2,600
2,600
Ordinary Class 2 shares of £ 1 each
2,600
2,600
2,600
2,600
Ordinary Class 3 shares of £ 1 each
2,400
2,400
2,400
2,400
Ordinary Class 4 shares of £ 1 each
2,400
2,400
2,400
2,400
-------
-------
-------
-------
10,000
10,000
10,000
10,000
-------
-------
-------
-------