Coastfields Leisure Limited - Period Ending 2020-11-30
Coastfields Leisure Limited - Period Ending 2020-11-30
Registration number:
Coastfields Leisure Limited
for the Year Ended 30 November 2020
Coastfields Leisure Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Statement of Income and Retained Earnings |
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Balance Sheet |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Coastfields Leisure Limited
Company Information
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Directors |
LB Silvester LJ Silvester |
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Registered office |
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Solicitors |
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Auditors |
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Coastfields Leisure Limited
Strategic Report for the Year Ended 30 November 2020
The directors present their strategic report for the year ended 30 November 2020.
Principal activity
The principal activity of the company is that of holiday park operators, caravan sales, operators of bars and related leisure activities.
Fair review of the business
The 2020 season has witnessed the impact of Covid with income nearly 20% reduced. However expenditure, with the assistance of Government support has reduced by 30% thus enabling the infrastructure to be maintained during lockdown.
The 2021 season shows good signs allowing capital expenditure to be undertaken thus enhancing the facilities the the company is able to offer. Both staff and customers have played their vital parts in allowing the company to keep its core activities which will benefit all in the current and future seasons.
The company's key financial and other performance indicators during the year were as follows:
|
Unit |
2020 |
2019 |
|
|
Turnover |
£ |
12,959,557 |
16,047,484 |
|
Gross profit margin |
% |
32 |
27 |
|
Profit before tax |
£ |
1,586,865 |
963,917 |
Principal risks and uncertainties
The company is subject to the same risks as other companies in the industry, namely the weather, interest rates, competition and economic conditions, particularly those which have an impact on its customer base in the Midlands and the North of England. These risks can affect both the company's trading performance and also the value of its assets, their value largely determined by their ability to generate income. The company addresses these risks by diversifying the types of caravans, sites and facilities it offers to customers.
The company continues to be faced with the health and economic threat in the form of Covid 19. The directors are fully focussed on strategies to minimise the impact, including cash flow management and use of reserves. The company will also use specific Government initiatives that are available to help steer the business through to a period when the virus is under control.
Financial instruments
Objectives and policies
The company’s main financial instruments are bank overdraft, bank loan, trade creditors and trade debtors. The bank loan has covenants and charges against the company’s assets as required by the bank. These could be exercised if the company fails to meet its obligations and generate sufficient profits as determined by the banks covenants. However, the company continues to satisfy the bank as regards the facility covenants and the main financial risk to the company, as with any other medium size company, continues to be liquidity and cash flow.
Price risk, credit risk, liquidity risk and cash flow risk
The credit risk to the company is the failure of customers to fulfil their financial obligations to the company. This exposure is reduced due to the large number of customers, and managed by close credit controls and the terms and conditions of credit.
Liquidity and cash flow risk is the risk the company will be unable to generate enough cash resources in order to meet its financial obligations. The company manages this risk by ensuring that cash resources are generated and maintained sufficiently in order to meet the required payments when they fall due.
Approved by the
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Coastfields Leisure Limited
Directors' Report for the Year Ended 30 November 2020
The directors present their report and the financial statements for the year ended 30 November 2020.
Directors of the company
The directors who held office during the year were as follows:
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the
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Coastfields Leisure Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Coastfields Leisure Limited
Independent Auditor's Report to the Members of Coastfields Leisure Limited
Opinion
We have audited the financial statements of Coastfields Leisure Limited (the 'company') for the year ended 30 November 2020, which comprise the Statement of Income and Retained Earnings, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 30 November 2020 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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• |
the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
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the directors have not disclosed in the financial statements any identified 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. |
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Coastfields Leisure Limited
Independent Auditor's Report to the Members of Coastfields Leisure Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors’ remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. |
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
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Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. |
Coastfields Leisure Limited
Independent Auditor's Report to the Members of Coastfields Leisure Limited
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
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Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
4 Cyrus Way
Cygnet Park
Hampton
PE7 8HP
Coastfields Leisure Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 30 November 2020
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Note |
2020 |
2019 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
|
|
|
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Administrative expenses |
( |
( |
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Other operating income |
|
- |
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Operating profit |
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Interest payable and similar charges |
( |
( |
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Profit before tax |
|
|
|
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Taxation |
( |
( |
|
|
Profit for the financial year |
|
|
|
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Retained earnings brought forward |
12,429,399 |
12,261,858 |
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Dividends paid |
( |
( |
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Retained earnings carried forward |
13,111,852 |
12,429,399 |
Coastfields Leisure Limited
(Registration number: 01087806)
Balance Sheet as at 30 November 2020
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Note |
2020 |
2019 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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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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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Shareholders' funds |
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Approved and authorised by the
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Coastfields Leisure Limited
Statement of Cash Flows for the Year Ended 30 November 2020
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Note |
2020 |
2019 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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(Profit)/loss on disposal of tangible assets |
( |
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Finance costs |
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Income tax expense |
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||
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Working capital adjustments |
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Decrease in stocks |
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Increase in debtors |
( |
( |
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Increase in creditors |
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Cash generated from operations |
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Income taxes paid |
( |
( |
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Net cash flow from operating activities |
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Cash flows from investing activities |
|||
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
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Interest paid |
( |
( |
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Proceeds from bank borrowing draw downs |
1,025,000 |
- |
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Repayment of bank borrowing |
(692,200) |
(1,461,352) |
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Payments to finance lease creditors |
( |
( |
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Dividends paid |
( |
( |
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Net cash flows from financing activities |
( |
( |
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Net increase/(decrease) in cash and cash equivalents |
|
( |
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Cash and cash equivalents at 1 December |
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Cash and cash equivalents at 30 November |
1,527,196 |
362,093 |
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Coastfields Leisure Limited
Notes to the Financial Statements for the Year Ended 30 November 2020
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
England
The principal place of business is:
Ingoldale Holiday Park
Beach Estate
Ingoldmells
Skegness
PE25 1LL
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Group accounts not prepared
Going concern
The financial statements have been prepared on a going concern basis on the assumption that the company's lending facilities will continue to be available for the foreseeable future.
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements: |
Land and buildings have been revalued on transition to FRS 102 based on a professional valuation obtained in December 2014. |
Revenue recognition
Caravan sales are included in turnover in the year in which they are contracted for by the customers. Site rentals are recognised in the period to which the income relates. All other income is recognised net of value added tax when either the goods are dispatched or service performed.
Coastfields Leisure Limited
Notes to the Financial Statements for the Year Ended 30 November 2020
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Land |
None |
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Freehold property |
4% per annum on cost |
|
Short leasehold |
4% reducing balance |
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Plant and machinery |
25% on cost and 10% to 25% reducing balance |
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Motor vehicles |
25% reducing balance |
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Fixtures and fittings |
25% on cost |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
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Purchased goodwill |
5 years straight line on cost |
Coastfields Leisure Limited
Notes to the Financial Statements for the Year Ended 30 November 2020
Investments
Fixed asset investments are stated at historical cost less provision for any diminution in value.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Coastfields Leisure Limited
Notes to the Financial Statements for the Year Ended 30 November 2020
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2020 |
2019 |
|
|
Government grants |
|
- |
|
Operating profit |
Arrived at after charging/(crediting)
|
2020 |
2019 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Operating lease expense - other |
186,639 |
99,491 |
|
(Profit)/loss on disposal of property, plant and equipment |
( |
|
|
Auditor's remuneration - The audit of the company's annual accounts |
23,500 |
23,500 |
|
Interest payable and similar expenses |
|
2020 |
2019 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
|
- |
|
|
|
Coastfields Leisure Limited
Notes to the Financial Statements for the Year Ended 30 November 2020
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2020 |
2019 |
|
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Wages and salaries |
|
|
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Social security costs |
|
|
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Pension costs, defined contribution scheme |
|
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The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2020 |
2019 |
|
|
Administration & management |
|
|
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Sales & other departments |
|
|
|
|
|
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Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2020 |
2019 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
140,214 |
112,026 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2020 |
2019 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
Coastfields Leisure Limited
Notes to the Financial Statements for the Year Ended 30 November 2020
|
Taxation |
Tax charged/(credited) in the income statement
|
2020 |
2019 |
|
|
Current taxation |
||
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UK corporation tax |
|
|
|
Deferred taxation |
||
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Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2019 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2020 |
2019 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
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Tax increase from effect of capital allowances and depreciation |
|
|
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2020 |
Liability |
|
Deferred tax on property revaluations |
|
|
Accelerated capital allowances |
|
|
|
|
2019 |
Liability |
|
Deferred tax on property revaluations |
|
|
Accelerated capital allowances |
|
|
|
Coastfields Leisure Limited
Notes to the Financial Statements for the Year Ended 30 November 2020
|
Intangible assets |
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 December 2019 |
|
|
|
At 30 November 2020 |
|
|
|
Amortisation |
||
|
At 1 December 2019 |
|
|
|
Amortisation charge |
|
|
|
At 30 November 2020 |
|
|
|
Carrying amount |
||
|
At 30 November 2020 |
|
|
|
At 30 November 2019 |
|
|
Coastfields Leisure Limited
Notes to the Financial Statements for the Year Ended 30 November 2020
|
Tangible assets |
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
|
|
Cost or valuation |
|||||
|
At 1 December 2019 |
|
|
|
|
|
|
Additions |
|
- |
|
|
|
|
Disposals |
- |
- |
( |
( |
( |
|
At 30 November 2020 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 December 2019 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
( |
|
At 30 November 2020 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 30 November 2020 |
|
|
|
|
|
|
At 30 November 2019 |
|
|
|
|
|
Included within the net book value of land and buildings above is £31,983,577 (2019 - £31,020,654) in respect of freehold land and buildings and £379,751 (2019 - £394,016) in respect of short leasehold land and buildings.
The total net book value of the company's tangible fixed assets was pledged as security over the company's loans and borrowings at the end of the current and prior year.
Revaluation
The fair value of the company's Freehold land and buildings was revalued on
Freehold land and buildings
Included within the net book value of tangible fixed assets are depreciable assets with a total gross book value of £12,162,769 (2019 - £11,606,761).
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2020 |
2019 |
|
|
Plant and machinery |
737,770 |
269,159 |
|
Motor vehicles |
397,426 |
149,223 |
|
1,135,196 |
418,382 |
Coastfields Leisure Limited
Notes to the Financial Statements for the Year Ended 30 November 2020
|
Investments |
|
2020 |
2019 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost |
|
|
At 1 December 2019 & 30 November 2020 |
|
|
Provision |
|
|
At 1 December 2019 & 30 November 2020 |
|
|
Carrying amount |
|
|
At 30 November 2020 |
|
|
At 30 November 2019 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
||||
|
2020 |
2019 |
||||||
|
Subsidiary undertakings |
|||||||
|
|
England & Wales |
|
|
|
|||
|
|
England & Wales |
|
|
|
|||
|
|
England & Wales |
|
|
|
|||
|
The principal activity of Merryfield Leisure Limited is |
|
The principal activity of Bennett Leisure Limited is |
|
The principal activity of Vincent Brothers Limited is |
|
Stocks |
|
2020 |
2019 |
|
|
Inventories |
|
|
The total value of the company's stock was pledged as security over the company's loans and borrowings at the end of the current and prior year.
Coastfields Leisure Limited
Notes to the Financial Statements for the Year Ended 30 November 2020
|
Debtors |
|
2020 |
2019 |
|
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Accrued income |
|
|
|
Total current trade and other debtors |
|
|
|
Cash and cash equivalents |
|
2020 |
2019 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
|
Creditors |
|
Note |
2020 |
2019 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other payables |
|
|
|
|
Accrued expenses |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Loans and borrowings |
|
2020 |
2019 |
|
|
Current loans and borrowings |
||
|
Bank borrowings |
|
|
|
HP and finance lease liabilities |
|
|
|
|
|
|
Coastfields Leisure Limited
Notes to the Financial Statements for the Year Ended 30 November 2020
|
2020 |
2019 |
|
|
Non-current loans and borrowings |
||
|
Bank borrowings |
|
|
|
HP and finance lease liabilities |
|
|
|
|
|
|
Both current and non-current bank borrowings and bank overdrafts are secured by legal charges over land and buildings and a fixed and floating charge over the assets of the company.
Finance lease liabilities are secured over the assets to which they relate.
Included in the loans and borrowings are the following amounts due after more than five years:
|
2020 |
2019 |
|
|
After more than five years by instalments |
|
|
|
- |
- |
Bank loans and overdrafts after five years
Bank loans and overdrafts due after more than 5 years are repayable by 31 March 2033. Interest is chargeable on these loans at 1.55% over the Bank of England base rate.
|
Deferred tax and other provisions |
|
Deferred tax |
|
|
At 1 December 2019 |
|
|
At 30 November 2020 |
|
|
Share capital |
Allotted, called up and fully paid shares
|
2020 |
2019 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
126,920 |
|
126,920 |
|
|
|
126,920 |
|
126,920 |
|
|
|
80,160 |
|
80,160 |
|
|
|
|
334,000 |
|
Coastfields Leisure Limited
Notes to the Financial Statements for the Year Ended 30 November 2020
|
Reserves |
Share capital
Represents the nominal value of shares that have been issued.
Share premium
Represents the amount paid for share capital in excess of its nominal value.
Profit and loss account
Includes all current and prior period retained profits and losses, inclusive of cumulative unrealised gains and losses for assets shown at fair value at the balance sheet date.
|
Pension and other schemes |
The company operates a defined contribution pension scheme. The pension cost for the year represents contributions payable by the company to the scheme and amounted to £65,183 (2019 - £63,739).
Contributions totalling £10,049 (2019 - £12,492) were payable to the scheme at the end of the year and are included in creditors.
|
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
|
2020 |
2019 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
|
2020 |
2019 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Dividends |
During the year dividends of £189,000 (2019 - £381,000) were paid.
|
Commitments |
Capital commitments
The total amount contracted for but not provided in the financial statements was £
Coastfields Leisure Limited
Notes to the Financial Statements for the Year Ended 30 November 2020
|
Analysis of changes in net debt |
|
At 1 December 2019 |
Financing cash flows |
New finance leases |
At 30 November 2020 |
|
|
Cash and cash equivalents |
||||
|
Cash |
362,093 |
1,165,103 |
- |
1,527,196 |
|
Borrowings |
||||
|
Long term borrowings |
(16,988,207) |
613,930 |
- |
(16,374,277) |
|
Short term borrowings |
(1,595,847) |
(946,190) |
- |
(2,542,037) |
|
Lease liabilities |
(379,625) |
258,066 |
(758,142) |
(879,701) |
|
(18,963,679) |
(74,194) |
(758,142) |
(19,796,015) |
|
|
( |
|
( |
( |
|
|
Related party transactions |
Summary of transactions with key management
During the year key management received advances/ credits totalling £260,000 (2019 - £273,692) and made repayments of £Nil (2019 - £Nil). During the year dividends of £350,000 (2019 - £381,000) were paid to key management. At the balance sheet date the amount due from key management was £48,653 (2019 - £138,653). This amount is to be repaid by 31 August 2021.
Summary of transactions with entities with joint control or significant interest
Sales were made to entities with joint control or significant influence during the year totalling £31,259 (2019 - £23,155). Purchases from entities with joint control or significant influence totalled £184,672 (2019 - £250,678). The total amount owed to entities with joint control or significant influence at the balance sheet date was £107,845 (2019 - £111,205).
Summary of transactions with subsidiaries
At the balance sheet date, the amount owed to subsidiaries was £118,516 (2019 - £118,516).
|
Control |
The company is controlled by Mrs L J Silvester by virtue of her majority share holding.