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Registered number: 09436142
HAMPSHIRE MOBILE PARK HOME ENTERPRISES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 MARCH 2022
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HAMPSHIRE MOBILE PARK HOME ENTERPRISES LIMITED
REGISTERED NUMBER: 09436142
BALANCE SHEET
AS AT 30 MARCH 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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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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Page 1
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HAMPSHIRE MOBILE PARK HOME ENTERPRISES LIMITED
REGISTERED NUMBER: 09436142
BALANCE SHEET (CONTINUED)
AS AT 30 MARCH 2022
The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The Director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 12 form part of these financial statements.
Page 2
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HAMPSHIRE MOBILE PARK HOME ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2022
Hampsire Mobile Park Home Enterprises Limited is a private Company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is Tennyson House, Cambridge Business Park, Cambridge, CB4 0WZ.
The Company is part of a group with the parent being Howard Park Homes Limited.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Company's functional and presentational currency is Pounds sterling.
The level of rounding is to the nearest £.
The following principal accounting policies have been applied:
The director has considered the going concern basis in preparing these financial statements. She has concluded that the going concern basis is appropriate because sufficient funds will be generated from future trading for a period of at least twelve months from the date of the approval of these financial statements to enable the company to meet its liabilities as they arise. Following a breach in banking covenants,the bank loans are technically repayable on demand and the disclosure in the accounts has been amended accordingly. Due to this amendment, the company now has net current liabilities of £2,187,599.
The financial statements do not include any adjustments that would be result from the withdrawal of this support.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Pitch Fees
Pitch fees are recognised on an accrual basis in the period to which they relate.
Recharges
Recharges are recognised on an accruals basis in the period to which they relate.
Sales of Mobile Homes
Sales of mobile homes are recognised when the risks and rewards of ownership are transferred to the customer, usually on occupation when the park home agreement is signed or legal completion takes place.
Other income
Other income is recognised on an accruals basis in the period to which it relates.
Page 3
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HAMPSHIRE MOBILE PARK HOME ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2022
2.ACCOUNTING POLICIES (CONTINUED)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Unfunded unapproved retirement benefits scheme (UURBS)
The Company operates a UURBS plan for its employeer. A UURBS is a benefits scheme that that is provided for on an employee's retirement or death. Once the contributions have been paid the Company has no further payment obligations.
The RPI charge is recognised as an expense in profit or loss annually. Amounts not paid are shown as other provisions in the Balance Sheet.
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CORPORATION AND DEFERRED TAXATION
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The tax expense for the year comprises corporation and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Page 4
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HAMPSHIRE MOBILE PARK HOME ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2022
2.ACCOUNTING POLICIES (CONTINUED)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
No depreciation has been provided on freehold property as the property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result the corresponding depreciation would not be material, and therefore is not charges to the profit and loss account.
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REVALUATION OF TANGIBLE FIXED ASSETS
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Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
Page 5
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HAMPSHIRE MOBILE PARK HOME ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2022
2.ACCOUNTING POLICIES (CONTINUED)
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IMPAIRMENT OF FIXED ASSETS AND GOODWILL
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Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired.
Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value.
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PROVISIONS FOR LIABILITIES
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
Page 6
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HAMPSHIRE MOBILE PARK HOME ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2022
2.ACCOUNTING POLICIES (CONTINUED)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
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The average monthly number of employees, including directors, during the year was 2 (2021 - 3).
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Charge for the year on owned assets
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Page 7
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HAMPSHIRE MOBILE PARK HOME ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2022
Cost or valuation at 30 March 2022 is as follows:
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If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
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Investments in subsidiary companies
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STOCKS AND WORK IN PROGRESS
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Page 8
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HAMPSHIRE MOBILE PARK HOME ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2022
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Amounts owed by group undertakings
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CREDITORS: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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CREDITORS: Amounts falling due after more than one year
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The bank loans are secured by charges over the assets of the Company.
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Page 9
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HAMPSHIRE MOBILE PARK HOME ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2022
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Page 10
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HAMPSHIRE MOBILE PARK HOME ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2022
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Charged to profit or loss
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The Company entered into a UURBS arrangement in prior years. A charge of £60,553 (2021 - £9,789) in the current financial year relates to RPI adjustments to the original contribution. The amounts payable are charged to the profit and loss account in the year the contracts are entered into between the Company and the senior employees. The number of directors to whom benefits are accruing under these pension agreements is 1 (2021 - 1). One director has previously resigned however the Company still holds this liability.
The director is of the opinion that the liability as disclosed in the financial statements represents the full and final amount which could be expected, at this stage, to be paid in the future to settle the pension agreement liabilities and it is considered that the characteristics of the pension arrangement most closely reflects those of a defined benefit scheme.
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100 (2021 - 100) Ordinary shares shares of £1.00 each
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RELATED PARTY TRANSACTIONS
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During the year the Company continued to operate a loan account with its Director. The amount
payable to the Director at the year end was £895,811 (2021- £801,909).The balance is shown within creditors. This loan is unsecured, interest free and repayable on demand.
The Company continued to operate loans with fellow group companies. The amount payable by the group companies at the year end was £4,531,600 (2021- £1,168,612).The balance is shown within debtors. This loan is unsecured, interest free and repayable on demand.
The Company also continues a loan with a close relative. The amount payable to the close relative at the year end was £80,905 (2021- £40,122 creditor balance).The balance is shown within other debtors. This loan is unsecured, interest free and repayable on demand.
During the year the Company recharged management charges of £103,095 (2021- £14,225) for loan interest to a group Company for the loan which is in relation to there freehold.
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Page 11
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HAMPSHIRE MOBILE PARK HOME ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2022
As at the balance sheet date the controlling party is Howard Parks Homes Limited, by virture of its 100% shareholding. The ultimate controling party is Mrs M Howard by virtue of her 100% shareholding in Howard Parks Homes Limited.
Page 12
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