Blue Anchor Leisure Limited - Limited company accounts 23.1
Blue Anchor Leisure Limited - Limited company accounts 23.1
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 December 2022 |
for |
Blue Anchor Leisure Limited |
Blue Anchor Leisure Limited (Registered number: 01091655) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
Blue Anchor Leisure Limited |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Park House |
37 Clarence Street |
Leicester |
Leicestershire |
LE1 3RW |
Blue Anchor Leisure Limited (Registered number: 01091655) |
Strategic Report |
for the Year Ended 31 December 2022 |
The directors present their strategic report for the year ended 31 December 2022. |
REVIEW OF BUSINESS |
We are pleased to report an increase in turnover to £31,175,000 in 2022 from £29,023,000 in 2021, however pre tax profits has declined to £4,978,000 (2021 - £8,216,000), which is a decrease of 39% on last year. Operations of caravan parks in the year was excellent as UK customers continued to switch their holidays to UK destinations as opposed to overseas. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors consider that the principal risks and uncertainties faced by the company are in the following categories: |
Economic risk |
The two biggest factors are caravan sales and holiday bookings. Caravan sales can be affected by customer confidence, interest rates and job uncertainty. Caravan sales have started to increase as the economic uncertainty of previous years starts to improve. Holiday bookings have also remained strong. |
Competitor risk |
The directors manage competition through close attention to customer service levels. |
Financial risk |
The company has budgetary and financial reporting procedures, supported by appropriate key performance indicators, to manage credit, liquidity and other financial risk. |
FINANCIAL INSTRUMENTS |
The company does not actively use financial instruments as part of its financial risk management. It is exposed to the usual credit risk and cashflow risk associated with selling on credit and manages this through credit control procedures. The nature of its financial instruments means that they are not subject to price risk or liquidity risk. |
The company is exposed to interest rate fluctuations on its secured bank loans but does not consider this to be material to the assessment of its financial position or profit. |
The company has minimal exposure to foreign exchange risks as all significant material supplies are contracted in sterling. |
FUTURE DEVELOPMENTS |
We continue to improve and grow our business and predict another successful year in 2023. |
ON BEHALF OF THE BOARD: |
Blue Anchor Leisure Limited (Registered number: 01091655) |
Report of the Directors |
for the Year Ended 31 December 2022 |
The directors present their report with the financial statements of the company for the year ended 31 December 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the sale of new and used caravans and the operation of caravan parks along the east coast of Lincolnshire. |
DIVIDENDS |
During the year, a dividend of £6,000,000 was recommended and paid (2021 - £1,000,000). |
The directors do not recommend the payment of a final dividend. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report. |
ENGAGEMENT WITH EMPLOYEES |
The company believes in promoting the full involvement and understanding of all employees in the success of the business. The arrangement for involving the employees of the company vary from informal communication to meetings. In addition, the remuneration is structured to increase employee awareness of performance and, at the same time, create a greater sense of involvement. |
The company gives full consideration to applicants from employment from disabled persons where the candidate's particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion. |
Where existing employees become disabled, it is the company's policy to provide continuing employment wherever practicable in the same or an alternative position to provide appropriate training to achieve this aim. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | 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. |
Blue Anchor Leisure Limited (Registered number: 01091655) |
Report of the Directors |
for the Year Ended 31 December 2022 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Blue Anchor Leisure Limited |
Opinion |
We have audited the financial statements of Blue Anchor Leisure Limited (the 'company') for the year ended 31 December 2022 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 31 December 2022 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 Auditors' 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 |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Blue Anchor Leisure Limited |
Matters on which we are required to report by exception |
In the light of the 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 or the Report of the Directors. |
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 three, 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 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. |
Report of the Independent Auditors to the Members of |
Blue Anchor Leisure Limited |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Extent to which the audit was considered capable of detecting irregularities, including fraud |
The capability to detect irregularities is based on the auditor identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, and then designing and performing audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
a) Identifying and assessing potential risks related to irregularities |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, the following approach was taken: |
- | Understanding the nature of the industry and sector, control environment and business performance; |
- | Consideration of the results of our enquiries of management and those charged with governance about their own identification and assessment of the risks of irregularities; |
- | Understanding the company's policies and procedures on compliance with laws and regulations and management of fraud risk, including documentation of instances of non-compliance of laws and regulations and instances of actual, suspected or alleged fraud; |
- | Consideration of matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud; |
- | Understanding the legal and regulatory frameworks that the company operates in through enquiry of management and those charged with governance and understanding the company's industry and sector. The key laws and regulations that were considered to have an effect on material amounts and disclosures in the financial statements included the Companies Act and tax legislation. |
b) Audit response to risks identified |
Based on this understanding, the following audit procedures were designed and performed to respond to the risks identified: |
- | Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations described as having a direct effect on the financial statement; |
- | Enquiring of management, those charged with governance and, where applicable, the company's solicitors concerning actual and potential litigation and claims; |
- | Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- | Reviewing minutes of meetings of those charged with governance and, where applicable, correspondence with regulators; |
- | Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business; |
- | Communication of potential fraud risks to all engagement team members and remaining alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
Report of the Independent Auditors to the Members of |
Blue Anchor Leisure Limited |
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 Report of the Auditors. |
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 a Report of the Auditors 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 |
Statutory Auditor |
Park House |
37 Clarence Street |
Leicester |
Leicestershire |
LE1 3RW |
Blue Anchor Leisure Limited (Registered number: 01091655) |
Statement of Comprehensive |
Income |
for the Year Ended 31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £'000 | £'000 |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
5,242 | 7,423 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
5,352 | 8,450 |
Interest payable and similar expenses | 6 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME |
Deferred tax movement |
Income tax relating to other comprehensive income |
( |
) |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Blue Anchor Leisure Limited (Registered number: 01091655) |
Balance Sheet |
31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £'000 | £'000 |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Revaluation reserve | 19 |
Capital redemption reserve | 19 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Blue Anchor Leisure Limited (Registered number: 01091655) |
Statement of Changes in Equity |
for the Year Ended 31 December 2022 |
Called up | Capital |
share | Retained | Revaluation | redemption | Total |
capital | earnings | reserve | reserve | equity |
£'000 | £'000 | £'000 | £'000 | £'000 |
Balance at 1 January 2021 |
Changes in equity |
Profit for the year | - | 6,503 | - | - | 6,503 |
Total comprehensive income | - |
Dividends | - | ( |
) | - | - | ( |
) |
Deferred tax movement | - | - | (1,481 | ) | - | (1,481 | ) |
Balance at 31 December 2021 |
Changes in equity |
Profit for the year | - | 3,995 | - | - | 3,995 |
Total comprehensive income | - |
Dividends | - | ( |
) | - | - | ( |
) |
Balance at 31 December 2022 |
Blue Anchor Leisure Limited (Registered number: 01091655) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Blue Anchor Leisure 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 |
The financial statements are presented in sterling and all values are rounded to the nearest round thousand (£ ) except where otherwise stated. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirement of paragraph 33.7. |
Preparation of consolidated financial statements |
The financial statements contain information about Blue Anchor Leisure Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Blue Anchor Leisure Holdings Limited, Robin Hood Park, South Road, Chapel St Leonards, Skegness, Lincolnshire, PE24 5TR. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
In the process of applying the company's accounting policies, the company is required to make certain judgements, estimates and assumptions that it believes are reasonable based on the information available. The significant judgements relate to the following: |
Tangible fixed assets |
Tangible fixed assets except freehold land are depreciated over the useful lives of the assets. Useful lives are based on management's estimates of the period that the assets will generate revenue, which are reviewed annually for continued appropriateness. The carrying values are tested for impairment when there are indications that the value of assets might be impaired. When carrying out impairment tests these would be based upon future anticipated income yields and these would be based upon management judgement. Future events could cause the assumptions to change and this could have an adverse effect on the future results of the company. |
Recoverability of trade debtors |
The estimates and assumptions used to assess the recoverability of trade debtors consist of the payments received against balances and payment history and the credit worthiness of the customer. |
Blue Anchor Leisure Limited (Registered number: 01091655) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue 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. |
Turnover in respect of the specific revenue streams is recognised as follows: |
Caravan sales are included in turnover in the year in which they are contracted for by the customers. |
Site rentals are recognised in the year to which the income relates. |
Sales of log cabins are recognised upon completion. |
Other takings are recognised on receipt. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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. |
Land is not depreciated. |
In previous years the company adopted a policy of revaluing its freehold properties. On adoption of FRS102 on 1 January 2015, the directors chose not to follow a revaluation policy and to recognise these at deemed cost. |
Stocks |
Caravan and sundry stock are valued at the lower of cost and estimated selling price less costs to complete and sell after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs. |
Land for sale is valued at the lower of cost and net realisable value. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. |
Financial assets that are measured at cost and amortised 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. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. |
Blue Anchor Leisure Limited (Registered number: 01091655) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The balance sheet has net current liabilities of £6,095,000 (2021 - £3,667,000). Included in creditors is deferred income of £8,443,000 (2021 - £8,528,000) which relates to park rental and are non-refundable, being allocated to the statement of comprehensive income when earned. |
The directors have prepared forecasts which show that the company will continue to operate within its agreed bank facilities and will be able to meet its liabilities as and when they fall due. As a result the directors consider that there are no indicators to suggest that the company is not a going concern. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
31.12.22 | 31.12.21 |
£'000 | £'000 |
Blue Anchor Leisure Limited (Registered number: 01091655) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
4. | EMPLOYEES AND DIRECTORS |
31.12.22 | 31.12.21 |
£'000 | £'000 |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.12.22 | 31.12.21 |
Holiday caravan site staff | 249 | 204 |
Office and management | 21 | 22 |
31.12.22 | 31.12.21 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
31.12.22 | 31.12.21 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.12.22 | 31.12.21 |
£'000 | £'000 |
Depreciation - owned assets |
(Profit)/loss on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Government grant - revenue in nature | ( |
) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.22 | 31.12.21 |
£'000 | £'000 |
Bank interest |
Blue Anchor Leisure Limited (Registered number: 01091655) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.22 | 31.12.21 |
£'000 | £'000 |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
UK corporation tax has been charged at 19% . |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.12.22 | 31.12.21 |
£'000 | £'000 |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances | - |
Capital expensed | ( |
) | ( |
) |
Enhanced capital allowances | ( |
) |
Change in tax rate for deferred tax provision |
Total tax charge | 983 | 1,713 |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 31 December 2022. |
31.12.21 |
Gross | Tax | Net |
£'000 | £'000 | £'000 |
Deferred tax movement | (1,481 | ) | - |
The UK corporation tax rate was 19% for the year ended 31 December 2022. |
The Finance Bill 2021 provided for an increase in the mainstream corporation tax rate to 25% from 1 April 2023. This law was substantively enacted on 14th May 2021. Deferred taxes at the balance sheet date have been measured using these enacted rates and reflected in these financial statements. Deferred tax has been calculated at 25%. |
8. | DIVIDENDS |
31.12.22 | 31.12.21 |
£'000 | £'000 |
Ordinary shares of £1 each |
Interim |
Blue Anchor Leisure Limited (Registered number: 01091655) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£'000 | £'000 | £'000 | £'000 | £'000 |
COST |
At 1 January 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Included in cost of land and buildings is freehold land of £ 66,780,000 (2021 - £ 65,903,000 ) which is not depreciated. |
If freehold land and buildings had not been revalued prior to adoption of FRS102 they would have been included at the following historical cost. |
£'000 |
Cost | 44,056 |
Accumulated depreciation | 1,260 |
10. | FIXED ASSET INVESTMENTS |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Robin Hood Park, South Road, Chapel St Leonards, Skegness, Lincolnshire, PE24 5TR |
Nature of business: |
% |
Class of shares: | holding |
31.12.22 | 31.12.21 |
£'000 | £'000 |
Aggregate capital and reserves | ( |
) | ( |
) |
Profit for the year |
Blue Anchor Leisure Limited (Registered number: 01091655) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
10. | FIXED ASSET INVESTMENTS - continued |
Registered office: Robin Hood Park, South Road, Chapel St Leonards, Skegness, Lincolnshire, PE24 5TR |
Nature of business: |
% |
Class of shares: | holding |
31.12.22 | 31.12.21 |
£'000 | £'000 |
Aggregate capital and reserves |
11. | STOCKS |
31.12.22 | 31.12.21 |
£'000 | £'000 |
Caravans and cabins |
Sundry stock |
Land for resale | 80 | 202 |
Stock charged as an expense in the statement of comprehensive income in the year amounted to £8,246,000 (2021 - £6,985,000). |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£'000 | £'000 |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 2,736 | 5,746 |
Prepayments and accrued income |
Amounts owed to group undertakings includes a provision of £737,000 (2021 - £737,000) which is the expected shortfall with Alexander Finance Limited after the realisation of its remaining assets. |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£'000 | £'000 |
Bank loans and overdrafts (see note 15) |
Other loans (see note 15) |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
Blue Anchor Leisure Limited (Registered number: 01091655) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.22 | 31.12.21 |
£'000 | £'000 |
Bank loans (see note 15) |
15. | LOANS |
An analysis of the maturity of loans is given below: |
31.12.22 | 31.12.21 |
£'000 | £'000 |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Other loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
The loans are repayable quarterly until their maturity, except for one which is repayable annually until its maturity in September 2023. Interest is charged on all the loans at the rate of 2% above base rate. |
The other loan is repayable on demand. Interest is charges on the loan at a rate of 2.5% above base rate. |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.22 | 31.12.21 |
£'000 | £'000 |
Bank overdrafts |
Bank loans |
Bank loans and overdrafts are secured on the company's freehold land and buildings. |
17. | PROVISIONS FOR LIABILITIES |
31.12.22 | 31.12.21 |
£'000 | £'000 |
Deferred tax |
Accelerated capital allowances |
Other timing differences | 6,491 | 6,491 |
7,208 | 7,020 |
Blue Anchor Leisure Limited (Registered number: 01091655) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
17. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£'000 |
Balance at 1 January 2022 |
Provided during year |
Balance at 31 December 2022 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 31.12.21 |
value: | £'000 | £'000 |
Ordinary | £1 | 974 | 974 |
19. | RESERVES |
The company's capital and reserves are as follows: |
Called up share capital |
Called up share capital represents the nominal value of the shares issued. |
Revaluation reserve |
This reserve was established to recognise all gains and losses arising from revaluations of freehold properties in prior years. The company no longer revalues its freehold properties on adoption of FRS102. All movements through this reserve will be as a result of adjustments for depreciation, deferred taxation and disposals or impairments of previously revalued properties. |
Capital redemption reserve |
This reserve was reconciled under Section 709 to 723 of the CA2006 when shares were cancelled in the year ended 31 December 2012. |
Profit and loss account |
The profit and loss account represents cumulative profits or losses net of dividends paid and other adjustments. |
20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 December 2022 and 31 December 2021: |
31.12.22 | 31.12.21 |
£'000 | £'000 |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Blue Anchor Leisure Limited (Registered number: 01091655) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
As of 6 April 2021, the loan is charged interest at HMRC official rate of interest and is repayable on demand. Previously the loan was interest free. |
21. | RELATED PARTY DISCLOSURES |
During the year a loan of £1,250,000 (2021 - £nil) was given to the company by Mrs P J Holmes, the wife of P R F Holmes, director. The amount due to Mrs P J Holmes at the balance sheet date and included in other loans was £1,250,000 (2021 - £nil). Interest was payable at 2.5% above the bank base rate per annum. |
Key management personnel are considered to be the directors of the company. Their remuneration is stated in Note 4. |
22. | ULTIMATE CONTROLLING PARTY |
The controlling party is Blue Anchor Leisure Holdings Limited. |
The ultimate controlling party is |
The parent undertaking of the largest and smallest group for which consolidated accounts are prepared is Blue Anchor Leisure Holdings Limited. Consolidated accounts are available from Robin Hood Park, South Road, Chapel St Leonards, Skegness, Lincolnshire, PE24 5TR. |