SRG Park Holdings Limited - Limited company accounts 23.2
SRG Park Holdings Limited - Limited company accounts 23.2
| REGISTERED NUMBER: 06910620 (England and Wales) |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| for the Year Ended 31 August 2023 |
| for |
| SRG Park Holdings Limited |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 31 August 2023 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 5 |
| Consolidated Statement of Comprehensive Income | 9 |
| Consolidated Balance Sheet | 10 |
| Company Balance Sheet | 12 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 14 |
| Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Financial Statements | 18 |
| SRG Park Holdings Limited |
| Company Information |
| for the Year Ended 31 August 2023 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 63 Broad Green |
| Wellingborough |
| Northamptonshire |
| NN8 4LQ |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Group Strategic Report |
| for the Year Ended 31 August 2023 |
| Principal Activities |
| The principal activity of the group during the year continued to be: |
| Management of residential and touring parks; |
| Development of residential park home sites; and |
| Manufacture of residential and holiday park homes. |
| Business review |
| The Directors report that the group made a profit before tax of £441,586 (2022 £1,002,617). Shareholders funds amounted to £2,338,684 (2022 £2,722,692) . The profit before tax is a result of the continued trade in the groups principal activities. |
| Key performance indicators ('KPIs') |
| 2023 | 2022 |
| £ | £ |
| Turnover | 25,771,528 | 15,789.787 |
| Profit/(Loss) before taxation | 441,586 | 1,002,617 |
| Shareholder's funds | 2,338,684 | 2,722,692 |
| The key performance indicators reflect a year of strong growth. |
| Principal risk and Uncertainties |
| Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. |
| General economic Risk |
| The group is exposed to general economic risk, including changes in the economic outlook in the mobile home sector. Increasing levels of inflation and disruption to supply chains caused by various worldwide events and the financial and economic uncertainty that this brings. The Group is also exposed to the risk of future government changes in industrial, fiscal, monetary or regulatory policies. The Group has an effective revenue strategy by monitoring costs and demand. This reduces, though does not eliminate, the financial impact arising from such adverse conditions. |
| Price Risk |
| The group is exposed to price risk due to normal inflationary increases in the purchase price of goods and services in the UK. |
| Demand risk |
| The main risk facing the group is that demand for new park homes doesn't continue. The Group responds to changes in the market and customer demands to try and maintain its position in the market. |
| Quality risk |
| Failure to meet customer expectation in terms of quality. The group is at the forefront of innovation and is continually looking for ways to improve and manufacture homes and develop sites. The Directors work closely with customers and suppliers to ensure that the products meet or exceed expectations as far as possible. |
| Credit risk |
| The Group seeks to manage its credit risk by establishing clear contractual relationships with customers and by identifying and addressing any credit issues arising in a timely manner. |
| Liquidity Risk |
| The group holds long-term debt finance that is designed to ensure the group has sufficient funds for operations. Management maintains cash flow in order to ensure the Group is able to meet its liabilities as they fall due. |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Group Strategic Report |
| for the Year Ended 31 August 2023 |
| Interest rate Risk |
| The group has both interest bearing assets and interest bearing liabilities. Interest bearing assets include cash balances which earn interest at variable rates. The directors will revisit the appropriateness of this policy should the group's operations change in size or nature. |
| Future Developments |
| The Group has plans for further expansion. The management are focused on developing current sites and improving sales of manufacturing. |
| ON BEHALF OF THE BOARD: |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Report of the Directors |
| for the Year Ended 31 August 2023 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 August 2023. |
| DIVIDENDS |
| During the year the company paid dividends amounting to £672,096 (2022 - £Nil). |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 September 2022 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| 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 group'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 group's auditors are aware of that information. |
| AUDITORS |
| The auditors, Clifford Roberts - Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| SRG Park Holdings Limited |
| Opinion |
| We have audited the financial statements of SRG Park Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 August 2023 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 |
| SRG Park Holdings Limited |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company 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 four, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| SRG Park Holdings 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. |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| - We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, UK Generally Accepted Accounting Practice, UK corporate taxation laws. |
| - We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and by observing the oversight of management, the culture of honesty and ethical behaviour and whether strong emphasis is placed on fraud prevention, which may reduce the opportunities for fraud to take place, and fraud deterrence, which could persuade individuals not to commit fraud in the first instance. |
| We corroborated our inquiries through our review of all relevant available audit information. |
| > identifying and assessing the design and effectiveness of controls management has in place to prevent and detect fraud; |
| > understanding of how senior management considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
| > challenging assumptions and judgements made by management in its significant accounting estimates; |
| > performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and, |
| > assessing the extent of compliance with relevant laws and regulations. |
| 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. |
| 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. |
| Report of the Independent Auditors to the Members of |
| SRG Park Holdings Limited |
| 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 |
| 63 Broad Green |
| Wellingborough |
| Northamptonshire |
| NN8 4LQ |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Consolidated Statement of Comprehensive Income |
| for the Year Ended 31 August 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| TURNOVER | 3 | 25,771,528 | 15,789,787 |
| Cost of sales | 19,342,626 | 12,656,455 |
| GROSS PROFIT | 6,428,902 | 3,133,332 |
| Administrative expenses | 4,738,628 | 2,117,095 |
| 1,690,274 | 1,016,237 |
| Other operating income | 38,420 | 84,181 |
| OPERATING PROFIT | 5 | 1,728,694 | 1,100,418 |
| Income from other participating interests | 6 | 41,526 | 102,431 |
| Interest receivable and similar income | 16,150 | 7,959 |
| 57,676 | 110,390 |
| 1,786,370 | 1,210,808 |
| Interest payable and similar expenses | 7 | 1,344,784 | 208,190 |
| PROFIT BEFORE TAXATION | 441,586 | 1,002,618 |
| Tax on profit | 8 | 195,541 | 251,730 |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
246,045 |
750,888 |
| Profit attributable to: |
| Owners of the parent | 288,088 | 684,523 |
| Non-controlling interests | (42,043 | ) | 66,365 |
| 246,045 | 750,888 |
| Total comprehensive income attributable to: |
| Owners of the parent | 288,088 | 684,523 |
| Non-controlling interests | (42,043 | ) | 66,365 |
| 246,045 | 750,888 |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Consolidated Balance Sheet |
| 31 August 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 | 611,638 | 104,519 |
| Tangible assets | 12 | 17,909,554 | 7,943,383 |
| Investments | 13 |
| Interest in joint venture |
| Share of gross assets | 2,109,128 | 675,372 |
| Share of gross liabilities | (847,021 | ) | - |
| 1,262,107 | 675,372 |
| Other investments | 99,795 | - |
| 19,883,094 | 8,723,274 |
| CURRENT ASSETS |
| Stocks | 14 | 3,090,800 | 3,199,214 |
| Debtors | 15 | 3,456,683 | 1,104,877 |
| Cash at bank and in hand | 6,443,112 | 1,591,295 |
| 12,990,595 | 5,895,386 |
| CREDITORS |
| Amounts falling due within one year | 16 | 11,870,928 | 11,407,516 |
| NET CURRENT ASSETS/(LIABILITIES) | 1,119,667 | (5,512,130 | ) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
21,002,761 |
3,211,144 |
| CREDITORS |
| Amounts falling due after more than one year |
17 |
(18,463,838 |
) |
(260,765 |
) |
| PROVISIONS FOR LIABILITIES | 21 | (3,422 | ) | (138,827 | ) |
| NET ASSETS | 2,535,501 | 2,811,552 |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Consolidated Balance Sheet - continued |
| 31 August 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital | 22 | 100 | 100 |
| Revaluation reserve | 23 | - | 165,829 |
| Retained earnings | 23 | 2,338,584 | 2,556,763 |
| SHAREHOLDERS' FUNDS | 2,338,684 | 2,722,692 |
| NON-CONTROLLING INTERESTS | 24 | 196,817 | 88,860 |
| TOTAL EQUITY | 2,535,501 | 2,811,552 |
| The financial statements were approved by the Board of Directors and authorised for issue on 31 May 2024 and were signed on its behalf by: |
| Mr E Jones - Director |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Company Balance Sheet |
| 31 August 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 |
| Tangible assets | 12 |
| Investments | 13 |
| CURRENT ASSETS |
| Stocks | 14 |
| Debtors | 15 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 16 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
17 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 21 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 22 | 100 | 100 |
| Revaluation reserve |
| Retained earnings | 1,948,778 | 1,647,227 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 807,818 | 5,260 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 31 August 2023 |
| Called up |
| share | Retained | Revaluation |
| capital | earnings | reserve |
| £ | £ | £ |
| Balance at 1 September 2021 | 100 | 1,886,712 | 165,829 |
| Changes in equity |
| Increase in |
| controlling interest | - | (14,472 | ) | - |
| Total comprehensive income | - | 684,523 | - |
| 100 | 2,556,763 | 165,829 |
| Share Premium | - | - | - |
| Balance at 31 August 2022 | 100 | 2,556,763 | 165,829 |
| Changes in equity |
| Dividends | - | (672,096 | ) | - |
| Total comprehensive income | - | 288,088 | - |
| Revaluation reserve movement | - | 165,829 | (165,829 | ) |
| Balance at 31 August 2023 | 100 | 2,338,584 | - |
| Non-controlling | Total |
| Total | interests | equity |
| £ | £ | £ |
| Balance at 1 September 2021 | 2,052,641 | 18,023 | 2,070,664 |
| Changes in equity |
| Increase in |
| controlling interest | (14,472 | ) | - | (14,472 | ) |
| Reduction in |
| Non-controlling interest | - | (5,528 | ) | (5,528 | ) |
| Total comprehensive income | 684,523 | 66,365 | 750,888 |
| 2,722,692 | 78,860 | 2,801,552 |
| Share Premium | - | 10,000 | 10,000 |
| Balance at 31 August 2022 | 2,722,692 | 88,860 | 2,811,552 |
| Changes in equity |
| Dividends | (672,096 | ) | - | (672,096 | ) |
| Total comprehensive income | 288,088 | (42,043 | ) | 246,045 |
| No description | - | 150,000 | 150,000 |
| Balance at 31 August 2023 | 2,338,684 | 196,817 | 2,535,501 |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Company Statement of Changes in Equity |
| for the Year Ended 31 August 2023 |
| Called up |
| share | Retained | Revaluation | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 September 2021 | 100 | 1,641,967 | 165,829 | 1,807,896 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 August 2022 | 100 | 1,647,227 | 165,829 | 1,813,156 |
| Changes in equity |
| Dividends | - | (672,096 | ) | - | ( |
) |
| Total comprehensive income | - |
| Revaluation reserve movement | - | 165,829 | (165,829 | ) | - |
| Balance at 31 August 2023 | 100 | 1,948,778 | - | 1,948,878 |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Consolidated Cash Flow Statement |
| for the Year Ended 31 August 2023 |
| 2023 | 2022 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 5,230,702 | 662,958 |
| Interest paid | (1,344,784 | ) | (208,190 | ) |
| Tax paid | (182,383 | ) | (89,369 | ) |
| Grants received | - | 14,621 |
| Interest received | - | 401 |
| Net cash from operating activities | 3,703,535 | 380,421 |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | (84,536 | ) | - |
| Purchase of tangible fixed assets | (11,099,551 | ) | (183,429 | ) |
| Purchase of fixed asset investments | (91,049 | ) | - |
| Sale of tangible fixed assets | 2,087,071 | 9,280 |
| Purchase of Subsidiary net of cash | (1,663,181 | ) | - |
| Loans movement Joint Ventures | (174,760 | ) | (66,586 | ) |
| Interest received | 16,150 | 7,959 |
| Net cash from investing activities | (11,009,856 | ) | (232,776 | ) |
| Cash flows from financing activities |
| New loans in year | 7,964,000 | - |
| Loan repayments in year | (3,053,470 | ) | (200,152 | ) |
| Amounts borrowed from group parent | 8,606,619 | (750,288 | ) |
| Amount introduced by directors | 200 | - |
| Amount withdrawn by directors | (837,100 | ) | - |
| Loans from Minority Interests | - | (105,000 | ) |
| Cash introduced by Minority Interests | 150,000 | 5,000 |
| Increase shareholding in subsidiary | - | (20,000 | ) |
| Equity dividends paid | (672,096 | ) | - |
| Net cash from financing activities | 12,158,153 | (1,070,440 | ) |
| Increase/(decrease) in cash and cash equivalents | 4,851,832 | (922,795 | ) |
| Cash and cash equivalents at beginning of year |
2 |
1,591,280 |
2,514,075 |
| Cash and cash equivalents at end of year |
2 |
6,443,112 |
1,591,280 |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 31 August 2023 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2023 | 2022 |
| £ | £ |
| Profit before taxation | 441,586 | 1,002,618 |
| Depreciation charges | 566,439 | 222,177 |
| Profit on disposal of fixed assets | (279,534 | ) | (868 | ) |
| Loss on revaluation of fixed assets | - | 219,022 |
| Government grants | - | (14,621 | ) |
| Finance costs | 1,344,784 | 208,190 |
| Finance income | (57,676 | ) | (110,390 | ) |
| 2,015,599 | 1,526,128 |
| Decrease/(increase) in stocks | 108,414 | (1,376,670 | ) |
| Increase in trade and other debtors | (2,731,002 | ) | (463,914 | ) |
| Increase in trade and other creditors | 5,837,691 | 977,414 |
| Cash generated from operations | 5,230,702 | 662,958 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 August 2023 |
| 31.8.23 | 1.9.22 |
| £ | £ |
| Cash and cash equivalents | 6,443,112 | 1,591,295 |
| Bank overdrafts | - | (15 | ) |
| 6,443,112 | 1,591,280 |
| Year ended 31 August 2022 |
| 31.8.22 | 1.9.21 |
| £ | £ |
| Cash and cash equivalents | 1,591,295 | 2,514,075 |
| Bank overdrafts | (15 | ) | - |
| 1,591,280 | 2,514,075 |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 31 August 2023 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.9.22 | Cash flow | At 31.8.23 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 1,591,295 | 4,851,817 | 6,443,112 |
| Bank overdrafts | (15 | ) | 15 | - |
| 1,591,280 | 4,851,832 | 6,443,112 |
| Debt |
| Debts falling due within 1 year | (2,707,177 | ) | 2,384,269 | (322,908 | ) |
| Debts falling due after 1 year | (260,765 | ) | (7,294,799 | ) | (7,555,564 | ) |
| (2,967,942 | ) | (4,910,530 | ) | (7,878,472 | ) |
| Total | (1,376,662 | ) | (58,698 | ) | (1,435,360 | ) |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 31 August 2023 |
| 1. | STATUTORY INFORMATION |
| SRG Park Holdings Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Basis of consolidation |
| The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to the 31 August 2023. The results of the subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the group. All intra group transactions, balances, income and expenses are eliminated on consolidation. The company, as permitted by section 408 of the Companies Act 2006, does not include its own profit and loss account in these financial statements although this was approved at the same date as these financial statements. |
| Joint ventures |
| The group has associated undertakings and joint ventures, the details of which are shown in the 'Fixed Asset Investments' note. The group include the associated undertakings and joint ventures using the equity method in line with the requirements. |
| Significant judgements and estimates |
| In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. |
| The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below. |
| Determining net book value of tangible fixed assets |
| In determining the net book value of tangible fixed assets, management estimate both the residual value and the useful economic lives of the assets. Both judgements rely on the experience of management. |
| Determining net realisable values of stocks |
| In determining the net realisable value of stocks, management takes into account the most reliable evidence available at the dates the estimates are made. |
| Trade debtors |
| The directors carefully consider the recoverability of trade debtors based on their experience of customers' payment history and the likelihood of recovery. |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Revenue |
| Revenue 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. Revenue 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 revenue is recognised: |
| Sale of homes: |
| Revenue from the sale of homes is recognised when all of the following conditions are satisfied: |
| -the Company has transferred the significant risks and rewards of ownership to the buyer; |
| -the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the home sold; |
| -the amount of revenue can be measured reliably; |
| - it is probable that the Company will receive the consideration due under the transaction; and |
| - the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Ground rents and utilities recharged: |
| Revenue from ground rents and utilities recharged are recognised as they fall due and in the period to which they relate. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the principal activities of the group. |
| An analysis of turnover by class of business is given below: |
| 2023 | 2022 |
| £ | £ |
| Mobile Home Sales | 22,207,253 | 15,182,361 |
| Ground rents | 653,920 | 426,276 |
| Utilities/repairs recharged | 631,601 | 22,400 |
| Management fees receivable | 623,484 | 113,000 |
| Commissions receivable | - | 45,750 |
| Restaurant sales | 94,256 | - |
| Lodge lettings | 1,561,014 | - |
| 25,771,528 | 15,789,787 |
| An analysis of turnover by geographical market is given below: |
| 2023 | 2022 |
| £ | £ |
| United Kingdom | 25,771,528 | 14,565,229 |
| Europe | - | 1,224,558 |
| 25,771,528 | 15,789,787 |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2023 | 2022 |
| £ | £ |
| Wages and salaries | 4,294,218 | 2,648,395 |
| Social security costs | 434,577 | 244,708 |
| Other pension costs | 81,320 | 45,774 |
| 4,810,115 | 2,938,877 |
| The average number of employees during the year was as follows: |
| 2023 | 2022 |
| Productive | 74 | 74 |
| Admin | 55 | 21 |
| 2023 | 2022 |
| £ | £ |
| Directors' remuneration | 187,500 | 63,409 |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2023 | 2022 |
| £ | £ |
| Hire of plant and machinery | 197 | 167 |
| Other operating leases | 272,030 | 202,429 |
| Depreciation - owned assets | 310,156 | 117,490 |
| Profit on disposal of fixed assets | (279,534 | ) | (868 | ) |
| Goodwill amortisation | 240,290 | 104,519 |
| Computer software amortisation | 15,995 | - |
| Auditors' remuneration | 55,885 | 9,350 |
| Auditors' remuneration for |
| group and subsidiaries |
| non-audit work | 36,248 | 22,389 |
| Auditors' remuneration for subsidiaries | - | 19,500 |
| 6. | INCOME FROM OTHER PARTICIPATING INTERESTS |
| 2023 | 2022 |
| £ | £ |
| Interest in joint venture | 41,526 | 102,431 |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2023 | 2022 |
| £ | £ |
| Bank loan interest | 251,352 | 62,523 |
| Directors Loan interest | 175,167 | 135,258 |
| Other interest | 8,336 | 10,409 |
| Parent company interest | 606,619 | - |
| Related party interest | 303,310 | - |
| 1,344,784 | 208,190 |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2023 | 2022 |
| £ | £ |
| Current tax: |
| UK corporation tax | 333,544 | 185,365 |
| Under/Over provision for tax | (2,598 | ) | 5,038 |
| Total current tax | 330,946 | 190,403 |
| Deferred tax | (135,405 | ) | 61,327 |
| Tax on profit | 195,541 | 251,730 |
| 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: |
| 2023 | 2022 |
| £ | £ |
| Profit before tax | 441,586 | 1,002,618 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
110,397 |
190,497 |
| Effects of: |
| Expenses not deductible for tax purposes | 77,608 | 5,143 |
| Income not taxable for tax purposes | (79,721 | ) | (19,462 | ) |
| Capital allowances in excess of depreciation | (57,553 | ) | - |
| Depreciation in excess of capital allowances | - | 51,472 |
| Utilisation of tax losses | 14,092 | (42,285 | ) |
| Adjustments to tax charge in respect of previous periods | 155,946 | 5,038 |
| Deferred tax movement | (135,405 | ) | 61,327 |
| Capital gain | 82,872 | - |
| Apportionment for tax rate | (28,556 | ) | - |
| Bonus not paid | 55,861 | - |
| Total tax charge | 195,541 | 251,730 |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 10. | DIVIDENDS |
| 2023 | 2022 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim | 672,096 | - |
| 11. | INTANGIBLE FIXED ASSETS |
| Group |
| Computer |
| Goodwill | software | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2022 | 522,595 | - | 522,595 |
| Additions | 678,868 | 84,536 | 763,404 |
| Disposals | (522,595 | ) | - | (522,595 | ) |
| At 31 August 2023 | 678,868 | 84,536 | 763,404 |
| AMORTISATION |
| At 1 September 2022 | 418,076 | - | 418,076 |
| Amortisation for year | 240,290 | 15,995 | 256,285 |
| Eliminated on disposal | (522,595 | ) | - | (522,595 | ) |
| At 31 August 2023 | 135,771 | 15,995 | 151,766 |
| NET BOOK VALUE |
| At 31 August 2023 | 543,097 | 68,541 | 611,638 |
| At 31 August 2022 | 104,519 | - | 104,519 |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 12. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 September 2022 | 7,887,196 | 188,904 | 32,410 |
| Additions | 11,763,591 | 74,532 | 142,565 |
| Disposals | (1,792,099 | ) | (93,732 | ) | - |
| Reclassification/transfer | 2,083 | (2,083 | ) | - |
| At 31 August 2023 | 17,860,771 | 167,621 | 174,975 |
| DEPRECIATION |
| At 1 September 2022 | 120,508 | 71,001 | 13,301 |
| Charge for year | 211,095 | 40,201 | 16,140 |
| Eliminated on disposal | (32,036 | ) | (46,258 | ) | - |
| Reclassification/transfer | 521 | (521 | ) | - |
| At 31 August 2023 | 300,088 | 64,423 | 29,441 |
| NET BOOK VALUE |
| At 31 August 2023 | 17,560,683 | 103,198 | 145,534 |
| At 31 August 2022 | 7,766,688 | 117,903 | 19,109 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2022 | 15,450 | 78,936 | 8,202,896 |
| Additions | 71,984 | 31,192 | 12,083,864 |
| Disposals | - | - | (1,885,831 | ) |
| Reclassification/transfer | - | - | - |
| At 31 August 2023 | 87,434 | 110,128 | 18,400,929 |
| DEPRECIATION |
| At 1 September 2022 | 3,412 | 51,291 | 259,513 |
| Charge for year | 19,546 | 23,174 | 310,156 |
| Eliminated on disposal | - | - | (78,294 | ) |
| Reclassification/transfer | - | - | - |
| At 31 August 2023 | 22,958 | 74,465 | 491,375 |
| NET BOOK VALUE |
| At 31 August 2023 | 64,476 | 35,663 | 17,909,554 |
| At 31 August 2022 | 12,038 | 27,645 | 7,943,383 |
| Certain assets of the group are pledged as security. |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 12. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 September 2022 |
| Additions |
| Disposals | ( |
) |
| At 31 August 2023 |
| DEPRECIATION |
| At 1 September 2022 |
| Charge for year |
| At 31 August 2023 |
| NET BOOK VALUE |
| At 31 August 2023 |
| At 31 August 2022 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2022 |
| Additions |
| Disposals | ( |
) |
| At 31 August 2023 |
| DEPRECIATION |
| At 1 September 2022 |
| Charge for year |
| At 31 August 2023 |
| NET BOOK VALUE |
| At 31 August 2023 |
| At 31 August 2022 |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 13. | FIXED ASSET INVESTMENTS |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| £ | £ | £ | £ |
| Shares in group undertakings | - | - |
| Loans to group undertakings | - | - |
| Participating interests | 1,262,107 | 675,372 |
| Loans to undertakings in which the company has a participating interest |
- |
- |
| Other investments not loans | 99,795 | - |
| 1,361,902 | 675,372 |
| Additional information is as follows: |
| Group |
| Interest in |
| joint | Unlisted |
| venture | investments | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2022 | 675,372 | - | 675,372 |
| Additions | 586,735 | 99,795 | 686,530 |
| At 31 August 2023 | 1,262,107 | 99,795 | 1,361,902 |
| NET BOOK VALUE |
| At 31 August 2023 | 1,262,107 | 99,795 | 1,361,902 |
| At 31 August 2022 | 675,372 | - | 675,372 |
| Interest in joint venture |
| The group's aggregate share of joint ventures at the year end is as follows: |
| 2023 | 2022 |
| £ | £ |
| Profit before tax | 48,890 | 134,977 |
| Taxation | (7,364 | ) | (32,546 | ) |
| Profit after tax | 41,526 | 102,431 |
| Share of assets |
| Fixed assets | - | - |
| Current assets | 2,109,128 | 1,196,554 |
| Share of liabilities |
| Share of liabilities due within one year | (822,664 | ) | (482,296 | ) |
| Share of liabilities due after one year or more | (24,357 | ) | (38,886 | ) |
| Share of net assets | 1,262,107 | 675,372 |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 13. | FIXED ASSET INVESTMENTS - continued |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 September 2022 |
| Additions |
| Impairments | ( |
) |
| At 31 August 2023 |
| NET BOOK VALUE |
| At 31 August 2023 |
| At 31 August 2022 |
| Company |
| Loans to | Loans to |
| group | joint |
| undertakings | ventures | Totals |
| £ | £ | £ |
| At 1 September 2022 |
| New in year |
| At 31 August 2023 |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 13. | FIXED ASSET INVESTMENTS - continued |
| The principal subsidiary undertakings are: |
Subsidiary |
Country of incorporation |
Activity |
Ordinary shares held |
| Aspire Parks Limited | England | Park operator | 100% |
| Mill House Park Homes Limited | England | Park operator | 100% |
| SRG Parks Limited | England | Management Services | 80% |
| Stonerush Limited * | England | Park Operator | 80% |
| Southern Halt Limited * | England | Park Operator | 80% |
| Manleigh Park Limited * | England | Park Operator | 80% |
| Sunseeker Holiday Homes Limited |
England |
Manufacture of holiday homes |
82.50% |
| Registered Office: Marfleet Works, Valetta Street, Kingston upon Hull, East Riding, HU9 5NP |
| *Indirect Holding |
| The registered office of the above subsidiaries is the same as the parent's address, unless otherwise stated. |
| Joint ventures are detailed below: |
Joint Venture |
Country of incorporation |
Activity |
Ordinary shares held |
Year end |
| Cissonius Developments Limited | England | Park developer | 50% | 31 Aug |
| Registered Office: 63 Broad Green, Wellingborough, Northamptonshire, NN8 4LQ |
| New Chapter Villages Limited | England | Park developer | 50% | 30 Apr |
| Registered Office: Unit 4 Shieling Court, Corby, Northamptonshire, NN18 9QD |
| 14. | STOCKS |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| £ | £ | £ | £ |
| Stocks | 1,972,740 | 2,155,436 |
| Work-in-progress | 585,293 | 1,043,778 |
| Finished goods | 532,767 | - |
| 3,090,800 | 3,199,214 |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| £ | £ | £ | £ |
| Trade debtors | 1,220,704 | 637,462 |
| Amounts owed by group undertakings | - | - |
| Other debtors | 1,251,919 | 212,800 |
| VAT | 196,400 | 144,862 |
| Prepayments and accrued income | 634,187 | - |
| Prepayments | 153,473 | 109,753 |
| 3,456,683 | 1,104,877 |
| 16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 18) | 322,908 | 2,707,192 |
| Trade creditors | 2,123,270 | 884,100 |
| Amounts owed to group undertakings | - | - |
| Tax | 333,531 | 184,968 |
| Social security and other taxes | 95,802 | 55,977 |
| Other creditors | 813,014 | 413,835 |
| Directors' current accounts | 4,822,519 | 5,659,419 | 4,801,190 | 4,801,190 |
| Accruals and deferred income | 1,457,920 | 175,833 |
| Accrued expenses | 1,901,964 | 1,326,192 |
| 11,870,928 | 11,407,516 |
| 17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| £ | £ | £ | £ |
| Bank loans (see note 18) | 7,465,564 | 170,765 |
| Other loans (see note 18) | 90,000 | 90,000 |
| Amounts owed to group undertakings | 8,606,619 | - | 8,606,619 | - |
| Other creditors | 2,301,655 | - | 2,151,655 | - |
| 18,463,838 | 260,765 |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 18. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| £ | £ | £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank overdrafts | - | 15 |
| Bank loans | 322,908 | 2,707,177 |
| 322,908 | 2,707,192 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | 2,700,176 | 60,036 |
| Other loans - 1-2 years | 90,000 | 90,000 | - |
| 2,790,176 | 150,036 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 816,421 | 110,729 |
| Amounts falling due in more than five | years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 3,948,967 | - | - | - |
| 19. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Non-cancellable |
| operating leases |
| 2023 | 2022 |
| £ | £ |
| Within one year | 143,583 | 152,460 |
| Between one and five years | 178,783 | 330,329 |
| 322,366 | 482,789 |
| Company |
| Non-cancellable |
| operating leases |
| 2023 | 2022 |
| £ | £ |
| Within one year |
| Between one and five years |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 20. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| £ | £ | £ | £ |
| Bank loans | 7,788,472 | 2,877,942 |
| The legal mortgage is secured upon the land at Rose Farm touring park and Homer mobile home park, owned by SRG Park Holdings Ltd. Interest is charged at 1.75% per annum. |
| Bank loans hold fixed and floating charges over all assets. Interest is charged at 2.5% above base rate per annum. |
| 21. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| £ | £ | £ | £ |
| Deferred tax | 3,422 | 138,827 | 143,599 | 100,056 |
| Group |
| Deferred tax |
| £ |
| Balance at 1 September 2022 | 138,827 |
| Provided during year | (135,405 | ) |
| Balance at 31 August 2023 | 3,422 |
| Company |
| Deferred tax |
| £ |
| Balance at 1 September 2022 |
| Utilised during year |
| Balance at 31 August 2023 |
| 22. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2023 | 2022 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 23. | RESERVES |
| Group |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 September 2022 | 2,556,763 | 165,829 | 2,722,592 |
| Profit for the year | 288,088 | 288,088 |
| Dividends | (672,096 | ) | (672,096 | ) |
| Revaluation reserve movement | 165,829 | (165,829 | ) | - |
| At 31 August 2023 | 2,338,584 | - | 2,338,584 |
| Company |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 September 2022 | 1,647,227 | 165,829 | 1,813,056 |
| Profit for the year | 807,818 | 807,818 |
| Dividends | (672,096 | ) | (672,096 | ) |
| Revaluation reserve movement | 165,829 | (165,829 | ) | - |
| At 31 August 2023 | 1,948,778 | - | 1,948,778 |
| 24. | NON-CONTROLLING INTERESTS |
| 2023 | 2022 |
| £ | £ |
| Reconciliation of non-controlling interests |
| opening minority interest | 88,860 | 18,023 |
| Share of profit / (loss) of subsidiary | (42,043 | ) | 66,365 |
| Reduction in Non-controlling interest | - | (5,528 | ) |
| Dividends paid | - | - |
| Equity introduced | 150,000 | 10,000 |
| Closing minority interest | 196,817 | 88,860 |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 25. | RELATED PARTY DISCLOSURES |
| Entities over which the entity has control, joint control or significant influence |
| 2023 | 2022 |
| £ | £ |
| Dividends received | 318,886 | - |
| Amounts due from subsidiaries | 666,704 | 666,704 |
| Sales and recharges | 28,745 | 113,000 |
| Amounts due from Joint Ventures | 514,005 | 339,246 |
| Interest is being accrued on long term loans at 4% plus base rate. |
| Other related parties to the entity |
| £ | £ |
| Amounts due to related parties and key management of the group | 16,013,276 | 5,750,075 |
| Interest is being accrued on Director's long term loans at 4% plus base rate. Interest is being accrued on other related party and parent long term loans at 8%. |
| Key Management personnel of the entity |
| £ | £ |
| Compensation | 354,184 | 257,592 |
| 26. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Silvro Limited. |
| The ultimate controlling party is Mr and Mrs Geranio. |
| SRG Park Holdings Limited (Registered number: 06910620) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 27. | BUSINESS COMBINATIONS |
| On the 21 November 2022 SRG Parks Ltd, acquired 100% of the share capital of Manleigh Park Limited. The acquisition method of accounting has been adopted. |
| The following table summarises the consideration paid by the company for the fair value of the assets acquired and liabilities assumed at the acquisition date. |
| Recognised amounts of identifiable assets acquired and liabilities assumed. |
| Book Values | Adjustments | Fair Values |
| £ | £ | £ |
| Fixed Assets |
| Tangible assets | 984,243 | - | 984,243 |
| Current Assets |
| Debtors | 6,742 | - | 6,742 |
| Cash at bank and in hand | 86,091 | - | 86,091 |
| Current Liabilities |
| Creditors within one year | 1,050,765 | - | 1,050,765 |
| Net Assets | 26,311 | - | 26,311 |
| Total identifiable net assets acquired | 26,311 |
| For cash flow purpose the amounts are disclosed as follows: |
| Cost of Investment | 1,381,339 |
| Cash Acquired | 86,091 |
| Net cash outflow | 1,295,248 |
| The amount of goodwill recognised at the acquisition date was £678,854 and is written down over its useful life of 5 years. |
| Results of the group acquired made a profit after tax of £246,045. The summary profit and loss is: |
| Post Acquisition |
| £ |
| Turnover | 25,771,528 |
| Operating profit / (Loss) | 1,728,694 |
| Profit/(Loss) before tax | 441,586 |
| Taxation | (195,541 | ) |
| Fair value adjustments |
| Certain freehold properties were held at the date of acquisition at cost or deemed cost (following transition to FRS 102). Have been included at their fair value. |
| Accounting policy alignment |
| No adjustments arose from accounting policy alignment. |