Old Coastguard Holiday Park Limited - Period Ending 2016-12-31

Company registration number: 09067862

Old Coastguard Holiday Park Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Old Coastguard Holiday Park Limited

Contents

Balance Sheet	1 to 2
Statement of Changes in Equity	3
Notes to the Financial Statements	4 to 9
The following pages do not form part of the statutory financial statements:
Non-statutory pages	10 to 12

Old Coastguard Holiday Park Limited

(Registration number: 09067862)
Balance Sheet as at 31 December 2016

	Note	2016  £	2015  £
Fixed assets
Intangible assets	4	145,000	203,000
Tangible assets	5	3,247,119	3,175,197
		3,392,119	3,378,197
Current assets
Stocks	6	-	48,589
Debtors	7	24,599	23,212
Cash at bank and in hand		374,673	172,031
		399,272	243,832
Creditors: Amounts falling due within one year	8	(3,028,376)	(3,136,034)
Net current liabilities		(2,629,104)	(2,892,202)
Total assets less current liabilities		763,015	485,995
Provisions for liabilities
Deferred tax liabilities		(7,080)	(468)
Net assets		755,935	485,527
Capital and reserves
Called up share capital		80	80
Profit and loss reserve		755,855	485,447
Total equity		755,935	485,527

Page 1

Old Coastguard Holiday Park Limited

(Registration number: 09067862)
Balance Sheet as at 31 December 2016

For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the Board on 27 September 2017 and signed on its behalf by:
 

LR Connolly Director

Page 2

Old Coastguard Holiday Park Limited

Statement of Changes in Equity
for the Year Ended 31 December 2016

	Share capital £	Profit and loss reserve £	Total £
At 1 January 2016	80	485,447	485,527
Movement in year :
Profit for the year	-	331,968	331,968
Total comprehensive income	-	331,968	331,968
Dividends	-	(61,560)	(61,560)
Total movement for the year	-	270,408	270,408
At 31 December 2016	80	755,855	755,935

	Share capital £	Profit and loss reserve £	Total £
At 1 January 2015	80	232,274	232,354
Movement in year :
Profit for the year	-	253,173	253,173
Total comprehensive income	-	253,173	253,173
At 31 December 2015	80	485,447	485,527

Page 3

Old Coastguard Holiday Park Limited

Notes to the Financial Statements
for the Year Ended 31 December 2016

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
3/5 College Street
Burnham-on-Sea
Somerset
TA8 1AR

The principal place of business is:
Burton Bradstock
Bridport
Dorset
DT6 4RB

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. This is the first set of financial statements produced under FRS102 section 1A and on transition to FRS102 section1A there were no transitional adjustments.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling (£).

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Page 4

Old Coastguard Holiday Park Limited

Notes to the Financial Statements
for the Year Ended 31 December 2016

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold property	4% on cost
Plant and machinery	15% on reducing balance

Goodwill

The amount paid in connection with the acquisition of a business in 2014 is being amortised evenly over its estimated useful life of five years.

Amortisation

Asset class	Amortisation method and rate
Goodwill	20% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Page 5

Old Coastguard Holiday Park Limited

Notes to the Financial Statements
for the Year Ended 31 December 2016

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Reserves

Called up share capital represents the nominal value of shares that have been issued.

Profit and loss account includes all current and prior period profits and losses.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 9 (2015 - 9).

Page 6

Old Coastguard Holiday Park Limited

Notes to the Financial Statements
for the Year Ended 31 December 2016

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2016	290,000	290,000
At 31 December 2016	290,000	290,000
Amortisation
At 1 January 2016	87,000	87,000
Amortisation charge	58,000	58,000
At 31 December 2016	145,000	145,000
Carrying amount
At 31 December 2016	145,000	145,000
At 31 December 2015	203,000	203,000

5	Tangible assets

	Land and buildings £	Motor vehicles  £	Plant and machinery  £	Total £
Cost or valuation
At 1 January 2016	3,176,278	-	2,751	3,179,029
Additions	59,660	12,500	17,250	89,410
Disposals	-	-	(2,750)	(2,750)
At 31 December 2016	3,235,938	12,500	17,251	3,265,689
Depreciation
At 1 January 2016	3,419	-	413	3,832
Charge for the year	9,438	3,125	2,588	15,151
Eliminated on disposal	-	-	(413)	(413)
At 31 December 2016	12,857	3,125	2,588	18,570
Carrying amount
At 31 December 2016	3,223,081	9,375	14,663	3,247,119
At 31 December 2015	3,172,859	-	2,338	3,175,197

Included within the net book value of land and buildings above is £3,223,081 (2015 - £3,172,859) in respect of freehold land and buildings and £Nil (2015 - £Nil) in respect of short leasehold land and buildings.

Included within the net book value of land and buildings above is freehold land of £3,000,000 (2015 - £3,000,000) which is not deprciated.
 

Page 7

Old Coastguard Holiday Park Limited

Notes to the Financial Statements
for the Year Ended 31 December 2016

6

Stocks

	2016 £	2015 £
Other stocks	-	48,589

7

Debtors

	2016  £	2015  £
Trade debtors	4,893	6,880
Other debtors	19,706	16,332
Total current trade and other debtors	24,599	23,212

8

Creditors

	Note	2016 £	2015 £
Due within one year
Trade creditors		29,356	72,653
Corporation tax		93,071	75,934
Other creditors		2,905,949	2,987,447
		3,028,376	3,136,034

Page 8

Old Coastguard Holiday Park Limited

Notes to the Financial Statements
for the Year Ended 31 December 2016

9	Related party transactions

Transactions with directors

Other transactions with directors

G J Connolly - Director and shareholder of the company
A recharge of utilities totalling £5,720 (2015: £5,600) has been made by the company for premises occupied by Mr G J Connolly.
The company paid dividends to Mr G J Connolly during the year totalling £24,120 (2015: £nil).
Included within creditors is £938,746 (2015: £948,381) owed to Mr G J Connolly, repayable on demand.

Mrs J M Barnikel - Director and shareholder of the company
A recharge of utilities totalling £720 (2015: £nil) has been made by the company for premises occupied by Mrs J M Barnikel.
The company paid dividends to Mrs J M Barnikel during the year totalling £14,130 (2015: £nil).
Included within creditors is £15,385 (2015: £5,919) owed to Mrs J M Barnikel, repayable on demand.

Mrs K Connolly - Director and shareholder of the company
A recharge of utilities totalling £1,110 (2015 £960) has been made by the company for premises occupied by Mrs K Connolly.
The company paid dividends during the year to Ms K M Connolly totalling £3,870 (2015: £nil).
Included within creditors is £931,819 (2015 £951,934) owed to Mrs K Connolly, repayable on demand.

L R Connolly - Director and shareholder of the company.
The company paid dividends during the year to Mr L R Connolly totalling £19,170 (2015: £nil).
Included within creditor is £952,116 (2015 £955,821) owed to Mr L R Connolly, repayable on demand.

The directors
The company acquired the land on which it trades for £3,000,000 on 8 July 2015 from the trading partnership in which the directors were partners.

Page 9

Old Coastguard Holiday Park Limited

Detailed Profit and Loss Account
for the Year Ended 31 December 2016

	2016 £	2015 £
Turnover	1,291,773	1,408,951
Cost of sales	(456,015)	(664,701)
Gross profit	835,758	744,250
Gross profit (%)	64.7%	52.82%
Administrative expenses
Employment costs	(119,381)	(72,892)
Establishment costs	(155,241)	(217,221)
General administrative expenses	(55,973)	(60,566)
Finance charges	(2,824)	(1,912)
Depreciation costs	(70,488)	(61,832)
	(403,907)	(414,423)
Operating profit	431,851	329,827
Interest payable and similar expenses	(200)	(252)
Profit before tax	431,651	329,575

Produced by Albert Goodman Lewis

Page 10

Old Coastguard Holiday Park Limited

Detailed Profit and Loss Account
for the Year Ended 31 December 2016

	2016  £	2015  £
Turnover
Caravan sales	923,053	1,033,834
Site rentals	275,256	284,246
Holiday flats income	61,285	51,400
Drain down and other sales	19,953	19,207
Caravan owner recharges	6,863	7,964
Commission	5,363	12,300
	1,291,773	1,408,951
Cost of sales
Opening raw materials	48,589	-
Caravan purchases	328,138	577,064
Other purchases	56,833	127,876
Haulage and siting fees	22,455	8,350
Closing raw materials	-	(48,589)
	456,015	664,701
Employment costs
Wages and salaries (excluding directors)	29,189	15,139
Directors remuneration	24,192	18,753
Staff pensions (Defined contribution)	66,000	39,000
	119,381	72,892
Establishment costs
Rent	-	51,780
Rates	37,530	35,700
Light, heat and power	25,343	22,530
Insurance	5,697	5,395
Repairs and maintenance	86,671	101,816
	155,241	217,221
General administrative expenses
Telephone and fax	2,963	2,419
Printing, postage and stationery	320	540
Trade subscriptions	952	1,316
Sundry expenses	634	656
Cleaning	13,897	21,005
Motor expenses	15,025	12,135
Travel and subsistence	10,500	10,000
Advertising	1,545	1,147
Staff entertaining	466	-

Produced by Albert Goodman Lewis

Page 11

Old Coastguard Holiday Park Limited

Detailed Profit and Loss Account
for the Year Ended 31 December 2016

	2016  £	2015  £
Customer entertaining (disallowable for tax)	-	2,865
Accountancy fees	7,511	6,522
Legal and professional fees	2,160	1,961
	55,973	60,566
Finance charges
Bank charges	399	416
Credit card charges	2,425	1,496
	2,824	1,912
Depreciation costs
Amortisation of goodwill	58,000	58,000
Depreciation of freehold property	9,437	3,419
Depreciation of plant and machinery (owned)	2,588	413
Depreciation of motor vehicles (owned)	3,125	-
(Profit)/loss on disposal of tangible fixed assets	(2,662)	-
	70,488	61,832
Interest payable and similar charges
Other interest payable	200	252

Produced by Albert Goodman Lewis

Page 12