Old Coastguard Holiday Park Limited - Period Ending 2017-12-31
Old Coastguard Holiday Park Limited - Period Ending 2017-12-31
Company registration number:
for the Year Ended
Old Coastguard Holiday Park Limited
Contents
Balance Sheet |
|
Notes to the Financial Statements |
Old Coastguard Holiday Park Limited
(Registration number: 09067862)
Balance Sheet as at 31 December 2017
Note |
2017 |
2016 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
|||
Deferred tax liabilities |
(5,544) |
(7,080) |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss reserve |
|
|
|
Total equity |
|
|
Page 1
Old Coastguard Holiday Park Limited
(Registration number: 09067862)
Balance Sheet as at 31 December 2017
For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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
|
Page 2
Old Coastguard Holiday Park Limited
Notes to the Financial Statements
for the Year Ended 31 December 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Burton Bradstock
Bridport
Doreset
DT6 4RL
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.
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.
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.
Page 3
Old Coastguard Holiday Park Limited
Notes to the Financial Statements
for the Year Ended 31 December 2017
Depreciation of tangible assets
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% straight line basis |
Plant and machinery |
15% reducing balance basis |
Goodwill
The consideration 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.
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
Page 4
Old Coastguard Holiday Park Limited
Notes to the Financial Statements
for the Year Ended 31 December 2017
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Page 5
Old Coastguard Holiday Park Limited
Notes to the Financial Statements
for the Year Ended 31 December 2017
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 January 2017 |
|
|
At 31 December 2017 |
|
|
Amortisation |
||
At 1 January 2017 |
|
|
Amortisation charge |
|
|
At 31 December 2017 |
|
|
Carrying amount |
||
At 31 December 2017 |
|
|
At 31 December 2016 |
|
|
Tangible assets |
Land and buildings |
Motor vehicles |
Plant and machinery |
Total |
|
Cost or valuation |
||||
At 1 January 2017 |
|
|
|
|
Additions |
|
- |
|
|
At 31 December 2017 |
|
|
|
|
Depreciation |
||||
At 1 January 2017 |
|
|
|
|
Charge for the year |
|
|
|
|
At 31 December 2017 |
|
|
|
|
Carrying amount |
||||
At 31 December 2017 |
|
|
|
|
At 31 December 2016 |
|
|
|
|
Included within the net book value of land and buildings above is £3,260,380 (2016 - £3,223,081) in respect of freehold land and buildings.
Included within the net book value of land and buildings above is freehold land of £3,000,000 (2016 - £3,000,000) which is not depreciated.
Page 6
Old Coastguard Holiday Park Limited
Notes to the Financial Statements
for the Year Ended 31 December 2017
Debtors |
2017 |
2016 |
|
Trade debtors |
|
|
Other debtors |
|
|
Total current trade and other debtors |
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Taxation and social security |
|
- |
|
Corporation tax |
105,392 |
93,071 |
|
Other creditors |
|
|
|
|
|
Page 7
Old Coastguard Holiday Park Limited
Notes to the Financial Statements
for the Year Ended 31 December 2017
Related party transactions |
Other transactions with directors |
During the year rent of £4,800 (2016: £4,800) was paid to the company from G J Connolly, director, for accommodation in one of the company's properties.
Page 8