Registered number:
FOR THE YEAR ENDED 31 MARCH 2023
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PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
COMPANY INFORMATION
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PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
CONTENTS
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PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The principal activity of the Company during the year continued to be the manufacture of quality residential and holiday park homes.
The Directors are delighted to report record results for the financial year ended 31 March 2023. The Company recorded turnover of £55.3 million (2022: £46.4 million) and made a profit before tax of £5.9m (2022: loss £0.1m). Net assets have increased to £13.2m (2022: £7.3m). These outstanding results in the first full financial year of new ownership, demonstrate the hard work put in by the Company’s employees, the value of the product offering and the strength of relationships developed over many years with the Company’s customer and supply partners.
The principal risks and uncertainties are:
Demand risk The main risk facing the business is that demand for new park homes doesn't continue. The Company continues to invest in innovation & quality as well as building on its strong relationships with customers, in order to be best placed to respond to changes in the market and customer demands and maintain its distinct position in the market place. Quality risk Another risk is failure to meet customer expectations in terms of quality. The Company is at the forefront of innovation and is continually looking for ways to improve the manufacturing process to the highest standards. The Company has a real focus on quality and customer care throughout the product journey. The Directors work closely with customers and suppliers to ensure that the products meet or exceed expectations as far as possible. Credit risk The Company 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. Debtor days as at the year-end had reduced to 26 days (2022: 35 days); as such, the Directors are satisfied that the credit policies in place are sufficient to address the risk. Supply Risk Changes in the industry supply picture which are outside of the company’s control can affect the speed at which materials and other goods can be procured. The company seeks to build and maintain strong relationships with its supplier base in order to minimise this risk.
The Directors consider turnover to be the key driver of the business, turnover has increased by 19.3% (2022:
increased by 15.4%) from £46.4m in 2022 to £55.3m in 2023.
The Directors believe capital expenditure is important to keep the tools and technology across the whole
Company up to date to maintain quality and efficiency and has spent £0.9m on fixed asset additions in the year (2022 - £1.8m).
Page 1
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PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The Directors have had due regard for their duty to promote the success of the Company for the benefit of its members as a whole. The Company holds regular Board meetings to discuss important ongoing issues and take key decisions. The Company actively encourages transparent communication between internal teams in order that any such issues are visible and able to be discussed and resolved. In discussing these issues and making these decisions, the Company would consider the interests of all relevant stakeholders, in the short-term and the long-term.
This report was approved by the board and signed on its behalf.
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PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The directors present their report and the financial statements for the year ended 31 March 2023.
The Directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 to 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.
holiday park homes.
The profit for the year, after taxation, amounted to £5,905,072 (2022 - loss £4,169).
The directors declared a dividend of £nil (2022 - £2,279,897).
The directors who served during the year were:
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PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Prestige Homeseeker Park & Leisure Homes Limited looks forward to continued growth over the coming years.
Business review See Strategic Report for business review.
The Company operates a framework for employee information and consultation which complies with the requirements of the Information and Consultation of Employees Regulations 2004.
Disabled employees The Company gives full consideration to applications for employment from disabled persons. Where existing employees become disabled it is the Company's policy to provide continuing employment either in the same or an alternative position, wherever practicable. The Company provides equal opportunities for training and career development to all disabled employees.
There have been no significant events affecting the Company since the year end.
The auditors, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
We have audited the financial statements of Prestige Homeseeker Park & Leisure Homes Limited (the 'Company') for the year ended 31 March 2023, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, including 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).
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 United Kingdom, including the Financial Reporting Council'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.
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.
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PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED (CONTINUED)
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 an Auditors' Report 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:
* Enquiry of management and those charged with governance around actual and potential litigation and claims; * Enquiry of management, those charged with governance and the relevant legal advisors around financing arrangements.
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 Auditors' Report.
for and on behalf of
Chartered Accountants
Statutory Auditor
Milton Keynes, United Kingdom
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PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2023
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PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
REGISTERED NUMBER: 01110225
BALANCE SHEET
AS AT 31 MARCH 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 10 to 26 form part of these financial statements.
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PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Prestige Homeseeker Park & Leisure Homes Limited is a private company limited by shares, registered in England and Wales, registered number 01110225. The registered office is 8 Shipton Way, Express Business Park, Rushden, Northamptonshire NN10 6GL.
The principal activity of the Company during the year continued to be the manufacture of quality residential and holiday park homes. The financial statements are presented in Sterling which is the functional currency of the Company, and rounded to the nearest whole £.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of PRT Holdings Limited as at 31 March 2023 and these financial statements may be obtained from its registered office or from Companies House.
The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The going concern status of the Company is dependant on the ability of its parent undertaking to continue to receive financial support from its funders. At the point of signing these financial statements, the funders have confirmed that this balance will not be called in for repayment until at least 12 months after the date of signing of these financial statements. This secures the going concern of the company and group for the foreseeable future.
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PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
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PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet. Sources of estimation uncertainty: Depreciation rates are based on estimates of the useful lives and residual values of the associated assets. Bad debt provisions are based on the likely recovery of debtor balances. Warranty provisions are based on an estimated additional spend per home, for snagging and costs applicable to homes already delivered. Labour and overhead absorptions are based on an estimated value for net sales, and then multiplied by the stage of completion on each job.
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PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
12.Taxation (continued)
On 1 April 2023 the main rate of corporation tax in the UK increased to 25%.
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PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
15.Tangible fixed assets (continued)
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PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Profit and loss account
A composite Company Unlimited Multilateral Guarantee dated 06 November 2017 has been given to HSBC UK Bank plc by SEK Holdings Limited, Prestige Park & Leisure Homes Limited, Prestige Developments Group Limited, Prestige Homeseeker Park & Leisure Homes Limited, Prestige Homeseeker Properties Limited. At the year end, the total amount outstanding to the charge holder by the above entities was £nil (2022: £nil).
A fixed and floating charge has been provided to Sun Assignment II LLC in respect of a loan advanced to PRT Holdings Limited, the ultimate parent company of the group. At the year end the total outstanding liability is £42,435,591 (2022: £42,435,591).
The Company contributes towards defined contribution schemes. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the schemes and amounted to £431,950 (2022: £454,722).
Contributions totalling £79,295 (2022: £141,152) were payable at the Balance Sheet date and are included in creditors.
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PRESTIGE HOMESEEKER PARK & LEISURE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Parent undertakings
At the year end, the ultimate parent undertaking of the Company is The parent company of both the smallest and largest group which prepares consolidated accounts containing the results and position of the Company for the year ended 31 March 2023 is Ultimate controlling party The Directors consider
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