Company registration number 01120626 (England and Wales)
HOWLETTS AND PORT LYMPNE ESTATES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
HOWLETTS AND PORT LYMPNE ESTATES LIMITED
COMPANY INFORMATION
Directors
J Aspinall
A B Kelly
Secretary
C Morrissey
Company number
01120626
Registered office
Port Lympne Hotel & Reserve
Port Lympne
Lympne
Hythe
Kent
United Kingdom
CT21 4PD
Auditor
Azets Audit Services
5th Floor
Ashford Commercial Quarter
1 Dover Place
Ashford
Kent
United Kingdom
TN23 1FB
Bankers
Barclays Bank PLC
1 Churchill Place
London
United Kingdom
E14 5HP
Solicitors
Girlings
Fourth Floor Stourside Place
Station Road
Ashford
Kent
United Kingdom
TN23 1PP
DLA Piper UK LLP
3 Noble Street
London
United Kingdom
EC2V 7EE
HOWLETTS AND PORT LYMPNE ESTATES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Statement of income and retained earnings
10
Balance sheet
11
Notes to the financial statements
12 - 25
HOWLETTS AND PORT LYMPNE ESTATES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
The directors present the strategic report for the year ended 31 December 2021.
Fair review of the business
The company’s objectives are to continue to improve the offering of short breaks, events, catering, and souvenir sales to visitors to the two wild animal parks owned by the parent charity The Howletts Wild Animal Trust.
The Directors were pleased with the results for the year and the financial position at the year-end following another truncated year of trading due to Covid 19.
The company’s principle activities remain as that of undertaking the trading activities of the group deemed to be non-charitable, including the short breaks accommodation, catering, souvenir trading, weddings and functions with the intention of any profits generated being donated to the parent charitable company for the furtherance of its charitable activities.
Principal risks and uncertainties
The directors perceive the company’s risks as:
-
Closure of the Parks
-
Animal Disease Outbreaks
-
Reputational Damage
-
The reputation of the parent charity can directly impact visitor numbers, limiting the guest numbers with which the company can trade, and therefore adverse press coverage could significantly affect the company’s performance.
A full list of the risks considered by the directors are contained within the accounts of the parent company, The Howletts Wild Animal Trust.
Development and performance
Covid measures meant that our overnight accommodation business partially reopened on April 12th and fully reopened on May 17th. Other restrictions, such as limitations on both the food and beverage offering during the phased reopening and the numbers able to attend weddings meant that results for the initial period following reopening were impacted accordingly.
However, the demand for accommodation and the secondary spends during this period and then throughout the rest of the year was extremely high and as a result net turnover rose to £15.4m (2021: £8.2m) an increase of 87.8%.
Given the strong trading performance of the business the management were able to open further new accommodation with Leopard Creek, which includes 5 cabins and 2 bespoke luxury wigwams being added to the portfolio. In addition, the company commenced with the replacement of its non en-suite pinewood pods with en-suite facilities, and a replacement program for units at its family glamping site at Bear Lodge.
Planning permission was approved to operate Bear Lodge and Giraffe Lodge as an all year round venue (previously open April – October only); and approval was also received for construction of the new Orangery and Wedding Pergola in early 2022. This facility was completed and opened in time for the 2022 wedding season.
HOWLETTS AND PORT LYMPNE ESTATES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Development and performance (continued)
It should be noted that the Company benefited from the reduced VAT rates and the ‘eat out to help out' scheme applicable throughout the period of reopening and this has helped to improved the trading results in the current financial year.
As VAT normalises and demand and trading patterns return to a normal pattern, demand for the short breaks offering has continued into 2022 and the directors remain optimistic about the trading potential of the company for the coming year.
Key performance indicators
Financial risk management
It is the company's objective to manage its financial risks so as to minimise any adverse fluctuations and maximise cash flow whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Liquidity
The company continues to tightly manage its cash flows and as a consequence the company had cash of £713k at the end of December 2021, with access to a group overdraft facility of £1.5m available from the parent charity.
Financial position
We consider the key financial performance indicators of the company to be turnover, gross profit margin, short breaks occupancy and average room rate.
Following the extreme impact of the pandemic, the financial position has recovered well and is in line with the directors' expectations. Net assets have increased from £4.1m as at 31 December 2020 to £4.6m as at 31 December 2021. The turnover of the company has also increased from £8.2m in 2020 to £15.4m in 2021.
Profits before tax are reported for the year ended 31 December 2021 at £4.7m (2020: £1.2m).
Turnover on our core short breaks business has increased by 94% on the previous financial year and the overall gross profit margin has improved to 49% for 2021 compared with 33% in 2020.
Occupancy during the period of opening in 2021 was 91% (2020: 81%) and the achieved average room rate was £462.30 (2020: £372.25).
J Aspinall
Director
24 October 2022
HOWLETTS AND PORT LYMPNE ESTATES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2021.
Principal activities
The principal activity of the company continued to be that of trading activities of the group deemed to be non-charitable, such as catering, souvenir trading and functions with the intention of any profits generated being donated to the parent company for the furtherance of its charitable activities. The company is a wholly owned subsidiary of The Howletts Wild Animal Trust (a registered charitable company).
COVID-19 and Going Concern
Both Howletts Wild Animal Park and Port Lympne Reserve were forced to close to the public for large portions of 2020 as well as the beginning of 2021, in line with Government and other guidance. During the periods of closure, access to the park was limited to essential staff, mainly keepers in relation to the wellbeing of the animals
.
The majority of staff were placed on furlough leave under the Coronavirus Job Retention Scheme. The scheme has gone a significant way to provide income to offset fixed staff costs, and to compensate for the loss of other income.
The management team undertook significant risk assessment and advice in line with industry standards and expert advice in order to re-open to the public. The trustees were satisfied that the parks were reopened in line with best practice and Government and industry guidelines, and that the Covid-19 related risks to both visitors and staff have been effectively managed.
Results and dividends
The results for the year are set out on page 10.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J Aspinall
A B Kelly
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
Auditor
In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.
HOWLETTS AND PORT LYMPNE ESTATES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
On behalf of the board
J Aspinall
Director
24 October 2022
HOWLETTS AND PORT LYMPNE ESTATES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
HOWLETTS AND PORT LYMPNE ESTATES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HOWLETTS AND PORT LYMPNE ESTATES LIMITED
- 6 -
Opinion
We have audited the financial statements of Howletts and Port Lympne Estates Limited (the 'company') for the year ended 31 December 2021 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
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
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors'
r
eport 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.
HOWLETTS AND PORT LYMPNE ESTATES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOWLETTS AND PORT LYMPNE ESTATES LIMITED
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report or the directors'
r
eport
. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
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 directors'
r
esponsibilities
s
tatement, 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 is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error. In preparing the
financial statements
, the
directors are
responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have
no realistic alternative but to do so.
Auditor's 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 an
auditor's
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
.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
HOWLETTS AND PORT LYMPNE ESTATES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOWLETTS AND PORT LYMPNE ESTATES LIMITED
- 8 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
-
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
-
Reviewing minutes of meetings of those charged with governance;
-
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the
through enquiry and inspection;
-
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
-
Performing audit work over the risk of management bias and 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 indicators of potential bias.
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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
HOWLETTS AND PORT LYMPNE ESTATES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOWLETTS AND PORT LYMPNE ESTATES LIMITED
- 9 -
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 an auditor's report 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.
Michelle Wilkes FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
27 October 2022
Chartered Accountants
Statutory Auditor
5th Floor
Ashford Commercial Quarter
1 Dover Place
Ashford
Kent
United Kingdom
TN23 1FB
HOWLETTS AND PORT LYMPNE ESTATES LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
2021
2020
Notes
£
£
Turnover
3
15,357,159
8,180,910
Cost of sales
(7,798,504)
(5,483,633)
Gross profit
7,558,655
2,697,277
Administrative expenses
(3,508,095)
(2,359,852)
Other operating income
645,164
1,029,643
Operating profit
4
4,695,724
1,367,068
Interest payable and similar expenses
6
(41,896)
(131,783)
Profit before taxation
4,653,828
1,235,285
Tax on profit
7
Profit for the financial year
4,653,828
1,235,285
Retained earnings brought forward
1,396,215
2,960,930
Distributions to parent charity under gift aid
8
(4,100,000)
(2,800,000)
Retained earnings carried forward
1,950,043
1,396,215
The profit and loss account has been prepared on the basis that all operations are continuing operations.
HOWLETTS AND PORT LYMPNE ESTATES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 11 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
9
30,933
Tangible assets
10
8,169,731
6,839,543
8,200,664
6,839,543
Current assets
Stocks
11
127,814
171,301
Debtors
12
4,367,704
4,877,862
Cash at bank and in hand
712,982
464,267
5,208,500
5,513,430
Creditors: amounts falling due within one year
13
(5,942,401)
(5,683,737)
Net current liabilities
(733,901)
(170,307)
Total assets less current liabilities
7,466,763
6,669,236
Creditors: amounts falling due after more than one year
14
(2,822,484)
(2,578,785)
Net assets
4,644,279
4,090,451
Capital and reserves
Called up share capital
18
2,390,029
2,390,029
Share premium account
304,207
304,207
Profit and loss reserves
1,950,043
1,396,215
Total equity
4,644,279
4,090,451
The financial statements were approved by the board of directors and authorised for issue on 24 October 2022 and are signed on its behalf by:
J Aspinall
Director
Company Registration No. 01120626
HOWLETTS AND PORT LYMPNE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 12 -
1
Accounting policies
Company information
Howletts and Port Lympne Estates Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Port Lympne Hotel & Reserve, Port Lympne, Lympne, Hythe, Kent, United Kingdom, CT21 4PD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
true
-
Section 3 Financial Statement Presentation paragraph 3.17(d);
-
• Section 33 ‘Related Party Disclosures’
true
:
Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of
The Howletts Wild Animal Trust
. These consolidated financial statements are available from its registered office
at Port Lympne Wild Animal Park, Lympne, Kent, CT21 4PD.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
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 goods
Revenue from the sale of goods 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
ssociated with ownership nor effective control over the goods 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.
HOWLETTS AND PORT LYMPNE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 13 -
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are
provided in accordance with the stage of completion of the contract when all of the following
conditions are satisfied:
-
the amount of revenue can be measured reliably;
-
it is probable that the Company will receive the consideration due under the contract;
-
the stage of completion of the contract at the end of the reporting period can be measured
reliably; and
-
the costs incurred and the costs to complete the contract can be measured reliably.
-
the revenue for short breaks is included within the period the break is taken.
Income from the sale of gift vouchers is recognised when the gift vouchers are redeemed.
Therefore, amounts received in respect of gift vouchers that have not been redeemed by the year
end are deferred to future accounting periods. Gift vouchers that have not been redeemed six
months from the year end in which they were purchased are released to the profit and loss account
at that point.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
3 years straight line
Website development costs
3 years straight line
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance
Motor vehicles
25% reducing balance
Property improvements
4 - 20% straight line
Assets in the course of construction are not depreciated until they are in use.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
HOWLETTS AND PORT LYMPNE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 14 -
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
HOWLETTS AND PORT LYMPNE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 15 -
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in
profit
or
loss
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
HOWLETTS AND PORT LYMPNE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in
profit
or
loss
in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
HOWLETTS AND PORT LYMPNE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 17 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
The Group has taken advantage of the optional exemption available on transition to FRS 102 which
allows lease incentives on leases entered into before the date of transition to the standard 1
January 2014 to continue to be charged over the period to the first market rent review rather than
the term of the lease.
1.15
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
HOWLETTS AND PORT LYMPNE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 18 -
1.16
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
1.17
The gift aid donation to the parent charity is accounted for in the year that the donation is paid.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are
as follows.
Useful economic lives of tangible assets
The
company
has recognised tangible fixed assets with a carrying value of
£5,963,043
at the year end as disclosed in note
6
. These assets are stated at their cost less provision for depreciation and impairment. The
company's
accounting policy sets out at note 1.
5
the approach to calculating depreciation for these assets. For property improvements, the group determines at construction reliable estimates for the useful life of the asset. These estimates are based upon such factors as the expected use of the asset and market conditions. At subsequent reporting dates the
directors
consider whether there are any factors such as changes in market conditions that indicate a need to reconsider the estimates used.
Bad and doubtful debts
The value of trade debtors is sensitive to the recoverability in full of any invoices issued to each customer. Once the debt becomes overdue it is chased and periodically reviewed to ensure it is recoverable in full. If a provision is deemed necessary this is included on an annual basis. No provision for bad and doubtful debts is currently included in the accounts.
HOWLETTS AND PORT LYMPNE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 19 -
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2021
2020
£
£
Turnover analysed by class of business
Shortbreaks
8,299,533
3,944,530
Refreshment sales
4,098,384
2,775,468
Souvenir sales
1,428,964
913,869
Mansion hire and function income
913,832
327,228
Experiences and encounters income
554,156
192,978
Other income
62,290
26,837
15,357,159
8,180,910
2021
2020
£
£
Other revenue
Grants received
645,164
1,029,643
4
Operating profit
2021
2020
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(645,164)
(1,029,643)
Fees payable to the company's auditor for the audit of the company's financial statements
13,103
19,946
Depreciation of owned tangible fixed assets
858,981
845,063
Loss on disposal of tangible fixed assets
70,984
Amortisation of intangible assets
15,467
3,910
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
299
260
HOWLETTS AND PORT LYMPNE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
5
Employees
(Continued)
- 20 -
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
5,864,587
4,187,362
Social security costs
287,263
226,304
Pension costs
95,291
80,467
6,247,141
4,494,133
During the period, directors received emoluments of £385,712 (2020: £272,937
).
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2020 - 0
).
The directors are considered to be the key management personnel of the company.
6
Interest payable and similar expenses
2021
2020
£
£
Interest on bank overdrafts and loans
39,667
80,771
Other interest on financial liabilities
45,829
Interest on finance leases and hire purchase contracts
2,229
5,183
41,896
131,783
7
Taxation
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2021
2020
£
£
Profit before taxation
4,653,828
1,235,285
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
884,227
234,704
Impact of capital allowances in excess of depreciation
70,668
(36,162)
Expenses not deductible for tax purposes
1,037
1,024
Charitable donations
(955,932)
(199,566)
Taxation charge for the year
-
-
HOWLETTS AND PORT LYMPNE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 21 -
8
Dividends and distributions
2021
2020
£
£
Distributions to parent charity under gift aid
Amounts paid
4,100,000
2,800,000
9
Intangible fixed assets
Software
Website development costs
Total
£
£
£
Cost
At 1 January 2021
26,261
44,472
70,733
Additions
46,400
46,400
At 31 December 2021
72,661
44,472
117,133
Amortisation and impairment
At 1 January 2021
26,261
44,472
70,733
Amortisation charged for the year
15,467
15,467
At 31 December 2021
41,728
44,472
86,200
Carrying amount
At 31 December 2021
30,933
30,933
At 31 December 2020
HOWLETTS AND PORT LYMPNE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 22 -
10
Tangible fixed assets
Assets under construction
Plant and equipment
Motor vehicles
Property improvements
Total
£
£
£
£
£
Cost
At 1 January 2021
1,517,082
1,080,157
215,096
9,966,417
12,778,752
Additions
1,671,041
307,173
281,939
2,260,153
Disposals
(634,396)
(434,822)
(1,069,218)
Transfers
(2,167,627)
75,608
2,092,019
At 31 December 2021
1,020,496
752,934
290,704
11,905,553
13,969,687
Depreciation and impairment
At 1 January 2021
763,349
160,756
5,015,104
5,939,209
Depreciation charged in the year
184,874
22,646
651,461
858,981
Eliminated in respect of disposals
(618,319)
(379,915)
(998,234)
Transfers
3,315
(3,315)
At 31 December 2021
329,904
186,717
5,283,335
5,799,956
Carrying amount
At 31 December 2021
1,020,496
423,030
103,987
6,622,218
8,169,731
At 31 December 2020
1,517,082
316,808
54,340
4,951,313
6,839,543
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2021
2020
£
£
Plant and equipment
20,579
41,159
Motor vehicles
-
36,699
20,579
77,858
11
Stocks
2021
2020
£
£
Finished goods and goods for resale
127,814
171,301
HOWLETTS AND PORT LYMPNE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 23 -
12
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
670
1,839
Amounts owed by group undertakings
4,038,501
4,465,388
Other debtors
170,230
129,534
Prepayments and accrued income
158,303
281,101
4,367,704
4,877,862
13
Creditors: amounts falling due within one year
2021
2020
Notes
£
£
Bank loans
15
272,368
Obligations under finance leases
16
21,879
32,716
Trade creditors
462,723
228,015
Taxation and social security
517,835
665,875
Other creditors
118,765
18,845
Accruals and deferred income
4,821,199
4,465,918
5,942,401
5,683,737
14
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Bank loans and overdrafts
15
2,814,474
2,547,935
Obligations under finance leases
16
21,879
Other creditors
8,010
8,971
2,822,484
2,578,785
A loan totalling £2,814,474 (2020: £2,820,303) is due to The Howletts Wild Animal Trust and is repayable in full by 28 November 2027. Interest is charged at 2.45% above LIBOR.
15
Loans and overdrafts
2021
2020
£
£
Bank loans
2,814,474
2,820,303
Payable within one year
272,368
Payable after one year
2,814,474
2,547,935
HOWLETTS AND PORT LYMPNE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 24 -
16
Finance lease obligations
2021
2020
Future minimum lease payments due under finance leases:
£
£
Within one year
21,879
32,716
In two to five years
21,879
21,879
54,595
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period and no restrictions are placed on the use of the assets. The average lease term is 2 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
17
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
95,291
80,467
The company operates a defined contribution pension scheme for all qualifying employees.
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 fund.
18
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,502,044
1,502,044
1,502,044
1,502,044
Deferred ordinary shares of £1 each
887,985
887,985
887,985
887,985
2,390,029
2,390,029
2,390,029
2,390,029
19
Capital commitments
2021
2020
£
£
Acquisition of tangible fixed assets
451,585
-
20
Related party transactions
The company has taken advantage of the provisions of the Financial Reporting Standard 102 Section 33 not to disclose transactions with other group companies on the basis that 100% of the voting rights are controlled within the group.
true
HOWLETTS AND PORT LYMPNE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 25 -
21
Ultimate controlling party
The company is controlled by its ultimate parent undertaking, by way of its 100% shareholding in the company. Being
The Howletts Wild Animal Trust
, a registered UK
Charity.
Consolidated financial statements can be obtained from the registered office of
The Howletts Wild Animal Trust
, as follows;
Port Lympne Wild Animal Park
Lympne
Kent
CT21 4PD
2021-12-31
2021-01-01
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