Company Registration No. 04083584 (England and Wales)
FOLLY FARM LEISURE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2019
FOLLY FARM LEISURE LIMITED
COMPANY INFORMATION
Directors
Mr G G J Williams
Mrs J A Williams
Mr C K Ebsworth
Mrs K J Ebsworth
Company number
04083584
Registered office
Folly Farm
Begelly
Kilgetty
Pembrokeshire
SA68 0XA
Auditors
Baldwins
Charter Court
Phoenix Way
Enterprise Park
Swansea
SA7 9FS
FOLLY FARM LEISURE LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 4
Statement of income and retained earnings
5
Balance sheet
6
Notes to the financial statements
7 - 12
FOLLY FARM LEISURE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2019
- 1 -
The directors present their annual report and financial statements for the year ended 28 February 2019.
Principal activities
The principal activity of the company continued to be that of the operation of Folly Farm.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr G G J Williams
Mrs J A Williams
Mr C K Ebsworth
Mrs K J Ebsworth
Statement of directors' responsibilities
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;
-
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 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.
FOLLY FARM LEISURE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2019
- 2 -
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.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr C K Ebsworth
Director
21 August 2019
FOLLY FARM LEISURE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FOLLY FARM LEISURE LIMITED
- 3 -
Opinion
We have audited the financial statements of Folly Farm Leisure Limited (the 'company') for the year ended 28 February 2019 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 and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 28 February 2019 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the
financial statements
does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
FOLLY FARM LEISURE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FOLLY FARM LEISURE LIMITED
- 4 -
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 directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, 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 directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and take advantage of the small companies exemption from the requirement to prepare a strategic report.
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 for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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.
Matthew Thomas (Senior Statutory Auditor)
for and on behalf of Baldwins Audit Services
22 August 2019
Statutory Auditor
Charter Court
Phoenix Way
Enterprise Park
SWANSEA
SA7 9FS
FOLLY FARM LEISURE LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 28 FEBRUARY 2019
- 5 -
2019
2018
Notes
£
£
Turnover
7,792,888
7,515,585
Cost of sales
(4,209,647)
(3,936,224)
Gross profit
3,583,241
3,579,361
Administrative expenses
(2,273,023)
(2,269,441)
Operating profit
1,310,218
1,309,920
Interest receivable and similar income
3,809
583
Interest payable and similar expenses
(31,459)
(29,253)
Profit before taxation
1,282,568
1,281,250
Tax on profit
4
(221,977)
(194,793)
Profit for the financial year
1,060,591
1,086,457
Retained earnings brought forward as previously reported
38,650
102,193
Dividends
(1,050,000)
(1,150,000)
Retained earnings carried forward
49,241
38,650
FOLLY FARM LEISURE LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2019
28 February 2019
- 6 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
5
42,720
48,060
Current assets
Stocks
6
163,811
173,836
Debtors
7
1,579,423
1,708,058
Investments
8
3,675
3,675
Cash at bank and in hand
215,462
186,392
1,962,371
2,071,961
Creditors: amounts falling due within one year
9
(827,183)
(816,046)
Net current assets
1,135,188
1,255,915
Total assets less current liabilities
1,177,908
1,303,975
Creditors: amounts falling due after more than one year
10
(1,128,661)
(1,265,319)
Net assets
49,247
38,656
Capital and reserves
Called up share capital
12
6
6
Profit and loss reserves
49,241
38,650
Total equity
49,247
38,656
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 August 2019 and are signed on its behalf by:
Mr C K Ebsworth
Director
Company Registration No. 04083584
FOLLY FARM LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2019
- 7 -
1
Accounting policies
Company information
Folly Farm Leisure Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Folly Farm, Begelly, KILGETTY, Pembrokeshire, UK, SA68 0XA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 on the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for entry tickets and merchandise net of VAT and trade discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
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 machinery
10% straight line
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
.
1.4
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.
FOLLY FARM LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2019
1
Accounting policies (Continued)
- 8 -
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.
1.5
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 replacement cost and 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.
1.6
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.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.7
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.
1.8
Retirement benefits
The company operates a defined contribution pension scheme for directors and employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
FOLLY FARM LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2019
1
Accounting policies (Continued)
- 9 -
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.
1.9
Related party transactions
The company entered into several transactions with a related party during the year. The related party being a wholly owned subsidiary within the group where such transactions are eliminated upon consolidation in the consolidated accounts of Hayloft Holdings (Wales) Limited. The company has taken advantage of the exemption under FRS 102 not to disclose such transactions.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 149 (2018 - 148).
3
Directors' remuneration
2019
2018
£
£
Remuneration paid to directors
155,804
150,304
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2018 - 4).
4
Taxation
2019
2018
£
£
Current tax
UK corporation tax on profits for the current period
221,977
193,452
Adjustments in respect of prior periods
-
1,341
Total current tax
221,977
194,793
FOLLY FARM LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2019
- 10 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2018 and 28 February 2019
53,400
Depreciation and impairment
At 1 March 2018
5,340
Depreciation charged in the year
5,340
At 28 February 2019
10,680
Carrying amount
At 28 February 2019
42,720
At 28 February 2018
48,060
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2019
2018
£
£
Plant and machinery
42,720
48,060
Depreciation charge for the year in respect of leased assets
5,340
5,340
6
Stocks
2019
2018
£
£
Stocks
163,811
173,836
7
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
65,384
61,276
Amounts due from group undertakings
1,370,699
1,537,755
Other debtors
143,340
109,027
1,579,423
1,708,058
FOLLY FARM LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2019
- 11 -
8
Current asset investments
2019
2018
£
£
Other investments
3,675
3,675
9
Creditors: amounts falling due within one year
2019
2018
Notes
£
£
Bank loans
9
157,732
157,152
Trade creditors
327,424
341,088
Corporation tax
121,710
95,020
Other taxation and social security
29,677
19,931
Other creditors
190,640
202,855
827,183
816,046
Other creditors includes £14,077 (2018: £10,509) in respect of hire purchase.
Obligations under hire purchase agreements are secured by charges on individual assets to which the liabilities relate.
10
Creditors: amounts falling due after more than one year
2019
2018
Notes
£
£
Bank loans and overdrafts
9
1,118,730
1,245,175
Other creditors
9,931
20,144
1,128,661
1,265,319
Other creditors includes £9,931 (2018: £20,144) in respect of hire purchase.
Obligations under hire purchase agreements are secured by charges on individual assets to which the liabilities relate.
Creditors which fall due after five years are as follows:
2019
2018
£
£
Payable by instalments
487,800
515,463
FOLLY FARM LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2019
- 12 -
11
Loans and overdrafts
2019
2018
£
£
Bank loans
1,276,462
1,402,327
Payable within one year
157,732
157,152
Payable after one year
1,118,730
1,245,175
Bank loans are interest bearing and are secured by a fixed and floating charge over the assets of the company and parent company Hayloft Holdings (Wales) Limited.
Bank loans and overdrafts are secured by a fixed and floating charge over the assets of the company.
12
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
600 Ordinary shares of 1p each
6
6
13
Financial commitments, guarantees and contingent liabilities
Under the provisions of group registration for Value Added Tax, Folly Farm Leisure Limited and its parent are jointly liable for the indebtedness of each other.
14
Directors' transactions
At the year, the directors owed the company £18,354 (2018: £Nil)
15
Parent company
The company is a wholly owned subsidiary of Hayloft (Holdings) Wales Limited, a company incorporated in England and Wales.
2019-02-28
2018-03-01
false
CCH Software
CCH Accounts Production 2019.200
Mr G G J Williams
Mrs J A Williams
Mr C K Ebsworth
Mrs K J Ebsworth
04083584
2018-03-01
2019-02-28
04083584
bus:Director1
2018-03-01
2019-02-28
04083584
bus:Director2
2018-03-01
2019-02-28
04083584
bus:Director3
2018-03-01
2019-02-28
04083584
bus:Director4
2018-03-01
2019-02-28
04083584
bus:RegisteredOffice
2018-03-01
2019-02-28
04083584
2019-02-28
04083584
2017-03-01
2018-02-28
04083584
core:RetainedEarningsAccumulatedLosses
2018-02-28
04083584
core:RetainedEarningsAccumulatedLosses
2017-02-28
04083584
core:RetainedEarningsAccumulatedLosses
2019-02-28
04083584
core:RetainedEarningsAccumulatedLosses
2018-02-28
04083584
core:ShareCapital
2019-02-28
04083584
core:ShareCapital
2018-02-28
04083584
2018-02-28
04083584
core:RetainedEarningsAccumulatedLosses
2017-03-01
2018-02-28
04083584
core:OtherPropertyPlantEquipment
2019-02-28
04083584
core:OtherPropertyPlantEquipment
2018-02-28
04083584
core:CurrentFinancialInstruments
2019-02-28
04083584
core:CurrentFinancialInstruments
2018-02-28
04083584
core:Non-currentFinancialInstruments
2018-02-28
04083584
core:Non-currentFinancialInstruments
2019-02-28
04083584
core:PlantMachinery
2018-03-01
2019-02-28
04083584
core:UKTax
2018-03-01
2019-02-28
04083584
core:UKTax
2017-03-01
2018-02-28
04083584
core:OtherPropertyPlantEquipment
2018-02-28
04083584
core:OtherPropertyPlantEquipment
2018-03-01
2019-02-28
04083584
core:PlantMachinery
2019-02-28
04083584
core:PlantMachinery
2018-02-28
04083584
bus:PrivateLimitedCompanyLtd
2018-03-01
2019-02-28
04083584
bus:FRS102
2018-03-01
2019-02-28
04083584
bus:Audited
2018-03-01
2019-02-28
04083584
bus:FullAccounts
2018-03-01
2019-02-28
xbrli:pure
xbrli:shares
iso4217:GBP