Company Registration No. 04083584 (England and Wales)
FOLLY FARM LEISURE LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
FOLLY FARM LEISURE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
FOLLY FARM LEISURE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
31 December
28 February
2019
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
5
37,380
42,720
Current assets
Stocks
6
136,064
163,811
Debtors
7
1,182,159
1,579,423
Investments
8
3,675
3,675
Cash at bank and in hand
497,401
215,462
1,819,299
1,962,371
Creditors: amounts falling due within one year
9
(761,142)
(827,183)
Net current assets
1,058,157
1,135,188
Total assets less current liabilities
1,095,537
1,177,908
Creditors: amounts falling due after more than one year
10
(1,012,460)
(1,128,661)
Net assets
83,077
49,247
Capital and reserves
Called up share capital
12
6
6
Profit and loss reserves
83,071
49,241
Total equity
83,077
49,247
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered 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 17 September 2020 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 PERIOD ENDED 31 DECEMBER 2019
- 2 -
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
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.
true
In making their assessment the
directors have reviewed the balance sheet, the likely future cash flows of the business and have considered the facilities that are in place at the date of signing the report.
The company meets its day to day working capital requirements from its cash reserves, overdraft and loan facilities. Following the situation arising post year end in the UK and globally in respect of Covid-19 and the measure taken by the UK Government to contain the virus, at the date of signing the park is safely up and running and reporting increased sales compared to expected new budgeted levels. With no indication at the current time that infection prevention measures are to be re-enforced, the company's forecasts and projections show that the company will be able to comfortably operate within those facilities.
The directors have also analysed the cash flow requirements for various scenarios where disruption from Covid-19 occurs to its customer base or supply chain. The directors have a reasonable expectation that with the continued support of its bankers and funders in the form of facility levels which it has historically been provided with, in the scenarios reviewed the company will be able to continue to operate within those facilities.
However,
the
extent of
any future
impact of C
ovid-19
is unclear and it is difficult to evaluate all the potential implications on the company’s trade, customers, suppliers and the wider economy.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
FOLLY FARM LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 3 -
1.4
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
.
1.5
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.
1.6
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.
1.7
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.
FOLLY FARM LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
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.
1.8
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.
1.9
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.
1.10
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 Period was 165 (2019 - 149).
3
Directors' remuneration
31 December
28 February
2019
2019
£
£
Remuneration paid to directors
92,220
155,804
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2019 - 4).
4
Taxation
31 December
28 February
2019
2019
£
£
Current tax
UK corporation tax on profits for the current period
238,828
221,977
FOLLY FARM LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2019
- 5 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2019 and 31 December 2019
53,400
Depreciation and impairment
At 1 March 2019
10,680
Depreciation charged in the Period
5,340
At 31 December 2019
16,020
Carrying amount
At 31 December 2019
37,380
At 28 February 2019
42,720
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2019
2019
£
£
Plant and machinery
37,380
42,720
Depreciation charge for the Period in respect of leased assets
5,340
5,340
6
Stocks
31 December
28 February
2019
2019
£
£
Stocks
136,064
163,811
7
Debtors
31 December
28 February
2019
2019
Amounts falling due within one year:
£
£
Trade debtors
76,628
65,384
Amounts due from group undertakings
885,451
1,370,699
Other debtors
220,080
143,340
1,182,159
1,579,423
FOLLY FARM LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2019
- 6 -
8
Current asset investments
31 December
28 February
2019
2019
£
£
Other investments
3,675
3,675
9
Creditors: amounts falling due within one year
31 December
28 February
2019
2019
Notes
£
£
Bank loans
9
157,732
157,732
Trade creditors
213,463
327,424
Corporation tax
136,137
121,710
Other taxation and social security
38,139
29,677
Other creditors
215,671
190,640
761,142
827,183
Other creditors includes £11,401 (February 2019: £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
31 December
28 February
2019
2019
Notes
£
£
Bank loans and overdrafts
9
1,011,584
1,118,730
Other creditors
876
9,931
1,012,460
1,128,661
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.
Other creditors includes £876 (February 2019: £9,931) in respect of hire purchase.
Obligations under hire purchase agreements are secured by charges on individual assets to which the liabilities relate.
31 December
28 February
Creditors which fall due after five years are as follows:
2019
2019
£
£
Payable by instalments
380,656
487,800
FOLLY FARM LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2019
- 7 -
11
Deferred income
2019
2019
£
£
Other deferred income
167,501
140,134
12
Called up share capital
31 December
28 February
2019
2019
£
£
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 period end, the directors owed the company £43,151 (February 2019: £18,354) in relation to advances provided during the period. The outstanding balance was fully repaid post period end.
15
Parent company
The company is a wholly owned subsidiary of Hayloft (Holdings) Wales Limited, a company incorporated in England and Wales. Hayloft (Holdings) Wales Limited prepares publically available consolidated accounts within which the results of this company are included.
16
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Matthew Thomas.
THe auditor was Azets Audit Services.