REGISTERED NUMBER:
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FOLLY FARM LEISURE LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2021 |
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REGISTERED NUMBER:
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FOLLY FARM LEISURE LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2021 |
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FOLLY FARM LEISURE LIMITED (REGISTERED NUMBER: 04083584) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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FOLLY FARM LEISURE LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountant & Registered Auditor |
Oystermouth House |
Charter Court, Phoenix Way |
Swansea Enterprise Park |
Swansea |
SA7 9FS |
FOLLY FARM LEISURE LIMITED (REGISTERED NUMBER: 04083584) |
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BALANCE SHEET |
31 DECEMBER 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Investments | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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FOLLY FARM LEISURE LIMITED (REGISTERED NUMBER: 04083584) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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1. | STATUTORY INFORMATION |
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Folly Farm Leisure Limited is a
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The principal activity of the company continued to be that of operation of Folly Farm, a leisure attraction in West Wales. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
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The financial statements have been prepared on the historical cost convention. The principle accounting policies adopted are set out below. |
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Going concern |
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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. 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 singing the report. |
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The company meets its day to day working capital requirements from its cash reserves, overdraft facilities and parent company support if necessary. At the date of signing the report sales to all markets have continued to meet budgeted levels. With no indication that at the current time this position will change, the company's forecasts and projections show that the company will be able to operate within those faculties. |
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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. |
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Turnover |
Turnover represents amounts receivable for entry tickets and merchandise net of VAT and trade discounts. |
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Revenue is recognised on the date the customer enters the park. |
FOLLY FARM LEISURE LIMITED (REGISTERED NUMBER: 04083584) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Plant and machinery etc | - |
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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. |
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Impairment of fixed assets |
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At each reporting end date, the company reviews the carrying amounts of its tangible 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. |
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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 discontinued 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. |
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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. |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprised 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. |
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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. |
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At each reporting date, an assessment is made for impairment. Any excess of the lower of the carrying amount of stocks over its estimated selling price less costs to complete to sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
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Taxation |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from the net profit as reported in the profit and loss accounts because it excludes items of income or expenses that are taxable or deductible in other years and it further excluded 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. |
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Deferred tax |
Deferred taxation is provided in full 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. |
FOLLY FARM LEISURE LIMITED (REGISTERED NUMBER: 04083584) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
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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. |
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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. |
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Government grants |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. |
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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. |
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Related party transactions |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 January 2021 |
and 31 December 2021 |
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AMORTISATION |
At 1 January 2021 |
and 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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FOLLY FARM LEISURE LIMITED (REGISTERED NUMBER: 04083584) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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7. | CURRENT ASSET INVESTMENTS |
2021 | 2020 |
£ | £ |
Unlisted investments | 3,675 | 3,675 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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FOLLY FARM LEISURE LIMITED (REGISTERED NUMBER: 04083584) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
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Obligations under hire purchase agreements are secured by charges on individual assets to which the liabilities relate. |
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Included within other creditors are amounts relating to deferred income of £452,240 (2020: £131,440) |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | - | 238,588 |
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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. |
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Bank loans and overdrafts are secured by a fixed and floating charge over the assets of the company. |
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Obligations under hire purchase agreements are secured by charges on individual assets to which the liabilities relate. |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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11. | CAPITAL COMMITMENTS |
2021 | 2020 |
£ | £ |
Contracted but not provided for in the |
financial statements |
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12. | FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES |
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Under the provisions of the group registrations for Value Added Tax. Folly Farm Leisure Limited and its parent are jointly liable for the indebtedness of each other. |
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13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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At the period end, the directors owed the company £Nil (2020: £22,902) in relation to advances provided during the period. |
FOLLY FARM LEISURE LIMITED (REGISTERED NUMBER: 04083584) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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14. | PARENT COMPANY |
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The company is a wholly owned subsidiary of Hayloft (Holdings) Wales Limited, a company incorporated in England and Wales. Hayloft (Holdings) Wales Limited prepares publicly available consolidated accounts within which the results of this company are included. |