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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022 |
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VALE HOLIDAY PARKS LIMITED |
REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022 |
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FOR |
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VALE HOLIDAY PARKS LIMITED |
VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 4 |
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Report of the Independent Auditors | 7 |
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Income Statement | 11 |
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Other Comprehensive Income | 12 |
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Balance Sheet | 13 |
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Statement of Changes in Equity | 14 |
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Cash Flow Statement | 15 |
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Notes to the Cash Flow Statement | 16 |
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Notes to the Financial Statements | 18 |
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VALE HOLIDAY PARKS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Chartered Certified Accountants |
& Statutory Auditors |
12-16 Station Street East |
Coventry |
West Midlands |
CV6 5FJ |
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BANKERS: |
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46 Fore Street |
Trowbridge |
Wiltshire |
BA14 8EL |
VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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The directors present their strategic report for the year ended 31 January 2022. |
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REVIEW OF BUSINESS |
We aim to present a balanced and comprehensive review of the development and performance of our business during the period and its position at the period end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face. |
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As a Holiday Park proprietors and caravan dealers the company continues to operate caravan holiday parks with on-site facilities and to sell caravans. The company's activities are organised into the following five areas: |
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o Site fees |
o Sale of caravans |
o Holiday packages |
o On-site facilities |
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We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross margin and return on capital employed. |
The turnover of the company by activity was as follows: |
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2022 | 2021 |
£ | £ |
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Site Fees | 3,310 | 2,785 |
Sale of Caravans | 5,852 | 3,195 |
Holiday Packages | 2,229 | 1,033 |
On-site Facilities | 2,038 | 1,209 |
13,429 | 8,222 |
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Most areas of the business have shown growth during the period and this has left the company in a good financial position at the end of the period, in line with our expectations. |
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Overall operating profit has increased to £5,278,751 (39.3%) from £2,084,858 (25.4%) and profit before tax has increased to £5,077,559 (2021 - £1,811,603). After taxation and dividends, £4,126,513 (2021 - £1,182,273) has been retained to be added to reserves. |
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Return on capital employed has increased to 9.4% (2021 - 4.2%). Return on capital employed is calculated as profit after interest and tax divided by gross capital employed, which constitutes total assets. |
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VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The company recognizes a variety of financial and market based risks, including exposure to fluctuating interest risks, changing economic conditions, technological and industry based risks, the competitive environment and regulatory changes. These, either singularly or collectively, may affect revenue, cost structure or the value of assets within the business, and are all difficult to quantify. |
The main financial risks arising from the company's business are liquidity and cash flow risk and credit risk, and policies with respect to these risks are described below. There is no currency exposure as all material transactions and financial instruments are in Sterling. |
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Liquidity and cash flow risk |
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Liquidity and cash flow risk is in risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities and exposure to variability in cash flows. The company also manages liquidity and cash flow risk by utilising its cash flow resources. |
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Credit risk |
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Credit risk is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. Company policies are aimed at minimising such losses, and require that deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures. |
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Other risks |
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IT risk and cyber security |
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The company has various IT systems and applications, the obsolescence or failure of which could impede trading. Failure to put in place adequate preventative measures, if attacked, could lead to data loss or the inability to use the IT systems for a prolonged period. The IT strategy is focused on ensuring the long-term stability of operating systems and data security, whilst keeping pace with the changing face of consumer IT expectations. We continue to strengthen IT security to mitigate the increasing risk of cyber security threats. |
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People and succession |
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Attracting and maintaining talented team members and investing in their training and development are essential to the efficiency and sustainability of the company. Succession planning is embedded across the company and is proactively managed. |
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ON BEHALF OF THE BOARD: |
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Director |
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28 November 2022 |
VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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The directors present their report with the financial statements of the company for the year ended 31 January 2022. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of holiday park proprietors and caravan dealers. |
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DIVIDENDS |
The total distribution of dividends for the year ended 31st January 2022 will be £300,000 (31.01.21: £300,000). |
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DIRECTORS |
The directors set out in the table below have held office during the whole of the period from 1 February 2021 to the date of this report. |
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The beneficial interests of the directors holding office at 31 January 2022 in the shares of the company, according to the register of directors' interests, were as follows: |
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31.1.22 | 1.2.21 |
Ordinary shares of £1 each |
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30 | 30 |
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25 | 25 |
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15 | 15 |
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15 | 15 |
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15 | 15 |
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Ordinary A shares of £1 each |
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100 | - |
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- | - |
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- | - |
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- | - |
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- | - |
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Ordinary B shares of £1 each |
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- | - |
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100 | - |
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- | - |
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- | - |
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- | - |
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Ordinary C shares of £1 each |
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- | - |
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- | - |
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100 | - |
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- | - |
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- | - |
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VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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DIRECTORS - continued |
31.1.22 | 1.2.21 |
Ordinary D shares of £1 each |
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- | - |
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- | - |
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100 | - |
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Ordinary E shares of £1 each |
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- | - |
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- | - |
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100 | - |
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These directors did not hold any beneficial interests in the following: |
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Ordinary F shares of £1 each |
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Ordinary G shares of £1 each |
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Ordinary H shares of £1 each |
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These directors did not hold any non-beneficial interests in any of the shares of the company. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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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: |
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- | 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. |
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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. |
VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
VALE HOLIDAY PARKS LIMITED |
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Opinion |
We have audited the financial statements of Vale Holiday Parks Limited (the 'company') for the year ended 31 January 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 January 2022 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. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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. |
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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. |
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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. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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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. |
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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 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. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
VALE HOLIDAY PARKS LIMITED |
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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 identified material misstatements in the Strategic Report or the Report of the Directors. |
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In light of our knowledge and understanding of the company and it's environment obtained on the course of the audit, we have not identified material misstatements in the Strategic Report and the Report of the Directors. |
We have nothing to report 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. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
VALE HOLIDAY PARKS LIMITED |
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Auditors' 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 a Report of the Auditors 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. |
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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outline above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. |
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Based on our understanding of the company and the industry in which it operates, we identified the principal risks |
of non-compliance with laws and regulations related to the acts by the company which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to revenue recognition. |
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Audit procedures performed included: |
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o Review of the financial statement disclosures to underlying supporting documentation |
o Enquiring of management and directors concerning actual and potential litigation and claims including knowledge of any non-compliance with laws and regulations |
o In addressing the fraud risk in revenue recognition we have tested a sample of revenues recorded through agreement of booking period terms |
o In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
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We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
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There are inherent limitations in the audit procedures described above. We are less likely to become aware of non-compliance with laws and regulations that are not closely related to the events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
VALE HOLIDAY PARKS LIMITED |
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Use of our 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 a Report of the Auditors 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. |
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for and on behalf of
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Chartered Certified Accountants |
& Statutory Auditors |
12-16 Station Street East |
Coventry |
West Midlands |
CV6 5FJ |
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VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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5,209,817 | 1,612,602 |
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Other operating income |
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OPERATING PROFIT | 4 |
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Income from fixed asset investments |
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Interest receivable and similar income |
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88,409 | 60,289 |
5,367,161 | 2,145,147 |
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Interest payable and similar expenses | 5 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL YEAR |
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VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394) |
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OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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2022 | 2021 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR |
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VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394) |
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BALANCE SHEET |
31 JANUARY 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
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Tangible assets | 9 |
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Investments | 10 |
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CURRENT ASSETS |
Stocks | 11 |
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Debtors | 12 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 13 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 14 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 18 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on
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VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 February 2020 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 January 2021 |
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Changes in equity |
Issue of share capital |
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- |
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Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 January 2022 |
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VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394) |
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CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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2022 | 2021 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
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Interest element of hire purchase payments paid | ( |
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Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of intangible fixed assets |
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( |
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Purchase of tangible fixed assets | ( |
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Purchase of fixed asset investments | (10,080,600 | ) | (300 | ) |
Sale of intangible fixed assets |
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Sale of tangible fixed assets |
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Sale of fixed asset investments |
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Interest received |
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Dividends received |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
Hire purchase repayments | ( |
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Amount introduced by directors | 47,362 | 79,528 |
Share issue |
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Bank loan repayments | ( |
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( |
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Bank loan advances |
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Equity dividends paid | ( |
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Net cash from financing activities | ( |
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(Decrease)/increase in cash and cash equivalents | ( |
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Cash and cash equivalents at beginning of
year |
2 |
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802,007 |
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Cash and cash equivalents at end of year | 2 | 916,362 | 1,502,262 |
VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394) |
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NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2022 | 2021 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Profit on disposal of fixed assets | ( |
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Finance costs | 289,602 | 333,544 |
Finance income | (88,409 | ) | (60,289 | ) |
4,423,351 | 2,586,382 |
(Increase)/decrease in stocks | ( |
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Increase in trade and other debtors | ( |
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Increase/(decrease) in trade and other creditors |
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( |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
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Year ended 31 January 2022 |
31/1/22 | 1/2/21 |
£ | £ |
Cash and cash equivalents | 916,362 | 1,502,262 |
Year ended 31 January 2021 |
31/1/21 | 1/2/20 |
£ | £ |
Cash and cash equivalents | 1,502,262 | 802,007 |
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VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394) |
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NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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3. | ANALYSIS OF CHANGES IN NET DEBT |
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At 1/2/21 | Cash flow | At 31/1/22 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,502,262 | (585,900 | ) | 916,362 |
1,502,262 | ( |
) | 916,362 |
Debt |
Finance leases | (1,004,636 | ) | 471,722 | (532,914 | ) |
Debts falling due within 1 year | (2,175,633 | ) | 977,744 | (1,197,889 | ) |
Debts falling due after 1 year | (12,948,009 | ) | 1,321,813 | (11,626,196 | ) |
(16,128,278 | ) | 2,771,279 | (13,356,999 | ) |
Total | (14,626,016 | ) | 2,185,379 | (12,440,637 | ) |
VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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1. | STATUTORY INFORMATION |
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Vale Holiday Parks Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
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The nature of the company's operations and principal activities are included in the Report of the Directors. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the company. |
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The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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Preparation of consolidated financial statements |
The financial statements contain information about Vale Holiday Parks Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 402 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it's only subsidiary is exempt from inclusion on the grounds of materiality (Section 405) if the Companies Act 2006. |
VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2022 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Turnover |
Turnover represents the net invoiced value of caravan sales, site fees and other associated income, excluding value added tax. |
|
Turnover from the sale of goods on site, the sale of caravans and site fees is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. For site shop sales and caravans this is usually on the date of dispatch of the goods. |
|
For site fees, recognition occurs when the site is occupied. Fees received on booking in advance of the holiday are carried forward in creditors as deferred income. |
|
The company operates in one principle activity being the operation of a UK based holiday centre. All operations were continuing. It includes £7.5m (2021: £5.0m) for the sale of services and £5.9m (2021: £3.2m) for the sale of goods. |
|
Goodwill |
Goodwill, being the amount paid in connection with the purchase of the following businesses: |
|
|
£ |
|
Kiosk (2006) | 15,500 |
Fairground (2006) | 21,000 |
Penlon Holiday Park Limited (2008) | 39,375 |
Old Vicarage Holiday Park Limited (2008) | 1 |
Cross Parks Holiday Park Limited (2008) | 300,000 |
Liskey Hill Caravan Park (2009) | 1 |
Parc Farm Caravan Park (2013) | 150,000 |
Landshipping Caravan Park (2018) | 1 |
Higher Golla Touring Park (2020) | 260,000 |
Greenacres Fishguard (2020) | 180,000 |
£965,879 |
|
Goodwill, being the amount paid in connection with the acquisition of the above is being written off evenly over it's useful economic life of 20 years. |
|
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2022 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
|
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life, or if held under a finance lease, over the lease term, whichever is shorter. |
|
Plant and machinery - 25% on reducing balance |
Fixtures and fittings - 20% on cost |
Motor vehicles - 25% on reducing balance method |
Property improvements - 10% on cost |
|
Investments in subsidiaries and associates |
Investments in associate undertakings are recognised at cost less impairment. |
|
Stocks |
Stocks are valued at the lower of cost and net realizable value, after making due allowance for obsolete and slow moving items. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first in, first out method. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
|
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2022 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
|
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
|
Employee benefits |
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
|
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. |
|
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
|
Judgements and key sources of estimation uncertainty |
Certain judgments are made in the process of applying the above accounting policies. None of these are considered to have a significant effect on the amounts recognised in the financial statements. |
|
Certain estimates are also made concerning the future, however, it is considered that there are no key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
|
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
|
3. | EMPLOYEES AND DIRECTORS |
VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2022 |
|
|
Year Ended | Year Ended |
31/1/22 | 31/1/21 |
£ | £ |
|
Wages and salaries | 1,974,919 | 1,526,583 |
Social security costs | 163,915 | 117,675 |
Other pension costs | 30,173 | 20,863 |
2,169,007 | 1,665,121 |
|
|
The average monthly number of employees during the year | 91 | 78 |
|
|
Directors' remuneration | 54,000 | 54,000 |
|
4. | OPERATING PROFIT |
|
The operating profit is stated after charging/(crediting): |
|
2022 | 2021 |
£ | £ |
Depreciation - owned assets |
|
|
Depreciation - assets on hire purchase contracts |
|
|
Profit on disposal of fixed assets | ( |
) | ( |
) |
Goodwill amortisation |
|
|
Auditors' remuneration |
|
|
|
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2022 | 2021 |
£ | £ |
Bank loan interest |
|
|
Loan arrangement fee |
|
|
Bank charges |
|
|
Credit card charges |
|
|
Hire purchase |
|
|
|
|
VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2022 |
|
|
6. | TAXATION |
|
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
UK corporation tax |
|
|
Tax on profit |
|
|
|
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
|
2022 | 2021 |
£ | £ |
Profit before tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
- |
|
|
|
Effects of: |
Income not taxable for tax purposes | ( |
) | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Total tax charge | 651,046 | 329,330 |
|
7. | DIVIDENDS |
2022 | 2021 |
£ | £ |
Ordinary shares of £1 each |
Interim dividends |
|
|
VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2022 |
|
|
8. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 February 2021 |
and 31 January 2022 |
|
AMORTISATION |
At 1 February 2021 |
|
Amortisation for year |
|
At 31 January 2022 |
|
NET BOOK VALUE |
At 31 January 2022 |
|
At 31 January 2021 |
|
|
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 February 2021 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals | ( |
) |
|
|
( |
) | ( |
) |
At 31 January 2022 |
|
|
|
|
|
DEPRECIATION |
At 1 February 2021 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
Eliminated on disposal | ( |
) |
|
|
( |
) | ( |
) |
At 31 January 2022 |
|
|
|
|
|
NET BOOK VALUE |
At 31 January 2022 |
|
|
|
|
|
At 31 January 2021 |
|
|
|
|
|
VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2022 |
|
|
9. | TANGIBLE FIXED ASSETS - continued |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 February 2021 |
and 31 January 2022 |
|
DEPRECIATION |
At 1 February 2021 |
|
Charge for year |
|
At 31 January 2022 |
|
NET BOOK VALUE |
At 31 January 2022 |
|
At 31 January 2021 |
|
|
10. | FIXED ASSET INVESTMENTS |
Shares in | Interest |
group | in |
undertakings | associate | Totals |
£ | £ | £ |
COST |
At 1 February 2021 |
|
|
362,741 |
Additions |
|
|
10,080,600 |
Cost modification | ( |
) | ( |
) | (5,040,600 | ) |
At 31 January 2022 |
|
|
5,402,741 |
NET BOOK VALUE |
At 31 January 2022 |
|
|
5,402,741 |
At 31 January 2021 |
|
|
362,741 |
|
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
|
VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2022 |
|
|
10. | FIXED ASSET INVESTMENTS - continued |
|
|
Registered office: Clarach Bay Holiday Village, Clarach, Aberystwyth, SY23 3DT |
Nature of business:
|
% |
Class of shares: | holding |
|
|
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
|
|
Profit for the year |
|
|
|
11. | STOCKS |
2022 | 2021 |
£ | £ |
Stock |
|
|
Consumable stock |
|
|
|
|
|
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
|
|
Amounts owing from associated companies | 360,961 | 1,514,324 |
Prepayments and other debtors |
|
|
Value added taxation |
|
|
|
|
|
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts (see note 15) |
|
|
Hire purchase contracts (see note 16) |
|
|
Trade creditors |
|
|
Corporation taxation |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
Directors' current accounts | 222,309 | 174,947 |
Accrued expenses |
|
|
|
|
VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2022 |
|
|
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans (see note 15) |
|
|
Hire purchase contracts (see note 16) |
|
|
|
|
|
15. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2022 | 2021 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loan |
|
|
|
Amounts falling due between one and two years: |
Bank loan |
|
|
|
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
|
|
|
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs | 6,834,643 | 7,542,936 |
|
16. | LEASING AGREEMENTS |
|
Minimum lease payments under hire purchase fall due as follows: |
|
2022 | 2021 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2022 |
|
|
17. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2022 | 2021 |
£ | £ |
Bank loans |
|
|
Hire purchase | 532,914 | 1,004,636 |
|
|
|
The following securities are held by the bank:- |
|
First legal charges over freehold property known as: |
|
- Woodland Vale Caravan Park, Narbeth, SA67 8JE |
- Cross Park Holiday Centre, Broadmoor, Kilgetty, SA68 0RS |
- Glynteg Caravan Park, Cross Inn, Landysul, SA44 6LW |
- Grondre Caravan Park, Clynderwen |
- Liskey Hill Caravan Park, Perranport, TR6 0BD |
- The Old Vicarage Holiday Park, Red Roses, Whitland, SA34 0PE |
- Red Roses Filling Station, Whitland, SA34 0PE |
- Village Holiday Park, Cross Inn, New Quay, SA44 6LW |
- Ocean Heights Leisure Park, Maen Y Groes, New Quay, SA45 9RL |
- Llanarmon-Yn-lal, Denbignshire, CH7 4QW |
- New Park Caravan Park, Landshipping, Narberth, SA67 8BG |
- Higher Golla Touring Park, Penahllow, Truro, TR4 9LZ |
- Gilfach Holiday Village, Llwyncelyn, Aberaeron, SA46 0HN |
|
Composite company limited multilateral guarantee given by Vale Holiday Parks Limited and Heatherdale Holidays (Clarach Bay) Limited. |
|
Debenture including fixed charge over all present freehold and leasehold property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and fixed floating charge over all assets and undertaking both present and future. |
|
Hire purchase liabilities are secured on the assets to which they relate. |
VALE HOLIDAY PARKS LIMITED (REGISTERED NUMBER: 04670394) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2022 |
|
|
18. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
|
Ordinary | £1 | 100 | 100 |
|
Ordinary A | £1 | 100 | - |
|
Ordinary B | £1 | 100 | - |
|
Ordinary C | £1 | 100 | - |
|
Ordinary D | £1 | 100 | - |
100 | Ordinary E | £1 | 100 | - |
100 | Ordinary F | £1 | 100 | - |
100 | Ordinary G | £1 | 100 | - |
100 | Ordinary H | £1 | 100 | - |
900 | 100 |
|
The following shares were issued during the year for cash at par : |
|
100 Ordinary A shares of £1 |
100 Ordinary B shares of £1 |
100 Ordinary C shares of £1 |
100 Ordinary D shares of £1 |
100 Ordinary E shares of £1 |
100 Ordinary F shares of £1 |
100 Ordinary G shares of £1 |
100 Ordinary H shares of £1 |
|
19. | RELATED PARTY DISCLOSURES |
|
The company is jointly owned by Mr T and Mrs J Scarrott. |
|
The company owed Mr T and Mrs J Scarrott £222,309 (2021: £174,947) at the end of the year. This loan was unsecured, interest free and repayable on demand. |
|
During the year the following rents were paid by the directors to the company for occupying chalets held by the company: |
2022 | 2021 |
|
Mr T Scarrott | 2,000 | 2,000 |
Mr T H S Scarrott | 2,000 | 2,000 |
Mr J Scarrott | 2,000 | 2,000 |
Mr C H Scarrott | 2,000 | 2,000 |
£8,000 | £8,000 |