Company Registration No. 09412714 (England and Wales)
MAESMAWR FARM RESORT LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
MAESMAWR FARM RESORT LIMITED
COMPANY INFORMATION
Director
Mr M A Whitehouse
Company number
09412714
Registered office
Brynford House
21 Brynford Street
Holywell
Flintshire
United Kingdom
CH8 7RD
Accountants
Azets
Brynford House
21 Brynford Street
Holywell
Flintshire
United Kingdom
CH8 7RD
MAESMAWR FARM RESORT LIMITED
CONTENTS
Page
Director's report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
MAESMAWR FARM RESORT LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
The director presents his annual report and financial statements for the year ended 31 December 2021.
Review of the business
During the year the Director changed the accounting policy for revenue recognition relating to the sale of lodges. In line with accepted practice within the industry, the sale of a lodge is only recognised when the sale is complete and the lodge has been handed over to the purchaser. Previously all income and expenses was recognised as incurred. The impact of this change in policy on the reported results in 2021 is shown below:
Old policy: Turnover £2,234,459, profit for the financial year £183,943
New policy: Turnover £1,499,076, loss for the financial year £ 17,249
The Director expects that all of the difference in profit of £201,192 deferred from 2021 will be reflected in the results for 2022.
Cash generation is unaffected by the change in accounting policy for sales recognition and cash balances during the year increased by £452,074.
Trading for the year has continued to be strong with sales enquires and conversions remaining high. With continued disruption of foreign travel, holiday bookings have remained strong with staycations proving to be popular. Completion of lodge sales has been hampered by production difficulties at lodge manufacturers reflecting the widespread and well publicised supply side problems throughout the economy leading to a high number of sales signed not expected to complete until 2022.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr M A Whitehouse
Small companies exemption
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 M A Whitehouse
Director
13 September 2022
MAESMAWR FARM RESORT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,662
Tangible assets
5
3,243,199
3,078,999
3,243,199
3,080,661
Current assets
Stocks
441,160
660,102
Debtors
6
585,133
299,421
Cash at bank and in hand
628,755
176,681
1,655,048
1,136,204
Creditors: amounts falling due within one year
7
(1,383,701)
(591,134)
Net current assets
271,347
545,070
Total assets less current liabilities
3,514,546
3,625,731
Creditors: amounts falling due after more than one year
8
(2,423,597)
(2,517,533)
Provisions for liabilities
(247,565)
(311,767)
Net assets
843,384
796,431
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
843,383
796,430
Total equity
843,384
796,431
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MAESMAWR FARM RESORT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 13 September 2022
Mr M A Whitehouse
Director
Company Registration No. 09412714
MAESMAWR FARM RESORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
1
Accounting policies
Company information
Maesmawr Farm Resort Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Brynford House, 21 Brynford Street, Holywell, Flintshire, United Kingdom, CH8 7RD.
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 under 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 net invoiced sales of services, excluding VAT, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.
1.3
Intangible fixed assets other than goodwill
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
.
Website and promotional videos
25% on cost
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:
Freehold land and buildings
Nill
Plant and equipment
25% on cost
Fixtures and fittings
20% on cost
Computers
33% on cost
Improvements to property
Nil
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.
MAESMAWR FARM RESORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. As all financial assets are classified within one year, they are not amortised but carried at face value.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
MAESMAWR FARM RESORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are carried at face value.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and continue to be measured at face value.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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 tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
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.
MAESMAWR FARM RESORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 7 -
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
MAESMAWR FARM RESORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
4
Intangible fixed assets
Website and promotional videos
£
Cost
At 1 January 2021 and 31 December 2021
6,650
Amortisation and impairment
At 1 January 2021
4,988
Amortisation charged for the year
1,662
At 31 December 2021
6,650
Carrying amount
At 31 December 2021
At 31 December 2020
1,662
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Improvements to property
Total
£
£
£
£
Cost
At 1 January 2021
2,445,355
160,873
604,645
3,210,873
Additions
35,090
148,294
183,384
At 31 December 2021
2,445,355
195,963
752,939
3,394,257
Depreciation and impairment
At 1 January 2021
131,874
131,874
Depreciation charged in the year
19,184
19,184
At 31 December 2021
151,058
151,058
Carrying amount
At 31 December 2021
2,445,355
44,905
752,939
3,243,199
At 31 December 2020
2,445,355
28,999
604,645
3,078,999
MAESMAWR FARM RESORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
30,129
3,286
Amounts owed by group undertakings
174,085
Other debtors
555,004
122,050
585,133
299,421
7
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
44,500
42,227
Obligations under finance leases
519,391
54,214
Other borrowings
437,974
Trade creditors
49,654
43,608
Other creditors
766,551
10,800
Accruals and deferred income
3,605
2,311
1,383,701
591,134
Included in other creditors is a balance of £18,187 (2020: £10,000) due to the director. This balance is interest-free and repayable on demand.
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
809,943
855,617
Amounts owed to group undertakings
1,661,916
Other creditors
1,613,654
2,423,597
2,517,533
9
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
2021-12-31
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false
13 September 2022
CCH Software
CCH Accounts Production 2022.100
No description of principal activity
Mr M A Whitehouse
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