Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2022
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PRESTIGE COUNTRY PARKS LIMITED
COMPANY INFORMATION
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PRESTIGE COUNTRY PARKS LIMITED
CONTENTS
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PRESTIGE COUNTRY PARKS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors are present their strategic report for the group for the year to 31 December 2022.
The directors are pleased to report turnover growth of 23% in the year to 31 December 2022. The gross margin has held steady at 40% (2021: 41%) resulting in a group gross profit of £6.3m.
In the previous year the group sold one of its subsidiaries recognising a profit of £2.6m. This result, coupled with an increase in overhead costs of 44% have resulted in an overall drop in net profit margin to 26% (2021: 50%) however the directors are happy with the continued growth of the group. The group has continued to grow via acquisitions, purchasing Moor Valley Country Park Ltd in 2021 for £1.4m and then Brickyard Leisure Ltd in 2022 for £2.1m. In order to finance these acquisitions the group has taken on additional loan finance of £3.4m (2021: £2.9m). These additional financing arrangements have reduced the liquidity of the group from 152% in 2021 to 125% in 2022 and increased the group's gearing ratio from 34% to 43%, however the group continues to make good on its debt repayments. Due to the nature of the group's business of operating residential and holiday parks, the group enjoys a short debtor days period of 23 days (2021: 17 days). Along with careful cash management this has helped the group maintain a healthy cash balance of £2.9m in 2022 (2021: £3.5m). Following the year end the group has continued to grow with the acquisition of another subsidiary, Grove Country Park Limited for £4.5m, adding further to the group's park portfolio.
The directors continually review all aspects of risk in the business and the hospitality market. The group faces all the usual risks facing a major hospitality business and considers the main risks to be:
Liquidity risk The group manages liquidity risk by ensuring sufficient funds are available to meet foreseeable costs. The directors consider that the cash reserves are sufficient to finance short to medium term operations and has sufficient security to acquire additional loan financing to fund larger projects as required to meet the group's growth objectives. Price risk At the date of this report, there is still uncertainty as to the long term impact of various global and national events, such as Brexit, the COVID-19 pandemic and the Russia-Ukraine conflict. All these events have the potential to have a long lasting impact on the future economy and affect everything from fuel prices, exchange rates, interest rates, material prices, staff costs and availability, and future changes to tax rates. However, the directors continually monitor the group's costs and will take action wherever necessary to protect its stakeholders should any period of uncertainty continue for longer than expected. Credit risk The group's principal financial assets are cash and trade debtors. The credit risk associated with cash is limited as the group only uses reputable financial institutions. In order to manage credit risk on trade debtors the group secures the debts over the plots held by its residents, while turnover for holiday lets are collected in advance.
The directors consider that the group's key performance indicators (KPIs) are those that communicate the financial performance and strength of the group as a whole to its members. The KPIs comprise revenue growth, gross margin and net margin.
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PRESTIGE COUNTRY PARKS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors monitor other performance indicators such as occupancy rates and staff turnover to assess the success of the group and are satisfied that these KPIs are within expectations.
This report was approved by the board and signed on its behalf.
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PRESTIGE COUNTRY PARKS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The Directors present their report and the financial statements for the year ended 31 December 2022.
The Directors who served during the year were:
The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 Group will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £3,341,170 (2021 - £5,667,142).
After the year end the group added to its portfolio with the acquisition of Grove Country Park Limited.
ITEMS TO BE DISCLOSED Items required to be disclosed under Schedule 7 in the directors report are set out in the strategic report in accordance with s.414C(11) CA 2006.
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PRESTIGE COUNTRY PARKS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The auditors, George Hay Partnership LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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PRESTIGE COUNTRY PARKS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRESTIGE COUNTRY PARKS LIMITED
We have audited the financial statements of Prestige Country Park Limited (the 'parent company') and its subsidiaries (the ‘Group’) for the year ended 31 December 2022 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cashflows the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We were appointed as auditors of the group on 10 September 2023 and thus did not observe the counting of the physical inventories at any of the subsidiaries at 31 December 2021 or 31 December 2022. For the year ended 31 December 2022 we were able to satisfy ourselves as to the stock figure of £4,151,570 by alternative means however we were unable to satisfy ourselves by alternative means concerning stock quantities held at 31 December 2021 of £2,785,369.
Since stock enters into the determination of financial performance we were unable to determine whether adjustments might have been necessary in respect of the profit for the year reported in the Consolidated Statement of Comprehensive Income. 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 Group 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. KEY AUDIT MATTERS Except for the matters described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.
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PRESTIGE COUNTRY PARKS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRESTIGE COUNTRY PARKS LIMITED (CONTINUED)
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.
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 Group's or the parent 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.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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PRESTIGE COUNTRY PARKS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRESTIGE COUNTRY PARKS LIMITED (CONTINUED)
Except for the matters described in the basis for qualification section of our report, in the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.
Arising solely from the limitations on the scope of our work relating to inventory as referred to above: • We have not obtained all the information and explanations that we consider necessary for the purposes of our audit; and • We were unable to determine whether adequate accounting records have been kept
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PRESTIGE COUNTRY PARKS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRESTIGE COUNTRY PARKS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, we considered the following: 1. The nature of the industry and sector, control environment and business performance; 2. Reliance on external financing and the need to meet bank covenants; 3. Enquiries with management about their own identification and assessment of the risks of irregularities. As a result of these procedures, the audit team considered the opportunities and incentives that may exist within the group organisation for irregularities and identified the greatest potential for fraud in terms of misstatements in the financial statements was in relation to sales revenue. In common with all audits under ISA's (UK), we are also required to perform specific procedures to respond to the risk of management override. The assessment of the risk of fraud in terms of misappropriation of assets highlighted fraudulent supplier/bank payments as a focus area. In addition we considered the legal and regulatory framework that the Group operates in, focusing on provisions of these law and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. Key laws considered include the UK Companies Act and UK Tax Legislation. We also considered those laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group’s ability to operate or to avoid a material penalty, these include Health & Safety Legislation. Audit response to risks identified: • Substantive testing was undertaken on the completeness of revenue by way of tracing the purchase of holiday units through to being invoiced/included in the financial statements. • Standard procedures were used to test management override including the review of year end journals and whether the judgments made in making accounting estimates are indicative of potential bias. • To cover the assessed risks in relation to fraudulent payments, we have undertaken an extended substantive test to cover purchases occurrence and also non-purchase ledger payments. • We also performed analytical procedures to identify any unusual or unexpected relationship that may indicate risks of material misstatement due to fraud or other irregularities, these procedures also include the review of profit margins. • We remained alert to any indications of fraud or non compliance throughout the entire audit process. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' Report.
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PRESTIGE COUNTRY PARKS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRESTIGE COUNTRY PARKS LIMITED (CONTINUED)
The parent company and group were not required to have an audit in the prior year meaning the comparative information in these financial statements has not been audited.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Unit 1b, Focus 4
Fourth Avenue
Hertfordshire
SG6 2TU
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PRESTIGE COUNTRY PARKS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
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PRESTIGE COUNTRY PARKS LIMITED
REGISTERED NUMBER: 11451745
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2022
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PRESTIGE COUNTRY PARKS LIMITED
REGISTERED NUMBER: 11451745
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 22 to 45 form part of these financial statements.
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PRESTIGE COUNTRY PARKS LIMITED
REGISTERED NUMBER: 11451745
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2022
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PRESTIGE COUNTRY PARKS LIMITED
REGISTERED NUMBER: 11451745
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 22 to 45 form part of these financial statements.
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PRESTIGE COUNTRY PARKS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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PRESTIGE COUNTRY PARKS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
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PRESTIGE COUNTRY PARKS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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PRESTIGE COUNTRY PARKS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
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PRESTIGE COUNTRY PARKS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
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PRESTIGE COUNTRY PARKS LIMITED
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PRESTIGE COUNTRY PARKS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2022
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PRESTIGE COUNTRY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Prestige Country Parks Limited is a private Company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is C/O Prestige Country Parks Melbourne Road, Allerthorpe, York, Yorkshire, United Kingdom, YO42 4RL. The principal activity of the Company continued to be that of a holding company. The principal activity of the Group continued to be that of Residential and Holiday Mobile Home Parks. The place of business is Allerthorpe Golf & Country Park, Melbourne Road, Allerthorpe, York, YO42 4RL.
The Company is the parent of the Prestige Country Parks Limited Group.
1.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The Company's functional and presentational currency is Pounds sterling.
The level of rounding is to the nearest £.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The directors have considered the going concern basis in preparing these financial statements. They have concluded that the going concern basis is appropriate because sufficient funds will be generated from future trading for a period of at least twelve months from the date of the approval of these financial statements to enable the company to meet its liabilities as they arise.
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PRESTIGE COUNTRY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1.ACCOUNTING POLICIES (CONTINUED)
Sales of mobile homes are recognised when the risks and rewards of ownership are transferred to the customer, usually on occupation when the park home agreement is signed or legal completion takes place. Non-Refundable Deposits Non-refundable deposits are recognised when it becomes certain that the sale of a unit will not be completed. Recharges of expenses, Maintenance fees, Commissions and Membership fees Recharges of expenses, Maintenance fees, Commissions and Membership fees are recognised on an accruals basis in the period to which they relate.
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PRESTIGE COUNTRY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1.ACCOUNTING POLICIES (CONTINUED)
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PRESTIGE COUNTRY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1.ACCOUNTING POLICIES (CONTINUED)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. No reliable estimate can be made of goodwill so it is deemed to have a useful life of ten years. Website development is being amortised over its useful life of 3 years.
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PRESTIGE COUNTRY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1.ACCOUNTING POLICIES (CONTINUED)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
No depreciation has been provided on freehold property as the property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result the corresponding depreciation would not be material, and therefore is not charged to the profit and loss account.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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PRESTIGE COUNTRY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1.ACCOUNTING POLICIES (CONTINUED)
measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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PRESTIGE COUNTRY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1.ACCOUNTING POLICIES (CONTINUED)
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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PRESTIGE COUNTRY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
As described in note 13, land and buildings are stated at fair value based upon the valuation performed by an independent professional valuer. The valuers have recent experience in the location and category of the property valued. The valuer used observable market prices adjusted as necessary for any difference in the future, location or condition of the specific asset.
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PRESTIGE COUNTRY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 30
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PRESTIGE COUNTRY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 31
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PRESTIGE COUNTRY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 32
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PRESTIGE COUNTRY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £
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PRESTIGE COUNTRY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 34
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PRESTIGE COUNTRY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
12.INTANGIBLE ASSETS (CONTINUED)
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PRESTIGE COUNTRY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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PRESTIGE COUNTRY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
13.TANGIBLE FIXED ASSETS (CONTINUED)
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PRESTIGE COUNTRY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
13.TANGIBLE FIXED ASSETS (CONTINUED)
Cost or valuation at 31 December 2022 is as follows:
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PRESTIGE COUNTRY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
13.TANGIBLE FIXED ASSETS (CONTINUED)
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PRESTIGE COUNTRY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 40
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PRESTIGE COUNTRY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 41
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PRESTIGE COUNTRY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 42
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PRESTIGE COUNTRY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 43
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PRESTIGE COUNTRY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
A prior year adjustment has been recorded to reflect a final dividend received from one of the Company's subsidiaries which was dissolved in 2021. As a result of this the Parent Company reserves were increased by £198,481, the group reserves were unaffected.
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge
represents contributions payable by the Group to the fund and amounted to £13,321 (2021 - £6,648). Contributions totalling £624 (2021 - £2,986) were payable to the fund at the balance sheet date and are included in creditors.
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PRESTIGE COUNTRY PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 45
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