Registered number: 12824428
LUTTERWORTH COUNTRY PARK LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2023
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LUTTERWORTH COUNTRY PARK LIMITED
REGISTERED NUMBER: 12824428
BALANCE SHEET
AS AT 31 MARCH 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Allotted, called up and fully paid share capital
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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M C Annis
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LUTTERWORTH COUNTRY PARK LIMITED
REGISTERED NUMBER: 12824428
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
The notes on pages 3 to 9 form part of these financial statements.
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LUTTERWORTH COUNTRY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Lutterworth Country Park Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is Ashcombe House 5 The Crescent, Leatherhead, Surrey, United Kingdom, KT22 8DY. The principal place of business is James Bond Caravan Park, Moorbarns Lane, Lutterworth, Leicestershire, LE17 4QJ.
The Company is part of the Monte Carlo Parks Ltd group.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The functional and presentational currency of the financial statements is Pounds sterling.
The financial statements have been rounded to the nearest £.
The following principal accounting policies have been applied:
The Director has considered the going concern basis in preparing these financial statements. The Company is reliant on the continued support of its' parent company, Monte Carlo Parks Ltd and the support is expected to continue for the foreseeable future. On this basis, the director considers it appropriate to prepare financial statements on a going concern basis. The director has considered a period of not less than 12 months from the date of the approval of these financial statements. Accordingly the financial statements have been prepared on a going concern basis and do not contain any adjustments that would result if the company was not able to continue as a going concern.
Turnover is recognised by the Company to the extent that it obtains the right to consideration in exchange for its performance. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes. Monies received in advance are treated as deferred income and held as payments on account.
Pitch Fees
Pitch fees are recognised on an accruals basis in the period to which they relate.
Recharge of expenditure
The recharge of expenditure is recognised on an accruals basis in the period to which they relate.
Unit Sales
Sales of units 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.
Interest income is recognised in profit or loss using the effective interest method.
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LUTTERWORTH COUNTRY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is provided on the following basis:
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.
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Revaluation of tangible fixed assets
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Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
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LUTTERWORTH COUNTRY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Stocks and work in progress are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company 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.
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The average monthly number of employees, including directors, during the year was 1 (2022 - 1).
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LUTTERWORTH COUNTRY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Charge for the year on owned assets
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Cost or valuation at 31 March 2023 is as follows:
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If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
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The property was professionally valued in January 2023 by commercial real estate agents, Avison Young, at market value. The director chose to adopt this valuation at 31 March 2023.
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LUTTERWORTH COUNTRY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Obligations under finance leases and hire purchase contracts
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LUTTERWORTH COUNTRY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Charged to profit or loss
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Charged to other comprehensive income
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The deferred taxation balance is made up as follows:
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Accelerated capital allowances
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Deferred tax on revalued property
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The Company has given a guarantee in respect of the bank overdraft of its parent company, which amounted to £13,492,394 at 31 March 2023 (2022 - £15,875,032). The guarantee is secured by a fixed charge over the company's freehold property and a debenture over all other assets of the company.
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Related party transactions
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During the year the Company paid management charges of £10,311 (2022 - £9,600) and IT support/consultancy fees of £5,415 (2022 - £4,860) to its parent company, Monte Carlo Parks Limited. The Company also paid £21,979 (2022 - £15,119) in respect of salaries and employer's national insurance to Monte Carlo Parks Limited.
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LUTTERWORTH COUNTRY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The Ultimate Controlling Parent Undertaking is Monte Carlo Parks Limited by virtue of its 100% controlling interest of the Company. The address of the parent company's registered office is Ashcombe House, 5 The Crescent, Leatherhead, Surrey, KT22 8DY.
The Ultimate Controlling Party is M C Annis by virtue of his 100% shareholding in Monte Carlo Parks
Limited.
The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.
The audit report was signed on 15 December 2023 by Andrew Hoookway (Senior Statutory Auditor) on behalf of Menzies LLP.
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