SHEERNESS HOLIDAY PARK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
Company Registration No. 02430661 (England and Wales)
SHEERNESS HOLIDAY PARK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SHEERNESS HOLIDAY PARK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1
1
Tangible assets
4
4,750,799
4,798,890
4,750,800
4,798,891
Current assets
Stocks
1,110,373
809,537
Debtors
5
1,948,258
841,742
Cash at bank and in hand
1,152,021
1,138,157
4,210,652
2,789,436
Creditors: amounts falling due within one year
6
(4,222,421)
(3,688,141)
Net current liabilities
(11,769)
(898,705)
Total assets less current liabilities
4,739,031
3,900,186
Creditors: amounts falling due after more than one year
7
(1,826,696)
(1,827,446)
Net assets
2,912,335
2,072,740
Capital and reserves
Called up share capital
8
1,000
1,000
Share premium account
147,660
147,660
Profit and loss reserves
2,763,675
1,924,080
Total equity
2,912,335
2,072,740
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have 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.
SHEERNESS HOLIDAY PARK LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2017
31 December 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 November 2018 and are signed on its behalf by:
Mr P Cosgrove
Director
Company Registration No. 02430661
SHEERNESS HOLIDAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
1
Accounting policies
Company information
Sheerness Holiday Park Limited
SHEERNESS HOLIDAY PARK LIMITED
is a
private
company
limited by shares
incorporated in England and Wales
.
The registered office is
Tudor Lodge, Augustine Road, Minster on Sea, Sheerness, Kent, ME12 2LZ.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life of 5 years.
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
over 50 years
Plant and equipment
20% straight line
Motor vehicles
33% on cost
Freehold land and assets in the course of construction are not depreciated.
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
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).
SHEERNESS HOLIDAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
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 measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction
. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
recognised at transaction price unless the arrangement constitutes a
financing transaction.
Financial liabilities classified as payable within one year are not amortised
.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 24
(2016 - 28).
SHEERNESS HOLIDAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2017 and 31 December 2017
1
Amortisation and impairment
At 1 January 2017 and 31 December 2017
-
Carrying amount
At 31 December 2017
1
At 31 December 2016
1
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2017
4,273,519
800,135
5,073,654
Additions
-
127,428
127,428
Disposals
-
(50,500)
(50,500)
At 31 December 2017
4,273,519
877,063
5,150,582
Depreciation and impairment
At 1 January 2017
-
274,764
274,764
Depreciation charged in the year
-
129,119
129,119
Eliminated in respect of disposals
-
(4,100)
(4,100)
At 31 December 2017
-
399,783
399,783
Carrying amount
At 31 December 2017
4,273,519
477,280
4,750,799
At 31 December 2016
4,273,519
525,371
4,798,890
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
1,451,150
815,978
Other debtors
497,108
25,764
1,948,258
841,742
SHEERNESS HOLIDAY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 6 -
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
1,532,049
1,653,610
Trade creditors
132,009
68,894
Corporation tax
190,779
127,443
Other taxation and social security
173,445
164,459
Other creditors
2,194,139
1,673,735
4,222,421
3,688,141
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
1,826,696
1,827,446
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
1,000
1,000
9
Related party transactions
I
ncluded in
debtors
are amounts
due of £497,108
(2016: £
nil
)
from
Cosgrove Leisure Central Beach
Limited,
Cosgrove Leisure Parks UK Limited, Fishing Temple Residential Homes Limited and Cosgrove Leisure (Wayside) Limited
i
n aggregate.