Year Ended
Registration number:
Landscove Holidays Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Landscove Holidays Limited
Company Information
Directors |
Mr R A Hardick Mr L M P Hutchings Mrs M M Newing |
Registered office |
|
Auditors |
|
Landscove Holidays Limited
Strategic Report for the Year Ended 31 January 2023
The directors present their strategic report for the year ended 31 January 2023.
Principal activity
The principal activity of the company is the operation of holiday parks.
Fair review of the business
The directors consider the key financial performance indicators to be turnover and operating profit. Turnover decreased by 9% from £6.5m to £6.0m which is largely attributable to a reduction in caravans sold in the year. Last year's caravan sales were higher than usual following covid restrictions being lifted, and UK holiday makers choosing to holiday in the UK.
Operating costs went up due to inflationary pressures, leading to a reduced operating profit of £1.2m (2022: £2.2m).
Redevelopment spend was ongoing in line with strategic aims, with the capital expense funded by trading reserves. Net assets have increased by £0.9m to £8.3m at the year end. Cash at bank decreased to £0.7m due to the repayment of loans in the year.
Principal risks and uncertainties
The principal risk is potential recession and uncertainty in the UK economy. A lack of disposable income and increased borrowing costs could have an impact on caravan sales. The company intends on managing the risk by focussing on maintaining the parks to attract holiday bookings. The other risks impacting the company come from competition within the holiday market. Risk mitigation in the business model balances the creation of a strong pitch fee income flow with focused and progressive holiday home sales. The business model also focuses on maintaining the on-site facilities, which are under constant upgrade to meet customer expectations, at the same time as controlling operational costs.
Approved by the
......................................... |
Landscove Holidays Limited
Directors' Report for the Year Ended 31 January 2023
The directors present their report and the financial statements for the year ended 31 January 2023.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Financial risk management objectives and policies
The company's principal financial instruments comprise bank loans, trade debtors, trade creditors and cash balances. The board regularly reviews and agrees policies for managing the related risks and they are summarised below:
Credit risk
Trade debtors are managed in respect of credit risk by using policies derived to accommodate customer needs but also to avoid ageing and irrecoverable debt. There is no significant concentration of credit risk with exposure spread over a large number of counterparties.
Interest rate risk
The company has bank loans to fund long term developments. An element of the loans that the company holds have a fixed interest rate and an element have a variable rate. This provides a restriction on the impact of varying rates ensuring the company is not significantly affected by volatility in that area.
Cash flow risk
The parks have significant periods when they are not operational due to the seasonality of the operations. Cash flow risks arising from this are mitigated by maintaining a certain level of annual site fees which are payable in advance of the season. In season cashflow is managed by advance holiday bookings which ensure payment is received before the direct costs are incurred.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the
......................................... |
Landscove Holidays Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the 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 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:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 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.
Landscove Holidays Limited
Independent Auditor's Report to the Members of Landscove Holidays Limited
Opinion
We have audited the financial statements of Landscove Holidays Limited (the 'company') for the year ended 31 January 2023, which comprise the Profit and Loss Account, Balance Sheet, 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).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 January 2023 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. |
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 Auditor’s 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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Landscove Holidays Limited
Independent Auditor's Report to the Members of Landscove Holidays Limited
Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
We have nothing to report in respect 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. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 4, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
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.
Auditor’s 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 an auditor’s 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 financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined 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:
Landscove Holidays Limited
Independent Auditor's Report to the Members of Landscove Holidays Limited
As part of our audit planning we considered the legal and regulatory framework that is applicable to the company. We gained an understanding of the company and the industry in which the company operates as part of this assessment to identify the key laws and regulations affecting the company. This included reviewing the company’s website for indication of any regulations in place and discussing these with the relevant individuals responsible for compliance. The key regulations we identified were health and safety regulations and the General Data Protection Regulation (“GDPR”). We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as financial reporting legislation (including the Companies Act 2006), taxation legislation and Coronavirus Job Retention Scheme (CJRS) legislation.
We discussed with management how the compliance with these laws and regulations in monitored and obtained copies of the key policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the company complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non compliance with laws and regulations on the company’s ability to continue trading and the risk of material misstatement to the accounts.
We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements. The key incentive to manipulate the results is considered to be to meet banking covenants and we determined that the principal risks were related to the overstatement of profit, either through overstating revenue, understating expenditure or management bias in accounting estimates and judgements included in the financial statements.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
• Enquiries of management regarding their knowledge of any non compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances of fraud
• Discussion with the health and safety officer if any incidents have been reported during the year under The Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 2013 (“RIDDOR”)
• Review of the group’s GDPR policy and enquiries to the Data Protection Officer as to the occurrence and outcome of any reportable breaches;
• Reviewing legal and professional costs to identify any possible non compliance or legal costs in respect of non compliance
• Addressing the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
• Reviewing estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.
• Performing sales cut off testing and global reconciliations of key revenue streams to booking systems to ensure sales are recognised in the correct period and income is not overstated.
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. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. 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, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Landscove Holidays Limited
Independent Auditor's Report to the Members of Landscove Holidays Limited
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 an auditor’s 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.
......................................
Centenary House
Peninsula Park
Rydon Lane
EX2 7XE
Landscove Holidays Limited
Profit and Loss Account
Year Ended 31 January 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Interest payable and similar charges |
( |
( |
|
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
Landscove Holidays Limited
Balance Sheet
31 January 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Deferred income |
1,089,107 |
1,032,444 |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
3,009,478 |
3,009,478 |
|
Revaluation reserve |
101,488 |
101,488 |
|
Profit and loss account |
5,141,969 |
4,274,485 |
|
Shareholders' funds |
8,252,935 |
7,385,451 |
Approved and authorised by the
......................................... |
Company Registration Number: 02844733
Landscove Holidays Limited
Statement of Changes in Equity
Year Ended 31 January 2023
Share capital |
Revaluation reserve |
Profit and loss account |
Total |
|
At 1 February 2021 |
|
|
|
|
Profit for the year |
- |
- |
|
|
At 31 January 2022 |
|
|
|
|
At 1 February 2022 |
|
|
|
|
Profit for the year |
- |
- |
|
|
At 31 January 2023 |
|
|
|
|
Landscove Holidays Limited
Notes to the Financial Statements
Year Ended 31 January 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal place of business is:
Gillard Road
Brixham
TQ5 9EP
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There are no material departures.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The functional currency of Landscove Holidays Limited is considered to be pounds sterling because it is the currency of the primary economic environment in which the company operates.
Summary of disclosure exemptions
Landscove Holidays Limited meets the definition of a qualifying entity under FRS 102, as its results are consolidated into the financial statements of the parent entity, Ayersmont Limited. It has therefore taken advantage of the disclosure exemptions available to it in respect of its individual financial statements. Exemptions have been taken in relation to the presentation of a cash flow statement, remuneration of key management personnel and financial instruments.
Landscove Holidays Limited
Notes to the Financial Statements
Year Ended 31 January 2023
2 |
Accounting policies (continued) |
Key sources of estimation uncertainty
The directors have considered the judgements and estimation uncertainties included in these financial statements and the accounting policies applied and concluded that these do not have a significant effect on the amounts recognised in the financial statements or lead to a risk of causing a material misstatement of the carrying amounts of assets and liabilities within the next financial year.
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 if the revision affects that period only, or in the period of revision and future periods if the revision affects both current and future periods.
Government grants
Grant income received from the government in respect of the Coronavirus Job Retention Scheme (CJRS) is accounted for under the accruals model as permitted by FRS 102. Grants are recognised in other income within profit or loss and are recognised in the same period as the related expenditure.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
A policy of revaluation has previously been applied to freehold property. Upon transition to FRS102 the Company has elected to treat the previously revalued amounts as deemed cost at that date.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Landscove Holidays Limited
Notes to the Financial Statements
Year Ended 31 January 2023
2 |
Accounting policies (continued) |
Asset class |
Depreciation method and rate |
Freehold property |
2% straight line |
Land |
not depreciated |
Plant and machinery |
10% straight line |
Fixtures, fittings & equipment |
10% straight line |
Motor vehicles |
25% straight line |
Hire fleet |
10% straight line |
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the year in which they become payable in accordance with the rules of the scheme.
Landscove Holidays Limited
Notes to the Financial Statements
Year Ended 31 January 2023
2 |
Accounting policies (continued) |
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans;
• Cash and bank balances; and
• Preference share capital.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
Caravan sales - revenue is recognised when the significant risks and rewards of ownership have transferred to the customer which is typically when the caravan is made available to the customer.
Site rents/Bookings/Pitch fees - revenue is recognised over the rental period.
Sundry turnover - all other revenue is recognised when the goods or services have been provided.
Stocks
Stock for resale is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Landscove Holidays Limited
Notes to the Financial Statements
Year Ended 31 January 2023
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
2023 |
2022 |
|
Sale of goods |
|
|
Rendering of services |
|
|
Site rents |
|
|
Commissions received |
|
|
Gaming income |
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2023 |
2022 |
|
Government grants |
|
|
During the previous year the company recognised CJRS income from the Government designed to mitigate the impact of Covid 19.
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Profit on disposal of property, plant and equipment |
- |
(3,137) |
Auditor's remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
|
Landscove Holidays Limited
Notes to the Financial Statements
Year Ended 31 January 2023
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2023 |
2022 |
|
Administration and support |
|
|
Operations |
|
|
|
|
Interest payable and similar expenses |
2023 |
2022 |
|
Interest on bank borrowings |
|
|
Preference share dividends |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
|
Landscove Holidays Limited
Notes to the Financial Statements
Year Ended 31 January 2023
Taxation |
Tax charged/(credited) in the income statement
2023 |
2022 |
|
Current taxation |
||
Corporation tax |
|
|
Corporation tax adjustment to prior periods |
( |
( |
235,106 |
395,064 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Deferred tax (credit)/expense relating to changes in tax rates or laws |
( |
|
Deferred tax expense from unrecognised temporary difference from a prior period |
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
( |
( |
Other tax effects for reconciliation between accounting profit and tax expense (income) |
( |
( |
Total tax charge |
|
|
Landscove Holidays Limited
Notes to the Financial Statements
Year Ended 31 January 2023
9 |
Taxation (continued) |
Deferred tax
Deferred tax assets and liabilities
2023 |
Liability |
Differences between accumulated depreciation and capital allowances |
|
2022 |
Liability |
Differences between accumulated depreciation and capital allowances |
|
No deferred tax is required in relation to the previous revaluation on the freehold property due to the tax base cost being higher than the net book value of the assets.
Landscove Holidays Limited
Notes to the Financial Statements
Year Ended 31 January 2023
Tangible assets |
Freehold land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Hire fleet |
Total |
|
Cost or valuation |
||||||
At 1 February 2022 |
|
|
|
|
|
|
Additions |
|
|
- |
- |
|
|
At 31 January 2023 |
|
|
|
|
|
|
Depreciation |
||||||
At 1 February 2022 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
At 31 January 2023 |
|
|
|
|
|
|
Carrying amount |
||||||
At 31 January 2023 |
|
|
|
|
|
|
At 31 January 2022 |
|
|
|
|
|
|
Landscove Holidays Limited
Notes to the Financial Statements
Year Ended 31 January 2023
10 |
Tangible assets (continued) |
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2023 |
2022 |
|
Hire Fleet |
432,738 |
486,499 |
Stocks |
2023 |
2022 |
|
Stocks |
12,611 |
9,122 |
Debtors |
2023 |
2022 |
|
Trade debtors |
|
|
Other debtors |
|
|
Prepayments and accrued income |
|
|
|
|
Creditors |
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Amounts due to group undertakings |
|
|
|
Corporation tax |
61,472 |
408,711 |
|
Social security and other taxes |
|
|
|
Other creditors |
|
|
|
Accruals |
|
|
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Landscove Holidays Limited
Notes to the Financial Statements
Year Ended 31 January 2023
Loans and borrowings |
2023 |
2022 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Hire purchase contracts |
|
|
|
|
2023 |
2022 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
Hire purchase contracts |
|
|
Redeemable preference shares |
|
|
|
|
Bank borrowings are secured on the assets of the company by way of a fixed charge over freehold property and a floating charge over all other assets.
The hire purchase liabilities are secured on the assets to which they relate.
Included in the loans and borrowings are the following amounts due after more than five years:
2023 |
2022 |
|
After more than five years by instalments |
|
|
- |
- |
Bank loans and overdrafts after five years
There are two bank loans in place. One with an interest rate at 1.95% over the base rate and the other is fixed at 1.55% over the commercial banking rate at the inception of the loan. Loans are repayable in equal monthly instalments beginning in January 2018 and ending in 2031.
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
Landscove Holidays Limited
Notes to the Financial Statements
Year Ended 31 January 2023
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 February 2022 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 31 January 2023 |
|
|
|
Deferred income |
2023 |
2022 |
|
Deferred income |
1,089,107 |
1,032,444 |
Deferred income relates to holidays booked in advance £83k (2022: £100k), and pitch fees paid in advance for the next financial year £1,006k (2022: £932k).
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
100,000 |
|
100,000 |
|
|
3,009,478 |
|
3,009,478 |
|
|
|
|
Preference shares are presented within creditors: amounts falling due after more than one year and ordinary shares are presented in equity.
Landscove Holidays Limited
Notes to the Financial Statements
Year Ended 31 January 2023
19 |
Share capital (continued) |
Rights, preferences and restrictions
Preference share capital has the following rights, preferences and restrictions: |
Commitments |
Capital commitments
The total amount contracted for but not provided in the financial statements was £
Contingent liabilities |
The company underwrite caravans bought under fiance within the park. At the year end, there was £817,123 (2022: £1,051,557) outstanding on finance underwritten by the company.
Parent and ultimate parent undertaking |
The company's immediate and ultimate parent is
The registered address of Ayersmont Limited is the same as that of Landscove Holidays Limited as disclosed in note 1.