Company registration number 12024604 (England and Wales)
Burnside Holiday Parks Limited
Unaudited financial statements
For the year ended 31 October 2022
Burnside Holiday Parks Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Burnside Holiday Parks Limited
Statement of financial position
As at 31 October 2022
31 October 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,353,570
1,308,021
Current assets
Stocks
72,177
800
Debtors
4
30,985
140,475
Cash at bank and in hand
350,402
287,313
453,564
428,588
Creditors: amounts falling due within one year
5
(558,440)
(577,763)
Net current liabilities
(104,876)
(149,175)
Total assets less current liabilities
1,248,694
1,158,846
Creditors: amounts falling due after more than one year
6
(886,604)
(923,383)
Provisions for liabilities
(14,400)
Net assets
347,690
235,463
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
347,490
235,263
Total equity
347,690
235,463
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 October 2022 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.
The 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.
Burnside Holiday Parks Limited
Statement of financial position (continued)
As at 31 October 2022
31 October 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 June 2023 and are signed on its behalf by:
Mr T A P Burnside
Mr M R Burnside
Director
Director
Company Registration No. 12024604
Burnside Holiday Parks Limited
Notes to the financial statements
For the year ended 31 October 2022
- 3 -
1
Accounting policies
Company information
Burnside Holiday Parks Limited is a private company limited by shares incorporated in England and Wales. The registered office is Royal Vale Caravan Park, London Road, Allostock, Cheshire, WA16 9JD.
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 amounts 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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
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
Nil
Plant and equipment
20% per annum of cost
Computers
25% per annum of cost
Motor vehicles
25% per annum on reducing balance
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.
The directors consider freehold land and buildings are maintained in such a state of repair that their residual value is at least equal to their net book value. As s result, freehold land and buildings are not depreciated.
Burnside Holiday Parks Limited
Notes to the financial statements (continued)
For the year ended 31 October 2022
1
Accounting policies
(Continued)
- 4 -
1.4
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
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 statement of financial position 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.
Burnside Holiday Parks Limited
Notes to the financial statements (continued)
For the year ended 31 October 2022
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially 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, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from related parties, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Burnside Holiday Parks Limited
Notes to the financial statements (continued)
For the year ended 31 October 2022
1
Accounting policies
(Continued)
- 6 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
1
Burnside Holiday Parks Limited
Notes to the financial statements (continued)
For the year ended 31 October 2022
- 7 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2021
1,281,507
27,691
2,156
1,311,354
Additions
11,378
998
102,906
115,282
Disposals
(58,305)
(58,305)
At 31 October 2022
1,281,507
39,069
3,154
44,601
1,368,331
Depreciation and impairment
At 1 November 2021
2,839
494
3,333
Depreciation charged in the year
5,538
790
5,100
11,428
At 31 October 2022
8,377
1,284
5,100
14,761
Carrying amount
At 31 October 2022
1,281,507
30,692
1,870
39,501
1,353,570
At 31 October 2021
1,281,507
24,852
1,662
1,308,021
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
138,491
Other debtors
30,985
1,984
30,985
140,475
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
51,923
49,798
Trade creditors
6,519
39,391
Taxation and social security
70,562
50,588
Other creditors
429,436
437,986
558,440
577,763
The bank loan is secured by a fixed and floating charge over the assets of the company.
Burnside Holiday Parks Limited
Notes to the financial statements (continued)
For the year ended 31 October 2022
- 8 -
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
886,604
923,383
The bank loan is secured by a fixed and floating charge over the assets of the company.
Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable by instalments
503,800
770,865