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Registered number: 12742553
COTSWOLD COUNTRY ESTATES LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2022
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COTSWOLD COUNTRY ESTATES LIMITED
REGISTERED NUMBER: 12742553
BALANCE SHEET
AS AT 31 MARCH 2022
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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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COTSWOLD COUNTRY ESTATES LIMITED
REGISTERED NUMBER: 12742553
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022
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 income and retained earnings 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:
The notes on pages 3 to 8 form part of these financial statements.
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COTSWOLD COUNTRY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Cotswold Country Estates Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is 213 Cromford Road, Langley Mill, Nottingham, NG16 4EU.
The principal activity of the Company is that of the operation of residential home parks.
The Company is part of the Baslow Parks Limited 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 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:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.
This information is included in the consolidated financial statements of Baslow Parks Limited as at 31 March 2022 and these financial statements may be obtained from Companies House.
The Directors have considered the going concern basis in preparing these financial statements.
The current plans and forecasts indicate that the company will require the continued support of the Group for the foreseeable future and the Directors are confident that the Group has the intention and ability to provide the support required.
Accordingly the Directors consider it appropriate to prepare the financial statements on the going concern basis and no adjustments have been made should the Company not be able to continue as a going concern.
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COTSWOLD COUNTRY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Recharge of expenses
The recharge of expenses are recognised on an accruals basis in the period to which they relate.
Rental income
Rental income is recognised on an accruals basis in the period to which it relates.
Commissions receivable
Commissions are recorded when the private owner occupier sells their park home and a new Mobile Home Act Agreement is transferred to the new owner
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
The tax expense for the year comprises corporation and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 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.
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COTSWOLD COUNTRY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
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.
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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.
Stocks 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.
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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.
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COTSWOLD COUNTRY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price.
In any circumstances where there is a potential liability and the amount cannot be estimated reliably then a contingent liability is disclosed.
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 Income and Retained Earnings.
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The average monthly number of employees, including directors, during the year was 2 (2021 - 2).
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COTSWOLD COUNTRY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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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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Accruals and deferred income
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Allotted, called up and fully paid
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1 (2021 - 1) Ordinary share of £1.00
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The Company is jointly and severally liable in respect of the Parent Company’s bank loan facility, which comprises a revolving loan facility with a maximum drawdown of £25m. This is secured by fixed and floating charges over all the property or undertakings of the Company. At the end of the year the total amount drawn down amounts to £22.25m (2021 - £10m).
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COTSWOLD COUNTRY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Related party transactions
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During the year the Company continued the intercompany loan with its Parent. The balance is interest free, repayable on demand and shown in creditors. The amount owed to the Parent at year end was £5,843,386 (2021 - £6,129,475). The Company also had intercompany loans with companies under common control, the balance is interest free and repayable on demand. The amounts owed by the Company at 31 March 2022 was £7,650 (2021 - £1,735) and this is shown in creditors. The amounts owed to the Company at 31 March 2022 was £20,503 (2021 - £Nil) and this is shown in debtors.
Management charges paid to group companies amount to £50,000 (2021 - £103,076) are on normal commercial terms.
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The Company's Immediate Parent is Baslow Holdings Developments Limited, by way of its 100% shareholding in the Company. The Ultimate Parent is Baslow Parks Limited.
The Ultimate Controlling Parties are Mr A J Barney and Mrs D M Barney by way of their 100% shareholding in Baslow Parks Limited, who is the 100% shareholder of Baslow Holdings Developments Limited.
The auditors' report on the financial statements for the year ended 31 March 2022 was qualified.
The qualification in the audit report was as follows:
We were appointed as auditors of the company on 5 May 2021 and thus did not observe the counting of the physical inventories at 31 March 2021. We were unable to satisfy ourselves by alternative means concerning stock quantities held at 31 March 2021. Stock values recorded in the balance sheet at 31 March 2021 were £29,000.
Since stock enters into the determination of financial perforamce we were unable to determine whether adjustments might have been neccessary in respect of the profit for the year reported in teh Statement of Comprehensive Income.
The audit report was signed on 31 March 2023 by Jayson Lawson (Senior Statutory Auditor) on behalf of Ensors Accountants LLP.
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