Company registration number 11074034 (England and Wales)
STANDOUT CAMPERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
PAGES FOR FILING WITH REGISTRAR
STANDOUT CAMPERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
STANDOUT CAMPERS LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2021
31 October 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
63,275
42,574
Current assets
Stocks
91,000
59,000
Debtors
4
21,742
10,090
Cash at bank and in hand
30
13,380
112,772
82,470
Creditors: amounts falling due within one year
5
(188,287)
(152,948)
Net current liabilities
(75,515)
(70,478)
Total assets less current liabilities
(12,240)
(27,904)
Creditors: amounts falling due after more than one year
6
(193,102)
(105,909)
Net liabilities
(205,342)
(133,813)
Capital and reserves
Called up share capital
7
4
4
Profit and loss reserves
(205,346)
(133,817)
Total equity
(205,342)
(133,813)

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 October 2021 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.

STANDOUT CAMPERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2021
31 October 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 September 2022 and are signed on its behalf by:
Mr G J Webb
Director
Company Registration No. 11074034
STANDOUT CAMPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
- 3 -
1
Accounting policies
Company information

Standout Campers Limited is a private company limited by shares incorporated in England and Wales. The registered office is Old School House, 2 Brereton Close, West Buckland, Devon, EX32 0SG.

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
Going concern

The company's business has been impacted by government measures in response to the Covid-19 pandemic, with turnover and profitability reduced during the 2 years ended 31 October 2021 compared to the preceding year. Financing was arranged via the Coronavirus Business Interruption Loan Scheme, which supported the company's trade. The directors are projecting an improvement in performance and the ability of the company to continue trading within existing financing facilities, which include loans from the directors themselves. On the basis of those projections, the directors have prepared the financial statements on a going concern basis.

1.3
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. 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 dispatch 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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance basis
Motor vehicles
25% reducing balance basis

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
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.

STANDOUT CAMPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
1
Accounting policies
(Continued)
- 4 -
1.6
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 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.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.9
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.

STANDOUT CAMPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
8
9
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2020
59,144
Additions
40,161
At 31 October 2021
99,305
Depreciation and impairment
At 1 November 2020
16,570
Depreciation charged in the year
19,460
At 31 October 2021
36,030
Carrying amount
At 31 October 2021
63,275
At 31 October 2020
42,574
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
12,337
685
Other debtors
9,405
9,405
21,742
10,090
STANDOUT CAMPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 6 -
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
50,201
19,062
Taxation and social security
50,364
30,566
Other creditors
87,722
103,320
188,287
152,948

Bank loans and overdrafts are secured over the company's assets.

 

Included in other creditors are hire purchase and finance lease balances of £16,741 (2020 £11,121) which are secured on the assets concerned.

 

Finance lease obligations of £7,921 (2020 £7,921) are guaranteed by the directors.

6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
151,951
79,346
Other creditors
41,151
26,563
193,102
105,909

Bank loans are secured over the company's assets.

 

Included in other creditors are hire purchase and finance lease balances of £41,151 (2020 £25,563) which are secured on the assets concerned.

 

Finance lease obligations of £3,961 (2020 £11,882) are guaranteed by the directors.

7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4
4
4
4
STANDOUT CAMPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 7 -
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2021
2020
£
£
Within one year
6,835
-
0
Between two and five years
18,796
-
0
25,631
-
0
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