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REGISTERED NUMBER: 02079462 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

FOR

LUXIHOMES LIMITED

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3 to 4

Report of the Independent Auditor 5 to 7

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10 to 11

Company Balance Sheet 12 to 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow
Statement

17


to


18

Notes to the Consolidated Financial
Statements

19


to


31


LUXIHOMES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTORS: J G Hesp
M Gillett
K R Smalley
A P Machin





SECRETARY: Mrs A J Hesp





REGISTERED OFFICE: Bridlington Caravan Centre
Bessingby Way
Bessingby Industrial Estate
BRIDLINGTON
E. Yorks
YO16 4SJ





REGISTERED NUMBER: 02079462 (England and Wales)





AUDITOR: Rusling & Co Limited
The Bloc
Springfield Way
Anlaby
Hull
E. Yorks
HU10 6RJ

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

The directors present their strategic report of the company and the group for the year ended 31 January 2023.

REVIEW OF BUSINESS
The financial year ended 31st January 2023 showed excellent turnover £13,491,776 (2022 £10,784,400), a growth of 25.1% and good profits£1,622,123 (2022 £991,804) including the sale of Brickyard Lakes Country Park in which Luxihomes Limited was an equal third partner. The continuous investment in North Lakes Country Park, £778,000 to date, has brought the park to a high specification with a thoroughly modern infrastructure that will enable Luxihomes to replenish the funds invested and secure future profitability. Luxihomes Limited has also invested in a company (50%) with a business partner where the development will be self-funding from current business interests.

ON BEHALF OF THE BOARD:





J G Hesp - Director


13 September 2023

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 January 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the sale, transport and siting of caravans and lodges.

DIVIDENDS
An interim dividend of £601.6416 per share was paid on the A Ordinary Shares £1 shares on 16 February 2022. No dividends were paid on the Ordinary £1 shares.

The total distribution of dividends for the year ended 31 January 2023 will be £ 376,026 .

FUTURE DEVELOPMENTS
Luxihomes Limited has just completed on the purchase of Flower Dell Limited, which is a luxury lodge park in Richmond, North Yorkshire, with the intention of adding additional rental opportunities and static caravans for sale. Luxihomes Limited is also considering another industry based acquisition.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2022 to the date of this report.

J G Hesp
M Gillett
K R Smalley
A P Machin

RISK AND UNCERTAINTIES
There will doubtless be some impact on current business levels due to the cost of living crisis, inflation, interest rate increases and the industry has overproduced which will result in likely reduction of both sales volumes and profit margins. At dealer level there is generally too much stock at this point in time which will require careful management through 2023/2024. Management has had experience of downturns in the industry previously, having being involved in it for over 100 years between them, and use techniques gained to mitigate any exposure wherever possible.


LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditor is unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditor is aware of that information.

AUDITOR
The auditor, Rusling & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J G Hesp - Director


13 September 2023

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF
LUXIHOMES LIMITED

Opinion
I have audited the financial statements of Luxihomes Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 my opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 January 2023 and of the group's 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
I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. My responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of my report. I am independent of the group in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK, including the FRC's Ethical Standard, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Conclusions relating to going concern
In auditing the financial statements, I have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work I have performed, I have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

My responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF
LUXIHOMES LIMITED


Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and my Report of the Auditor thereon.

My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon.

In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact. I have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In my opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which I am required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, I have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

I have nothing to report in respect of the following matters where the Companies Act 2006 requires me to report to you if, in my opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for my audit have not been received from branches not visited by me; or
- the parent company 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
- I have not received all the information and explanations I require for my audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF
LUXIHOMES LIMITED


Auditor's responsibilities for the audit of the financial statements
My 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 a Report of the Auditor that includes my 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.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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 by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of my responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of my Report of the Auditor.

Other matters which I am required to address
In the previous accounting period the directors of the company took advantage of audit exemption under s477 of the Companies Act. Therefore the prior period financial statements were not subject to audit.

Use of my 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. My audit work has been undertaken so that I might state to the company's members those matters I am required to state to them in a Report of the Auditor and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's members as a body, for my audit work, for this report, or for the opinions I have formed.




Andrew Rusling, FCA (Senior Statutory Auditor)
for and on behalf of Rusling & Co Limited
The Bloc
Springfield Way
Anlaby
Hull
E. Yorks
HU10 6RJ

13 September 2023

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2023

2023 2022
Notes £    £    £    £   

TURNOVER 13,491,776 10,784,400

Cost of sales 11,292,144 8,867,567
GROSS PROFIT 2,199,632 1,916,833

Distribution costs 344,707 294,939
Administrative expenses 884,224 793,212
1,228,931 1,088,151
970,701 828,682

Other operating income 670,224 182,391
OPERATING PROFIT 4 1,640,925 1,011,073

Income from interest in associated
undertakings

(30,969

)

-
Interest receivable and similar
income

19,606

7,139
(11,363 ) 7,139
1,629,562 1,018,212

Interest payable and similar
expenses

5

38,408

26,408
PROFIT BEFORE TAXATION 1,591,154 991,804

Tax on profit 6 162,705 180,023
PROFIT FOR THE FINANCIAL YEAR 1,428,449 811,781
Profit attributable to:
Owners of the parent 1,428,449 811,781

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,428,449 811,781


OTHER COMPREHENSIVE INCOME
Fair value adjustment 65,000 -
Income tax relating to other
comprehensive income

(12,350

)

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME
TAX


52,650


-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,481,099

811,781

Total comprehensive income attributable to:
Owners of the parent 1,481,099 811,781

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

CONSOLIDATED BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 15,000 15,000
Tangible assets 10 3,383,045 2,870,857
Investments 11
Interest in joint venture
Share of gross assets 872,288 -
Share of gross liabilities (903,207 ) -
3,367,126 2,885,857

CURRENT ASSETS
Stocks 12 6,627,384 2,270,522
Debtors 13 1,832,242 1,524,610
Cash at bank 2,680,121 2,081,683
11,139,747 5,876,815
CREDITORS
Amounts falling due within one year 14 8,918,129 4,244,036
NET CURRENT ASSETS 2,221,618 1,632,779
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,588,744

4,518,636

CREDITORS
Amounts falling due after more than
one year

15

(790,316

)

(882,248

)

PROVISIONS FOR LIABILITIES 19 (180,917 ) (123,950 )
NET ASSETS 4,617,511 3,512,438

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

CONSOLIDATED BALANCE SHEET - continued
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 20 2,500 2,500
Capital redemption reserve 21 2,500 2,500
Fair value reserve 21 144,395 91,745
Retained earnings 21 4,468,116 3,415,693
SHAREHOLDERS' FUNDS 4,617,511 3,512,438


The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2023 and were signed on its behalf by:




J G Hesp - Director



M Gillett - Director


LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

COMPANY BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 15,000 15,000
Tangible assets 10 3,383,045 2,870,857
Investments 11 550 550
3,398,595 2,886,407

CURRENT ASSETS
Stocks 12 6,627,384 2,270,522
Debtors 13 1,832,242 1,524,610
Cash at bank 2,680,121 2,081,683
11,139,747 5,876,815
CREDITORS
Amounts falling due within one year 14 8,918,629 4,244,586
NET CURRENT ASSETS 2,221,118 1,632,229
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,619,713

4,518,636

CREDITORS
Amounts falling due after more than
one year

15

(790,316

)

(882,248

)

PROVISIONS FOR LIABILITIES 19 (180,917 ) (123,950 )
NET ASSETS 4,648,480 3,512,438

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

COMPANY BALANCE SHEET - continued
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 20 2,500 2,500
Capital redemption reserve 21 2,500 2,500
Fair value reserve 21 144,395 91,745
Retained earnings 21 4,499,085 3,415,693
SHAREHOLDERS' FUNDS 4,648,480 3,512,438

Company's profit for the financial
year

1,459,418

811,781


The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2023 and were signed on its behalf by:




J G Hesp - Director



M Gillett - Director


LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023

Called up Capital Fair
share Retained redemption value Total
capital earnings reserve reserve equity
£    £    £    £    £   

Balance at 1 February 2021 2,500 2,909,874 2,500 91,745 3,006,619

Changes in equity
Dividends - (305,962 ) - - (305,962 )
Total comprehensive income - 811,781 - - 811,781
Balance at 31 January 2022 2,500 3,415,693 2,500 91,745 3,512,438

Changes in equity
Dividends - (376,026 ) - - (376,026 )
Total comprehensive income - 1,428,449 - 52,650 1,481,099
Balance at 31 January 2023 2,500 4,468,116 2,500 144,395 4,617,511

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023

Called up Capital Fair
share Retained redemption value Total
capital earnings reserve reserve equity
£    £    £    £    £   

Balance at 1 February 2021 2,500 2,909,874 2,500 91,745 3,006,619

Changes in equity
Dividends - (305,962 ) - - (305,962 )
Total comprehensive income - 811,781 - - 811,781
Balance at 31 January 2022 2,500 3,415,693 2,500 91,745 3,512,438

Changes in equity
Dividends - (376,026 ) - - (376,026 )
Total comprehensive income - 1,459,418 - 52,650 1,512,068
Balance at 31 January 2023 2,500 4,499,085 2,500 144,395 4,648,480

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,092,805 1,766,889
Interest paid (38,408 ) (26,408 )
Tax paid (127,601 ) (141,762 )
Net cash from operating activities 926,796 1,598,719

Cash flows from investing activities
Purchase of intangible fixed assets - (15,000 )
Purchase of tangible fixed assets (585,835 ) (537,414 )
Purchase of fixed asset investments 30,919 -
Sale of intangible fixed assets 667,557 -
Sale of tangible fixed assets 15,667 77,794
Interest received 19,606 7,139
Dividends received (30,969 ) -
Net cash from investing activities 116,945 (467,481 )

Cash flows from financing activities
Loan repayments in year (70,577 ) (2,101,135 )
Amount introduced by directors 1,300 -
Amount withdrawn by directors - (2,050 )
Equity dividends paid (376,026 ) (305,962 )
Net cash from financing activities (445,303 ) (2,409,147 )

Increase/(decrease) in cash and cash equivalents 598,438 (1,277,909 )
Cash and cash equivalents at
beginning of year

2

2,081,683

3,359,592

Cash and cash equivalents at end
of year

2

2,680,121

2,081,683

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 1,591,154 991,804
Depreciation charges 127,939 101,364
Profit on disposal of fixed assets (672,511 ) (28,558 )
Finance costs 38,408 26,408
Finance income 11,363 (7,139 )
1,096,353 1,083,879
(Increase)/decrease in stocks (4,356,862 ) 173,638
Increase in trade and other debtors (308,932 ) (220,054 )
Increase in trade and other creditors 4,662,246 729,426
Cash generated from operations 1,092,805 1,766,889

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2023
31/1/23 1/2/22
£    £   
Cash and cash equivalents 2,680,121 2,081,683
Year ended 31 January 2022
31/1/22 1/2/21
£    £   
Cash and cash equivalents 2,081,683 3,359,592


LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2023

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/2/22 Cash flow At 31/1/23
£    £    £   
Net cash
Cash at bank 2,081,683 598,438 2,680,121
2,081,683 598,438 2,680,121
Debt
Debts falling due within 1 year (54,240 ) (21,360 ) (75,600 )
Debts falling due after 1 year (882,248 ) 91,932 (790,316 )
(936,488 ) 70,572 (865,916 )
Total 1,145,195 669,010 1,814,205

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1. STATUTORY INFORMATION

Luxihomes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Computer software
The computer software will be written off over its useful economics life once fully operational. This is anticipated to be in the year to 31st January 2024.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Long leasehold - in accordance with the property
Plant and machinery - 33% on cost, 25% on cost, 20% on cost and 15% on cost
Motor vehicles - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Presentation currency
The Financial Statements are presented in £ Sterling.

Financial instruments
Financial Instruments comprise:

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash
Cash and cash equivalents comprises cash on hand and time, call and current balances with banks and similar institutions, which are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value. The definition is also used for the statement of cash flows.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 986,961 930,691
Social security costs 99,440 99,305
Other pension costs 45,578 36,900
1,131,979 1,066,896

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Director 4 4
Employee 21 22
25 26

2023 2022
£    £   
Directors' remuneration 377,743 381,805

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 78,208 99,970

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 7,223 4,619
Depreciation - owned assets 127,934 101,363
Profit on disposal of fixed assets (672,511 ) (28,558 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 38,408 26,408

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 118,088 127,601

Deferred tax 44,617 52,422
Tax on profit 162,705 180,023

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

6. TAXATION - continued

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Fair value adjustment 65,000 (12,350 ) 52,650

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2023 2022
£    £   
A Ordinary Shares shares of £1 each
Interim 376,026 305,962

9. INTANGIBLE FIXED ASSETS

Group
Computer
software
£   
COST
At 1 February 2022
and 31 January 2023 15,000
NET BOOK VALUE
At 31 January 2023 15,000
At 31 January 2022 15,000

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

9. INTANGIBLE FIXED ASSETS - continued

Company
Computer
software
£   
COST
At 1 February 2022
and 31 January 2023 15,000
NET BOOK VALUE
At 31 January 2023 15,000
At 31 January 2022 15,000

10. TANGIBLE FIXED ASSETS

Group
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST OR VALUATION
At 1 February 2022 2,546,423 14,842 209,306
Additions 437,342 - 8,068
Disposals - - (17,859 )
Revaluations 65,000 - -
At 31 January 2023 3,048,765 14,842 199,515
DEPRECIATION
At 1 February 2022 8,465 6,308 135,474
Charge for year 4,045 1,484 25,552
Eliminated on disposal - - (12,468 )
At 31 January 2023 12,510 7,792 148,558
NET BOOK VALUE
At 31 January 2023 3,036,255 7,050 50,957
At 31 January 2022 2,537,958 8,534 73,832

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

10. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST OR VALUATION
At 1 February 2022 18,500 535,228 3,324,299
Additions 20,954 119,471 585,835
Disposals - (44,008 ) (61,867 )
Revaluations - - 65,000
At 31 January 2023 39,454 610,691 3,913,267
DEPRECIATION
At 1 February 2022 694 302,501 453,442
Charge for year 4,870 91,983 127,934
Eliminated on disposal - (38,686 ) (51,154 )
At 31 January 2023 5,564 355,798 530,222
NET BOOK VALUE
At 31 January 2023 33,890 254,893 3,383,045
At 31 January 2022 17,806 232,727 2,870,857

Cost or valuation at 31 January 2023 is represented by:

Freehold Long Plant and
property leasehold machinery
£    £    £   
Valuation in 2020 77,938 - -
Valuation in 2023 65,000 - -
Cost 2,905,827 14,842 199,515
3,048,765 14,842 199,515

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
Valuation in 2020 - - 77,938
Valuation in 2023 - - 65,000
Cost 39,454 610,691 3,770,329
39,454 610,691 3,913,267

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

10. TANGIBLE FIXED ASSETS - continued

Company
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST OR VALUATION
At 1 February 2022 2,546,423 14,842 209,306
Additions 437,342 - 8,068
Disposals - - (17,859 )
Revaluations 65,000 - -
At 31 January 2023 3,048,765 14,842 199,515
DEPRECIATION
At 1 February 2022 8,465 6,308 135,474
Charge for year 4,045 1,484 25,552
Eliminated on disposal - - (12,468 )
At 31 January 2023 12,510 7,792 148,558
NET BOOK VALUE
At 31 January 2023 3,036,255 7,050 50,957
At 31 January 2022 2,537,958 8,534 73,832

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST OR VALUATION
At 1 February 2022 18,500 535,228 3,324,299
Additions 20,954 119,471 585,835
Disposals - (44,008 ) (61,867 )
Revaluations - - 65,000
At 31 January 2023 39,454 610,691 3,913,267
DEPRECIATION
At 1 February 2022 694 302,501 453,442
Charge for year 4,870 91,983 127,934
Eliminated on disposal - (38,686 ) (51,154 )
At 31 January 2023 5,564 355,798 530,222
NET BOOK VALUE
At 31 January 2023 33,890 254,893 3,383,045
At 31 January 2022 17,806 232,727 2,870,857

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

10. TANGIBLE FIXED ASSETS - continued

Company

Cost or valuation at 31 January 2023 is represented by:

Freehold Long Plant and
property leasehold machinery
£    £    £   
Valuation in 2020 77,938 - -
Valuation in 2023 65,000 - -
Cost 2,905,827 14,842 199,515
3,048,765 14,842 199,515

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
Valuation in 2020 - - 77,938
Valuation in 2023 - - 65,000
Cost 39,454 610,691 3,770,329
39,454 610,691 3,913,267

11. FIXED ASSET INVESTMENTS

Group
Interest
in joint
venture
£   
COST
Additions (30,919 )
At 31 January 2023 (30,919 )
NET BOOK VALUE
At 31 January 2023 (30,919 )

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

11. FIXED ASSET INVESTMENTS - continued

Company
Interest
in
associate
£   
COST
At 1 February 2022
and 31 January 2023 550
NET BOOK VALUE
At 31 January 2023 550
At 31 January 2022 550


12. STOCKS

Group Company
2023 2022 2023 2022
£    £    £    £   
Stocks 6,627,384 2,270,522 6,627,384 2,270,522

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 1,377,627 1,164,776 1,377,627 1,164,776
Other debtors 344,327 265,416 344,327 265,416
Directors' current accounts 8,142 9,442 8,142 9,442
VAT 52,062 47,014 52,062 47,014
Prepayments 50,084 37,962 50,084 37,962
1,832,242 1,524,610 1,832,242 1,524,610

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 16)
75,600

54,240

75,600

54,240
Trade creditors 8,496,358 3,808,434 8,496,358 3,808,434
Tax 118,088 127,601 118,088 127,601
Social security and other taxes 22,272 17,170 22,272 17,170
Other creditors 3,386 4,137 3,886 4,687
Accrued expenses 202,425 232,454 202,425 232,454
8,918,129 4,244,036 8,918,629 4,244,586

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 16) 790,316 882,248 790,316 882,248

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 75,600 54,240 75,600 54,240
Amounts falling due between one and two years:
Bank loans - 1-2 years 75,600 54,240 75,600 54,240
Amounts falling due between two and five years:
Bank loans - 2-5 years 226,800 162,720 226,800 162,720
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 487,916 665,288 487,916 665,288

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Company
Non-cancellable operating leases
2023 2022
£    £   
Within one year 47,607 39,000
Between one and five years 172,844 136,000
In more than five years 20,400 51,000
240,851 226,000

18. SECURED DEBTS

The following secured debts are included within creditors:

Company
2023 2022
£    £   
Bank loans 865,916 936,488

19. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 180,917 123,950 180,917 123,950

Group
Deferred
tax
£   
Balance at 1 February 2022 123,950
Capital allowances 44,617
Property revaluation 12,350
Balance at 31 January 2023 180,917

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

19. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 February 2022 123,950
Capital allowances 44,617
Property revaluation 12,350
Balance at 31 January 2023 180,917

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,875 Ordinary £1 1,875 1,875

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
625 Share capital 2 £1 625 625

21. RESERVES

Group
Capital Fair
Retained redemption value
earnings reserve reserve Totals
£    £    £    £   

At 1 February 2022 3,415,693 2,500 91,745 3,509,938
Profit for the year 1,428,449 1,428,449
Dividends (376,026 ) (376,026 )
Bonus share issue - - 52,650 52,650
At 31 January 2023 4,468,116 2,500 144,395 4,615,011

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

21. RESERVES - continued

Company
Capital Fair
Retained redemption value
earnings reserve reserve Totals
£    £    £    £   

At 1 February 2022 3,415,693 2,500 91,745 3,509,938
Profit for the year 1,459,418 1,459,418
Dividends (376,026 ) (376,026 )
Bonus share issue - - 52,650 52,650
At 31 January 2023 4,499,085 2,500 144,395 4,645,980


22. RELATED PARTY DISCLOSURES

At the period end a director owed to the company £8,142 (2022 £9,442) on a interest free basis and repayable on demand.

23. ULTIMATE CONTROLLING PARTY

The controlling party is J G Hesp.