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Registration number: 05303938

Tamar Towing & Caravans Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Tamar Towing & Caravans Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Tamar Towing & Caravans Ltd

Company Information

Directors

Mr T Paige

Mr I McNulty

Company secretary

Mrs A Paige

Registered office

The Warehouse
Marshall Road
Plymouth
Devon
PL7 1YB

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Tamar Towing & Caravans Ltd
for the Year Ended 31 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Tamar Towing & Caravans Ltd for the year ended 31 October 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Tamar Towing & Caravans Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Tamar Towing & Caravans Ltd and state those matters that we have agreed to state to the Board of Directors of Tamar Towing & Caravans Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tamar Towing & Caravans Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Tamar Towing & Caravans Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Tamar Towing & Caravans Ltd. You consider that Tamar Towing & Caravans Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Tamar Towing & Caravans Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

8 February 2024

 

Tamar Towing & Caravans Ltd

(Registration number: 05303938)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

159,279

232,758

Current assets

 

Stocks

6

2,091,064

1,639,247

Debtors

7

579,253

907,950

Cash at bank and in hand

 

426,841

456,916

 

3,097,158

3,004,113

Creditors: Amounts falling due within one year

8

(1,995,237)

(1,651,966)

Net current assets

 

1,101,921

1,352,147

Total assets less current liabilities

 

1,261,200

1,584,905

Creditors: Amounts falling due after more than one year

8

(143,111)

(201,958)

Provisions for liabilities

(38,054)

(42,796)

Net assets

 

1,080,035

1,340,151

Capital and reserves

 

Called up share capital

83

83

Capital redemption reserve

17

17

Retained earnings

1,079,935

1,340,051

Shareholders' funds

 

1,080,035

1,340,151

 

Tamar Towing & Caravans Ltd

(Registration number: 05303938)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 February 2024 and signed on its behalf by:
 

.........................................

Mr T Paige

Director

 

Tamar Towing & Caravans Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Warehouse
Marshall Road
Plymouth
Devon
PL7 1YB

These financial statements were authorised for issue by the Board on 5 February 2024.

2

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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 income 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.

 

Tamar Towing & Caravans Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

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:

Asset class

Depreciation method and rate

Motor Vehicles

25% reducing balance

Fixtures and Fittings

15% reducing balance

Website

10 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

11 years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit and loss.

 

Tamar Towing & Caravans Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2022 - 20).

 

Tamar Towing & Caravans Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

169,650

169,650

At 31 October 2023

169,650

169,650

Amortisation

At 1 November 2022

169,650

169,650

At 31 October 2023

169,650

169,650

Carrying amount

At 31 October 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

195,109

241,518

436,627

Disposals

-

(56,522)

(56,522)

At 31 October 2023

195,109

184,996

380,105

Depreciation

At 1 November 2022

110,642

93,227

203,869

Charge for the year

12,561

29,125

41,686

Eliminated on disposal

-

(24,729)

(24,729)

At 31 October 2023

123,203

97,623

220,826

Carrying amount

At 31 October 2023

71,906

87,373

159,279

At 31 October 2022

84,467

148,291

232,758

6

Stocks

2023
£

2022
£

Other inventories

2,091,064

1,639,247

 

Tamar Towing & Caravans Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

20,598

16,803

Amounts owed by group undertakings and undertakings in which the company has a participating interest

534,123

858,510

Prepayments

 

10,277

13,980

Other debtors

 

14,255

18,657

 

579,253

907,950

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

22,148

59,732

Trade creditors

 

1,773,854

1,035,678

Taxation and social security

 

38,873

159,547

Accruals and deferred income

 

56,958

109,752

Other creditors

 

103,404

287,257

 

1,995,237

1,651,966

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £22,148 (2022 - £30,566).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

143,111

201,958

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £143,111 (2022 - £201,958).

9

Parent and ultimate parent undertaking

The company's immediate parent is Tamar Leisure Holdings Ltd , incorporated in England.

  These financial statements are available upon request from 6 Houndiscombe Road, Plymouth, PL6 4HH

 The ultimate controlling party is Mr T Paige & Mr I McNulty.