Registered number
10632436
ADWICK CARAVANS LIMITED
Filleted Accounts
28 February 2023
ADWICK CARAVANS LIMITED
Registered number: 10632436
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 872,896 862,769
Investments 4 150,784 150,784
1,023,680 1,013,553
Current assets
Stocks 353,461 507,201
Debtors 5 160,194 7,478
Cash at bank and in hand 165,696 160,433
679,351 675,112
Creditors: amounts falling due within one year 6 (199,218) (379,461)
Net current assets 480,133 295,651
Total assets less current liabilities 1,503,813 1,309,204
Provisions for liabilities (5,719) (46,861)
Net assets 1,498,094 1,262,343
Capital and reserves
Called up share capital 100 1
Profit and loss account 1,497,994 1,262,342
Shareholders' funds 1,498,094 1,262,343
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
W.S. Lee
Director
Approved by the board on 20 February 2024
ADWICK CARAVANS LIMITED
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery over 2 to 4 years
Motor vehicles over 4 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2022 621,062 375,633 71,720 1,068,415
Additions 242,439 8,632 7,296 258,367
Disposals - - (63,874) (63,874)
At 28 February 2023 863,501 384,265 15,142 1,262,908
Depreciation
At 1 March 2022 10,111 190,211 5,324 205,646
Charge for the year 3,370 182,497 18,460 204,327
On disposals - - (19,961) (19,961)
At 28 February 2023 13,481 372,708 3,823 390,012
Net book value
At 28 February 2023 850,020 11,557 11,319 872,896
At 28 February 2022 610,951 185,422 66,396 862,769
4 Investments
Other
investments
£
Cost
At 1 March 2022 150,784
At 28 February 2023 150,784
5 Debtors 2023 2022
£ £
Trade debtors 39,800 -
Other debtors 120,394 7,478
160,194 7,478
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 13,712 163,135
Taxation and social security costs 157,142 190,972
Other creditors 28,364 25,354
199,218 379,461
7 Related party transactions
The directors each received a dividend of £37,000 during the year. At the Balance Sheet date the company owed the directors £22,694 (2022 £22,857).
8 Controlling party
The company is controlled by the directors.
9 Other information
ADWICK CARAVANS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Toll Bar Garage
Askern Road
Toll Bar
Doncaster
DN5 0QN
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