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REGISTERED NUMBER: 06651531 (England and Wales)
















Newport Caravans Limited

Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 30 November 2023






Newport Caravans Limited (Registered number: 06651531)







Contents of the Financial Statements

for the Year Ended 30 November 2023





Page



Company Information  

1



Strategic Report  

2



Report of the Directors  

4



Report of the Independent Auditors  

6



Statement of Comprehensive Income

10



Statement of Financial Position  

11



Statement of Changes in Equity  

12



Statement of Cash Flows  

13



Notes to the Statement of Cash Flows  

14



Notes to the Financial Statements

16




Newport Caravans Limited


Company Information

for the Year Ended 30 November 2023









DIRECTORS:

R W Lynch


M K Massey





REGISTERED OFFICE:

4 King Square


Bridgwater


Somerset


TA6 3YF





REGISTERED NUMBER:

06651531 (England and Wales)





AUDITORS:

Maxwells


Chartered Accountants


and Statutory Auditor


4 King Square


Bridgwater


Somerset


TA6 3YF





BANKERS:

National Westminster Bank plc


89 High Street


Weston-super-Mare


Somerset


BS23 1JW


Newport Caravans Limited (Registered number: 06651531)


Strategic Report

for the Year Ended 30 November 2023


The directors present their strategic report for the year ended 30 November 2023.


REVIEW OF BUSINESS

The results reflect an increased level of activity during the year, although there were still delays in the supply of new caravans and motor homes from the manufacturers. The directors remain convinced that we are continuing to build a company that has a firm base from which we can deliver future expansion and profits. All employees and management have worked hard during the year to generate a reasonable profit, and a great deal of credit is due to them all for their continuing support.


Financial Performance


     2023  

£'000


     2022  

£'000


   Change  

£'000


%



Turnover


16,221


15,206


1,015


7%


Gross Profit


2,698


2,857


161


(6)%


Profit/(loss) before tax


407


638


231


(36)%



Strategy

Going forward we will continue with our plans to increase the number of customers for all of our departments.


The directors are confident that the company has an excellent range of caravans, motor-homes and associated  products, although we are always looking to review and strengthen the product base.


Turnover

The increase in turnover reflects increased market share and an increase in caravan sales from prior years.


Gross profit

The decrease in gross profit is a consequence of reduced margins on the sale of caravans reflecting demand reducing back to normal expectations.


Operating costs

Our operating costs increased during the year reflecting the higher level of activity and inflationary pressures. .The directors are continually reviewing the overheads  and monitoring the current economic climate. The company did not benefit from any government grants during the year,


Capital expenditure

We continue to invest to improve the company. Our main expenditure during the year was the acquisition of new vehicles.


Performance indicators

The directors monitor key performance indicators in addition to the more traditional financial statements and sales pipeline information that is provided to the board each month.

Our underlying sales performance shows an increase in caravan sales and service income, while shop and motor-home sales were fairly static compared to the previous year.



Newport Caravans Limited (Registered number: 06651531)


Strategic Report

for the Year Ended 30 November 2023


PRINCIPAL RISKS AND UNCERTAINTIES

Principal risks

We recognise that stock valuation and stock turnover are the key to our profitability and management monitors these areas on a regular basis. Our fixed overheads and staffing levels are under constant review to enable us to respond to any downturn or upturn in the market that may require an overhead adjustment. All areas of our business review stock values on a regular basis, and adjustments are and will be made for slow moving and obsolete items.


PRINCIPAL RISKS AND UNCERTAINTIES


The company uses various financial instruments. These include loans, cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.


The existence of these financial instruments exposes the company to a number of financial risks, which are described below in more detail.


The main risks arising are cash flow interest rate risk, credit risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years.


Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The maturity of any borrowings is set out in the notes to the financial statements.


Climate sustainability

As a business supplying and servicing goods for use in the leisure industry we feel a need to take actions where possible to reduce our impact on the climate and work towards being a sustainable business. We are using energy efficient boilers for areas where heating is required, and these are regularly serviced. Additionally we have made the business decision that where possible for all packaging and paper materials  we will try and purchase recyclable products to reduce the amount of waste going to landfill.The directors are constantly working to reduce the company's carbon emissions where possible and this also has an impact on reducing costs which directly affect the companys profitability.


Interest rate risk

The company finances its operations through a mixture of retained profits and asset finance. The exposure to interest rate fluctuations on borrowings is managed by the use of fixed facilities.


Credit risk

The company's principal financial assets are cash and trade debtors. The credit risk associated with cash is limited. The principal credit risk arises therefore from its trade debtors which are widely spread and again the risk is limited.


At 30 November 2023 and 2022 there was no concentration of credit risk with exposure being spread over a large number of customers.


ON BEHALF OF THE BOARD:






R W Lynch - Director



19 March 2024


Newport Caravans Limited (Registered number: 06651531)


Report of the Directors

for the Year Ended 30 November 2023


The directors present their report with the financial statements of the company for the year ended 30 November 2023.


PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the sale of caravans, motor-homes and accessories.

DIVIDENDS

The total distribution of dividends for the year end 30 November 2023 will be £260,000.


DIRECTORS

The directors during the year under review were:


R W Lynch

M K Massey


The beneficial interests of the directors holding office on 30 November 2023 in the issued share capital of the company were as follows:


30.11.23


1.12.22

'A' Ordinary £1 shares



R W Lynch

-


-



M K Massey

5,000


5,000




'B' Ordinary £1 shares



R W Lynch

4,000


4,000



M K Massey

-


-




'C ' Ordinary £1 shares



R W Lynch

1,000


1,000



M K Massey

-


-




STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


Newport Caravans Limited (Registered number: 06651531)


Report of the Directors

for the Year Ended 30 November 2023



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 company's auditors are 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 company's auditors are aware of that information.

AUDITORS

The auditors,  Maxwells, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:






R W Lynch - Director



19 March 2024


Report of the Independent Auditors to the Members of

Newport Caravans Limited


Opinion

We have audited the financial statements of Newport Caravans Limited (the 'company') for the year ended 30 November 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its 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

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern

In auditing the financial statements, we 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 we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.


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


Other information

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


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


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


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.


Report of the Independent Auditors to the Members of

Newport Caravans Limited



Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.


We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the 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

-

we have not received all the information and explanations we require for our 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 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 company or to cease operations, or have no realistic alternative but to do so.


Report of the Independent Auditors to the Members of

Newport Caravans Limited



Auditors' responsibilities for the audit of the financial statements

Our 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 Auditors that includes our 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.


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


Identifying and assessing potential risks to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:


- Obtaining an understanding of the nature of the industry and sector in which the business operates and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company.

- Enquiring of management, including reviewing supporting documentation concerning the company's policies and procedures relating to:

a) Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance.

b) Detecting and responding to the risks of fraud and whether they have knowledge of any factual, suspected or alleged fraud.

c) The internal controls established to mitigate risks related to fraud or non- compliance with laws and regulations

- Discussing with the audit engagement team regarding how and where fraud might occur in the financial statements and potential indications of fraud.


Audit response to risks identified

As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or non-compliance with laws and regulations.


Our procedures to respond to risks identified included the following:

- Enquiring of management and those charged with governance concerning actual and potential litigation and claims.

- Reviewing minutes of meetings of those charged with governance and reviewing correspondence with HMRC.

- Performing analytical review procedures to identify and unusual or unexpected transactions that may indicate risks of material misstatement due to fraud.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.


There are inherent limitations in our audit procedures described above. The more removed those laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.


Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our 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 our Report of the Auditors.


Report of the Independent Auditors to the Members of

Newport Caravans Limited



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





Nigel Blannin (Senior Statutory Auditor)

for and on behalf of Maxwells

Chartered Accountants

and Statutory Auditor

4 King Square

Bridgwater

Somerset

TA6 3YF


19 March 2024


Newport Caravans Limited (Registered number: 06651531)


Statement of Comprehensive Income

for the Year Ended 30 November 2023



30.11.23


30.11.22


Notes

£   

£   



TURNOVER

16,221,881


15,206,141




Cost of sales

13,524,132


12,349,577



GROSS PROFIT

2,697,749


2,856,564




Administrative expenses

2,279,362


2,206,169



418,387


650,395




Other operating income

-


849



OPERATING PROFIT

5

418,387


651,244




Interest receivable and similar income

4,299


2,220



422,686


653,464




Interest payable and similar expenses

6

15,639


15,425



PROFIT BEFORE TAXATION

407,047


638,039




Tax on profit

7

105,284


118,051



PROFIT FOR THE FINANCIAL YEAR

301,763


519,988




OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

301,763


519,988




Newport Caravans Limited (Registered number: 06651531)


Statement of Financial Position

30 November 2023



30.11.23

30.11.22



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

9

247,566


198,962




CURRENT ASSETS

Stocks

10

5,104,627


2,330,656



Debtors

11

400,789


186,815



Cash at bank

852,931


925,634



6,358,347


3,443,105



CREDITORS

Amounts falling due within one year

12

5,029,089


2,023,946



NET CURRENT ASSETS

1,329,258


1,419,159



TOTAL ASSETS LESS CURRENT

LIABILITIES

1,576,824


1,618,121




CREDITORS

Amounts falling due after more than one

year

13

(277,405

)

(385,315

)



PROVISIONS FOR LIABILITIES

17

(60,850

)

(36,000

)


NET ASSETS

1,238,569


1,196,806




CAPITAL AND RESERVES

Called up share capital

18

10,000


10,000



Capital redemption reserve

19

90,000


90,000



Retained earnings

19

1,138,569


1,096,806



SHAREHOLDERS' FUNDS

1,238,569


1,196,806




The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2024 and were signed on its behalf by:





R W Lynch - Director




M K Massey - Director



Newport Caravans Limited (Registered number: 06651531)


Statement of Changes in Equity

for the Year Ended 30 November 2023



Called up


Capital



share


Retained


redemption


Total


capital


earnings


reserve


equity

£   

£   

£   

£   


Balance at 1 December 2021

10,000


936,818


90,000


1,036,818




Changes in equity

Dividends

-


(360,000

)

-


(360,000

)


Total comprehensive income

-


519,988


-


519,988



Balance at 30 November 2022

10,000


1,096,806


90,000


1,196,806




Changes in equity

Dividends

-


(260,000

)

-


(260,000

)


Total comprehensive income

-


301,763


-


301,763



Balance at 30 November 2023

10,000


1,138,569


90,000


1,238,569




Newport Caravans Limited (Registered number: 06651531)


Statement of Cash Flows

for the Year Ended 30 November 2023



30.11.23


30.11.22


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

597,482


(274,895

)


Interest paid

(12,994

)

(13,962

)


Interest element of hire purchase payments

paid

(2,645

)

(1,463

)


Tax paid

(302,723

)

(115,919

)


Net cash from operating activities

279,120


(406,239

)



Cash flows from investing activities

Purchase of tangible fixed assets

(122,507

)

(43,657

)


Sale of tangible fixed assets

11,500


3,600



Interest received

4,299


2,220



Net cash from investing activities

(106,708

)

(37,837

)



Cash flows from financing activities

New loans in year

64,740


35,000



Capital repayments in year

17,053


(1,463

)


Amount introduced by directors

260,000


228,000



Amount withdrawn by directors

(324,675

)

(127,042

)


Equity dividends paid

(260,000

)

(360,000

)


Net cash from financing activities

(242,882

)

(225,505

)



Decrease in cash and cash equivalents

(70,470

)

(669,581

)


Cash and cash equivalents at beginning of

year

2

916,721


1,586,302




Cash and cash equivalents at end of year

2

846,251


916,721




Newport Caravans Limited (Registered number: 06651531)


Notes to the Statement of Cash Flows

for the Year Ended 30 November 2023


1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM

OPERATIONS


30.11.23


30.11.22

£   

£   



Profit before taxation

407,047


638,039




Depreciation charges

66,882


58,511




Profit on disposal of fixed assets

(4,479

)

(2,365

)



Finance costs

15,639


15,425




Finance income

(4,299

)

(2,220

)


480,790


707,390




Increase in stocks

(2,773,971

)

(495,341

)



Increase in trade and other debtors

(166,359

)

(37,977

)



Increase/(decrease) in trade and other creditors

3,057,022


(448,967

)



Cash generated from operations

597,482


(274,895

)



2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:



Year ended 30 November 2023


30.11.23


1.12.22

£   

£   



Cash and cash equivalents

852,931


925,634




Bank overdrafts

(6,680

)

(8,913

)


846,251


916,721




Year ended 30 November 2022


30.11.22


1.12.21

£   

£   



Cash and cash equivalents

925,634


1,590,066




Bank overdrafts

(8,913

)

(3,764

)


916,721


1,586,302





Newport Caravans Limited (Registered number: 06651531)


Notes to the Statement of Cash Flows

for the Year Ended 30 November 2023


3.

ANALYSIS OF CHANGES IN NET FUNDS



At 1.12.22

Cash flow

At 30.11.23

£   

£   

£   



Net cash



Cash at bank

925,634


(72,703

)

852,931




Bank overdrafts

(8,913

)

2,233


(6,680

)


916,721


(70,470

)

846,251




Debt


Finance leases

(102,968

)

(17,053

)

(120,021

)



Debts falling due within 1 year

(100,000

)

-


(100,000

)



Debts falling due after 1 year

(320,000

)

120,000


(200,000

)


(522,968

)

102,947


(420,021

)



Total

393,753


32,477


426,230




Newport Caravans Limited (Registered number: 06651531)


Notes to the Financial Statements

for the Year Ended 30 November 2023


1.

STATUTORY INFORMATION



Newport Caravans 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 Company Information page.


2.

STATEMENT OF COMPLIANCE



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.  


3.

ACCOUNTING POLICIES



Basis of preparing the financial statements


The financial statements have been prepared under the historical cost convention.



The financial statements have been prepared in accordance with applicable Accounting Standards and estimation techniques, and on a going concern basis.



Critical accounting judgements and key sources of estimation uncertainty

In applying the company's accounting policies, which are described in note 3, management is required to make:

- judgements (other than those involving estimations) that have a significant impact on the amounts recognised; and

- estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods


Turnover

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


Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.  


Plant and machinery

-

25% on reducing balance


Motor vehicles

-

25% on reducing balance


Computer equipment

-

25% 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 Statement of Comprehensive Income, 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 statement of financial position date.


Newport Caravans Limited (Registered number: 06651531)


Notes to the Financial Statements - continued

for the Year Ended 30 November 2023


3.

ACCOUNTING POLICIES - continued


Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.

EMPLOYEES AND DIRECTORS


30.11.23


30.11.22

£   

£   



Wages and salaries

1,183,174


1,191,381




Social security costs

112,204


114,957




Other pension costs

142,196


143,297



1,437,574


1,449,635





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


30.11.23


30.11.22



Management and administration

13


13




Other staff

38


39



51


52





30.11.23


30.11.22

£   

£   



Directors' remuneration

40,000


40,000




Directors' pension contributions to money purchase schemes  

120,000


39,534





The number of directors to whom retirement benefits were accruing was as follows:



Money purchase schemes

2


2




Newport Caravans Limited (Registered number: 06651531)


Notes to the Financial Statements - continued

for the Year Ended 30 November 2023


5.

OPERATING PROFIT



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



30.11.23


30.11.22

£   

£   



Other operating leases

207,532


155,745




Depreciation - owned assets

29,743


29,982




Depreciation - assets on hire purchase contracts

37,139


28,529




Profit on disposal of fixed assets

(4,479

)

(2,365

)



Auditors' remuneration

8,500


8,000




Auditors' remuneration for non audit work

8,355


9,455




6.

INTEREST PAYABLE AND SIMILAR EXPENSES



30.11.23


30.11.22

£   

£   



Bank interest

6,496


1,421




Bank loan interest

6,498


12,541




Hire purchase

2,645


1,463



15,639


15,425




7.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


30.11.23


30.11.22

£   

£   



Current tax:


UK corporation tax

80,434


121,051





Deferred tax

24,850


(3,000

)



Tax on profit

105,284


118,051





UK corporation tax has been charged at 25% (2022 - 19%).



Reconciliation of total tax charge included in profit and loss


The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:



30.11.23


30.11.22

£   

£   



Profit before tax

407,047


638,039




Profit multiplied by the standard rate of corporation tax in the UK of 25%

(2022 - 19%)  

101,762


121,227





Effects of:


Expenses not deductible for tax purposes

44


126




Capital allowances in excess of depreciation

-


(3,302

)



Depreciation in excess of capital allowances

3,478


-




Total tax charge

105,284


118,051




Newport Caravans Limited (Registered number: 06651531)


Notes to the Financial Statements - continued

for the Year Ended 30 November 2023


8.

DIVIDENDS


30.11.23


30.11.22

£   

£   



'A' Ordinary shares of £1 each


Interim

130,000


180,000




'B' Ordinary shares of £1 each


Interim

65,000


90,000




'C ' Ordinary shares of £1 each


Interim

65,000


90,000



260,000


360,000




9.

TANGIBLE FIXED ASSETS


Plant and


Motor


Computer



machinery


vehicles


equipment


Totals

£   

£   

£   

£   



COST


At 1 December 2022

375,216


222,484


111,170


708,870




Additions

5,630


108,312


8,565


122,507




Disposals

-


(23,154

)

-


(23,154

)



At 30 November 2023

380,846


307,642


119,735


808,223




DEPRECIATION


At 1 December 2022

310,755


112,063


87,090


509,908




Charge for year

17,832


40,889


8,161


66,882




Eliminated on disposal

-


(16,133

)

-


(16,133

)



At 30 November 2023

328,587


136,819


95,251


560,657




NET BOOK VALUE


At 30 November 2023

52,259


170,823


24,484


247,566




At 30 November 2022

64,461


110,421


24,080


198,962




Newport Caravans Limited (Registered number: 06651531)


Notes to the Financial Statements - continued

for the Year Ended 30 November 2023


9.

TANGIBLE FIXED ASSETS - continued



Fixed assets, included in the above, which are held under hire purchase contracts are as follows:


Motor


Computer



vehicles


equipment


Totals

£   

£   

£   



COST


At 1 December 2022

174,034


20,663


194,697




Additions

108,312


-


108,312




Transfer to ownership

(72,639

)

(20,663

)

(93,302

)



At 30 November 2023

209,707


-


209,707




DEPRECIATION


At 1 December 2022

69,300


16,474


85,774




Charge for year

37,139


-


37,139




Transfer to ownership

(44,597

)

(16,474

)

(61,071

)



At 30 November 2023

61,842


-


61,842




NET BOOK VALUE


At 30 November 2023

147,865


-


147,865




At 30 November 2022

104,734


4,189


108,923




10.

STOCKS


30.11.23


30.11.22

£   

£   



Caravan stocks

3,028,608


1,619,920




Shop & workshop stock

135,060


144,926




Motorhome stocks

1,940,959


565,810



5,104,627


2,330,656




New caravans and motorhomes purchased with stocking loans are recognised as stock by the company upon delivery, along with a corresponding liability. The purchase agreement enables the company to receive stock with payment becoming due on the earlier of adoption or 180 days. The amount of stock held on stocking loans in the above amounts to £3,607,067 (2022: £1,045,459), net of VAT.

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



30.11.23


30.11.22

£   

£   



Trade debtors

77,970


96,324




Directors' current accounts

117,479


69,865




Tax

181,672


-




Prepayments and accrued income

23,668


20,626



400,789


186,815




Newport Caravans Limited (Registered number: 06651531)


Notes to the Financial Statements - continued

for the Year Ended 30 November 2023


12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



30.11.23


30.11.22

£   

£   



Bank loans and overdrafts (see note 14)

106,680


108,913




Hire purchase contracts  (see note 15)

42,616


37,653




Stocking loans

4,225,206


1,220,914




Trade creditors

501,451


330,507




Corporation Tax

80,434


121,051




Social security and other taxes

26,752


121,509




Other creditors

4,500


-




Directors' current accounts

10,398


27,459




Accruals and deferred income

31,052


55,940



5,029,089


2,023,946




13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR



30.11.23


30.11.22

£   

£   



Bank loans (see note 14)

200,000


320,000




Hire purchase contracts  (see note 15)

77,405


65,315



277,405


385,315




14.

LOANS



An analysis of the maturity of loans is given below:



30.11.23


30.11.22

£   

£   



Amounts falling due within one year or on demand:


Bank overdrafts

6,680


8,913




Bank loans

100,000


100,000



106,680


108,913





Amounts falling due between one and two years:


Bank loans

100,000


100,000





Amounts falling due between two and five years:


Bank loans

100,000


220,000




Newport Caravans Limited (Registered number: 06651531)


Notes to the Financial Statements - continued

for the Year Ended 30 November 2023


15.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Hire purchase contracts



30.11.23


30.11.22


£   

£   



Net obligations repayable:


Within one year

42,616


37,653




Between one and five years

77,405


65,315



120,021


102,968





Non-cancellable

operating leases



30.11.23


30.11.22

£   

£   



Within one year

45,000


45,000




Between one and five years

35,423


-




In more than five years

770,000


880,000



850,423


925,000




16.

SECURED DEBTS



The following secured debts are included within creditors:



30.11.23


30.11.22

£   

£   



Bank loans

300,000


420,000




Hire purchase contracts

120,021


102,968




Stocking loans

4,225,206


1,220,914



4,645,227


1,743,882





Amounts due under hire purchase contracts are secured over the specific financed assets.



Stocking loans are secured against the specific caravan stock financed.



Bank loans are secured by a charge over the assets of the company except for 70% of the CBILS loan (£210,000) which is backed by HM Government.


17.

PROVISIONS FOR LIABILITIES


30.11.23


30.11.22

£   

£   



Deferred tax

60,850


36,000




Newport Caravans Limited (Registered number: 06651531)


Notes to the Financial Statements - continued

for the Year Ended 30 November 2023


17.

PROVISIONS FOR LIABILITIES - continued



Deferred



tax


£   



Balance at 1 December 2022

36,000




Charge to Statement of Comprehensive Income during year

24,850




Balance at 30 November 2023

60,850




18.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

30.11.23


30.11.22


value:

£   

£   



5,000

'A' Ordinary

£1

5,000


5,000




4,000

'B' Ordinary

£1

4,000


4,000




1,000

'C ' Ordinary

£1

1,000


1,000



10,000


10,000




The classes of ordinary shares rank equally in all respects.

19.

RESERVES


Capital



Retained


redemption



earnings


reserve


Totals

£   

£   

£   




At 1 December 2022

1,096,806


90,000


1,186,806




Profit for the year

301,763


301,763




Dividends

(260,000

)

(260,000

)



At 30 November 2023

1,138,569


90,000


1,228,569




20.

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES



The following advances and credits to directors subsisted during the years ended 30 November 2023 and 30 November 2022:



30.11.23


30.11.22

£   

£   



R W Lynch


Balance outstanding at start of year

(27,459

)

30,394




Amounts advanced

147,061


56,147




Amounts repaid

(130,000

)

(114,000

)



Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

(10,398

)

(27,459

)



Newport Caravans Limited (Registered number: 06651531)


Notes to the Financial Statements - continued

for the Year Ended 30 November 2023


20.

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued



M K Massey


Balance outstanding at start of year

69,865


112,970




Amounts advanced

177,614


70,895




Amounts repaid

(130,000

)

(114,000

)



Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

117,479


69,865




21.

RELATED PARTY DISCLOSURES



The company pays rent to Newport Caravans Limited Directors Pension Scheme, a scheme controlled by the directors, amounting to £45,000 per year. This rent is at arms length and current market value.


22.

ULTIMATE CONTROLLING PARTY



The company is controlled by the directors.