REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 June 2023 |
for |
Grantham Caravans Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 June 2023 |
for |
Grantham Caravans Limited |
Grantham Caravans Limited (Registered number: 03005111) |
Contents of the Financial Statements |
for the Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Income Statement | 11 |
Other Comprehensive Income | 12 |
Balance Sheet | 13 |
Statement of Changes in Equity | 14 |
Notes to the Financial Statements | 15 |
Grantham Caravans Limited |
Company Information |
for the Year Ended 30 June 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Northgate House |
North Gate |
Nottingham |
NG7 7BQ |
Grantham Caravans Limited (Registered number: 03005111) |
Strategic Report |
for the Year Ended 30 June 2023 |
The directors present their Strategic Report for the year ended 30 June 2023. |
REVIEW OF BUSINESS |
The directors are satisfied with the company’s results and achievements in the year ended 30 June 2023. |
United under our Grantham’s brand our two trading sites at Grantham and Retford have produced encouraging results despite an uncertain post-Covid economy, rising costs and much increased interest rates. We have continued our strategy of diversification into related leisure products and services. |
Having finally secured the purchase of additional freehold land adjacent to our Grantham site, we were able to commence building our new workshop facilities that will enable a very significant expansion of our repair business and the re-development of our customer areas. This investment will exceed £500,000. |
The year has seen a very large expansion of our parts and accessories business (£1.35m sales; +62%) brought about by focused management and high quality marketing. The majority of this increase came through e-commerce channels. We plan to further expand this area of our business. |
The company’s development into the sale of new and used motorhomes has been successful and these products will become a more important part of our future. |
The company has maintained its position in the UK touring caravan market which has returned to pre-Covid levels. The company will maintain this position through high quality marketing, careful product selection and a focus on customer satisfaction. |
The company will continue its policy of diversification within the leisure industry to reduce dependence on a particular sector. |
PRINCIPAL RISKS AND UNCERTAINTIES |
It is clear that world events, such as the invasion of Ukraine, with their consequential effects on interest rates and world commodity prices affect the appetite of consumers to purchase big ticket items which are discretionary. |
Equally, these events adversely affect the business’s costs which cannot be passed onto the consumer because of the competitive nature of the industry. |
Further, substantial increases in personnel costs and corporate taxation restrict the business’s ability to accumulate surpluses which can be used to finance growth. |
Whilst the business is supported by an excellent team, it remains the case that recruitment of team members to support our planned expansion reveals a lack of candidates with appropriate skills and attitudes. Hence, we continue to recruit and train new recruits to our own standards. |
KEY PERFORMANCE INDICATORS |
- To maintain satisfactory financial liquidity. The company has maintained satisfactory financial liquidity through careful cost control and careful financial planning. This strategy will continue. |
- To balance gross margin and personnel costs. This indicator is constantly monitored and it is at an acceptable level. |
- To maintain a high level of customer satisfaction. This indicator has improved, and remains at a satisfactory level because of investment in training and improved processes. |
Grantham Caravans Limited (Registered number: 03005111) |
Strategic Report |
for the Year Ended 30 June 2023 |
EMPLOYEE DETAILS |
Employee gender diversity: |
Company directors: 2 female, 2 male |
Senior personnel: 1 female, 4 male |
Other employees: 11 female, 17 male |
The company is satisfied with its record on gender diversity. Our recruitment process continues to adopt a scrupulous policy of employing the best candidate for the role. It is notable that female candidates infrequently apply for the positions of workshop technicians. |
Whilst communication with team members continues through informal channels, a monthly newsletter keeps everyone informed of events and developments. |
ENVIRONMENTAL CONSIDERATIONS |
The direct impact of the company’s activities on the environment is limited by its size and the nature of its operations. The directors are mindful of the need to protect the environment and are committed to controlling the business’s impact on the wider environment. |
Electricity: |
Lighting is provided through LED fittings. The company does not have a method of producing electricity but the newly built workshop’s roof will eventually be used for power generation through solar panels. This will substantially reduce our consumption of power from the grid. |
Oil: |
Oil fired space heaters are used where there is no practical alternative to providing directional heat. Their use has been reduced in the current year and the new workshop facility has been built to standards that will require minimal heating. |
Air source heating: |
This technology is used in the company’s principal customer area. |
Chemicals: |
The company used only small amounts of chemicals, all of which comply with British environmental standards. |
Waste disposal: |
Specialist waste disposal companies are used to ensure that the relevant standards are adhered to. |
Grantham Caravans Limited (Registered number: 03005111) |
Strategic Report |
for the Year Ended 30 June 2023 |
STRATEGIC OBJECTIVES |
The group's strategic objectives are: |
- To create sales and revenue growth through attracting customers in the leisure market to acquire our products and services by providing high levels of customer service and quality products. |
- To maintain and improve financial stability through careful control of financial assets, costs and profit performance. |
- To provide a stable and rewarding working environment for employees which encourages commitment. |
- To adhere to environmental guidelines which protect the business and the wider environment. |
The businesses operates entirely within the leisure market. Its products are predominantly touring caravans and campervans.The market for the products is National and International. There are high levels of competition and success depends upon remaining competitive on price, product, marketing and levels of customer satisfaction. |
To achieve satisfactory sales level, the group depends upon customer advocacy, digital marketing and representation at Regional and National shows. The businesses continue to invest in each of these key areas. |
Measured by turnover, the group is within the top 25% of businesses operating in the touring caravan sector. |
Given the relatively high unit price of our products and the fact that they are discretionary, our sector within the leisure market is affected by Government policies. The current policy to reduce inflation by raising interest rates has adversely affected customer demand whereas, customer demand was high following the end of COVID-19 lock-downs. |
ON BEHALF OF THE BOARD: |
Grantham Caravans Limited (Registered number: 03005111) |
Report of the Directors |
for the Year Ended 30 June 2023 |
The directors present their report with the financial statements of the company for the year ended 30 June 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the sale of new and used touring caravans and accessories. |
DIVIDENDS |
During the year interim dividends of £30 were paid. The directors do not recommend the payment of a final dividend for the year. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report. |
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). 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. |
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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Grantham Caravans Limited (Registered number: 03005111) |
Report of the Directors |
for the Year Ended 30 June 2023 |
AUDITORS |
The auditors, RWB Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Grantham Caravans Limited |
Opinion |
We have audited the financial statements of Grantham Caravans Limited (the 'company') for the year ended 30 June 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 June 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. |
Report of the Independent Auditors to the Members of |
Grantham Caravans Limited |
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. |
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 five, 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 |
Grantham 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: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our experience through discussion with the Officers and other management (as required by auditing standards) |
- We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting, taxation legislation and FCA regulations. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items. |
- Except for any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Officers. |
- We communicated identified relevant laws and regulations to the business throughout our audit team and remained vigilant to any indications of non-compliance throughout the audit. |
- We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
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. |
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. |
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
- Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our |
Report of the Independent Auditors to the Members of |
Grantham Caravans Limited |
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. |
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion. |
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. |
Other matters |
We were not appointed as auditors until late April 2024. No year-end stocktake attendance procedures were able to be carried out by us and none were performed by the previously appointed auditors. Alternative procedures were designed and carried out to gain assurance over the existence of stocks at the year end date. |
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. |
RWB Chartered Accountants |
Northgate House |
North Gate |
Nottingham |
NG7 7BQ |
Grantham Caravans Limited (Registered number: 03005111) |
Income Statement |
for the Year Ended 30 June 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
302,292 | 727,498 |
Other operating income | 4 |
OPERATING PROFIT | 6 |
Interest payable and similar expenses | 7 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 8 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Grantham Caravans Limited (Registered number: 03005111) |
Other Comprehensive Income |
for the Year Ended 30 June 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Grantham Caravans Limited (Registered number: 03005111) |
Balance Sheet |
30 June 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Share premium | 21 |
Revaluation reserve | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Grantham Caravans Limited (Registered number: 03005111) |
Statement of Changes in Equity |
for the Year Ended 30 June 2023 |
Called up |
share | Retained | Share | Revaluation | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 July 2021 |
Changes in equity |
Profit for the year | - | 629,539 | - | - | 629,539 |
Total comprehensive income | - | - |
Dividends | - | (45,300 | ) | - | - | ( |
) |
Balance at 30 June 2022 |
Changes in equity |
Profit for the year | - | 258,384 | - | - | 258,384 |
Total comprehensive income | - | - |
Dividends | - | (30 | ) | - | - | ( |
) |
Balance at 30 June 2023 |
Grantham Caravans Limited (Registered number: 03005111) |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
Grantham Caravans Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
This exemption is available to the company because it is a subsidiary undertaking and consolidated financial statements including the company's activities are publicly available. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
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. |
Tangible fixed assets |
Freehold land | - |
Short leasehold | - |
Fixtures and fittings | - |
Motor vehicles | - |
Grantham Caravans Limited (Registered number: 03005111) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Financial instruments |
Financial assets |
Basic financial assets, including trade and other receivables and cash and bank balances, are recognised and carried forward at transaction price. Financial assets are derecognised when: |
(a) the contractual rights to the cash flows from the asset expire or are settled; |
(b) substantially all the risks and rewards of the ownership of the asset are transferred to another party; or |
(c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Financial liabilities |
Basic financial liabilities, including trade and other payables, and loans from third parties are initially recognised and carried forward at transaction price. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
The company has only financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised initially at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest rate method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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. |
Grantham Caravans Limited (Registered number: 03005111) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 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 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. |
Going concern |
The financial statements have been prepared on the going concern basis.The directors are not aware of any material threats to the ability of the company to continue to trade fro the foreseeable future. |
Grants receivable |
Grants from the government are recognised at their fair value when there is a reasonable assurance that the grant will be received and the company will comply with the relevant conditions. |
Amounts receivable are recognised in the Profit and Loss account. Grant accounting has been applied to the amount's receivable under the Job Retention Scheme, the Small Business Support Grant and the interest paid by the government in respect of the CBILS loan. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
30.6.23 | 30.6.22 |
£ | £ |
Grantham Caravans Limited (Registered number: 03005111) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
4. | OTHER OPERATING INCOME |
30.6.23 | 30.6.22 |
£ | £ |
Commissions receivable |
Marketing support receivable |
153,570 | 81,538 |
5. | EMPLOYEES AND DIRECTORS |
30.6.23 | 30.6.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
30.6.23 | 30.6.22 |
Administration and management | 3 | 4 |
Sales | 8 | 10 |
Service | 15 | 14 |
Shop | 5 | 5 |
Valeting | 3 | 4 |
Directors | 4 | 3 |
30.6.23 | 30.6.22 |
£ | £ |
Directors' remuneration |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
30.6.23 | 30.6.22 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Goodwill amortisation |
Intellectual property amortisation |
Auditor's remuneration: audit services |
Grantham Caravans Limited (Registered number: 03005111) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.6.23 | 30.6.22 |
£ | £ |
Bank loan interest |
Other interest |
Stock funding loan interest |
Hire purchase |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.6.23 | 30.6.22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
9. | DIVIDENDS |
30.6.23 | 30.6.22 |
£ | £ |
Ordinary shares of £1 each |
Interim |
10. | INTANGIBLE FIXED ASSETS |
Intellectual |
Goodwill | property | Totals |
£ | £ | £ |
COST |
At 1 July 2022 |
Additions |
At 30 June 2023 |
AMORTISATION |
At 1 July 2022 |
Amortisation for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Grantham Caravans Limited (Registered number: 03005111) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Short | and | Motor |
land | leasehold | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
12. | STOCKS |
30.6.23 | 30.6.22 |
£ | £ |
Work-in-progress |
Finished goods |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 15,752 | - |
Prepayments and accrued income |
Grantham Caravans Limited (Registered number: 03005111) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Bank loans and overdrafts (see note 16) |
Hire purchase contracts (see note 17) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 125,930 | 185,187 |
Other creditors |
Directors' current accounts | 5,366 | 864 |
Accruals and deferred income |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Bank loans (see note 16) |
Directors' loan accounts | 230,000 | - |
16. | LOANS |
An analysis of the maturity of loans is given below: |
30.6.23 | 30.6.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst | 11,010 | - |
Grantham Caravans Limited (Registered number: 03005111) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
17. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
30.6.23 | 30.6.22 |
£ | £ |
Net obligations repayable: |
Within one year |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.6.23 | 30.6.22 |
£ | £ |
Bank loans |
Directors' loans | 235,366 | - |
The bank borrowings are secured by a mortgage debenture over the assets of the company. |
The hire purchase liabilities are secured against the assets financed. |
Trade creditors of £5,618,272 (2022 £4,000,954) are secured against the caravan stock financed. |
The amounts due to the Director, R J Evans of £5,366 due within 12 months (2022 £864) and £230,000 due after more than 12 months ( 2022 £nil) are secured by a charge over the assets of the company and of its parent undertaking |
In addition, liabilities of the company's parent undertakings, amounting to £1,000,000 (2022 £1,234,229) are secured by a charge over the assets of the company and of its parent undertaking |
. |
19. | PROVISIONS FOR LIABILITIES |
30.6.23 | 30.6.22 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 July 2022 |
Provided during year |
Balance at 30 June 2023 |
Grantham Caravans Limited (Registered number: 03005111) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.23 | 30.6.22 |
value: | £ | £ |
Ordinary | £1 | 38,475 | 38,475 |
21. | RESERVES |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 July 2022 | 1,848,818 | 275 | 59,412 | 1,908,505 |
Profit for the year | 258,384 | 258,384 |
Dividends | (30 | ) | (30 | ) |
At 30 June 2023 | 2,107,172 | 275 | 59,412 | 2,166,859 |
22. | CONTINGENT LIABILITIES |
As described in Note the company has provided a guarantee in respect of the sums owed to the director, R J Evans by its parent undertaking. The amount subject to the guarantee was £1,000,000 (2022 £1,200,000) |
23. | OTHER FINANCIAL COMMITMENTS |
The company has financial commitments in respect of a non-cancellable operating lease for the rental of property which expires in 2067 and in respect of a second non-cancellable operating lease for the rental of property which expires in 2027.The financial commitment in respect of these leases at 30 June 2023 was £1.392.000 (2022 £1,460.000).The rent due under the leases is subject to periodic reviews |
24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 June 2023 and 30 June 2022: |
30.6.23 | 30.6.22 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
Grantham Caravans Limited (Registered number: 03005111) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
As noted above a loan to the directors P F Connolly and L.M Connolly subsisted during the year. The year-end balance of £15,752 was the maximum balance outstanding during the year |
The company has provided a guarantee in respect of liabilities of £1,00,000 (2022: £1,230,000) due by the company and its parent undertaking to the director, R J Evans. |
These liabilities are secured by a charge over the assets of the company. |
Mr R.J Evans has provided personal guarantees in respect of some of the bank borrowings of the company and in respect of the company's stock financing liabilities. The total liabilities subject to guarantee at 30 June 2023 were £4,987,861 (2022 £3,880,792). |
25. | RELATED PARTY DISCLOSURES |
The directors of the company are also directors and shareholders of another company. During the year the trade and the majority of the assets of this company were transferred to Grantham Caravans Limited. During the year the company made a management charge of £420,000 to Grantham Caravans Limited. At 30 June 2023 the sum owed to Grantham Caravans Limited by the company was £422,005 (2022: £350,941). The balance is unsecured, free of interest and is repayable upon demand |
The director, R Greenacre provided accountancy services to the company with an aggregate value of £29,729 (2022: £29.192). |
Parent undertaking and ultimate parent undertaking |
The immediate and ultimate controlling entity of the company is Ampco 150 Limited, a company incorporated and registered in England and Wales. |
Copies of the group financial statements of Ampco 150 Limited and its subsidiary undertakings, which incorporate the financial statements s of the company may be obtained from the registered office of Ampco 150 Limited, which is as follows: |
7 The Ropewalk |
Nottingham |
NG1 5DJ |
26. | CONTROLLING PARTY |
The ultimate controlling parties are the directors, L Connolly and P Connolly. |