T C Motorhomes Limited 07309179 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of the sale of new and used motorhomes. The company also carries out servicing, repairs and MOT on all motor vehicles. Digita Accounts Production Advanced 6.30.9574.0 true true 07309179 2023-04-01 2024-03-31 07309179 2024-03-31 07309179 core:RetainedEarningsAccumulatedLosses 2024-03-31 07309179 core:ShareCapital 2024-03-31 07309179 core:CurrentFinancialInstruments 2024-03-31 07309179 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 07309179 core:FurnitureFittings 2024-03-31 07309179 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 07309179 core:MotorVehicles 2024-03-31 07309179 core:OfficeEquipment 2024-03-31 07309179 core:PlantMachinery 2024-03-31 07309179 bus:SmallEntities 2023-04-01 2024-03-31 07309179 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07309179 bus:FilletedAccounts 2023-04-01 2024-03-31 07309179 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07309179 bus:RegisteredOffice 2023-04-01 2024-03-31 07309179 bus:Director1 2023-04-01 2024-03-31 07309179 bus:Director2 2023-04-01 2024-03-31 07309179 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07309179 core:FurnitureFittings 2023-04-01 2024-03-31 07309179 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07309179 core:LeaseholdImprovements 2023-04-01 2024-03-31 07309179 core:MotorCars 2023-04-01 2024-03-31 07309179 core:MotorVehicles 2023-04-01 2024-03-31 07309179 core:OfficeEquipment 2023-04-01 2024-03-31 07309179 core:PlantMachinery 2023-04-01 2024-03-31 07309179 countries:EnglandWales 2023-04-01 2024-03-31 07309179 2023-03-31 07309179 core:FurnitureFittings 2023-03-31 07309179 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 07309179 core:MotorVehicles 2023-03-31 07309179 core:OfficeEquipment 2023-03-31 07309179 core:PlantMachinery 2023-03-31 07309179 2022-04-01 2023-03-31 07309179 2023-03-31 07309179 core:RetainedEarningsAccumulatedLosses 2023-03-31 07309179 core:ShareCapital 2023-03-31 07309179 core:CurrentFinancialInstruments 2023-03-31 07309179 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07309179 core:FurnitureFittings 2023-03-31 07309179 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 07309179 core:MotorVehicles 2023-03-31 07309179 core:OfficeEquipment 2023-03-31 07309179 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 07309179

T C Motorhomes Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

T C Motorhomes Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

T C Motorhomes Limited

Company Information

Directors

Mr AG Chamberlain

Mrs AM Chamberlain

Registered office

1-2 Rhodium Point Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

Accountants

Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

T C Motorhomes Limited

(Registration number: 07309179)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

333,599

163,083

Current assets

 

Stocks

5

2,761,889

2,012,008

Debtors

6

11,870

8,436

Cash at bank and in hand

 

153,938

750,139

 

2,927,697

2,770,583

Creditors: Amounts falling due within one year

7

(912,027)

(540,852)

Net current assets

 

2,015,670

2,229,731

Total assets less current liabilities

 

2,349,269

2,392,814

Provisions for liabilities

(22,026)

-

Net assets

 

2,327,243

2,392,814

Capital and reserves

 

Called up share capital

2

2

Retained earnings

2,327,241

2,392,812

Shareholders' funds

 

2,327,243

2,392,814

 

T C Motorhomes Limited

(Registration number: 07309179)
Balance Sheet as at 31 March 2024 (continued)

For the financial year ending 31 March 2024 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 August 2024 and signed on its behalf by:
 

.........................................
Mr AG Chamberlain
Director

   
     
 

T C Motorhomes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

T C Motorhomes Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 07309179 and registered office address is as follows:

1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

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.

Going concern

The financial statements are prepared on a going concern basis and there are no material uncertainties that cast significant doubt on the Company’s ability to continue as a going concern.

 

T C Motorhomes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Judgements

No judgements have been made in the process of applying the accounting policies that have had a significant effect on the amounts recognised in the financial statements.

No key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been made.

Revenue recognition

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

Sales of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with the
ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs uncured or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Finance income and costs policy

Interest income is recognised in the profit and loss account using the effective interest method.

Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

T C Motorhomes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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.

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, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% Reducing balance

Motor vehicles

25% Reducing balance

Fixtures and fittings

25% Reducing balance

Plant and machinery

25% Reducing balance

Property improvements

10% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

T C Motorhomes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

T C Motorhomes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision in the Balance sheet.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 10 (2023 - 10).

 

T C Motorhomes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

203,126

15,943

67,049

14,253

165,081

465,452

Additions

228,766

6,554

1,581

1,882

-

238,783

At 31 March 2024

431,892

22,497

68,630

16,135

165,081

704,235

Depreciation

At 1 April 2023

161,766

9,965

48,125

7,698

74,815

302,369

Charge for the year

35,333

3,133

5,127

2,108

22,566

68,267

At 31 March 2024

197,099

13,098

53,252

9,806

97,381

370,636

Carrying amount

At 31 March 2024

234,793

9,399

15,378

6,329

67,700

333,599

At 31 March 2023

41,360

5,978

18,924

6,555

90,266

163,083

Included within the net book value of land and buildings above is £234,793 (2023 - £41,360) in respect of freehold land and buildings.
 

 

T C Motorhomes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Stocks

2024
£

2023
£

Vehicles & parts

2,761,889

2,012,008

6

Debtors

Current

2024
£

2023
£

Trade debtors

3,744

750

Prepayments

8,126

7,686

 

11,870

8,436

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

93,389

98,890

Trade creditors

 

409,673

43,453

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

282,000

1,585

Taxation and social security

 

99,462

323,243

Accruals and deferred income

 

10,300

4,432

Other creditors

 

17,203

69,249

 

912,027

540,852

 

T C Motorhomes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Directors current account

93,389

98,890

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £84,000 (2023 - £84,000). Under a non cancellable operating lease in respect of the rent of the showroom and workshop site on an annual basis.

Amounts disclosed in the balance sheet

Included in the balance sheet are unpaid pensions of £1,209 (2023 - £2,910).