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REGISTERED NUMBER: 06886685 (England and Wales)






















Atlas Leisure Homes Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 September 2023






Atlas Leisure Homes Limited (Registered number: 06886685)






Contents of the Financial Statements
for the year ended 30 September 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 7

Statement of Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


Atlas Leisure Homes Limited

Company Information
for the year ended 30 September 2023







DIRECTORS: S J McGawn
C D Jeffrey
J McClean
P Connor
N Green



REGISTERED OFFICE: Atlas Leisure Homes Limited
Wiltshire Road
Hull
East Yorkshire
HU4 6PD



REGISTERED NUMBER: 06886685 (England and Wales)



AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire HU2 8BA



SOLICITORS: Andrew Jackson
Marina Court
Castle Street
Hull
HU1 1TJ

Atlas Leisure Homes Limited (Registered number: 06886685)

Strategic Report
for the year ended 30 September 2023

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

REVIEW OF BUSINESS
The principal activity of the company in the period under review was the Design, Manufacture and Sale of Caravan Holiday Homes and Lodges.

The COVID-19 pandemic led to an unprecedented surge in demand, followed by market instability due to inflation and the war in Ukraine, resulting in an oversupply of caravan holiday homes across parks, dealerships and manufacturers.

To address these challenges, we have already taken measures such as reducing production, making employees redundant, reducing working hours, and mothballing our second production facility.

Post year-end we have re-financed the business through a sale and leaseback of the land we owned and used, for storage of finished caravans. This has generated funds to enable the business to clear all the term debt and to provide a provide a significant increase in working capital.

We have maintained focus on our key relationships or new strategic customers which will ensure a healthy order book now but also in the future. The company fosters strong relationships with its customers, meeting with them regularly so to understand their needs.

We continue to have a relatively strong order book and have ongoing retail orders from our UK wide dealer network.

PRINCIPAL RISKS AND UNCERTAINTIES
The outlook for the coming year is not without challenges and despite these efforts above, the oversupply in our industry persists, and it is unlikely that the market will return to normal manufacturing levels for some time.

In light of this situation, we have adapted our business to align with the current market conditions while retaining the capacity to grow as industry stock levels reduce and manufacturing demand returns to normal.

The company continues to build on its long-standing relationships with key suppliers. The purchasing team engage in regular meetings with suppliers to ensure consistent procurement of materials at the best possible price.

Locally, risks and threats to the business remain the availability of a suitably skilled workforce and to continue to aid this an unprecedented programme of training and development of all employees is ongoing in our pursuit of continuous improvement. Our ability to attract and retain quality staff has significantly benefitted from this approach and continues to do so. A new program has been set up to give our apprentices the lean manufacturing skills they require to kick start their career in the industry. The two-year program will include practical training in all principal areas of the business. On successful completion, our apprentices will be awarded Level 2 Diploma in Manufacturing.

We also aim to develop our management team's knowledge of Mental Health to help promote a positive work environment for all employees.


Atlas Leisure Homes Limited (Registered number: 06886685)

Strategic Report
for the year ended 30 September 2023

SECTION 172(1) STATEMENT
The Directors fulfil their duty to promote the success of the company by ensuring that there is a strong governance structure and process running through all aspects of the company's operations.

This strategy was considered by the board with full consideration being given to the company's capital and funding structure and its resilience to existing and emerging risks.

The company's strategy and business model are underpinned by the work performed by employees. All members of the Board regularly engage with them to ensure their engagement and alignment with the activities of the company. The board is kept informed of all relevant issues by means of several written reports against agreed KPI's.

During the year, the Board have continued to regularly communicate with all team members to further promote the success of the company.

i) Regular staff newsletter from the Board to improve staff engagement.
ii) The continued promotion and support of staff activities to support local charities which are nominated by the staff and publicised both internally (via the newsletter) and externally (via social media).
iii) Continued emphasis on mental health awareness with training via a Master Class in Mental Health.
iv) Investment in additional production lines and machine shop at our West Carr Lane site.
v) Investment in a new ERP software system to support best in class back-office support which we anticipate will go live in 2023.

The Board of Directors consider that they, both individually and collectively, have acted in a way that would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in S172(1)(a-f) of the Act) in the decisions they have taken during the year ended 30 September 2022. In making this statement the Directors considered the longer term needs of stakeholders and the environment and have considered the following:

- The likely consequences of any decisions in the long term.
- The interests of the company's employees.
- The need to foster the company's business relationships with suppliers, customers, and others.
- The impact of the company's operations on the community and the environment.
- The desirability of the company maintaining a reputation for high standards of business conduct.

KEY PERFORMANCE INDICATORS
Given the comments above the Directors are satisfied with the financial performance, as measured by the key performance indicators of turnover; cost control; cash flow and profitability as is evident from the financial statements and are satisfied that the continuing development of the business is reflected in this sound corporate performance.

POST BALANCE SHEET EVENTS
Since the year end the company has renewed its banking facilities. Current forecasts indicate that the company has adequate finance facilities in place for ongoing working capital purposes. The company has strong relationships with its bankers, who have been constructive and supportive, during another unprecedented year.

A sale and leaseback of land has been completed on 13th August 2024. Funds from the sale have been used to repay all bank loans, as well as, to provide a significant increase in working capital.

ON BEHALF OF THE BOARD:




S J McGawn - Director


14 August 2024

Atlas Leisure Homes Limited (Registered number: 06886685)

Report of the Directors
for the year ended 30 September 2023

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

DIVIDENDS
Interim dividends of £131,301 (2022 - £137,304) were paid to the company's immediate parent undertaking during the year.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report.

S J McGawn
C D Jeffrey

Other changes in directors holding office are as follows:

J McClean - appointed 1 October 2022

P Connor and N Green were appointed as directors after 30 September 2023 but prior to the date of this report.

M A Durrant ceased to be a director after 30 September 2023 but prior to the date of this report.

DISABLED EMPLOYEES
The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a disabled person. Where existing employees become disabled, it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

GOING CONCERN
The financial statements have been prepared on the going concern basis. In making their assessment, the directors have considered the results for the year and the current financial position of the company, as well as, the cash flow forecasts and funding available during the going concern assessment period to September 2025.

As noted in the Strategic Report, the industry is experiencing an oversupply of product. The directors have taken proactive measures to align our operations with the current market conditions and to right-size the company during this period of volatility. This has included some redundancies within the workforce and mothballing the second production facility. In May 2024, the directors have also renegotiated the company's financing arrangements with the Bank. In addition, the board approved a sale and leaseback of land owned and used, for storage of finished caravans. This deal was completed in August 2024 and the incoming funds were used to repay bank loans. The remaining funds provided a significant increase in working capital.

The cash flow forecasts have been sensitised to show a severe but plausible downside scenario which reflects the reduced cost base and incorporates the new financing arrangements. This has demonstrated to the directors that the business is sufficiently resourced to navigate the current industry wide volatility and consequently the financial statements continue to be prepared on a going concern basis.

ENGAGEMENT WITH EMPLOYEES
The company considers it important that employees are kept informed on all aspects of its affairs as far as the needs of communication and financial confidentiality will allow.


Atlas Leisure Homes Limited (Registered number: 06886685)

Report of the Directors
for the year ended 30 September 2023

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
The directors continuously considers key stakeholder relationships and develops them through ongoing support from all employees. The company considers relationships with customers and suppliers on a group and local level and maintains strong relationships with all parties.

STREAMLINED ENERGY AND CARBON REPORTING
In line with the Streamlined Energy and Carbon Reporting legislation, the company is required to report its energy consumption and greenhouse gas emissions arising in the UK. All scope 1 & 2 sources of energy and emissions have been disclosed as well as mandatory scope 3 sources of energy and emissions.

In an effort to reduce our scope 1 greenhouse gas emissions we have installed 2 electric vehicle charging points at our Wiltshire Road site and have changed all of our company cars to hybrid or fully electric models. We have also changed our leased vans to more modern and efficient models. One of our highest consuming sites has now changed its electricity to a 100% renewable supply from Drax and in turn has reduced our scope 2 emissions by 19.93 tonnes of CO2e during this period. A cycle to work scheme has been put in place to reduce our scope three emissions.

Destratification fans have been installed in the roof areas to save money on heating bills. Also, PVC was installed on all our roller shutter doors to save money on the heating bills and several of the shutters that were slow to close have been replaced. ESOS P3 Reports will be completed this reporting year to look for further consumption-based savings.

All conversion factors and fuel properties used in this disclosure have been taken from the 2023 “UK Government Greenhouse Gas Conversion Factors for Company Reporting” published by the Department for Energy Security & Net Zero (DESNZ) and the Department for Environment, Food & Rural Affairs (DEFRA). All greenhouse gas emissions have been expressed in terms of their carbon dioxide equivalence.


Tonnes of
CO2
Tonnes of
CO2
2023 2022


Emissions from combustion of gas

728

791
Emissions from combustion of fuel for transport
purposes

-

-

Emissions from electricity purchased for own use

217

251

Total

944

1,042


Energy consumption used to calculate emissions MWh

4,443

4,948

Ratio of tonnes CO2 to £m revenue

13.33

14.46



Atlas Leisure Homes Limited (Registered number: 06886685)

Report of the Directors
for the year ended 30 September 2023

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;
- state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
- 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.

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

ON BEHALF OF THE BOARD:





S J McGawn - Director


14 August 2024

Report of the Independent Auditors to the Members of
Atlas Leisure Homes Limited

Opinion
We have audited the financial statements of Atlas Leisure Homes Limited (the 'company') for the year ended 30 September 2023 which comprise the Statement of 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 September 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
Atlas Leisure Homes 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 six, 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
Atlas Leisure Homes 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with relevant regulators and the company's legal advisors.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances 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.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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
Atlas Leisure Homes 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.




Matthew Fox FCCA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire HU2 8BA

16 August 2024

Atlas Leisure Homes Limited (Registered number: 06886685)

Statement of Comprehensive Income
for the year ended 30 September 2023

2023 2022
Notes £    £   

TURNOVER 3 68,762,567 71,945,873

Cost of sales 61,277,425 64,507,979
GROSS PROFIT 7,485,142 7,437,894

Administrative expenses 4,601,647 3,612,491
OPERATING PROFIT 5 2,883,495 3,825,403

Exceptional items 6 660,235 -
2,223,260 3,825,403


Interest payable and similar expenses 7 2,154,261 804,279
PROFIT BEFORE TAXATION 68,999 3,021,124

Tax on profit 8 5,443 591,236
PROFIT FOR THE FINANCIAL YEAR 63,556 2,429,888

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

63,556

2,429,888

Atlas Leisure Homes Limited (Registered number: 06886685)

Balance Sheet
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 3,977,684 4,082,802

CURRENT ASSETS
Stocks 11 6,590,582 7,455,827
Debtors 12 25,730,179 32,697,549
Cash at bank and in hand 161,151 502,420
32,481,912 40,655,796
CREDITORS
Amounts falling due within one year 13 21,817,557 29,623,915
NET CURRENT ASSETS 10,664,355 11,031,881
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,642,039

15,114,683

CREDITORS
Amounts falling due after more than one
year

14

(781,250

)

(1,156,250

)

PROVISIONS FOR LIABILITIES 18 (348,553 ) (378,452 )
NET ASSETS 13,512,236 13,579,981

CAPITAL AND RESERVES
Called up share capital 19 400,000 400,000
Retained earnings 20 13,112,236 13,179,981
SHAREHOLDERS' FUNDS 13,512,236 13,579,981

The financial statements were approved by the Board of Directors and authorised for issue on 14 August 2024 and were signed on its behalf by:





S J McGawn - Director


Atlas Leisure Homes Limited (Registered number: 06886685)

Statement of Changes in Equity
for the year ended 30 September 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2021 400,000 10,887,397 11,287,397

Changes in equity
Dividends - (137,304 ) (137,304 )
Total comprehensive income - 2,429,888 2,429,888
Balance at 30 September 2022 400,000 13,179,981 13,579,981

Changes in equity
Dividends - (131,301 ) (131,301 )
Total comprehensive income - 63,556 63,556
Balance at 30 September 2023 400,000 13,112,236 13,512,236

Atlas Leisure Homes Limited (Registered number: 06886685)

Notes to the Financial Statements
for the year ended 30 September 2023

1. STATUTORY INFORMATION

Atlas Leisure Homes 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern
The financial statements have been prepared on the going concern basis. In making their assessment, the directors have considered the results for the year and the current financial position of the company, as well as the cash flow forecasts and funding available during the going concern assessment period to September 2025. The Directors have concluded that there are no indications of material uncertainties that may cast doubt on the company's ability to continue to trade as a going concern and therefore continue to adopt the going concern basis of preparation.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions 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;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b)
and 11.48(c);
the requirement of paragraph 33.7.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover from the sale of holiday homes is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the company.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold buildings- 20% on cost or valuation
Leasehold property- over the period of the lease
Plant and machinery- 20% on cost or valuation
Motor vehicles- 20% on cost
Computer equipment- 50% on cost and 33% on cost

Atlas Leisure Homes Limited (Registered number: 06886685)

Notes to the Financial Statements - continued
for the year ended 30 September 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks and work in progress is stated at the lower of cost and net realisable value. Cost represents that expenditure which has been incurred in the normal course of business in bringing the product or service to its present location and condition.

In the case of raw materials, cost means purchase price including transport and handling costs, less trade discounts, calculated on a first in first out basis. In the case of work in progress and finished goods, cost consists of direct materials, direct labour and attributable production and other overheads based on normal levels of activity.

Net realisable value means estimated selling price less all further costs to completion and all costs to be incurred in marketing, selling and distribution.


Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Atlas Leisure Homes Limited (Registered number: 06886685)

Notes to the Financial Statements - continued
for the year ended 30 September 2023

2. ACCOUNTING POLICIES - continued

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Leasing commitments
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3. TURNOVER

The percentage of turnover relating to exports amounted to 5.4% (2022: 2.6%).

4. EMPLOYEES AND DIRECTORS

20232022
£   £   
Wages and salaries16,135,61916,297,685
Social security costs1,500,9101,409,616
Other pension costs320,211287,270
17,956,74017,994,571

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

20232022
NoNo
Production wages380370
Administration wages6560
445430

2023 2022
£    £   
Directors' remuneration 689,267 614,913
Directors' pension contributions to money purchase schemes 43,686 48,494

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

Money purchase schemes 4 4

Atlas Leisure Homes Limited (Registered number: 06886685)

Notes to the Financial Statements - continued
for the year ended 30 September 2023

4. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 230,349 200,266
Pension contributions to money purchase schemes 4,269 15,350

5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 465,543 369,258
Auditors' remuneration 25,150 19,906
Operating lease rentals - plant and machinery 219,182 187,793
Operating lease rentals - other 1,038,775 771,957

6. EXCEPTIONAL ITEMS
2023 2022
£    £   
Exceptional items (660,235 ) -

Included in the accounts are exceptional items for expenses in relation to redundancy costs.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Other interest 2,154,261 804,279

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 19,763 283,652
Overprovision in previous period (21,454 ) -
Group relief 37,033 89,796
Total current tax 35,342 373,448

Deferred tax (29,899 ) 217,788
Tax on profit 5,443 591,236

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

Atlas Leisure Homes Limited (Registered number: 06886685)

Notes to the Financial Statements - continued
for the year ended 30 September 2023

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 68,999 3,021,124
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2022 - 19%)

17,250

574,014

Effects of:
Expenses not deductible for tax purposes 3,034 7,006
(Over)/under provision of corporation tax in previous periods (21,454 ) -
in previous periods
Change in tax rates 10,936 52,269
Effect of super-deduction on fixed assets (4,323 ) (42,053 )
Total tax charge 5,443 591,236

The expected net reversal of deferred tax assets and liabilities in 2024 is £111,175. This is due to the reversals of accelerated capital allowances and other short term timing differences.

9. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 131,301 137,304

10. TANGIBLE FIXED ASSETS
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
At 1 October 2022 2,522,580 661,195 1,918,790
Additions - 110,181 138,368
At 30 September 2023 2,522,580 771,376 2,057,158
DEPRECIATION
At 1 October 2022 248,692 76,550 830,716
Charge for year 951 66,741 332,476
At 30 September 2023 249,643 143,291 1,163,192
NET BOOK VALUE
At 30 September 2023 2,272,937 628,085 893,966
At 30 September 2022 2,273,888 584,645 1,088,074

Atlas Leisure Homes Limited (Registered number: 06886685)

Notes to the Financial Statements - continued
for the year ended 30 September 2023

10. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 October 2022 113,804 222,745 5,439,114
Additions 81,415 30,461 360,425
At 30 September 2023 195,219 253,206 5,799,539
DEPRECIATION
At 1 October 2022 75,293 125,061 1,356,312
Charge for year 19,030 46,345 465,543
At 30 September 2023 94,323 171,406 1,821,855
NET BOOK VALUE
At 30 September 2023 100,896 81,800 3,977,684
At 30 September 2022 38,511 97,684 4,082,802

Included in cost of land and buildings is freehold land of £ 2,267,947 (2022 - £ 2,267,947 ) which is not depreciated.

Tangible fixed assets with a carrying value of £3,977,684 (2022 £4,082,802) are pledged as security for the company's invoice discounting arrangements.

11. STOCKS
2023 2022
£    £   
Raw materials 2,265,068 3,287,674
Work-in-progress 1,678,543 2,573,591
Finished goods 2,646,971 1,594,562
6,590,582 7,455,827

Stock recognised in cost of sales during the year as an expense was £42,577,660 (2022: £45,763,929)

The company's stock has been pledged as security for borrowings.

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 14,999,393 23,737,635
Amounts owed by group undertakings 9,561,213 7,382,687
Other debtors 43,205 24,553
Tax - 45,330
VAT 359,746 724,816
Prepayments and accrued income 766,622 782,528
25,730,179 32,697,549

Atlas Leisure Homes Limited (Registered number: 06886685)

Notes to the Financial Statements - continued
for the year ended 30 September 2023

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Included within trade debtors are balances totalling £14,999,393 (2022: £23,023,790) that are subject to invoice discounting arrangements. The trade debtor balances have been transferred to the counterparty,although the transaction does not qualify for derecognition on the basis that the late payment risk is retained by the company.

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 15) 375,000 343,750
Trade creditors 5,131,106 11,413,341
Tax 21,576 283,652
Social security and other taxes 294,782 463,276
Other creditors 1,136,094 447,637
Invoice discounting advances 13,125,230 14,565,695
Accrued expenses 1,733,769 2,106,564
21,817,557 29,623,915

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 15) 781,250 1,156,250

15. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 375,000 343,750

Amounts falling due between one and two years:
Bank loans - 1-2 years 375,000 375,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 406,250 781,250

At 30th September 2023 the company had a government support loan during the year amounting to £1,156,250 (2022 : £1,500,000). Interest is payable on the loan at a rate of 3.99% over the Bank of England Base Rate.

Atlas Leisure Homes Limited (Registered number: 06886685)

Notes to the Financial Statements - continued
for the year ended 30 September 2023

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 822,977 796,484
Between one and five years 1,066,914 1,780,431
1,889,891 2,576,915

17. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Invoice discounting 13,125,230 14,565,695

The invoice discounting balance is secured by fixed and floating charges over the company's assets.

18. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 354,162 386,022
Short term timing differences (5,609 ) (7,570 )
348,553 378,452

Deferred
tax
£   
Balance at 1 October 2022 378,452
Provided during year (29,899 )
Balance at 30 September 2023 348,553

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
400,000 Ordinary £1 400,000 400,000

Atlas Leisure Homes Limited (Registered number: 06886685)

Notes to the Financial Statements - continued
for the year ended 30 September 2023

20. RESERVES
Retained
earnings
£   

At 1 October 2022 13,179,981
Profit for the year 63,556
Dividends (131,301 )
At 30 September 2023 13,112,236

21. PENSION COMMITMENTS

Payments have been made under a defined contribution pension scheme resulting in a charge to the profit and loss account of £320,211 (2022: £273,083). At 30th September 2023 there were outstanding contributions of £50,909 (2022: £74,342).

22. ULTIMATE PARENT COMPANY

Atlas Leisure Holdco Limited is regarded by the directors to be the company's ultimate parent company.

The company's parent company is Atlas Saturn Holdco Limited.The registered office is Wiltshire Road, Hull, East Yorkshire, HU4 6PD.

The largest and smallest group in which the results of the company are consolidated is that headed by Atlas Saturn Holdco Limited, registered in England and Wales. The consolidated financial statements of the group can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

23. CONTINGENT LIABILITIES

The company has given guarantees in respect of borrowings of Atlas Saturn Holdco Limited. At 30th September 2023 the potential liability of the company under the arrangement was £2,321,429 (2022: £3,500,000).

24. RELATED PARTY DISCLOSURES

During the year, a total of key management personnel compensation of £ 824,892 (2022 - £ 745,494 ) was paid.

25. POST BALANCE SHEET EVENTS

Since the year end the company has renewed its banking facilities. Post year-end we have re-financed the business through a sale and leaseback of the land we owned and used, for storage of finished caravans. This has generated funds to enable the repay bank loans, see Note 15 and to provide a provide a significant increase in working capital.

Current forecasts indicate that the group has adequate finance facilities in place for ongoing working capital purposes. The company has strong relationships with its bankers, who have been constructive and supportive, during another unprecedented year.