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REGISTERED NUMBER: 05223956 (England and Wales)






















Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 January 2024

for

Lowdham Leisureworld Ltd

Lowdham Leisureworld Ltd (Registered number: 05223956)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Strategic Report 2

Energy and Carbon Report forming part of the Strategic
Report

4

Report of the Directors 5

Report of the Independent Auditors 7

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


Lowdham Leisureworld Ltd

Company Information
for the Year Ended 31 January 2024







DIRECTORS: W R Crafts
Ms E L Lodder
S R Sharpe





SECRETARY: Ms E L Lodder





REGISTERED OFFICE: Lowdham Leisure
Lowdham Road, Gunthorpe
Nottingham
NG14 7ES





REGISTERED NUMBER: 05223956 (England and Wales)





AUDITORS: Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
Alexandra House
43 Alexandra St
Nottingham
Nottinghamshire
NG5 1AY

Lowdham Leisureworld Ltd (Registered number: 05223956)

Strategic Report
for the Year Ended 31 January 2024

PRINCIPAL ACTIVITY
The principal activity of the Company is the retail of caravans, motorhomes and campervans, along with parts, accessories and servicing work.

FAIR REVIEW OF BUSINESS
Market conditions

The leisure industry continues to change with motorhomes and campervans proving more popular, as the transition to electric cars impacts on the practicality of caravan ownership for some.

The disruption on supply chains caused by the COVID 19 pandemic has lessened in the year and towards the end of the year vehicle availability improved for some ranges, but not all. The supply chain for parts has still to fully recover.

The restrictions on international travel have now generally been removed allowing some to return to foreign holidays, though for others holidays in the UK remain popular.

Higher interest rates impacted business overheads, in particular vehicle stocking charges. They also have an impact on the customers desire to borrow for a new vehicle.

With higher mortgage levels and higher inflation rates household budgets have also been impacted, reducing the ability for some to commit to a new leisure vehicle.

Results (including a consideration of key performance indicators)

There has been an increase in turnover overall for the current year, with the increase in sales of motorhomes more than offsetting a reduction in caravans.

With improved availability of caravans, gross margins have been impacted.

Overheads have increased with higher vehicle stocking charges flowing from the higher interest rates and improved stock availability.

The result for the year was in line with expectations.

2024 2023
£'000 £'000
Turnover 64,893 58,583
Gross profit 7,004 7,753
Gross profit % 10.8% 13.2%
Net profit before taxation 992 2,056

Balance sheet

With vehicle availability improving, and with the typical cost of each vehicle increasing over recent years, stock held at the year end increased to £23.3m (2023 £17.1m), mainly financed through an increase in vehicle wholesale funding with the year end funding level being £16.7m (2023 £11.8m).

With a strong trading performance, net assets grew from by £0.7m to £8.2m at the year end.

PRINCIPAL RISKS AND UNCERTAINTIES
As there is no certainty with regard to supply of caravans and motorhomes in terms of both volumes and timings, along with pricing, this makes affecting sale and achieving delivery difficult. However, as we maintain close relationships with our manufacturers it is anticipated that we should be able to negate some of these issues.


Lowdham Leisureworld Ltd (Registered number: 05223956)

Strategic Report
for the Year Ended 31 January 2024

SECTION 172(1) STATEMENT
The directors have complied with their duty to act, in good faith, to promote the success of the Company for the benefit of its members as a whole and in particular have had regard to the following matters:

The likely consequences of any decision in the long term
The Company makes decisions with the long term in mind as it continues to respond to the changing external environment. It reinvests its profit back into the business and builds long term relationships with its key suppliers.

The interests of the Company's employees
The success of the Company is dependent on its employees and it ensures that their interests are taken care of in several ways. It nurtures talent and builds careers, providing training for industry recognised qualifications. It provides a reward package at least in line with the market.

The need to foster the Company's business relationships with suppliers, customers and others
The Company seeks to have long term relationships with its suppliers and customers. Employees build relationships with suppliers at all levels. The Company collects feedback from customers (on satisfaction questionnaires, on social media and Trustpilot), these are reviewed and improvements made where necessary. The Company operates 'My Lowdhams' membership scheme with an extensive range of benefits.

The impact of the Company's operation on the community and the environment
The Company makes charitable donations to local clubs and societies and it lends vehicles to support local events. Through events held at Gunthorpe it brings custom to businesses in the local area. When investing, the Company has regard for the environment with recent investments including LED lighting, air source heating systems, and electric vehicle charging points.

The desirability of the Company maintaining a reputation for high standards of business conduct
The Company is a member of the National Caravan Council (NCC) and the Chairman sits on the board of this industry trade body. It helps to promote best practice in the industry, providing expert advice and guidance to help the Company be efficient in activities and at the same time increase consumer confidence in the industry. The Company's workshops are inspected and approved by 'The Approved Workshop Scheme', (a joint enterprise between the NCC, The Caravan and Motorhome Club and The Camping and Caravanning Club).

The need to act fairly as between members of the Company
The Company is owned by three generations of the same family, with the Chairman being the son of the founder of the business. All members are involved in key decisions made by the Company, balancing the needs of different stakeholders to ensure the long term success of the Company.


ON BEHALF OF THE BOARD:





S R Sharpe - Director


7 May 2024

Lowdham Leisureworld Ltd (Registered number: 05223956)

Energy and Carbon Report
forming part of the Strategic Report
for the Year Ended 31 January 2024

EMISSIONS AND ENERGY CONSUMPTION
We have considered the recommendations of the Financial Stability Board's Task Force on Climate-related Financial Disclosures (TCFD) when preparing this report. These recommendations encourage businesses to increase disclosure of climate-related information, with an emphasis on financial disclosure. Lowdham Leisureworld Ltd supports these recommendations and are committed to disclosing the relevant information which can be found below.

In our principal activities being the retail of caravans and motorhomes, parts and accessories and aftersales servicing work, we have no manufacturing footprint to minimise.

This section has been prepared in accordance with our regulatory obligation to report greenhouse gas ("GHG") emissions pursuant to The Companies (Directors Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 which implements the Government's policy on Carbon Reporting.

Our methodology to convert Kilowatt-hours to tonnes of C02e is based upon the UK Government GHG Conversion Factors for Company Reporting 2020 issued by DEFRA on 22 June 2022.

During the year ended 31 January 2024 the Company recorded greenhouse gas emissions from:

CO2 KWH
(tonnes)
Direct (scope1) emissions from on site combustion of
Fuels 118.4 -
Gas 78.5 436,287
Indirect (scope 2) emissions from the purchase of
Electricity 86.0 415,580

Total 282.9

It has been impractical to obtain the emissions data relating to the consumption of fuel for the purposes of transport as the transport of goods for the company are organised by third parties and the emission data has not been shared.

Intensity ratio

Turnover (£m) 64.6
Emissions per £'m of Turnover 4.4

ON BEHALF OF THE BOARD:





S R Sharpe - Director


7 May 2024

Lowdham Leisureworld Ltd (Registered number: 05223956)

Report of the Directors
forming part of the Strategic Report
for the Year Ended 31 January 2024

The directors present their report with the financial statements of the company for the year ended 31 January 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 January 2024.

FUTURE DEVELOPMENTS
Whilst the order book previously reported has now been fulfilled the improved availability of vehicle stock allows the Company to provide a better service to customers with choice from stock and improved lead times.

The Company is anticipating a further reduction in caravan sales as motorhomes and campervan demand continues to grow.

The increase in the National Living Wage to be applied in April 2024 will be appreciated by relevant colleagues, it does however create additional cost pressures for the Company.

Further investments in the facilities at Gunthorpe are being considered for 2024 continuing to improve the customer experience.

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 February 2023 to the date of this report.

W R Crafts
Ms E L Lodder
S R Sharpe

Other changes in directors holding office are as follows:

Mrs J A Crafts - deceased 7 July 2023
I E Brown - resigned 1 February 2023

FINANCIAL INSTRUMENTS
The company is funded through retained earnings, a loan from a connected company, an approved overdraft and through stocking facilities with various providers. The Company aims to manage liquidity risk whilst at the same time manage interest costs (and receipts foregone) together associated charges.

Vehicle stock is managed on a continual basis to ensure that availability and choice for customers is maintained, balanced against the costs of the stocking facility and risk of any downward revaluation.

Credit risk to customers is minimised with policies to ensure vehicles are not sold until payment received, either direct from the customer or from approved finance providers.

QUALIFYING INDEMNITY PROVISION
The company takes out indemnity insurance on behalf of the directors.

ENGAGEMENT WITH SUPPLIERS
The Company aims to ensure suppliers are paid on time within the terms agreed at the outset of the contract.

DISCLOSURE IN THE STRATEGIC REPORT
The directors have prepared a review of the business, together with a summary of the principal risks and uncertainties affecting the company, and these are detailed within the Strategic Report. The report includes an explanation of the company's financial risk management policies.


Lowdham Leisureworld Ltd (Registered number: 05223956)

Report of the Directors
forming part of the Strategic Report
for the Year Ended 31 January 2024

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.

ON BEHALF OF THE BOARD:





S R Sharpe - Director


7 May 2024

Report of the Independent Auditors to the Members of
forming part of the Strategic Report
Lowdham Leisureworld Ltd

Opinion
We have audited the financial statements of Lowdham Leisureworld Ltd (the 'company') for the year ended 31 January 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 31 January 2024 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.

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.

Report of the Independent Auditors to the Members of
forming part of the Strategic Report
Lowdham Leisureworld Ltd


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.

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.

Our approach included obtaining an understanding of the legal and regulatory frameworks that are applicable to the company and we determined those that are most significant. Based on the results of our risk assessment we designed audit procedures to identify non-compliance with such laws and regulations. The specific procedures included enquiry of management and those charged with governance around actual and potential litigation and claims.

In addition, and based on the results of our risk assessment we designed audit procedures to identify and address material misstatements in relation to fraud. Specifically we considered the risk of fraud through management override that may lead to a misappropriation of assets or inappropriate financial reporting. In response, we performed audit work over the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of 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. 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.

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.




Steven Newman LLB BFP FCA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
Alexandra House
43 Alexandra St
Nottingham
Nottinghamshire
NG5 1AY

7 May 2024

Lowdham Leisureworld Ltd (Registered number: 05223956)

Income Statement
for the Year Ended 31 January 2024

2024 2023
as restated
Notes £    £   

TURNOVER 4 64,892,610 58,582,518

Cost of sales 57,888,415 50,829,946
GROSS PROFIT 7,004,195 7,752,572

Administrative expenses 6,145,541 5,835,023
858,654 1,917,549

Other operating income 5 144,155 146,243
OPERATING PROFIT 1,002,809 2,063,792

Interest receivable and similar income 10,089 -
1,012,898 2,063,792

Interest payable and similar expenses 7 20,696 7,501
PROFIT BEFORE TAXATION 8 992,202 2,056,291

Tax on profit 10 240,645 386,434
PROFIT FOR THE FINANCIAL YEAR 751,557 1,669,857

Lowdham Leisureworld Ltd (Registered number: 05223956)

Other Comprehensive Income
for the Year Ended 31 January 2024

2024 2023
as restated
Notes £    £   

PROFIT FOR THE YEAR 751,557 1,669,857


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

751,557

1,669,857
Note
Prior year adjustment 11 515,970
TOTAL COMPREHENSIVE INCOME SINCE
LAST ANNUAL REPORT

1,267,527

Lowdham Leisureworld Ltd (Registered number: 05223956)

Balance Sheet
31 January 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 2,204,622 2,347,957
Investments 13 19,700 19,700
2,224,322 2,367,657

CURRENT ASSETS
Stocks 14 23,272,185 17,124,453
Debtors 15 1,266,219 1,306,010
Cash at bank 16 3,395,246 2,245,993
27,933,650 20,676,456
CREDITORS
Amounts falling due within one year 17 21,874,690 15,478,738
NET CURRENT ASSETS 6,058,960 5,197,718
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,283,282

7,565,375

CREDITORS
Amounts falling due after more than one
year

18

(19,700

)

(19,700

)

PROVISIONS FOR LIABILITIES 20 (50,535 ) (84,185 )
NET ASSETS 8,213,047 7,461,490

CAPITAL AND RESERVES
Called up share capital 21 1,000,002 1,000,002
Retained earnings 22 7,213,045 6,461,488
SHAREHOLDERS' FUNDS 8,213,047 7,461,490

The financial statements were approved by the Board of Directors and authorised for issue on 7 May 2024 and were signed on its behalf by:





S R Sharpe - Director


Lowdham Leisureworld Ltd (Registered number: 05223956)

Statement of Changes in Equity
for the Year Ended 31 January 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 February 2022 1,000,002 4,791,631 5,791,633

Changes in equity
Total comprehensive income - 1,153,887 1,153,887
Balance at 31 January 2023 1,000,002 5,945,518 6,945,520
Prior year adjustment - 515,970 515,970
As restated 1,000,002 6,461,488 7,461,490

Changes in equity
Total comprehensive income - 751,557 751,557
Balance at 31 January 2024 1,000,002 7,213,045 8,213,047

Lowdham Leisureworld Ltd (Registered number: 05223956)

Cash Flow Statement
for the Year Ended 31 January 2024

2024 2023
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (457,341 ) 1,198,784
Interest paid (20,696 ) (7,501 )
Tax paid (383,318 ) (354,361 )
Net cash from operating activities (861,355 ) 836,922

Cash flows from investing activities
Purchase of tangible fixed assets (112,951 ) (463,385 )
Sale of tangible fixed assets 10,708 -
Interest received 10,089 -
Net cash from investing activities (92,154 ) (463,385 )

Cash flows from financing activities
Loan repayments in year - (334,580 )
Loans from related party 2,102,762 -
Net cash from financing activities 2,102,762 (334,580 )

Increase in cash and cash equivalents 1,149,253 38,957
Cash and cash equivalents at beginning
of year

2

2,245,993

2,207,036

Cash and cash equivalents at end of year 2 3,395,246 2,245,993

Lowdham Leisureworld Ltd (Registered number: 05223956)

Notes to the Cash Flow Statement
for the Year Ended 31 January 2024

1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS
2024 2023
as restated
£    £   
Profit for the financial year 751,557 1,669,857
Depreciation charges 253,738 226,508
Profit on disposal of fixed assets (8,160 ) -
Finance costs 20,696 7,501
Finance income (10,089 ) -
Taxation 240,645 386,434
1,248,387 2,290,300
Increase in stocks (6,147,732 ) (4,028,545 )
Decrease in trade and other debtors 39,791 75,359
Increase in trade and other creditors 4,402,213 2,861,670
Cash generated from operations (457,341 ) 1,198,784

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2024
31.1.24 1.2.23
£    £   
Cash and cash equivalents 3,395,246 2,245,993
Year ended 31 January 2023
31.1.23 1.2.22
as restated
£    £   
Cash and cash equivalents 2,245,993 2,207,036


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.23 Cash flow At 31.1.24
£    £    £   
Net cash
Cash at bank and in hand 2,245,993 1,149,253 3,395,246
2,245,993 1,149,253 3,395,246
Total 2,245,993 1,149,253 3,395,246

Lowdham Leisureworld Ltd (Registered number: 05223956)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Lowdham Leisureworld Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The 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.

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity rounded to the nearest £.

The financial statements have been prepared on a going concern basis.

Significant judgements and estimates
The company did not make any significant judgements (apart from those involving estimations which are detailed in the notes below) that have a significant effect on the amounts recognised in the financial statements.

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

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

The company recognises revenue when:
- The amount of revenue can be reliably measured;
- It is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

The reliability of measurement and probability of flow of economic benefits generally occurs at the completion of the transaction which is also the point of transfer of title at delivery.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and Buildings - 1% - 20% on cost
Plant and machinery - 25% - 33.3% straight line
Fixtures and fittings - 25% - 33.3% straight line
Motor vehicles - 20 - 25% reducing balance

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.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out method (FIFO) method.

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 the profit and loss.

Lowdham Leisureworld Ltd (Registered number: 05223956)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Recognition and measurement
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of future payments discounted at a market rate of interest for similar debt instrument.

Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets of group of assets.

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.

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.

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.

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 and loss on a straight-line basis over the period of the lease.

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.

Lowdham Leisureworld Ltd (Registered number: 05223956)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

3. ACCOUNTING POLICIES - continued

Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

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.

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.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or less unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Lowdham Leisureworld Ltd (Registered number: 05223956)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

2024 2023
as restated
£    £   
Sale of goods 64,345,496 57,782,389
Commissions received 547,114 800,129
64,892,610 58,582,518

The turnover is all generated within the UK.

5. OTHER OPERATING INCOME
2024 2023
as restated
£    £   
Rents received 144,155 146,243

6. EMPLOYEES AND DIRECTORS
2024 2023
as restated
£    £   
Wages and salaries 3,603,930 3,611,789
Social security costs 322,991 308,857
Other pension costs 100,181 112,459
4,027,102 4,033,105

The average number of employees during the year was as follows:
2024 2023
as restated

Workshop and parts 50 51
Administrative 25 26
Sales 30 29
Management 6 6
111 112

2024 2023
as restated
£    £   
Directors' remuneration 233,038 354,351
Directors' pension contributions to money purchase schemes 56,604 39,810

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

Money purchase schemes 1 2

Information regarding the highest paid director is as follows:
2024 2023
as restated
£    £   
Emoluments etc 203,615 215,346
Pension contributions to money purchase schemes 56,604 35,424

Lowdham Leisureworld Ltd (Registered number: 05223956)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
as restated
£    £   
Loan 2,762 -
Interest payable 17,934 7,501
20,696 7,501

8. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2024 2023
as restated
£    £   
Hire of plant and machinery 11,336 75,247
Operating leases- property 76,532 76,533
Depreciation - owned assets 253,738 226,508
Profit on disposal of fixed assets (8,160 ) -

9. AUDITORS' REMUNERATION
2024 2023
as restated
£    £   
Fees payable to the company's auditors and their associates for the audit
of the company's financial statements

16,500

8,300

10. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
as restated
£    £   
Current tax:
UK corporation tax 274,295 376,021

Deferred tax (33,650 ) 10,413
Tax on profit 240,645 386,434

Lowdham Leisureworld Ltd (Registered number: 05223956)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

10. 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:

2024 2023
as restated
£    £   
Profit before tax 992,202 2,056,291
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

248,051

390,695

Effects of:
Expenses not deductible for tax purposes (555 ) 3,056
Capital allowances in excess of depreciation - (17,730 )
Depreciation in excess of capital allowances 30,273 -
Adjustments to tax charge in respect of previous periods 7,298 -
Deferred tax expense relating to changes in tax rates or laws (33,650 ) 10,413
Tax rate difference (10,772 ) -
Total tax charge 240,645 386,434

11. PRIOR YEAR ADJUSTMENT

The directors have re-assessed the accounting of management charges in the year ended 31 January 2023.

Following this review, it was agreed to reduce the management charges incurred by the company from a connected company, Lowdham Outdoor Leisure Limited by £637,000. The corporation tax charge has been updated accordingly, resulting in increasing the tax charge by £121,030.

Consequently, the net increase in reserves at 31 January 2023 was £515,970.

12. TANGIBLE FIXED ASSETS
Fixtures
Land and Plant and and Motor
Buildings machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 February 2023 2,208,742 246,015 888,828 113,512 3,457,097
Additions 22,524 14,925 36,708 38,794 112,951
Disposals - - (300,661 ) (32,033 ) (332,694 )
At 31 January 2024 2,231,266 260,940 624,875 120,273 3,237,354
DEPRECIATION
At 1 February 2023 222,654 214,169 617,952 54,365 1,109,140
Charge for year 77,315 31,888 114,430 30,105 253,738
Eliminated on disposal - - (300,661 ) (29,485 ) (330,146 )
At 31 January 2024 299,969 246,057 431,721 54,985 1,032,732
NET BOOK VALUE
At 31 January 2024 1,931,297 14,883 193,154 65,288 2,204,622
At 31 January 2023 1,986,088 31,846 270,876 59,147 2,347,957

Included within the net book value of land and buildings above is £1,931,297 (2023 - £1,986,088) in respect of short leasehold land and buildings.

Lowdham Leisureworld Ltd (Registered number: 05223956)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

13. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 February 2023
and 31 January 2024 364,881
PROVISIONS
At 1 February 2023
and 31 January 2024 345,181
NET BOOK VALUE
At 31 January 2024 19,700
At 31 January 2023 19,700

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Colin's Caravans of Berkshire Limited
Registered office: Lowdham Road, Gunthorpe, Nottingham, NG14 7ES, England and Wales
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

The principal activity of Colin's Caravans of Berkshire Limited is dormant.

Group accounts have not been prepared as Colin's Caravans of Berkshire Limited is an immaterial subsidiary.

14. STOCKS
2024 2023
as restated
£    £   
Finished goods 23,272,185 17,124,453

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 386,642 437,287
Other debtors 71,749 36,005
VAT 559,661 592,328
Prepayments 248,167 240,390
1,266,219 1,306,010

16. CASH AT BANK
2024 2023
as restated
£    £   
Cash at bank and in hand 3,395,246 2,245,993

Lowdham Leisureworld Ltd (Registered number: 05223956)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade creditors 17,527,752 12,588,092
Amounts owed to group undertakings 2,102,762 -
Tax 266,998 376,021
Social security and other taxes 71,360 67,706
Other creditors 1,108,489 1,684,017
Directors' current accounts 19,364 87,535
Accruals and deferred income 777,965 675,367
21,874,690 15,478,738

Trade creditors include an amount of £16,678,455 (2023 £11,778,719) which related to stock funding which is secured on the related stock. Included within this balance is an amount of £8,542,555 (2023 £5,483,812) which is also secured by way of a fixed and floating charge over all assets of the Company. There is also a cross guarantee with Lowdham Outdoor Leisure Limited amounting to £nil (2023 £2,598,870).

Any bank borrowings are secured by a fixed and floating charge over the assets of the company, together with a charge on the property occupied by the Company at Gunthorpe, owned by W R Crafts, director of the Company.

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
as restated
£    £   
Other creditors 19,700 19,700

19. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
as restated
£    £   
Within one year 116,864 1,231
Between one and five years 182,673 588,412
299,537 589,643

The amount of non-cancellable operating lease payments recognised as an expense during the year was £143,823 (2023 - £151,664).

20. PROVISIONS FOR LIABILITIES
2024 2023
as restated
£    £   
Deferred tax
Accelerated capital allowances 50,535 84,185

Deferred
tax
£   
Balance at 1 February 2023 84,185
Credit to Income Statement during year (33,650 )
Balance at 31 January 2024 50,535

Lowdham Leisureworld Ltd (Registered number: 05223956)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£    £   
1,000,002 Ordinary £1 1,000,002 1,000,002

22. RESERVES

Profit and loss account.

This reserve records retained earnings and accumulated losses.

23. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The pension costs charge for the year represents contributions payable by the company to the scheme and amounted to £110,181 (2023 - £112,459).

24. RELATED PARTY DISCLOSURES

Summary of related party transactions
Mr W R Crafts had a directors' loan account, which remained in credit throughout the period and therefore no interest has been charged.

At the year end £19,394 (2023 - £87,537) is payable, categorised as falling due within one year.

The company operates from premises in Bingham owned by Elite Recruitment pension fund which provides retirement benefits for all of the Directors and a key manager.The rent paid to the pension fund was £45,000 (2023 - £45,000).

Summary of transactions with subsidiaries
Colin's Caravans of Berkshire Limited. A 100% owned subsidiary of Lowdham Leisureworld Limited.

The company is dormant and therefore no transactions have occurred between the companies during the year.

Summary of transactions with other related parties
Lowdham Outdoor Leisure Limited and Lowdham Leisureworld Limited are under common ownership.

Sales of £nil (2023 - £528,681) were made to Lowdham Outdoor Leisure Limited during the year. Purchases of £nil (2023 - £856,786) were made from Lowdham Outdoor Leisure Limited during the year. Recharges of £nil (2023 - £25,000) were made to Lowdham Outdoor Leisure Limited during the year. An intercompany loan of £2,102,762 (2023 - £nil) was made from Lowdham Outdoor Leisure Limited, of which £2,762 (2023 - £nil) was interest charged at a rate of 4%. This balance is reported within creditors at the year end.

25. POST BALANCE SHEET EVENTS

On 1 March 2024 the directors approved an interest free loan to Mr S R Sharpe, the Managing Director of £400,000. The loan is interest free and is due to be repaid no later than 30 September 2024.

26. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors who own 100% of the called up share capital.