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Registered number: 04340898









THL UK AND IRELAND LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2023

 
THL UK AND IRELAND LIMITED
 
 
COMPANY INFORMATION


Directors
Nicholas Vaughan Roach (appointed 20 January 2023)
Grant Webster (appointed 20 January 2023)
Gordon Hewston (resigned 20 January 2023)
Daniel Schneider (resigned 20 January 2023)




Registered number
04340898



Registered office
Redhill Farm
Harlington Road

Toddington

Dunstable

Bedfordshire

LU5 6HF




Independent auditors
Hillier Hopkins LLP
Chartered Accountants & Statutory Auditor

51 Clarendon Road

Radius House

Watford

Herts

WD17 1HP





 
THL UK AND IRELAND LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Income and Retained Earnings
8
Balance Sheet
9
Statement of Changes in Equity
10 - 11
Statement of Cash Flows
12 - 13
Analysis of Net Debt
14
Notes to the Financial Statements
15 - 33


 
THL UK AND IRELAND LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 JUNE 2023

Introduction
 
The directors present their report and the audited financial statements for the period ended 30th June 2023.

Business review
 
THL UK and Ireland Limited trades as Bunk , 'Just go' and RVSC  is the UK’s largest dedicated motorhome hire, sales and service company operating a fleet of over 540 Motorhomes. The last 6 months has seen a slow return to pre covid trading patterns. Peak fleet of 540 vehicles has been maintained despite difficult chassis supply issues and strong retail demand. Focus during this period has been on introducing the global reservations platform Motek, closely managing production of new units, on-fleeting these into the reservations system as soon as dates are confirmed and maintaining the improved rental yields that we have achieved over the last two years. 
Motorhome sales is now moving into a more challenging competitive market and margins are starting to come under pressure. We continue to manage retail pricing closely in order to control the normalisation of margins for as long as possible. In December 2022 THL acquired Apollo (ATL) which owned Bunk and Camper Co in the UK. The first half of 2023 we merged the first depots for Bunk and Just go in Edinburgh and commenced working through synergies that can be achieved through the alignment of both rental businesses.

Principal risks and uncertainties
 
The key risk for the year ahead will be the optimisation of the new rental reservation system, the continued risk of delayed deliveries of vehicles from Italy and the inflationary pressures on the business.

Financial key performance indicators
 
Yield on hire days is currently running 35% higher than pre covid levels. There is an expectation that this yield will improve further to around £150.00 per day average from a pre covid average of £90 per day.
Similarly, the average vehicle sales margin has improved by 300% on pre covid levels, from an average margin of £6,000.00 to a current average margin of £20,000.00. These margins cannot be maintained at this level as the purchase price of new vehicles has also increased between 35% to 50% over the last two years. We are managing the sales margins carefully and will aim to maintain current margins for as long as possible. 


This report was approved by the board on and signed on its behalf. 18 August 2024.



Nicholas Vaughan Roach
Director

Page 1

 
THL UK AND IRELAND LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2023

The directors present their report and the financial statements for the period ended 30 June 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The loss for the period, after taxation and minority interests, amounted to £614,242 (2022 - profit £952,932).

The company paid no dividends during the period (2022: £nil).

Directors

The directors who served during the period were:

Nicholas Vaughan Roach (appointed 20 January 2023)
Grant Webster (appointed 20 January 2023)
Gordon Hewston (resigned 20 January 2023)
Daniel Schneider (resigned 20 January 2023)

Future developments

The focus for 2023 is to bring the two teams together and create one support function to provide the backbone to all UK and Ireland business Units. A single reservations system will be implemented mid-year.
We have created a clear operational model at both our Edinburgh and Toddington sites. These sites have become supercentres offering Rental, Sales, Service and Repair. This model will be extended out to Dublin within the next 18 months.

Page 2

 
THL UK AND IRELAND LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

On 1st July 2023, THL UK and Ireland Limited acquired Bunk Campers Limited as part of a merger.
There have been no other post balance sheet events affecting the Company since the year end.

Auditors

The auditorsHillier Hopkins LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 18 August 2024 and signed on its behalf.
 





Nicholas Vaughan Roach
Director

Page 3

 
THL UK AND IRELAND LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THL UK AND IRELAND LIMITED
 

Opinion


We have audited the financial statements of THL UK and Ireland Limited (the 'Company') for the period ended 30 June 2023, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 June 2023 and of its loss for the period 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 United Kingdom, including the Financial Reporting Council'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.


Page 4

 
THL UK AND IRELAND LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THL UK AND IRELAND LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report 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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 2, 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 is 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.


Page 5

 
THL UK AND IRELAND LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THL UK AND IRELAND LIMITED (CONTINUED)


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 an Auditors' Report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• the nature of the industry and sector, control environment and business performance including the    remuneration incentives and pressures of key management;
• the primary responsibility for the prevention and detection of fraud rests with both those charged with    governance of the entity and management. We consider the results of our enquiries of management about  their own identification and assessment of the risks of irregularities;
• any matters we identified having obtained and reviewed the Company’s documentation of their policies    and procedures relating to:
  - identifying, evaluating and complying with laws and regulations and whether they were aware of       any instances of non-compliance;
  - detecting and responding to the risks of fraud and whether they have knowledge of any actual,       suspected or alleged fraud;
  - the internal controls established to mitigate risks of fraud or non-compliance with laws and       regulations;
• the matters discussed among the audit engagement team, regarding how and where fraud might occur in   the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. 
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation.


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.


Page 6

 
THL UK AND IRELAND LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THL UK AND IRELAND LIMITED (CONTINUED)


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 Auditors' Report.


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 2006Our 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 an Auditors' Report 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.





Grant Franklin  (Senior Statutory Auditor)
for and on behalf of
Hillier Hopkins LLP
Chartered Accountants
Statutory Auditor
51 Clarendon Road
Radius House
Watford
Herts
WD17 1HP

23 August 2024
Page 7

 
THL UK AND IRELAND LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 30 JUNE 2023

6 months ended
30 June
18 months ended
31 December
2023
2022
Note
£
£

  

Turnover
 4 
3,081,492
9,572,195

Cost of sales
  
(1,602,576)
(3,025,483)

Gross profit
  
1,478,916
6,546,712

Administrative expenses
  
(2,034,221)
(4,230,707)

Other operating income
 5 
-
3,999

Operating (loss)/profit
 6 
(555,305)
2,320,004

Interest receivable and similar income
 10 
17
1,384

Interest payable and similar expenses
 11 
(193,762)
(319,976)

(Loss)/profit before tax
  
(749,050)
2,001,412

Tax on (loss)/profit
 12 
602,825
(1,048,480)

(Loss)/profit after tax
  
(146,225)
952,932

  

  

Retained earnings at the beginning of the period
  
3,543,906
2,590,974

  
3,543,906
2,590,974

(Loss)/profit for the period
  
(146,225)
952,932

Retained earnings at the end of the period
  
3,397,681
3,543,906
The notes on pages 15 to 33 form part of these financial statements.

Page 8

 
THL UK AND IRELAND LIMITED
REGISTERED NUMBER: 04340898

BALANCE SHEET
AS AT 30 JUNE 2023

30 June
31 December
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
14,275,967
9,687,200

  
14,275,967
9,687,200

Current assets
  

Stocks
 14 
615,859
682,602

Debtors: amounts falling due within one year
 15 
1,074,559
184,214

Cash at bank and in hand
 16 
5,812,335
2,708,772

  
7,502,753
3,575,588

Creditors: amounts falling due within one year
 17 
(10,224,755)
(2,522,294)

Net current (liabilities)/assets
  
 
 
(2,722,002)
 
 
1,053,294

Total assets less current liabilities
  
11,553,965
10,740,494

Creditors: amounts falling due after more than one year
 18 
(7,087,972)
(5,525,451)

Provisions for liabilities
  

Deferred tax
 21 
(1,068,212)
(1,671,037)

  
 
 
(1,068,212)
 
 
(1,671,037)

Net assets
  
3,397,781
3,544,006


Capital and reserves
  

Called up share capital 
 22 
100
100

Profit and loss account
 23 
3,397,681
3,543,906

  
3,397,781
3,544,006


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 August 2024.




Nicholas Vaughan Roach
Director

Page 9

 
THL UK AND IRELAND LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
100
3,543,906
3,544,006


Comprehensive income for the period

Loss for the period
-
(146,225)
(146,225)
Total comprehensive income for the period
-
(146,225)
(146,225)


Total transactions with owners
-
-
-


At 30 June 2023
100
3,397,681
3,397,781


The notes on pages 15 to 33 form part of these financial statements.

Page 10

 
THL UK AND IRELAND LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2021
100
2,590,974
2,591,074


Comprehensive income for the period

Profit for the period
-
952,932
952,932
Total comprehensive income for the period
-
952,932
952,932


Total transactions with owners
-
-
-


At 31 December 2022
100
3,543,906
3,544,006


The notes on pages 15 to 33 form part of these financial statements.

Page 11

 
THL UK AND IRELAND LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2023

6 months ended
30 June
18 months ended
31 December
2023
2022
£
£

Cash flows from operating activities

(Loss)/profit for the financial period
(146,225)
952,932

Adjustments for:

Depreciation of tangible assets
576,999
1,314,492

Government grants
-
(3,999)

Interest paid
193,762
319,976

Interest received
(17)
(1,384)

Taxation charge
(602,825)
1,048,480

Decrease/(increase) in stocks
66,743
(386,180)

(Increase)/decrease in debtors
(890,345)
415,486

Increase/(decrease) in creditors
2,141,939
(1,514,056)

Increase in amounts owed to groups
5,024,304
42,654

Net cash generated from operating activities

6,364,335
2,188,401


Cash flows from investing activities

Purchase of tangible fixed assets
(6,469,347)
(7,305,128)

Sale of tangible fixed assets
1,303,527
5,502,600

Government grants received
-
3,999

Interest received
17
1,384

HP interest paid
(178,468)
(277,192)

Net cash from investing activities

(5,344,271)
(2,074,337)

Cash flows from financing activities

Repayment of loans
(26,227)
(61,532)

Repayment of/new finance leases
2,125,020
(433,426)

Interest paid
(15,294)
(42,784)

Net cash used in financing activities
2,083,499
(537,742)

Net increase/(decrease) in cash and cash equivalents
3,103,563
(423,678)

Cash and cash equivalents at beginning of period
2,708,772
3,132,450

Cash and cash equivalents at the end of period
5,812,335
2,708,772


Cash and cash equivalents at the end of period comprise:
Page 12

 
THL UK AND IRELAND LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023

6 months ended
30 June
18 months ended
31 December

2023
2022

£
£


Cash at bank and in hand
5,812,335
2,708,772

5,812,335
2,708,772


The notes on pages 15 to 33 form part of these financial statements.

Page 13

 
THL UK AND IRELAND LIMITED
 

ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 30 JUNE 2023




At 1 January 2023
Cash flows
At 30 June 2023
£

£

£

Cash at bank and in hand

2,708,772

3,103,563

5,812,335

Debt due after 1 year

(492,060)

1,674

(490,386)

Debt due within 1 year

(58,225)

24,553

(33,672)

Finance leases

(6,854,524)

(2,125,020)

(8,979,544)


(4,696,037)
1,004,770
(3,691,267)

The notes on pages 15 to 33 form part of these financial statements.

Page 14

 
THL UK AND IRELAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

1.


General information

THL UK and Ireland Limited (formerly Skewbald Limited) is a company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is given in the company information page of these financial statements.
The company's principal activity is that of motorhome hire, and trades as 'Just go'.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
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. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Change in length of reporting period

THL UK and Ireland Limited have changed their year end from 31 December to 30 June, resulting in a period of 6 months to 30 June 2023. This is to coincide with industry norms. This should be considered when comparing the current year's results to the prior 18 month period to 31st December 2022. 

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 15

 
THL UK AND IRELAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

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

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.6

Interest income

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

 
2.7

Finance costs

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

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Page 16

 
THL UK AND IRELAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 17

 
THL UK AND IRELAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10%
straight line
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Office equipment
-
25%
reducing balance
Motorhomes
-
10%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 18

 
THL UK AND IRELAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Page 19

 
THL UK AND IRELAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)


Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 20

 
THL UK AND IRELAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
Debtors:
The recoverability of debtors has been assessed as at the year end and up until the date of signing these financial statements. Management have based the decision to provide for any amounts based on their judgment of all the avaliable information, and their experience of the specific nature of debtor in question.
Stock: 
Stock is included as per the accounting policy set out above. Management have assessed the need to write off or provide against any specific items based on the levels held at year end, and the expected sales of such items in the immediate period post period end.
Depreciation and residual value:
The directors have reviewed the asset lives and associated residual values of all fixed asset classes, and have concluded that asset lives and residual values are appropriate.

Page 21

 
THL UK AND IRELAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


6 months ended
30 June
18 months ended
31 December
2023
2022
£
£

Motor home rental
1,555,173
5,895,786

Motor service centre
666,910
1,226,368

Vehicle sales
859,409
2,450,041

3,081,492
9,572,195


Analysis of turnover by country of destination:

6 months ended
30 June
18 months ended
31 December
2023
2022
£
£

United Kingdom
2,727,202
8,879,869

Rest of the world
354,290
692,326

3,081,492
9,572,195



5.


Other operating income

6 months ended
30 June
18 months ended
31 December
2023
2022
£
£

Government grants receivable- Furlough scheme
-
3,999

-
3,999


Page 22

 
THL UK AND IRELAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

6.


Operating (loss)/profit

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

6 months ended
30 June
18 months ended
31 December
2023
2022
£
£

Exchange differences
(152)
7


7.


Auditors' remuneration

During the period, the Company obtained the following services from the Company's auditors:


6 months ended
30 June
18 months ended
31 December
2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
20,350
18,500
Page 23

 
THL UK AND IRELAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


6 months ended
30 June
18 months ended
31 December
2023
2022
£
£

Wages and salaries
1,269,698
2,503,251

Social security costs
104,330
205,262

Cost of defined contribution scheme
19,296
37,603

1,393,324
2,746,116


The average monthly number of employees, including the directors, during the period was as follows:


   6 months ended
        30 June
   18 months ended
      31 December
        2023
        2022
            No.
            No.







Employees
92
80


9.


Directors' remuneration

6 months ended
30 June
18 months ended
31 December
2023
2022
£
£

Directors' emoluments
102,813
51,407

102,813
51,407


Page 24

 
THL UK AND IRELAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

10.


Interest receivable

6 months ended
30 June
18 months ended
31 December
2023
2022
£
£


Other interest receivable
17
1,384

17
1,384


11.


Interest payable and similar expenses

6 months ended
30 June
18 months ended
31 December
2023
2022
£
£


Bank interest payable
15,294
42,784

Finance leases and hire purchase contracts
178,468
277,192

193,762
319,976


12.


Taxation


6 months ended
30 June
18 months ended
31 December
2023
2022
£
£



Deferred tax


Origination and reversal of timing differences
(602,825)
1,048,480

Page 25

 
THL UK AND IRELAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
 
12.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

6 months ended
30 June
18 months ended
31 December
2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(749,051)
2,001,412


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
(187,263)
380,268

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,748
2,942

Capital allowances for period in excess of depreciation
(418,922)
40,101

Change in tax rate for losses carried forward
-
111,453

Change in tax rate for accelerated capital allowances
-
512,502

Changes in provisions leading to an increase (decrease) in the tax charge
(388)
1,214

Total tax charge for the period
(602,825)
1,048,480

Page 26

 
THL UK AND IRELAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
 
12.Taxation (continued)


Factors that may affect future tax charges

Legislation has been introduced in Finance Bill 2021 to set the charge to Corporation Tax and set the main rate of Corporation Tax for all non-ring fence profit to 19% for Financial Year 2022 and to set the charge to Corporation Tax and set the main rate at 25% for Financial Year 2023. 
Legislation will also introduce a small profits rate and will set this at 19%. The small profits rate will apply to profits below the lower limit of £50,000 and profits exceeding the upper limit of £250,000 will be charged at the main rate. The thresholds that apply for determining whether a company is chargeable at the small ring fence profits rate at 279E Corporation Tax Act 2010 will be aligned with these limits. 


13.


Tangible fixed assets







Long-term leasehold property
Motor vehicles
Fixtures and fittings
Office equipment
M'homes

£
£
£
£
£



Cost or valuation


At 1 January 2023
1,245,014
17,500
271,522
235,470
9,645,253


Additions
119,347
-
96,590
10,662
6,242,748


Disposals
-
-
-
-
(1,607,093)



At 30 June 2023

1,364,361
17,500
368,112
246,132
14,280,908



Depreciation


At 1 January 2023
336,624
14,305
212,511
179,331
984,788


Charge for the period on owned assets
28,054
639
18,998
11,065
518,297


Disposals
-
-
-
-
(303,566)



At 30 June 2023

364,678
14,944
231,509
190,396
1,199,519



Net book value



At 30 June 2023
999,683
2,556
136,603
55,736
13,081,389



At 31 December 2022
908,390
3,195
59,011
56,139
8,660,465
Page 27

 
THL UK AND IRELAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

           13.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 January 2023
11,414,759


Additions
6,469,347


Disposals
(1,607,093)



At 30 June 2023

16,277,013



Depreciation


At 1 January 2023
1,727,559


Charge for the period on owned assets
577,053


Disposals
(303,566)



At 30 June 2023

2,001,046



Net book value



At 30 June 2023
14,275,967



At 31 December 2022
9,687,200

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


30 June
31 December
2023
2022
£
£



M'homes
13,081,389
8,660,465

13,081,389
8,660,465

Page 28

 
THL UK AND IRELAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

14.


Stocks

30 June
31 December
2023
2022
£
£

Raw materials and consumables
615,859
682,602

615,859
682,602



15.


Debtors

30 June
31 December
2023
2022
£
£


Trade debtors
346,229
12,661

Other debtors
626,636
38,336

Prepayments and accrued income
101,694
133,217

1,074,559
184,214



16.


Cash and cash equivalents

30 June
31 December
2023
2022
£
£

Cash at bank and in hand
5,812,335
2,708,772

5,812,335
2,708,772


Page 29

 
THL UK AND IRELAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

17.


Creditors: Amounts falling due within one year

30 June
31 December
2023
2022
£
£

Bank loans
33,672
58,225

Trade creditors
348,935
53,986

Amounts owed to group undertakings
5,066,958
42,654

Other taxation and social security
579,772
250,416

Obligations under finance lease and hire purchase contracts
2,381,958
1,821,133

Other creditors
550,335
65,926

Accruals and deferred income
1,263,125
229,954

10,224,755
2,522,294



18.


Creditors: Amounts falling due after more than one year

30 June
31 December
2023
2022
£
£

Bank loans
490,386
492,060

Net obligations under finance leases and hire purchase contracts
6,597,586
5,033,391

7,087,972
5,525,451


Details of security provided:
Debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattles, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future dated 01 December 2003.
First Legal Scottish Charge dated 18 April 2019.

Page 30

 
THL UK AND IRELAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

19.


Loans


Analysis of the maturity of loans is given below:


30 June
31 December
2023
2022
£
£

Amounts falling due within one year

Bank loans
33,672
58,225

Amounts falling due 1-2 years

Bank loans
490,386
492,060



524,058
550,285



20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

30 June
31 December
2023
2022
£
£


Within one year
2,381,958
1,821,133

Between 1-5 years
6,597,586
5,033,391

8,979,544
6,854,524


21.


Deferred taxation






2023


£






At beginning of year
(1,671,037)


Charged to profit or loss
602,825



At end of year
(1,068,212)

Page 31

 
THL UK AND IRELAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
 
21.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

30 June
31 December
2023
2022
£
£


Accelerated capital allowances
(1,461,290)
(2,135,425)

Tax losses carried forward
393,078
464,388

(1,068,212)
(1,671,037)


22.


Share capital

30 June
31 December
2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



23.


Reserves

Profit and loss account

Profit and loss account includes all current and prior period retained profit and losses.


24.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administrated fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £35,136 (2022: £37,603). Contributions totalling £14,037 (2022: £8,115) were payable to the fund at the balance sheet date and are iincluded in creditors.

Page 32

 
THL UK AND IRELAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

25.


Commitments under operating leases

At 30 June 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

30 June
31 December
2023
2022
£
£


Not later than 1 year
99,000
99,000

Later than 1 year and not later than 5 years
477,033
422,108

Later than 5 years
915,417
970,342

1,491,450
1,491,450


26.


Related party transactions

At the period end, a director owed the company £nil (2022: £299).
During the period, the company made purchases from Tourism Holdings Limited of £46,243 (2022: £66,142)  and sales of £6,688 (2022: £6,885). At period end, the company was owed £nil (2022: £nil) and owed £nil (2022: £38,608).
During the period, the company made purchases from THL Group (Austria) Ltd £9,673 (2022: £13,137). At the period end, the company owed £4,046 (2022: £4,046). 
Key management personnel remuneration during the period was £104,123 (2022: £364,448).


27.


Controlling party

The company's immediate parent undertaking is THL Motorhomes UK Ltd, a company incorporated in the UK. The ultimate parent undertaking is Tourism Holdings Ltd, a company incoporated in New Zealand.

 
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