Company registration number 01868019 (England and Wales)
HOMESTEAD CARAVAN CENTRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
11 De Grey Square
De Grey Road
Colchester
Essex
CO4 5YQ
HOMESTEAD CARAVAN CENTRE LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
HOMESTEAD CARAVAN CENTRE LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr P Hull
Mr S P Wyss
Mrs D L Hull
Mrs E M Swinscoe
Secretary
Mrs S M Willis
Company number
01868019
Registered office
Homestead Farm
Thorpe Road
Weeley
Essex
United Kingdom
CO16 9JN
Accountants
TC Group
11 De Grey Square
De Grey Road
Colchester
Essex
CO4 5YQ
HOMESTEAD CARAVAN CENTRE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
45,406
55,153
Current assets
Stocks
1,951,066
1,536,972
Debtors
5
122,264
160,488
Cash at bank and in hand
411,738
693,907
2,485,068
2,391,367
Creditors: amounts falling due within one year
6
(1,044,640)
(905,453)
Net current assets
1,440,428
1,485,914
Total assets less current liabilities
1,485,834
1,541,067
Provisions for liabilities
(10,072)
(11,775)
Net assets
1,475,762
1,529,292
Capital and reserves
Called up share capital
800
800
Capital redemption reserve
200
200
Profit and loss reserves
1,474,762
1,528,292
Total equity
1,475,762
1,529,292
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HOMESTEAD CARAVAN CENTRE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 10 September 2024 and are signed on its behalf by:
Mrs D L Hull
Director
Company Registration No. 01868019
HOMESTEAD CARAVAN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Homestead Caravan Centre Limited is a private company limited by shares incorporated in England and Wales. The registered office is Homestead Farm, Thorpe Road, Weeley, Essex, United Kingdom, CO16 9JN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of new caravans is recognised on the date that they are ordered by the customer (if in stock) or on the date they are delivered to the company. Revenue from the sale of second hand caravans is recognised on the date they are ordered by the customer.
Revenue from the sale of mail order accessories is recognised on the date of delivery to the customer. Revenue from the shop sale of accessories is recognised on the date that payment is received and the customer takes the goods.
Workshop income is recognised when the company obtains the right to consideration.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
HOMESTEAD CARAVAN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
10% on cost
Plant and equipment
10% on cost
Fixtures and fittings
at varying rates on cost
Computers
25% on cost
Motor vehicles
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Freehold property has not been depreciated on the grounds that the practice of regular maintenance and repair has kept the residual value of the freehold to such a level as to make depreciation immaterial.
1.4
Stocks
Stocks of caravans and caravan movers are valued at the lower of cost and net realisable value.
New consignment caravans are regarded as being under the control of the company and are included within stocks on the balance sheet even though legal title has not passed to the company. The corresponding liability is included in creditors.
Accessories stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
HOMESTEAD CARAVAN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
32
32
HOMESTEAD CARAVAN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
844,246
75,811
67,360
19,055
40,524
1,046,996
Additions
3,962
3,962
At 31 December 2023
844,246
79,773
67,360
19,055
40,524
1,050,958
Depreciation and impairment
At 1 January 2023
826,533
74,101
52,630
19,044
19,535
991,843
Depreciation charged in the year
2,200
1,710
2,805
10
6,984
13,709
At 31 December 2023
828,733
75,811
55,435
19,054
26,519
1,005,552
Carrying amount
At 31 December 2023
15,513
3,962
11,925
1
14,005
45,406
At 31 December 2022
17,713
1,710
14,730
11
20,989
55,153
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
11,508
36,306
Other debtors
110,756
124,182
122,264
160,488
HOMESTEAD CARAVAN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
959,278
825,278
Taxation and social security
9,967
45,385
Other creditors
75,395
34,790
1,044,640
905,453
Included in trade creditors are secured liabilities of £938,180 (2022: £726,081). The liabilities are secured on the stock of caravans and motorhomes acquired on consignment terms.