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Registered number: 01009135










TRAVEL CRUISER CONCESSIONAIRES LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
TRAVEL CRUISER CONCESSIONAIRES LIMITED
 
 
COMPANY INFORMATION


Directors
R H Edwards 
R I T Edwards 
E K Baxendale 
D N R Barker (appointed 1 June 2023)




Company secretary
A Edwards



Registered number
01009135



Registered office
Erwin Hymer Centre (Travelworld)
Valley Drive

Stafford

ST16 1NZ




Independent auditors
WR Partners
Chartered Accountants & Statutory Auditors

Belmont House

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG





 
TRAVEL CRUISER CONCESSIONAIRES LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 24


 
TRAVEL CRUISER CONCESSIONAIRES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The directors present the strategic report for the year ended 30 April 2024.

Business review
 
From famine to feast, the blockages in the supply chains started to unclog themselves in the year and the factories started to make good on the shortfalls of the last two years. However, this also brought problems in that stocks of new vehicles trebled in the year with much of the stock arriving in the winter months when sales naturally fall. Additional issues also include the reverting to type of competitors of deep discounting and the filling of funding lines to the point of stocks being held at the factories until stock on site is sold.
The influx of stock allowed us to fulfil the majority of outstanding orders, some of which were up to two years old, and this ensured that new vehicle sales were on a par with 22/23. However, because of this increased supply of new vehicles, the business shifted focus away from used vehicles which had filled the gap in supply in the previous year meaning that used vehicle sales were almost half those of 22/23. This drop was partly offset by a continue rise in average selling prices of almost 15%.
Total sales were down just under 15% across the business, but a continued focus on higher value vehicles with solid margins meant that gross margin was maintained above 15%. Despite the increased levels of stock, the Company maintains a strong cash position and does not intend to be drawn into a spiral of discounting vehicles merely to drive volume. 
Overheads continue to be carefully controlled and were almost unchanged from the previous year in total which allowed the business to report an EBITDA around £2.073million. Whilst this is a fall from 22/23, it is still the third best year in the Company’s history.
Stocks have increased by almost £5million with used stock almost halving and new stock trebling. The Company monitors funding lines and cash in stock on a daily basis as they are regularly close to full utilisation.
During the year, the business decided to repay its loan to Barclays Bank and is now operating debt free, aside from trade creditors and stock funding. 

Principal risks and uncertainties
 
The principal risks and uncertainties that we foresee in the coming year are associated with:
• Supply chain – Having spent a couple of years with minimal supplies of vehicles from factories, we have had almost all outstanding orders delivered, plus many of those for the current production year. The knock on effect of high stocks, full funding lines and stocks held at factories is carefully monitored daily but we retain full support from our suppliers and funders. 
• Interest rates – the continued rise in interest rates means that the Company is benefiting from the repayment of its bank loan, but is incurring increasing costs from the increased stock holding levels. Some of this cost is being offset by investing cash reserves in interest bearing accounts, but the business remains a net interest payer overall. The recent cut in rates is a welcome indication of what is hoped to be additional cuts in interest rates to come. 
• Market conditions – the recent influx of stock across the industry has led to some sellers reaching for the discount button as a seemingly automatic reflex. As mentioned earlier, the business will not be following this trend and has support from the factories and stock funders to hold higher levels of stock and continue to offer premium products at appropriate prices. Whilst overall demand has dropped from the immediate post-covid levels, there remains demand within the marketplace for our products.
 

Page 1

 
TRAVEL CRUISER CONCESSIONAIRES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Financial key performance indicators
 
The directors monitor the performance of the Company through key performance indicators such as sales, gross profit margins and operating profit. The position of the Company at any point in time is monitored with reference to net current assets and net assets.
An analysis of the performance and position of the Company by reference to these KPI’s is included within the business review above.


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






................................................
R I T Edwards
Director

Date: 10 September 2024

Page 2

 
TRAVEL CRUISER CONCESSIONAIRES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

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 profit for the year, after taxation, amounted to £1,611,596 (2023 - £3,130,228).

Dividends of £785,000 were paid during the year (2023: £7,073,678). 

Directors

The directors who served during the year were:

R H Edwards 
R I T Edwards 
E K Baxendale 
D N R Barker (appointed 1 June 2023)

Future developments

The directors plan to continue the development of the Company and its business. Refer to the strategic report for further information. 

Page 3

 
TRAVEL CRUISER CONCESSIONAIRES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


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.

Auditors

The auditorsWR Partnerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





................................................
R I T Edwards
Director

Date: 10 September 2024

Page 4

 
TRAVEL CRUISER CONCESSIONAIRES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAVEL CRUISER CONCESSIONAIRES LIMITED
 

Opinion


We have audited the financial statements of Travel Cruiser Concessionaires Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, 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 April 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 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 5

 
TRAVEL CRUISER CONCESSIONAIRES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAVEL CRUISER CONCESSIONAIRES 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 year 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.


Page 6

 
TRAVEL CRUISER CONCESSIONAIRES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAVEL CRUISER CONCESSIONAIRES LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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.


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 audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). 
We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. 
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.


Page 7

 
TRAVEL CRUISER CONCESSIONAIRES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAVEL CRUISER CONCESSIONAIRES LIMITED (CONTINUED)


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 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 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 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.





John Fletcher BA (Hons) FCA (Senior Statutory Auditor)
for and on behalf of
WR Partners
Chartered Accountants
Statutory Auditors
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 
Date: 
10 September 2024
Page 8

 
TRAVEL CRUISER CONCESSIONAIRES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
35,080,619
41,221,645

Cost of sales
  
(30,044,177)
(34,561,701)

Gross profit
  
5,036,442
6,659,944

Administrative expenses
  
(3,052,595)
(3,015,199)

Operating profit
 5 
1,983,847
3,644,745

Interest receivable and similar income
 8 
167,838
49,311

Interest payable and similar expenses
 9 
-
(29,222)

Profit before tax
  
2,151,685
3,664,834

Tax on profit
 10 
(540,089)
(534,606)

Profit for the financial year
  
1,611,596
3,130,228

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 24 form part of these financial statements.

Page 9

 
TRAVEL CRUISER CONCESSIONAIRES LIMITED
REGISTERED NUMBER: 01009135

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
273,764
344,229

  
273,764
344,229

Current assets
  

Stocks
 13 
12,701,669
7,981,936

Debtors: amounts falling due within one year
 14 
608,329
932,368

Cash at bank and in hand
 15 
6,613,425
7,784,838

  
19,923,423
16,699,142

Creditors: amounts falling due within one year
 16 
(14,381,820)
(12,054,600)

Net current assets
  
 
 
5,541,603
 
 
4,644,542

Total assets less current liabilities
  
5,815,367
4,988,771

  

Net assets
  
5,815,367
4,988,771


Capital and reserves
  

Called up share capital 
 17 
250,400
250,400

Profit and loss account
  
5,564,967
4,738,371

  
5,815,367
4,988,771


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R I T Edwards
Director

Date: 10 September 2024

The notes on pages 12 to 24 form part of these financial statements.

Page 10

 
TRAVEL CRUISER CONCESSIONAIRES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2022
250,400
8,681,821
8,932,221


Comprehensive income for the year

Profit for the year
-
3,130,228
3,130,228
Total comprehensive income for the year
-
3,130,228
3,130,228


Contributions by and distributions to owners

Dividends: Equity capital
-
(7,073,678)
(7,073,678)


Total transactions with owners
-
(7,073,678)
(7,073,678)


At 1 May 2023
250,400
4,738,371
4,988,771


Comprehensive income for the year

Profit for the year
-
1,611,596
1,611,596
Total comprehensive income for the year
-
1,611,596
1,611,596


Contributions by and distributions to owners

Dividends: Equity capital
-
(785,000)
(785,000)


Total transactions with owners
-
(785,000)
(785,000)


At 30 April 2024
250,400
5,564,967
5,815,367


The notes on pages 12 to 24 form part of these financial statements.

Page 11

 
TRAVEL CRUISER CONCESSIONAIRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

"Travel Cruiser" Concessionaires Limited ("The Company") is a private company limited by shares and is incorporated in England. The address of its registered office is Valley Drive, Stafford, England, ST16 1NZ. The principal activity of the business is the sale and service of new and used motorhomes.

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of "Travel Cruiser" Concessionaires Holdings Ltd as at 30 April 2024 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

The Company's forecasts and projections, taking into account of reasonably possible changes in trading performance, show that the Company should be able to operate within the levels of it's current facilities. 
After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing the accounts. 

Page 12

 
TRAVEL CRUISER CONCESSIONAIRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.5

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:

Sale of goods

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

Page 13

 
TRAVEL CRUISER CONCESSIONAIRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
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

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

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 reporting date in the countries where the Company operates and generates income.

Page 14

 
TRAVEL CRUISER CONCESSIONAIRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.10

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.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant & Machinery
-
10%
Motor Vehicles
-
25%
Fixtures & Fittings
-
10%
Office Equipment
-
20-25%

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.

 
2.11

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 an actual basis. 
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.

 
2.12

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.

 
2.13

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.

 
2.14

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 15

 
TRAVEL CRUISER CONCESSIONAIRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.15

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position 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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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.

Page 16

 
TRAVEL CRUISER CONCESSIONAIRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

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.

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 receipts 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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgment in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and others factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates, will by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year.  

Page 17

 
TRAVEL CRUISER CONCESSIONAIRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Turnover

The whole of the turnover is attributable to the sale of motorhomes and related activities.

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(2,647)
196

Fees payable to the Company's auditor for the audit of the Company's financial statements
14,900
14,300

(Profit) on disposal of tangible assets
-
(1,500)


6.


Employees

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


2024
2023
£
£

Wages and salaries
2,233,706
2,232,550

Social security costs
242,190
250,989

Cost of defined contribution scheme
113,314
119,373

2,589,210
2,602,912


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


        2024
        2023
            No.
            No.







Employees
67
69

Page 18

 
TRAVEL CRUISER CONCESSIONAIRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
364,881
284,948

Company contributions to defined contribution pension schemes
36,221
39,539

401,102
324,487


During the year retirement benefits were accruing to 2 directors (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £126,743 (2023 - £102,711).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £39,539).

There are no other key management personnel other than the Directors.


8.


Interest receivable

2024
2023
£
£


Other interest receivable
167,838
49,311

167,838
49,311


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
29,222

-
29,222

Page 19

 
TRAVEL CRUISER CONCESSIONAIRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
540,089
709,822


Total current tax
540,089
709,822

Deferred tax


Origination and reversal of timing differences
-
(175,216)

Total deferred tax
-
(175,216)


Taxation on profit on ordinary activities
540,089
534,606

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,151,685
3,664,834


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.5%)
537,921
714,643

Effects of:


Expenses not deductible for tax purposes
1,926
3,309

Capital allowances for year in excess of depreciation
8,515
(168,170)

Book profit on chargeable assets
-
(293)

Changes in provisions leading to an increase (decrease) in the tax charge
3,442
-

Group relief
(11,715)
(14,883)

Total tax charge for the year
540,089
534,606


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

 
TRAVEL CRUISER CONCESSIONAIRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Dividends

2024
2023
£
£


Dividends paid
785,000
7,073,678

785,000
7,073,678


12.


Tangible fixed assets





Plant & Machinery
Motor Vehicles
Fixtures & Fittings
Office Equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
371,220
124,343
181,476
112,619
789,658


Additions
21,710
-
-
-
21,710



At 30 April 2024

392,930
124,343
181,476
112,619
811,368



Depreciation


At 1 May 2023
212,411
47,889
90,234
94,895
445,429


Charge for the year on owned assets
39,249
25,318
18,668
8,940
92,175



At 30 April 2024

251,660
73,207
108,902
103,835
537,604



Net book value



At 30 April 2024
141,270
51,136
72,574
8,784
273,764



At 30 April 2023
158,809
76,454
91,242
17,724
344,229

Page 21

 
TRAVEL CRUISER CONCESSIONAIRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Stocks

2024
2023
£
£

Finished goods and goods for resale
12,701,669
7,981,936

12,701,669
7,981,936



14.


Debtors

2024
2023
£
£


Trade debtors
126,627
543,507

Amounts owed by group undertakings
123,209
-

Other debtors
2,268
400

Prepayments and accrued income
356,225
388,461

608,329
932,368



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
6,613,425
7,784,838

6,613,425
7,784,838


Page 22

 
TRAVEL CRUISER CONCESSIONAIRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
12,827,984
9,151,011

Amounts owed to group undertakings
-
1,671,208

Corporation tax
225,218
349,141

Other taxation and social security
1,021,805
629,147

Other creditors
7,404
-

Accruals and deferred income
299,409
254,093

14,381,820
12,054,600


Vehicle stocking creditors which are included within trade creditors and other creditors at a value of £10,490,136 (2023: £5,573,766) are secured on the asset to which the finance relates.


17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



250,400 (2023 - 250,400) Ordinary shares of £1.00 each
250,400
250,400



18.


Capital commitments


At 30 April 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
151,024
-

151,024
-

Page 23

 
TRAVEL CRUISER CONCESSIONAIRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


19.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £113,314 (2023: £119,373). Contributions totalling £27,082 (2023: £13,318) were payable to the fund at the reporting date and are included in creditors. 


20.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
89,922
70,872

Later than 1 year and not later than 5 years
98,549
89,701

188,471
160,573


21.


Related party transactions

There have been no related party transactions during the year. 


22.


Controlling party

The Company is controlled by Travel Cruiser Concessionaires Holdings Limited (company no. 13913408), a company incorporated and domiciled in England and Wales. 
The parent undertaking of the largest and smallest group for whom consolidated accounts are prepared is Travel Cruiser Concessionaries Holdings Limited. Consolidated accounts are available from Companies House or its registered office, which is located at Valley Drive, Stafford, Staffordshire, ST16 1NZ.
 
Page 24