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COMPANY REGISTRATION NUMBER: 04347844
Zed Ten Caravans & Transport Limited
Filleted Unaudited Financial Statements
For the year ended
30 December 2023
Zed Ten Caravans & Transport Limited
Financial Statements
Year ended 30 December 2023
Contents
Page
Officers and professional advisers
1
Report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Zed Ten Caravans & Transport Limited
Officers and Professional Advisers
Director
Mr R Ennis
Company secretary
Mrs S Ennis
Registered office
4 Bryn Hir
Old Narbeth Road
Tenby
Dyfed
SA70 8TT
Accountants
Clay Shaw Thomas Ltd
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
Bankers
Barclays Bank plc
Llanelli Business Centre
PO Box 25
Llanelli
SA15 1XJ
Zed Ten Caravans & Transport Limited
Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Zed Ten Caravans & Transport Limited
Year ended 30 December 2023
Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Zed Ten Caravans & Transport Limited You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Clay Shaw Thomas Ltd
2 Oldfield Road Bocam Park Bridgend CF35 5LJ
25 September 2024
Zed Ten Caravans & Transport Limited
Statement of Financial Position
30 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
53,283
Current assets
Stocks
6
386,419
1,081,506
Debtors
7
581,620
706,339
Cash at bank and in hand
5,066
38,763
---------
------------
973,105
1,826,608
Creditors: amounts falling due within one year
8
442,763
1,292,420
---------
------------
Net current assets
530,342
534,188
---------
---------
Total assets less current liabilities
530,342
587,471
Creditors: amounts falling due after more than one year
9
12,005
27,108
Provisions
Taxation including deferred tax
1,619
---------
---------
Net assets
518,337
558,744
---------
---------
Capital and reserves
Called up share capital
10
100
100
Profit and loss account
11
518,237
558,644
---------
---------
Shareholders funds
518,337
558,744
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Zed Ten Caravans & Transport Limited
Statement of Financial Position (continued)
30 December 2023
These financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
Mr R Ennis
Director
Company registration number: 04347844
Zed Ten Caravans & Transport Limited
Notes to the Financial Statements
Year ended 30 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Bryn Hir, Old Narbeth Road, Tenby, SA70 8TT, Dyfed.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company intends to hive across its trade and assets to a company under common control within 12 months of the issue of these financial statements. The company will be able to settle all its liabilities as they fall due although the proposed group reorganisation has resulted in the financial statements being prepared on a basis other than that of a going concern.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the sale of caravans, stated net of discounts and of Value Added Tax. Revenue from the sale of caravans is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on handover of the caravan, when the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant & machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 10 ).
5. Tangible assets
Property improvements
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 31 December 2022
50,954
4,163
31,299
12,110
98,526
Disposals
( 50,954)
( 4,163)
( 31,299)
( 12,110)
( 98,526)
--------
-------
--------
--------
--------
At 30 December 2023
--------
-------
--------
--------
--------
Depreciation
At 31 December 2022
6,192
2,000
25,496
11,555
45,243
Charge for the year
735
406
363
201
1,705
Disposals
( 6,927)
( 2,406)
( 25,859)
( 11,756)
( 46,948)
--------
-------
--------
--------
--------
At 30 December 2023
--------
-------
--------
--------
--------
Carrying amount
At 30 December 2023
--------
-------
--------
--------
--------
At 30 December 2022
44,762
2,163
5,803
555
53,283
--------
-------
--------
--------
--------
6. Stocks
2023
2022
£
£
Caravan stock
386,419
1,081,506
---------
------------
7. Debtors
2023
2022
£
£
Trade debtors
152,756
333,146
Amounts owed by group undertakings
94,173
100,503
Other debtors
334,691
272,690
---------
---------
581,620
706,339
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
25,379
13,420
Trade creditors
369,656
1,219,025
Accruals and deferred income
4,540
4,597
Social security and other taxes
33,475
49,685
Director loan accounts
4,832
Other creditors
4,881
5,693
---------
------------
442,763
1,292,420
---------
------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
12,005
27,108
--------
--------
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
11. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
12. Directors' advances, credit and guarantees
The director has given a personal guarantee to the company's bankers to the extent of £40,000.
13. Related party transactions
Zed Ten Caravans & Transport Limited is a 100% subsidiary of Ocean Leisure Parks Limited, and as such has taken advantage of the exemption stated in FRS102 which does not require the disclosure of transactions between group companies if at least 100% of the voting rights are controlled within the group. During the year the company made management charges and sales of £152,919 (2022: £56,500) to Tenby Tourers Limited, a company under common control. This includes an amount of £44,332 in respect of the sale of fixed assets . As at the year end, Zed Ten Caravans Limited was owed £217,350 (2022: £167,244) from Tenby Tourers Limited. During the year the company made management charges of £2,037 (2022: £22,052) to Sardis Leisure Limited, a company under common control. At the year end the company was owed £96,903 (2022: £61,903) from Sardis Leisure Limited. At the balance sheet date the company was owed £20,000 (2022: £20,000) from Tenby Tourers Caravan & Camping Limited, a company under common control.