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REGISTERED NUMBER: 01454914 (England and Wales)















West Country Motor Homes Limited

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2023






West Country Motor Homes Limited (Registered number: 01454914)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Profit and Loss Account 8

Other Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Statement of Cash Flows 12

Notes to the Financial Statements 13


West Country Motor Homes Limited

Company Information
for the year ended 31 December 2023







DIRECTORS: S G Pike
M A Pike
S R Taylor





REGISTERED OFFICE: Bristol Road
Brent Knoll
Highbridge
Somerset
TA9 4HG





REGISTERED NUMBER: 01454914 (England and Wales)





AUDITORS: Webb & Co Ltd
Accountants and Business Advisers
& Statutory Auditor
One New Street
Wells
Somerset
BA5 2LA

West Country Motor Homes Limited (Registered number: 01454914)

Strategic Report
for the year ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The company had another successful year in 2023 with similar results to the previous year.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks to the company are the slowing down in demand, partly caused by the cost of living crisis as well as the overall uncertain economic climate.

We expect things to plateau in 2024 and will continue to place emphasis on customer service and retention in order to maintain turnover and a healthy margin.

The company continues to maintain a strong balance sheet with no debt and therefore the wider economic implications have less impact than they otherwise might as far as the company itself is concerned.

KEY PERFORMANCE INDICATORS
The key financial highlights are as follows;

2023 2022 2021 2020
£ £ £ £
Turnover (£   ) 24,626 25,651 24,853 19,644
Turnover Growth (%) -4 3 26 -14
Gross Profit Margin (%) -2 18 16 14
Profit Before Tax (£   ) 2,573 2,446 2,288 1,430

DEVELOPMENT AND PERFORMANCE
The company does not have any particular plans for future development other than to maintain its current level of turnover and operations and to build on its reputation for good quality and customer service.

ON BEHALF OF THE BOARD:





S G Pike - Director


24 September 2024

West Country Motor Homes Limited (Registered number: 01454914)

Report of the Directors
for the year ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITIES
The principal activities of the company in the year under review were those of the retail of motor homes.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £ 170,418 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

S G Pike
M A Pike
S R Taylor

Other changes in directors holding office are as follows:

P R Shaw - resigned 4 April 2023

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, trade creditors and consignment stock facilities. The main purpose of these instruments is to raise funds for and to finance the company's operations.

Due to the nature of these financial instruments there is no exposure to price risk. In addition, as the company does not have significant debtors there is little exposure to credit risk. The company's approach to managing other risks applicable to the financial instruments is set out below.

In respect of bank balances the liquidity risk is managed by maintaining healthy surplus cash balances available at short notice by retaining profits within the company. Interest rate risk is managed by securing the best available interest rates wherever possible.

Trade creditors and consignment stock facilities liquidity risk is managed by ensuring that sufficient funds are available to meet payments as they fall due. Interest rate risk is managed by ensuring that balances are settled on or before their due date wherever possible.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently;
-make judgements 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.


West Country Motor Homes Limited (Registered number: 01454914)

Report of the Directors
for the year ended 31 December 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Webb & Co Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S G Pike - Director


24 September 2024

Report of the Independent Auditors to the Members of
West Country Motor Homes Limited

Opinion
We have audited the financial statements of West Country Motor Homes Limited (the 'company') for the year ended 31 December 2023 which comprise the Profit and Loss Account, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
West Country Motor Homes Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages three and four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment law and health and safety regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to manipulation of financial results and potential management bias in accounting estimates. Audit procedures performed by the engagement team included:

- Discussions with the Managing Director and Financial Controller including consideration
of known or suspected instances of non-compliance with laws and regulations and fraud;
- Reviewing correspondence with legal advisors;
- Identifying and testing the validity of journal entries;
- Challenging assumptions made by management in its significant accounting estimates;
- Reviewing disclosures for accounting estimates.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery of intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
West Country Motor Homes Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Barry Davidson FCA FCCA (Senior Statutory Auditor)
for and on behalf of Webb & Co Ltd
Accountants and Business Advisers
& Statutory Auditor
One New Street
Wells
Somerset
BA5 2LA

24 September 2024

West Country Motor Homes Limited (Registered number: 01454914)

Profit and Loss Account
for the year ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 3 24,626,520 25,651,286

Cost of sales (20,225,645 ) (21,157,360 )
GROSS PROFIT 4,400,875 4,493,926

Distribution costs (74,213 ) (82,822 )
Administrative expenses (2,032,069 ) (2,198,660 )
2,294,593 2,212,444

Other operating income 104,111 110,886
OPERATING PROFIT 5 2,398,704 2,323,330

Interest receivable and similar income 174,578 122,283
PROFIT BEFORE TAXATION 2,573,282 2,445,613

Tax on profit 6 (580,575 ) (428,189 )
PROFIT FOR THE FINANCIAL YEAR 1,992,707 2,017,424

West Country Motor Homes Limited (Registered number: 01454914)

Other Comprehensive Income
for the year ended 31 December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,992,707 2,017,424


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,992,707

2,017,424

West Country Motor Homes Limited (Registered number: 01454914)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 337,777 320,456

CURRENT ASSETS
Stocks 9 13,308,969 9,656,811
Debtors 10 11,097,601 10,181,147
Cash at bank 1,250,458 3,042,109
25,657,028 22,880,067
CREDITORS
Amounts falling due within one year 11 6,557,650 5,585,657
NET CURRENT ASSETS 19,099,378 17,294,410
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,437,155

17,614,866

CAPITAL AND RESERVES
Called up share capital 13 863,000 863,000
Capital redemption reserve 137,000 137,000
Retained earnings 18,437,155 16,614,866
SHAREHOLDERS' FUNDS 19,437,155 17,614,866

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





S G Pike - Director


West Country Motor Homes Limited (Registered number: 01454914)

Statement of Changes in Equity
for the year ended 31 December 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 863,000 14,885,360 137,000 15,885,360

Changes in equity
Dividends - (287,918 ) - (287,918 )
Total comprehensive income - 2,017,424 - 2,017,424
Balance at 31 December 2022 863,000 16,614,866 137,000 17,614,866

Changes in equity
Dividends - (170,418 ) - (170,418 )
Total comprehensive income - 1,992,707 - 1,992,707
Balance at 31 December 2023 863,000 18,437,155 137,000 19,437,155

West Country Motor Homes Limited (Registered number: 01454914)

Statement of Cash Flows
for the year ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 16 (1,004,887 ) (1,177,722 )
Tax paid (642,284 ) (480,211 )
Net cash from operating activities (1,647,171 ) (1,657,933 )

Cash flows from investing activities
Purchase of tangible fixed assets (63,615 ) (81,421 )
Interest received 174,578 122,283
Net cash from investing activities 110,963 40,862

Cash flows from financing activities
Amount withdrawn by directors (85,025 ) (50,686 )
Government grant income - 411
Equity dividends paid (170,418 ) (287,918 )
Net cash from financing activities (255,443 ) (338,193 )

Decrease in cash and cash equivalents (1,791,651 ) (1,955,264 )
Cash and cash equivalents at
beginning of year

17

3,042,109

4,997,373

Cash and cash equivalents at end of
year

17

1,250,458

3,042,109

West Country Motor Homes Limited (Registered number: 01454914)

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATEMENT OF COMPLIANCE

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting 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 period where the revision affects both current and future periods.

Critical Judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment of assets

The tangible fixed assets are periodically reviewed for impairment by the directors based on their knowledge and judgements.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation

The directors use their knowledge of the business and the industry to estimate the useful life and residual value of tangible assets in order to arrive at applicable deprecation and amortisation rates. In accordance with section 17 of FRS 102, the directors review and update these estimates if there are indicators that current estimates should change.

It must be noted that there is inherent uncertainty within these estimates as factors such as unexpected wear and tear, technological advancement and changes in market prices may result in future changes to the appropriate rate of deprecation.

The estimation of consumable stocks and the calculation of the general stock provision

The directors use their knowledge of the business and the industry to estimate the value of certain items of consumable stocks and to calculate the general stock provision.

West Country Motor Homes Limited (Registered number: 01454914)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on cost (except land)
Short leasehold - 4% on cost
Fixtures and fittings - 20% on cost

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. The cost formula used to value stock is actual cost. Provision is made for damaged, obsolete and slow moving stock where appropriate.

Vehicles held on consignment are included at cost within the balance sheet value of stocks with a corresponding amount being included within trade creditors to recognise the liability.

Financial instruments
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.


West Country Motor Homes Limited (Registered number: 01454914)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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
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.

Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the
company's pension scheme and an external pension scheme are charged to profit or loss in the period to which they relate.

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 are largely independent of the cash inflows from other assets or groups of assets.

3. TURNOVER

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

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

2023 2022
£    £   
Sale of goods 24,292,953 25,395,703
Rendering of services 333,567 255,583
24,626,520 25,651,286

West Country Motor Homes Limited (Registered number: 01454914)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

3. TURNOVER - continued

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 24,510,271 25,651,286
Overseas 116,249 -
24,626,520 25,651,286

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,272,770 1,400,574
Social security costs 113,106 136,065
Other pension costs 26,446 130,193
1,412,322 1,666,832

The average number of employees during the year was as follows:
2023 2022

Distribution staff 37 33
Administrative staff 10 13
Management staff 4 4
51 50

2023 2022
£    £   
Directors' remuneration 207,762 419,602
Directors' pension contributions to money purchase schemes 7,844 113,056

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

Money purchase schemes 3 4

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 148,170 160,919
Pension contributions to money purchase schemes 6,419 6,400

West Country Motor Homes Limited (Registered number: 01454914)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 644 841
Other operating leases 227,667 209,680
Depreciation - owned assets 46,294 33,975
Auditors' remuneration 5,000 5,000

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 580,575 428,189
Tax on profit 580,575 428,189

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 2,573,282 2,445,613
Profit multiplied by the standard rate of corporation tax in the UK of
23.521% (2022 - 19%)

605,262

464,666

Effects of:
Expenses not deductible for tax purposes (19,997 ) (25,908 )
Capital allowances in excess of depreciation (4,690 ) (10,569 )
Total tax charge 580,575 428,189

7. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 170,418 287,918

West Country Motor Homes Limited (Registered number: 01454914)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

8. TANGIBLE FIXED ASSETS
Fixtures
Freehold Short and
property leasehold fittings Totals
£    £    £    £   
COST
At 1 January 2023 279,529 74,097 443,324 796,950
Additions - - 63,615 63,615
Disposals - - (29,500 ) (29,500 )
At 31 December 2023 279,529 74,097 477,439 831,065
DEPRECIATION
At 1 January 2023 56,000 57,412 363,082 476,494
Charge for year 5,600 2,964 37,730 46,294
Eliminated on disposal - - (29,500 ) (29,500 )
At 31 December 2023 61,600 60,376 371,312 493,288
NET BOOK VALUE
At 31 December 2023 217,929 13,721 106,127 337,777
At 31 December 2022 223,529 16,685 80,242 320,456

9. STOCKS
2023 2022
£    £   
Goods for resale 13,308,969 9,656,811

Included above is consignment stock of £nil (2022 £72,160) held at the year end.

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 32,746 21,197
Other debtors 10,676,692 9,982,376
Directors' current accounts 72,733 -
VAT 239,433 145,235
Prepayments and accrued income 75,997 32,339
11,097,601 10,181,147

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 5,545,955 4,041,177
Taxation 366,480 428,189
Social security and other taxes 23,873 29,653
Other creditors 2,135 3,415
Directors' current accounts 306 12,598
Accruals and deferred income 618,901 1,070,625
6,557,650 5,585,657

Included in trade creditors are secured amounts relating to consignment stock of £nil (2022 £72,160)

West Country Motor Homes Limited (Registered number: 01454914)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 147,095 147,179
Between one and five years 232,756 377,937
379,851 525,116

13. CALLED UP SHARE CAPITAL

Allotted, allotted and fully paid :
Number: Class: Nominal 2023 2022
Value: £ £
108,000 Ordinary £1 108,000 108,000
548,400 Ordinary A £1 548,400 632,000
30,000 Ordinary B £1 30,000 30,000
86,300 Ordinary C £1 86,300 41,500
86,300 Ordinary D £1 86,300 41,500
2,000 Ordinary E £1 2,000 -
2,000 Ordinary F £1 2,000 -
863,000 863,000

The following share reclassifications occurred on the 22 February 2023:
39800 Ordinary A shares were reclassified to 39800 Ordinary C shares
39800 Ordinary A shares were reclassified to 39800 Ordinary D shares
2000 Ordinary A shares were reclassified to 2000 Ordinary E shares
2000 Ordinary A shares were reclassified to 2000 Ordinary F shares
5000 Ordinary shares were reclassified to 5000 Ordinary C shares
5000 Ordinary shares were reclassified to 5000 Ordinary D shares

The Ordinary shares, Ordinary A shares, Ordinary B shares, Ordinary C shares, Ordinary D shares, Ordinary E shares and Ordinary F shares issued by the company have full voting rights and full participating rights to distributions or in winding up.

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
M A Pike
Balance outstanding at start of year - -
Amounts advanced 72,733 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 72,733 -

West Country Motor Homes Limited (Registered number: 01454914)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

S G Pike
Balance outstanding at start of year - -
Amounts advanced 95,602 -
Amounts repaid (95,602 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

15. RELATED PARTY TRANSACTIONS

Rent of £40,667 (2022 £59,000) was paid to key management personnel. Rent of £187,000 (2022 £138,680) was paid to other related parties.

Included within other debtors is an amount of £10,329,363 (2022 £9,674,163) due from other related parties, on which interest of £100,743 (2022 £91,216) has been charged.

Included within other debtors is an amount of £72,733 (2022 £nil) from key management personnel and £400,000 (2022 £308,213) due from other related parties.

Included within creditors are amounts due to key management personnel of £306 (2022 £12,598) and amounts due to other related parties of £2,135 (2022 £3,415).

The key management personnel received dividends totalling £25,000 (2022 £87,000) during the year and other related parties received dividends totalling £145,418 (2022 £200,919).

16. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 2,573,282 2,445,613
Depreciation charges 46,294 33,975
Government grants - (411 )
Finance income (174,578 ) (122,283 )
2,444,998 2,356,894
Increase in stocks (3,652,158 ) (2,590,579 )
Increase in trade and other debtors (843,721 ) (1,558,204 )
Increase in trade and other creditors 1,045,994 614,167
Cash generated from operations (1,004,887 ) (1,177,722 )

West Country Motor Homes Limited (Registered number: 01454914)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

17. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 1,250,458 3,042,109
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 3,042,109 4,997,373


18. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank 3,042,109 (1,791,651 ) 1,250,458
3,042,109 (1,791,651 ) 1,250,458
Total 3,042,109 (1,791,651 ) 1,250,458