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COMPANY REGISTRATION NUMBER: 07975448
Tenby Tourers Limited
Filleted Unaudited Financial Statements
For the year ended
30 December 2023
Tenby Tourers 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
Tenby Tourers Limited
Officers and Professional Advisers
Director
Mrs S Ennis
Registered office
Crofty Showground
Llanteg
Narbeth
SA67 8QE
Accountants
Clay Shaw Thomas Ltd
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
Bankers
HSBC
65 Main Street
Pembroke
Pembrokeshire
SA71 4DW
Tenby Tourers Limited
Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Tenby Tourers Limited
Year ended 30 December 2023
Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Tenby Tourers 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
Tenby Tourers Limited
Statement of Financial Position
30 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
338,374
155,819
Current assets
Stocks
1,039,347
647,876
Debtors
6
1,236,079
479,807
Cash at bank and in hand
34,334
658,258
------------
------------
2,309,760
1,785,941
Creditors: amounts falling due within one year
7
1,005,750
510,421
------------
------------
Net current assets
1,304,010
1,275,520
------------
------------
Total assets less current liabilities
1,642,384
1,431,339
Creditors: amounts falling due after more than one year
8
127,647
31,540
Provisions
Taxation including deferred tax
1,980
3,715
------------
------------
Net assets
1,512,757
1,396,084
------------
------------
Capital and reserves
Called up share capital
9
1
1
Profit and loss account
10
1,512,756
1,396,083
------------
------------
Shareholders funds
1,512,757
1,396,084
------------
------------
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 income and retained earnings 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 .
Tenby Tourers 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:
Mrs S Ennis
Director
Company registration number: 07975448
Tenby Tourers 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 Crofty Showground, Llanteg, Narbeth, SA67 8QE.
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 director has assessed whether there are any material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. In assessing whether the going concern assumption is appropriate, the director has taken in to account all available information about the future, and conclude that the company has adequate resources to to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year for sale of caravans, accessories and other sales, exclusive of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. Commission income is recognised when the company’s right to receive payment is established. 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.
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.
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.
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:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
10% straight line
Motor vehicles
-
15% reducing balance
-
20% 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.
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.
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 12 (2022: 1 ).
5. Tangible assets
Leasehold improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 31 Dec 2022
82,597
10,347
6,943
91,928
191,815
Additions
42,395
1,748
165,022
554
209,719
---------
--------
-------
---------
----
---------
At 30 Dec 2023
124,992
12,095
6,943
256,950
554
401,534
---------
--------
-------
---------
----
---------
Depreciation
At 31 Dec 2022
10,347
2,717
22,932
35,996
Charge for the year
110
695
26,283
76
27,164
---------
--------
-------
---------
----
---------
At 30 Dec 2023
10,457
3,412
49,215
76
63,160
---------
--------
-------
---------
----
---------
Carrying amount
At 30 Dec 2023
124,992
1,638
3,531
207,735
478
338,374
---------
--------
-------
---------
----
---------
At 30 Dec 2022
82,597
4,226
68,996
155,819
---------
--------
-------
---------
----
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30 December 2023
171,042
---------
At 30 December 2022
38,398
---------
6. Debtors
2023
2022
£
£
Trade debtors
208,141
86,651
Amounts owed by related parties
1,018,333
371,134
Other debtors
9,605
22,022
------------
---------
1,236,079
479,807
------------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Payments received on account
34,600
Trade creditors
645,219
114,660
Amounts owed to group undertakings
217,350
167,244
Accruals and deferred income
7,221
3,927
Social security and other taxes
84,145
181,762
Obligations under finance leases and hire purchase contracts
30,300
8,228
Director loan accounts
21,515
------------
---------
1,005,750
510,421
------------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases and hire purchase contracts
127,647
31,540
---------
--------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
10. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
1,620
Later than 1 year and not later than 5 years
3,375
-------
----
4,995
-------
----
12. Directors' advances, credit and guarantees
The following transactions occurred during the year in respect of Mrs S Ennis ' directors loan account:
£
Balance owed to the company at 31 December 2022 18,737
Advanced (63,000)
Withdrawn 22,748
--------
Balance owed from the company at 30 December 2023 (21,515)
--------
There are no fixed repayment terms or interest payable on this loan.
13. Related party transactions
During the year the company incurred recharged costs of £52,592 (2022: £nil) from Zed Ten Caravans & Transport Limited. Included in creditors is a balance of £217,350 (2022: £167,244) due to Zed Ten Caravans & Transport Limited, a company under common control. During the year the company recharged costs of £48,994 (2022: £nil) to Ocean Leisure Parks Ltd. Included in debtors is a balance of £781,273 (2022: £139,691)due from Ocean Leisure Parks Ltd a company under common control. Included in debtors is a balance of £96,099 (2022: £160,097) due from Tenby Tourers Caravan & Camping Limited, a company under common control. During the year the company recharged costs of £29,332 (2022: £nil) to Sardis Leisure Park Limited. Included in debtors is a balance of £140,961 (2022: £71,346) due from Sardis Leisure Park Limited, a company under common control.
14. Ultimate controlling party
The company is under the control of the director, Sharon Ennis who owns 100% of the issued share capital.