Company registration number 01452944 (England and Wales)
THE HAMBLETON GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THE HAMBLETON GROUP LIMITED
COMPANY INFORMATION
Directors
Mr B W Goodall
Mrs K H Robson
Mr J J Goodall
Ms L Sutherland
Company number
01452944
Registered office
Fleck Way
Teesside Industrial Estate
Thornaby
Stockton-On-Tees
United Kingdom
TS17 9JZ
Auditor
Azets Audit Services
Wynyard Park House
Wynyard Avenue
Wynyard
United Kingdom
TS22 5TB
Bankers
Handelsbanken
Winder House
Kingfisher Way
Stockton-On-Tees
United Kingdom
TS18 3EX
Solicitors
Endeavour Partnership LLP
Tobias House
St. Marks Court
Teesdale Business Park
Stockton-On-Tees
United Kingdom
TS17 6QW
THE HAMBLETON GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 35
THE HAMBLETON GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Review of the business

The group sells new and used caravans, related accessories, operates a service centre and a secure caravan storage facility. The group also provides secure warehousing, auction services, a centre for the arts and operates Life of Vinyl, selling vinyl records, record players and other accessories.

 

During 2023 the directors introduced camper conversions into its stock portfolio to open up a new market. The NEC show in October 2023 produced lower than expected retail orders for most attendees and caravan stock levels are higher at the end of 2023 than in previous years This was compounded due to the manufacturers delivering stock earlier. The directors have worked with the UK’s two major caravan suppliers to manage the supply of new models

 

Rental of third-party warehousing remains at capacity with lease agreements in place. The directors are aware of increasing costs and are carefully monitoring and controlling these.

 

Caravan storage continues to be working well with turnover increasing on 2022 figures. The storage remains at capacity with demand exceeding supply.

 

Vectis Auctions operate auctions of collectable toys and related genre and sells collections from customers based worldwide. All of the company's auctions are live on the internet. This division has increased its turnover. There has been an increase in costs, which has resulted in a fall in profit. New systems and websites were introduced in the last quarter of the year to further enhance Vectis Auctions offerings. Vectis carries minimal stock, allowing us to trade off commissions.

 

A new bank loan was taken out during the year to fund the purchase of campervan stock for the retail division.

 

The directors look at gross profit for each company. We refer to several key performance indicator’s in order to monitor its performance. Indicators such as occupancy of rented space, fulfilment of service centre time slots and turnaround of lots received for auction, are non-financial indicators of the company’s efficiency.

 

The group maintains a strong balance sheet.

Principal risks and uncertainties

There are no major risks or uncertainties, which could have an impact on the group’s long-term performance. The group has an appropriate risk management structure in place, which is designed to identify, manage and mitigate business risk.

 

Cash flow is carefully monitored on a daily basis and suppliers are vetted and required to enter into agreement with the group with agreed specific payment terms.

 

Credit risk is minimised by ensuring as far as possible that all new business is vetted in terms of the credit worthiness of the customer involved.

 

The directors regularly review trade debtors and pursue any outstanding debts on a timely basis, where necessary provisions are made for doubtful debt.

Development and performance

The directors intend for the group to continue operating its existing activities, whilst taking advantage of opportunities as they arise.

 

THE HAMBLETON GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Key performance indicators

The directors manage the business on a monthly cycle of management reports and information combined with weekly sales and margins reporting. This information is reviewed at monthly meetings held between the directors.

 

The diverse nature of the group’s activities dictates that specific financial and non-financial performance indicators unique to each division are reviewed to enable the successful management of each operating division.

 

Examples of some of the KPI’s used are sales and gross margins comparisons year on year, and overhead variations.

 

On behalf of the board

Mr B W Goodall
Director
25 September 2024
THE HAMBLETON GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The group's principal activities remained those of warehousing, secure caravan storage and ancillary services, auction services and a centre for the arts. The group is also a retailer of new and used caravans, parts and accessories, runs a caravan service and repair centre and operates Life of Vinyl, selling vinyl records, record players and other accessories.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £180,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr B W Goodall
Mrs K H Robson
Mr J J Goodall
Ms L Sutherland
Mrs V Weall
(Resigned 14 February 2023)
Financial instruments

Due to the nature of the financial instruments there is no exposure to price risk.

 

Credit risk is minimised by ensuring as far as possible that all new business is vetted in terms of the credit worthiness of the company involved.

 

Cash flow is carefully monitored on a daily basis.

 

The directors regularly review trade debtors and pursue any outstanding debt on a timely basis. Where necessary provisions are made for doubtful debt.

 

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

 

In respect of hire purchase agreements, these are from financial institutions with fixed or variable interest rates and fixed monthly repayments. The group manages the liquidity risk by ensuring there are sufficient funds to meet the payments.

Future developments

The directors intend for the group to continue operating its existing activities, whilst taking advantage of opportunities as they arise. Plans are in place to increase the size of the service centre and shop area to allow increased capacity of the workshops and accessory store and also to increase the amount of rented space available for third party warehousing.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

THE HAMBLETON GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr B W Goodall
Director
25 September 2024
THE HAMBLETON GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE HAMBLETON GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE HAMBLETON GROUP LIMITED
- 6 -
Opinion

We have audited the financial statements of The Hambleton Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

THE HAMBLETON GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE HAMBLETON GROUP LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

THE HAMBLETON GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE HAMBLETON GROUP LIMITED
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 auditor's 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.

Graham Fitzgerald BA FCA DChA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
26 September 2024
Statutory Auditor
Wynyard Park House
Wynyard Avenue
Wynyard
United Kingdom
TS22 5TB
THE HAMBLETON GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
8,951,109
8,817,820
Cost of sales
(5,506,431)
(5,431,135)
Gross profit
3,444,678
3,386,685
Administrative expenses
(3,382,960)
(2,906,002)
Other operating income
4,890
124,160
Operating profit
4
66,608
604,843
Interest payable and similar expenses
8
(74,582)
(37,665)
(Loss)/profit before taxation
(7,974)
567,178
Tax on (loss)/profit
9
(166)
(303,162)
(Loss)/profit for the financial year
24
(8,140)
264,016
(Loss)/profit for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

THE HAMBLETON GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
£
£
(Loss)/profit for the year
(8,140)
264,016
Other comprehensive income
Revaluation of tangible fixed assets
(1,688,284)
-
0
Tax relating to other comprehensive income
422,071
-
0
Other comprehensive income for the year
(1,266,213)
-
0
Total comprehensive income for the year
(1,274,353)
264,016
Total comprehensive income for the year is all attributable to the owners of the parent company.
THE HAMBLETON GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
8,389,046
9,847,845
Investments
13
121,443
121,443
8,510,489
9,969,288
Current assets
Stocks
15
3,842,700
2,947,051
Debtors
16
622,761
558,221
Cash at bank and in hand
3,056
23,727
4,468,517
3,528,999
Creditors: amounts falling due within one year
17
(4,800,841)
(3,324,234)
Net current (liabilities)/assets
(332,324)
204,765
Total assets less current liabilities
8,178,165
10,174,053
Creditors: amounts falling due after more than one year
18
(592,039)
(711,669)
Provisions for liabilities
Deferred tax liability
21
430,988
852,893
(430,988)
(852,893)
Net assets
7,155,138
8,609,491
Capital and reserves
Called up share capital
23
40,002
40,002
Revaluation reserve
24
3,931,748
5,238,087
Other reserves
24
(40,935)
(40,935)
Profit and loss reserves
24
3,224,323
3,372,337
Total equity
7,155,138
8,609,491
The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
25 September 2024
Mr B W Goodall
Director
Company registration number 01452944 (England and Wales)
THE HAMBLETON GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
8,097,814
9,644,234
Investments
13
122,444
122,444
8,220,258
9,766,678
Current assets
Stocks
15
3,798,905
2,912,858
Debtors
16
625,728
497,575
Cash at bank and in hand
1,656
18,672
4,426,289
3,429,105
Creditors: amounts falling due within one year
17
(5,301,409)
(3,918,078)
Net current liabilities
(875,120)
(488,973)
Total assets less current liabilities
7,345,138
9,277,705
Creditors: amounts falling due after more than one year
18
(592,039)
(711,669)
Provisions for liabilities
Deferred tax liability
21
359,302
802,402
(359,302)
(802,402)
Net assets
6,393,797
7,763,634
Capital and reserves
Called up share capital
23
40,002
40,002
Revaluation reserve
24
3,931,748
5,238,087
Other reserves
24
(40,935)
(40,935)
Profit and loss reserves
24
2,462,982
2,526,480
Total equity
6,393,797
7,763,634
The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
25 September 2024
Mr B W Goodall
Director
Company registration number 01452944 (England and Wales)
THE HAMBLETON GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
40,002
5,278,776
(40,935)
3,247,632
8,525,475
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
264,016
264,016
Dividends
10
-
-
-
(180,000)
(180,000)
Transfers
-
(40,689)
-
40,689
-
Balance at 31 December 2022
40,002
5,238,087
(40,935)
3,372,337
8,609,491
Year ended 31 December 2023:
Loss for the year
-
-
-
(8,140)
(8,140)
Other comprehensive income:
Revaluation of tangible fixed assets
-
(1,688,284)
-
-
(1,688,284)
Tax relating to other comprehensive income
-
422,071
-
-
0
422,071
Total comprehensive income
-
(1,266,213)
-
(8,140)
(1,274,353)
Dividends
10
-
-
-
(180,000)
(180,000)
Transfers
-
(40,126)
-
40,126
-
Balance at 31 December 2023
40,002
3,931,748
(40,935)
3,224,323
7,155,138
THE HAMBLETON GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
40,002
5,278,776
(40,935)
2,295,275
7,573,118
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
370,516
370,516
Dividends
10
-
-
-
(180,000)
(180,000)
Transfers
-
(40,689)
-
40,689
-
Balance at 31 December 2022
40,002
5,238,087
(40,935)
2,526,480
7,763,634
Year ended 31 December 2023:
Profit for the year
-
-
-
76,376
76,376
Other comprehensive income:
Revaluation of tangible fixed assets
-
(1,688,284)
-
-
(1,688,284)
Tax relating to other comprehensive income
-
422,071
-
-
0
422,071
Total comprehensive income
-
(1,266,213)
-
76,376
(1,189,837)
Dividends
10
-
-
-
(180,000)
(180,000)
Transfers
-
(40,126)
-
40,126
-
Balance at 31 December 2023
40,002
3,931,748
(40,935)
2,462,982
6,393,797
THE HAMBLETON GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
29
(492,158)
380,567
Interest paid
(74,582)
(37,665)
Income taxes paid
(69,780)
(83,506)
Net cash (outflow)/inflow from operating activities
(636,520)
259,396
Investing activities
Purchase of tangible fixed assets
(432,978)
(606,047)
Proceeds on disposal of tangible fixed assets
-
625
Net cash used in investing activities
(432,978)
(605,422)
Financing activities
Proceeds of new bank loans
500,000
863,517
Repayment of bank loans
(119,630)
(970,357)
Payment of finance leases obligations
(38,925)
(4,301)
Dividends paid to equity shareholders
(180,000)
(180,000)
Net cash generated from/(used in) financing activities
161,445
(291,141)
Net decrease in cash and cash equivalents
(908,053)
(637,167)
Cash and cash equivalents at beginning of year
23,727
660,894
Cash and cash equivalents at end of year
(884,326)
23,727
Relating to:
Cash at bank and in hand
3,056
23,727
Bank overdrafts included in creditors payable within one year
(887,382)
-
THE HAMBLETON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
1
Accounting policies
Company information

The Hambleton Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Fleck Way, Teesside Industrial Estate, Thornaby, Stockton-On-Tees, United Kingdom, TS17 9JZ.

 

The group consists of The Hambleton Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of leasehold land and buildings. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

1.3
Basis of consolidation

The consolidated financial statements incorporate those of The Hambleton Group Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover represents the value (excluding Value Added Tax) of commissions, premiums and related auctioneering charges, artists commissions, interest receivable from loans, monthly storage charges raised, new and used caravans sold, parts and servicing supplied and other good sold during the year.

THE HAMBLETON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -

Revenue from storage charges and caravan servicing is recognised by reference to the stage of completion of the transaction at the reporting date. The stage of completion is assessed by surveys of work performed or time expended on services that are charged on labour rate hours.

Revenue from the sale of caravans, parts and other goods is recognised when the significant risks and rewards of ownership have passed to the buyer (usually on dispatch), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

Turnover in relation to auctioneering is recognised at the fair value of the consideration received or receivable for commissions, premiums and related charges provided in the normal course of business and is shown net of VAT and other sales related taxes.

 

The group also sells artwork on behalf of artists and accounts for commission on these sales recognised at the earliest of despatch or payment being received.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents and brands
10% straight line
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
- 1% per annum on cost
Leasehold land and buildings
- equal instalments over the period of the lease
Plant and machinery
- 10% - 20% reducing balance
Fixtures, fittings & equipment
- 10% - 25% reducing balance
Computer equipment
- 25% reducing balance
Motor vehicles
- 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

THE HAMBLETON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE HAMBLETON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group after deducting all of its liabilities.

THE HAMBLETON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

THE HAMBLETON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.20

Consignment stocks

Consignment stocks are new unregistered caravans owned by the manufacturers but located at the company's premises and insured by the company.

 

New consignment vehicles in respect of which finance charges are levied are regarded as being effectively under the control of the company and are included within stocks at the balance sheet date even though legal title has not yet passed to the company. The corresponding liability is included in creditors.

THE HAMBLETON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

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

Revaluation of leasehold land and buildings

Leasehold land and buildings are recognised using the revaluation model. Calculation of fair value requires judgements to be made which include assessment of market movements and the economic environment.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Storage
856,932
848,531
Caravan centre
5,479,384
5,744,051
Auction commissions and other ancilliary charges
2,571,955
2,170,833
Collectables
42,838
54,405
8,951,109
8,817,820
2023
2022
£
£
Turnover analysed by geographical market
UK
7,680,142
7,740,511
Europe
700,854
594,285
Rest of the World
570,113
483,024
8,951,109
8,817,820
2023
2022
£
£
Other revenue
Grants received
-
20,513
THE HAMBLETON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(37)
(1,472)
Government grants
-
(20,513)
Depreciation of owned tangible fixed assets
175,155
159,648
Depreciation of tangible fixed assets held under finance leases
-
2,073
Loss on disposal of tangible fixed assets
28,338
-
Operating lease charges
-
24,533
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
13,950
12,600
Audit of the financial statements of the company's subsidiaries
13,450
10,000
27,400
22,600
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Management and administration
54
33
19
18
Production
39
47
20
22
Total
93
80
39
40

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,994,849
1,741,817
844,878
884,827
Social security costs
173,977
153,751
91,043
89,992
Pension costs
41,997
35,371
17,995
18,157
2,210,823
1,930,939
953,916
992,976
THE HAMBLETON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
141,159
215,991
Company pension contributions to defined contribution schemes
3,117
5,191
Compensation for loss of office
10,271
-
154,547
221,182

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2022 - 4).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
n/a
73,290
Company pension contributions to defined contribution schemes
n/a
2,085
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
74,564
37,505
Other finance costs:
Interest on finance leases and hire purchase contracts
18
160
Total finance costs
74,582
37,665
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
0
69,780
Deferred tax
Origination and reversal of timing differences
166
28,501
Changes in tax rates
-
0
204,634
Adjustment in respect of prior periods
-
0
247
Total deferred tax
166
233,382
Total tax charge
166
303,162
THE HAMBLETON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 25 -

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
(Loss)/profit before taxation
(7,974)
567,178
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
(1,875)
107,764
Tax effect of expenses that are not deductible in determining taxable profit
2,304
2,948
Effect of change in corporation tax rate
24
204,634
Permanent capital allowances in excess of depreciation
(40)
(12,184)
Deferred tax adjustments in respect of prior years
(247)
-
0
Taxation charge
166
303,162

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2023
2022
£
£
Deferred tax arising on:
Revaluation of property
(422,071)
-
10
Dividends
Recognised as distributions to equity holders:
2023
2022
2023
2022
Per share
Per share
Total
Total
£
£
£
£
J Shares
Interim paid
4.64
10.00
90,000
90,000
K Shares
Interim paid
4.64
10.00
90,000
90,000
Total dividends
Interim paid
180,000
180,000

Mr B Goodall waived the right to receive part of the interim dividends paid during the year of £5,624 (2022 - £220,020) in total.

THE HAMBLETON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
11
Intangible fixed assets
Group
Patents and brands
£
Cost
At 1 January 2023
944,354
Disposals
(944,354)
At 31 December 2023
-
0
Amortisation and impairment
At 1 January 2023
944,354
Eliminated on revaluation
(944,354)
At 31 December 2023
-
0
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
Company
Brands
£
Cost
At 1 January 2023
48,994
Disposals
(48,994)
At 31 December 2023
-
0
Amortisation and impairment
At 1 January 2023
48,994
Eliminated on revaluation
(48,994)
At 31 December 2023
-
0
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
THE HAMBLETON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
12
Tangible fixed assets
Group
Freehold buildings
Leasehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 January 2023
440,000
8,971,752
1,387,534
221,022
104,844
79,895
11,205,047
Additions
-
0
256,912
36,681
23,095
60,300
55,990
432,978
Disposals
-
0
-
0
(37,029)
-
0
(50,684)
-
0
(87,713)
Revaluation
-
0
(1,938,664)
-
0
-
0
-
0
-
0
(1,938,664)
At 31 December 2023
440,000
7,290,000
1,387,186
244,117
114,460
135,885
9,611,648
Depreciation and impairment
At 1 January 2023
4,867
165,094
967,170
89,947
79,999
50,125
1,357,202
Depreciation charged in the year
4,400
85,286
57,479
13,466
4,749
9,775
175,155
Eliminated in respect of disposals
-
0
-
0
(30,742)
-
0
(28,633)
-
0
(59,375)
Revaluation
-
0
(250,380)
-
0
-
0
-
0
-
0
(250,380)
At 31 December 2023
9,267
-
0
993,907
103,413
56,115
59,900
1,222,602
Carrying amount
At 31 December 2023
430,733
7,290,000
393,279
140,704
58,345
75,985
8,389,046
At 31 December 2022
435,133
8,806,658
420,364
131,075
24,845
29,770
9,847,845
THE HAMBLETON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
Company
Freehold buildings
Leasehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 January 2023
440,000
8,971,752
1,067,244
10,636
37,671
10,527,303
Additions
-
0
256,912
29,643
-
0
-
0
286,555
Disposals
-
0
-
0
(2,500)
-
0
-
0
(2,500)
Revaluation
-
0
(1,938,664)
-
0
-
0
-
0
(1,938,664)
At 31 December 2023
440,000
7,290,000
1,094,387
10,636
37,671
8,872,694
Depreciation and impairment
At 1 January 2023
4,867
165,094
692,299
1,064
19,745
883,069
Depreciation charged in the year
4,400
85,286
48,787
957
4,481
143,911
Eliminated in respect of disposals
-
0
-
0
(1,720)
-
0
-
0
(1,720)
Revaluation
-
0
(250,380)
-
0
-
0
-
0
(250,380)
At 31 December 2023
9,267
-
0
739,366
2,021
24,226
774,880
Carrying amount
At 31 December 2023
430,733
7,290,000
355,021
8,615
13,445
8,097,814
At 31 December 2022
435,133
8,806,658
374,945
9,572
17,926
9,644,234

The carrying value of land and buildings comprises:

Group
Company
2023
2022
2023
2022
£
£
£
£
Freehold
430,733
435,133
430,733
435,133
Long leasehold
7,290,000
8,806,658
7,290,000
8,806,658
7,720,733
9,241,791
7,720,733
9,241,791

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Motor vehicles
-
0
6,220
-
0
-
0

Land and buildings with a carrying amount of £7,720,733 (2022 - £9,241,791) have been pledged to secure borrowings of the group.

THE HAMBLETON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Tangible fixed assets
(Continued)
- 29 -

The directors have revalued the leashold property at 31 December 2023, following a revaluation on 8 March 2024 by Avison Young, chartered surveyors and property consultants on the basis of existing use. The directors consider the valuation to represent the fair value of the leasehold property as at 31 December 2023.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

Leasehold land and buildings
2023
2022
£
£
Group
Cost
4,855,482
4,554,474
Accumulated depreciation
(689,335)
(643,989)
Carrying value
4,166,147
3,910,485
Company
Cost
4,855,482
4,554,474
Accumulated depreciation
(689,335)
(643,989)
Carrying value
4,166,147
3,910,485
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
1,001
1,001
Works of Art
14
121,443
121,443
121,443
121,443
121,443
121,443
122,444
122,444

Works of Art have been included at directors valuation as at 31 December 2023.

Fixed asset investments not carried at market value

Shares in group companies are held at cost less impairment because their fair value cannot be measured reliably.

THE HAMBLETON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Fixed asset investments
(Continued)
- 30 -
Movements in fixed asset investments
Group
Works of Art
£
Cost or valuation
At 1 January 2023 & 31 December 2023
121,443
Carrying amount
At 31 December 2023
121,443
At 31 December 2022
121,443
Movements in fixed asset investments
Company
Works of Art
Shares in group undertakings
Total
£
£
£
Cost or valuation
At 1 January 2023 & 31 December 2023
121,443
771,001
892,444
Impairment
At 1 January 2023 & 31 December 2023
-
770,000
770,000
Carrying amount
At 31 December 2023
121,443
1,001
122,444
At 31 December 2022
121,443
1,001
122,444
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Arstbank Art Services Limited
England and Wales
Ordinary
100.00
North East Storage Services Limited
England and Wales
Ordinary
100.00
Vectis Auctions Limited
England and Wales
Ordinary
100.00

 

THE HAMBLETON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Caravan & camping accessories
142,579
202,323
142,579
202,323
Art & vinyl records
184,014
175,065
184,014
175,065
Caravans
3,472,312
2,535,470
3,472,312
2,535,470
Auction collectables
43,795
34,193
-
0
-
0
3,842,700
2,947,051
3,798,905
2,912,858

At the balance sheet date £1,980,699 (2022 - £1,930,177) stock relates to consignment stock (caravans).

16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
17,838
52,927
4,814
3,325
Amounts owed by group undertakings
-
-
23,946
100
Other debtors
378,744
386,106
378,744
386,106
Prepayments and accrued income
226,179
119,188
218,224
108,044
622,761
558,221
625,728
497,575
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
19
1,500,356
112,974
1,029,040
112,974
Obligations under finance leases
20
2,218,962
2,257,887
2,218,962
2,256,046
Trade creditors
595,900
472,657
205,199
85,507
Amounts owed to group undertakings
-
0
-
0
1,481,057
1,134,843
Corporation tax payable
-
0
69,780
-
0
19,270
Other taxation and social security
127,544
92,921
72,449
47,264
Other creditors
53,827
45,373
14,914
14,006
Accruals and deferred income
304,252
272,642
279,788
248,168
4,800,841
3,324,234
5,301,409
3,918,078

The finance lease liabilities of £2,218,962 (2022 - £2,257,887) are secured by the group on the assets to which they relate, of which £2,218,962 (2022 - £2,256,046) relates to consignment stock which is fully repayable within one year.

THE HAMBLETON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
19
592,039
711,669
592,039
711,669

The finance lease liabilities of £nil (2022 - £nil) are secured by the group on the assets to which they relate.

19
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
1,205,013
824,643
1,205,013
824,643
Bank overdrafts
887,382
-
0
416,066
-
0
2,092,395
824,643
1,621,079
824,643
Payable within one year
1,500,356
112,974
1,029,040
112,974
Payable after one year
592,039
711,669
592,039
711,669

The bank loan is secured by fixed charges over the assets of the Group.

There are two loans included within bank loans as follows, in August 2022 a 3 year loan period was agreed, holding a principal amount of £863,517, attracting an interest rate of 3% above LIBOR and in October 2023 a further 1 year loan for a principal value of £500,000 was taken, attracting an interest rate of 3% over LIBOR.

20
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
2,218,962
2,257,887
2,218,962
2,256,046

Finance lease payments mainly represent rentals payable by the group for consignment stock held. The average lease term is 6 months. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Other finance lease payments represent rentals payable by the group for fixed assets. No restrictions are placed on the use of the asset. The lease term expired in 2023, and are fully repaid

THE HAMBLETON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
21
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
132,996
116,544
Tax losses
(55,862)
-
Revaluations
354,789
736,349
Other short term timing differences
(935)
-
430,988
852,893
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
61,310
66,053
Tax losses
(55,862)
-
Revaluations
354,789
736,349
Other short term timing differences
(935)
-
359,302
802,402
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
852,893
802,402
Charge/(credit) to profit or loss
166
(21,029)
Credit to other comprehensive income
(422,071)
(422,071)
Liability at 31 December 2023
430,988
359,302

The deferred tax liability on accelerated capital allowances set out above is expected to reverse over the lifetime of the assets to which it relates.

 

The deferred tax liability in respect of the revaluation reserve will reverse when leasehold land and buildings are sold.

THE HAMBLETON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
41,997
35,371

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
J Shares of £1 each
20,001
20,001
20,001
20,001
K Shares of £1 each
20,001
20,001
20,001
20,001
40,002
40,002
40,002
40,002

The company has two classes of shares; J and K, both hold the same rights, each share is entitled to one vote and there is no fixed right to income.

24
Reserves
Revaluation reserve

This reserve is used to record increases in the fair value of land and buildings and other assets and decreases to the extent that such decrease relates to an increase in the same asset.

Other reserves

Other reserves are reserves provided for by the Articles of Association.

25
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
25,603
20,116
25,603
20,116
Between two and five years
38,872
24,225
38,872
24,225
64,475
44,341
64,475
44,341
26
Related party transactions

There are no key management personnel other than the directors.

THE HAMBLETON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 35 -
27
Directors' transactions

At the balance sheet date £1,309 (2022 - £46) was owed to the group from the directors in relation to personal expenditure paid by the group on their behalf. The debt was settled immediately after the balance sheet date,

28
Controlling party

The company is controlled by B W Goodall by virtue of his majority shareholding.

29
Cash (absorbed by)/generated from group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(8,140)
264,016
Adjustments for:
Taxation charged
166
303,162
Finance costs
74,582
37,665
Loss on disposal of tangible fixed assets
28,338
-
Depreciation and impairment of tangible fixed assets
175,155
161,721
Movements in working capital:
Increase in stocks
(895,649)
(1,211,413)
Increase in debtors
(64,540)
(237,654)
Increase in creditors
197,930
1,063,070
Cash (absorbed by)/generated from operations
(492,158)
380,567
30
Analysis of changes in net debt - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
23,727
(20,671)
3,056
Bank overdrafts
-
0
(887,382)
(887,382)
23,727
(908,053)
(884,326)
Borrowings excluding overdrafts
(824,643)
(380,370)
(1,205,013)
Obligations under finance leases
(2,257,887)
38,925
(2,218,962)
(3,058,803)
(1,249,498)
(4,308,301)
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.210Mr B W GoodallMrs K H RobsonMr J J GoodallMs L SutherlandMrs V WeallMrs G  Goodallfalsefalse01452944bus:Consolidated2023-01-012023-12-31014529442023-01-012023-12-3101452944bus:Director12023-01-012023-12-3101452944bus:Director22023-01-012023-12-3101452944bus:Director32023-01-012023-12-3101452944bus:Director42023-01-012023-12-3101452944bus:Director52023-01-012023-12-3101452944bus:CompanySecretary12023-01-012023-12-3101452944bus:RegisteredOffice2023-01-012023-12-3101452944bus:Agent12023-01-012023-12-3101452944bus:Consolidated2023-12-31014529442023-12-3101452944bus:Consolidated2022-01-012022-12-31014529442022-01-012022-12-3101452944core:RevaluationReservebus:Consolidated2023-01-012023-12-3101452944core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-01-012023-12-3101452944core:RevaluationReserve2023-01-012023-12-3101452944core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3101452944bus:Consolidated2022-12-31014529442022-12-3101452944core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-12-3101452944core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-12-3101452944core:PlantMachinerybus:Consolidated2023-12-3101452944core:FurnitureFittingsbus:Consolidated2023-12-3101452944core:ComputerEquipmentbus:Consolidated2023-12-3101452944core:MotorVehiclesbus:Consolidated2023-12-3101452944core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-12-3101452944core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-12-3101452944core:PlantMachinerybus:Consolidated2022-12-3101452944core:FurnitureFittingsbus:Consolidated2022-12-3101452944core:ComputerEquipmentbus:Consolidated2022-12-3101452944core:MotorVehiclesbus:Consolidated2022-12-3101452944core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3101452944core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-3101452944core:PlantMachinery2023-12-3101452944core:FurnitureFittings2023-12-3101452944core:MotorVehicles2023-12-3101452944core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3101452944core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3101452944core:PlantMachinery2022-12-3101452944core:FurnitureFittings2022-12-3101452944core:MotorVehicles2022-12-3101452944core:ShareCapitalbus:Consolidated2023-12-3101452944core:ShareCapitalbus:Consolidated2022-12-3101452944core:RevaluationReservebus:Consolidated2023-12-3101452944core:RevaluationReservebus:Consolidated2022-12-3101452944core:OtherMiscellaneousReservebus:Consolidated2023-12-3101452944core:OtherMiscellaneousReservebus:Consolidated2022-12-3101452944core:ShareCapital2023-12-3101452944core:ShareCapital2022-12-3101452944core:RevaluationReserve2023-12-3101452944core:RevaluationReserve2022-12-3101452944core:OtherMiscellaneousReserve2023-12-3101452944core:OtherMiscellaneousReserve2022-12-3101452944core:RetainedEarningsAccumulatedLosses2023-12-3101452944core:ShareCapitalbus:Consolidated2021-12-3101452944core:SharePremiumbus:Consolidated2021-12-3101452944core:RetainedEarningsAccumulatedLossesbus:Consolidated2021-12-3101452944core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-12-3101452944core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3101452944core:ShareCapital2021-12-3101452944core:RevaluationReserve2021-12-3101452944core:RetainedEarningsAccumulatedLosses2021-12-3101452944core:RetainedEarningsAccumulatedLosses2022-12-3101452944bus:Consolidated2021-12-3101452944core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3101452944core:PatentsTrademarksLicencesConcessionsSimilar2023-01-012023-12-3101452944core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-3101452944core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3101452944core:PlantMachinery2023-01-012023-12-3101452944core:FurnitureFittings2023-01-012023-12-3101452944core:ComputerEquipment2023-01-012023-12-3101452944core:MotorVehicles2023-01-012023-12-3101452944core:UKTaxbus:Consolidated2023-01-012023-12-3101452944core:UKTaxbus:Consolidated2022-01-012022-12-3101452944bus:Consolidated12023-01-012023-12-3101452944bus:Consolidated12022-01-012022-12-3101452944core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2022-12-3101452944core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2023-12-3101452944core:Goodwill2022-12-3101452944core:Goodwill2023-12-3101452944core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2023-01-012023-12-3101452944core:Goodwill2023-01-012023-12-3101452944core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2022-12-3101452944core:Goodwill2022-12-3101452944core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-12-3101452944core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-12-3101452944core:PlantMachinerybus:Consolidated2022-12-3101452944core:FurnitureFittingsbus:Consolidated2022-12-3101452944core:ComputerEquipmentbus:Consolidated2022-12-3101452944core:MotorVehiclesbus:Consolidated2022-12-3101452944bus:Consolidated2022-12-3101452944core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3101452944core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3101452944core:PlantMachinery2022-12-3101452944core:FurnitureFittings2022-12-3101452944core:MotorVehicles2022-12-31014529442022-12-3101452944core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-01-012023-12-3101452944core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-01-012023-12-3101452944core:PlantMachinerybus:Consolidated2023-01-012023-12-3101452944core:FurnitureFittingsbus:Consolidated2023-01-012023-12-3101452944core:ComputerEquipmentbus:Consolidated2023-01-012023-12-3101452944core:MotorVehiclesbus:Consolidated2023-01-012023-12-3101452944core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3101452944core:LandBuildingscore:LongLeaseholdAssetsbus:Consolidated2023-12-3101452944core:LandBuildingscore:LongLeaseholdAssetsbus:Consolidated2022-12-3101452944core:LandBuildingscore:LongLeaseholdAssets2023-12-3101452944core:LandBuildingscore:LongLeaseholdAssets2022-12-3101452944core:CurrentFinancialInstruments2023-12-3101452944core:CurrentFinancialInstruments2022-12-3101452944core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3101452944core:CurrentFinancialInstrumentsbus:Consolidated2022-12-3101452944core:WithinOneYearbus:Consolidated2023-12-3101452944core:WithinOneYearbus:Consolidated2022-12-3101452944core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3101452944core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3101452944core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-12-3101452944core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2022-12-3101452944core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3101452944core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3101452944core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3101452944core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-12-3101452944core:WithinOneYear2023-12-3101452944core:WithinOneYear2022-12-3101452944bus:PrivateLimitedCompanyLtd2023-01-012023-12-3101452944bus:FRS1022023-01-012023-12-3101452944bus:Audited2023-01-012023-12-3101452944bus:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3101452944bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP