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Registered number: 04109948










DON AMOTT LEISURE LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
DON AMOTT LEISURE LIMITED
 

COMPANY INFORMATION


Directors
D K Amott 
J F Broderick 
S C Heap 
B D Amott 




Company secretary
S C Heap



Registered number
04109948



Registered office
Leisure Kingdom
Egginton Road

Hilton

Derbyshire

DE65 5FJ




Independent auditors
PKF Smith Cooper Audit Limited
Statutory auditors

Prospect House

1 Prospect Place

Pride Park

Derby

DE24 8HG





 
DON AMOTT LEISURE LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 22


 
DON AMOTT LEISURE LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
Don Amott Leisure Limited is a private company limited by shares incorporated in England, United Kingdom.  The address of the registered office is given on the company information page of these financial statements.  
The Company deals solely in UK manufactured new and used motorhomes and touring caravans as well as providing servicing, repair work and sale of parts.

Business review
 
We aim to present a balanced and comprehensive review of the development and performance of our business
during the year and its position at the year end. Our review is consistent with the size and non-complex nature of
our business and is written in the context of the uncertainties we face. 
The board of directors' policies concerning product stock and unit profitability have been successful throughout the year and into 2024. As a consequence, the company has continued to generate acceptable profit and a strong order book in what is perceived to be worsening national market conditions. 

Principal risks and uncertainties
 
As for many businesses of our size, the business environment in which we operate remains challenging and over recent years the motorhomes and caravan market has become increasingly more competitive, and is always subject to the level and fluctuations of consumer spending in the economy.
With these risks in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control.
Liquidity risk
The objective of the Company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The Company expects to meet its financial obligations through operating cash flows. In the event that the operating cash flows would not cover all the financial obligations the Company has credit facilities available. The Company is in a position to meet its commitments and obligations as they come due.
Interest rate risk
The Company utilises stocking loan facilities and, where applicable, overdraft facilities to support its working capital whose tenure depends on the nature of the asset and management's view of the future direction of interest rate.

 Financial key performance indicators
 
Our KPIs include turnover and gross profit margin.


This report was approved by the board on 25 September 2024 and signed on its behalf.



B D Amott
Director

Page 1

 
DON AMOTT LEISURE LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

Results and dividends

The profit for the year, after taxation, amounted to £629,914 (2022 - £1,179,542).

During the year the company paid dividends totaling £235,000 (2022: £235,000).

Directors

The Directors who served during the year were:

D K Amott 
J F Broderick 
S C Heap 
B D Amott 

Future developments

There are no likely significant future developments in the Company's business.

Financial instruments

The Company's operations expose it to a variety of financial risks that include the effects of changes in debt market prices, credit risk and liquidity risk. The Company has a risk management programme that seeks to limit the adverse effects on the financial performance of the Company by monitoring levels of debt finance and finance costs. The Company has implemented policies that require appropriate credit checks before a sale is made. The Company maintains a stocking loan facility to ensure the company has sufficient funds for its operations. 

Page 2

 
DON AMOTT LEISURE LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Qualifying third party indemnity provisions

The Company maintains liability insurance for it's directors which is a qualifying third party indemnity provision for the purpose of the Companies Act 2006.

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006PKF Smith Cooper Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 25 September 2024 and signed on its behalf.
 





B D Amott
Director

Page 3

 
DON AMOTT LEISURE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DON AMOTT LEISURE LIMITED
 

Opinion


We have audited the financial statements of Don Amott Leisure Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 4

 
DON AMOTT LEISURE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DON AMOTT LEISURE LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 5

 
DON AMOTT LEISURE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DON AMOTT LEISURE LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Company and industry, we identified that the principal risk of fraud or non
compliance with laws and regulations related to:
• management bias in respect of accounting estimates and judgements made;
•  management override of control;
•  posting of unusual journals or transactions;
• cash based transactions

We focused on those area that could give rise to a material misstatement in the Company financial statements. 
Our procedures included, but were not limited to:
•  Enquiry of management and those charged with governance around actual and potential litigation and
 claims, including instances of non-compliance with laws and regulations and fraud;
• Reviewing minutes of meetings of those charged with governance where available;
•  Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations
 and fraud;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
 with applicable laws and regulations;
• Performing audit work over the risk of management override of controls, including testing of journal    entries and other adjustments for appropriateness, evaluating the business rationale of significant     transactions outside the normal course of business and reviewing accounting estimates for bias.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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


Page 6

 
DON AMOTT LEISURE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DON AMOTT LEISURE LIMITED (CONTINUED)


Use of our report
 

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





Lucy Robinson (Senior Statutory Auditor)
for and on behalf of
PKF Smith Cooper Audit Limited
Statutory auditors
Prospect House
1 Prospect Place
Pride Park
Derby
DE24 8HG

25 September 2024
Page 7

 
DON AMOTT LEISURE LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
34,812,180
33,585,078

Cost of sales
  
(30,389,997)
(28,682,084)

Gross profit
  
4,422,183
4,902,994

Administrative expenses
  
(3,243,062)
(3,199,417)

Other operating income
 5 
-
147

Operating profit
 6 
1,179,121
1,703,724

Interest payable and similar expenses
 10 
(345,510)
(242,947)

Profit before tax
  
833,611
1,460,777

Tax on profit
 11 
(203,697)
(281,235)

Profit for the financial year
  
629,914
1,179,542

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 11 to 22 form part of these financial statements.

Page 8

 
DON AMOTT LEISURE LIMITED
REGISTERED NUMBER: 04109948

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 13 
636,618
553,037

  
636,618
553,037

Current assets
  

Stocks
 14 
10,550,985
8,230,666

Debtors: amounts falling due within one year
 15 
1,008,085
686,299

Cash at bank and in hand
 16 
694,438
564,680

  
12,253,508
9,481,645

Creditors: amounts falling due within one year
 17 
(9,159,634)
(6,724,562)

Net current assets
  
 
 
3,093,874
 
 
2,757,083

Total assets less current liabilities
  
3,730,492
3,310,120

Provisions for liabilities
  

Deferred tax
 19 
(48,547)
(43,068)

Other provisions
 20 
(61,145)
(41,166)

  
(109,692)
(84,234)

Net assets
  
3,620,800
3,225,886


Capital and reserves
  

Called up share capital 
 21 
1,000
1,000

Profit and loss account
 22 
3,619,800
3,224,886

  
3,620,800
3,225,886


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 September 2024.




B D Amott
Director

The notes on pages 11 to 22 form part of these financial statements.

Page 9

 
DON AMOTT LEISURE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
1,000
2,280,344
2,281,344


Comprehensive income for the year

Profit and comprehensive income for the year
-
1,179,542
1,179,542
Total comprehensive income for the year
-
1,179,542
1,179,542


Contributions by and distributions to owners

Dividends: Equity capital
-
(235,000)
(235,000)


Total transactions with owners
-
(235,000)
(235,000)



At 1 January 2023
1,000
3,224,886
3,225,886


Comprehensive income for the year

Profit and comprehensive income for the year
-
629,914
629,914
Total comprehensive income for the year
-
629,914
629,914


Contributions by and distributions to owners

Dividends: Equity capital
-
(235,000)
(235,000)


Total transactions with owners
-
(235,000)
(235,000)


At 31 December 2023
1,000
3,619,800
3,620,800


The notes on pages 11 to 22 form part of these financial statements.

Page 10

 
DON AMOTT LEISURE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Don Amott Leisure Limited is a private company limited by shares incorporated in England, United Kingdom. The address of the registered office is given in the company information page. The registration number is 04109948.
The nature of the Company’s operations and principal activities are the sale of new and used motorhomes and touring caravans along with servicing, repairs and sale of parts. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Broadoak System Limited as at 31 December 2023 and these financial statements may be obtained from Egginton Road, Hilton, Derbyshire, DE65 5FJ.

 
2.3

Going concern

The Directors have reviewed their forecasts and consider that they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.  The Company therefore continues to adopt the going concern basis in preparing its financial statements. 

Page 11

 
DON AMOTT LEISURE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

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

Revenue is recognised when the goods are dispatched.
Rental Income
Rental income is recognised when it becomes receivable and in the period to which it relates.

 
2.5

Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset.  Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method.  The related obligations, net of future finance charges, are included in creditors.
Rentals payable under operating leases are charged to the profit and loss on a straight line basis over the lease term.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 12

 
DON AMOTT LEISURE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

  
2.9

Current and deferred taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods.  It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods.  It is recognised in respect of all timing differences, with certain exceptions.  Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements.  Unrelieved tax losses and other deferred tax assets are recognised only 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 balance sheet date that are expected to apply to the reversal of timing differences.  Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight-line method and reducing balance method.

Depreciation is provided on the following basis:

Leasehold Improvements
-
2.5% to 5% straight line
Plant and Machinery
-
15% reducing balance
Motor Vehicles
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 13

 
DON AMOTT LEISURE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Stocks

Stocks are stated 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 stock to its present location and condition.
Cost is calculated based on purchase price of caravans and motorhomes with parts and consumables being valued using average cost.  Provision is made for damaged, obsolete and slow-moving stock where appropriate.

 
2.12

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 
2.16

Dividends

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

There have been no significant judgments and estimates made in the preparation of these financial statements.

Page 14

 
DON AMOTT LEISURE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sales of goods
34,551,577
33,303,546

Rent receivable
136,174
134,318

Commissions receivable
124,429
147,214

34,812,180
33,585,078


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Government grants receivable
-
147



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation
64,241
49,200

Defined contribution pension cost
51,441
43,144

Operating lease rentals
191,560
167,198

Government grants
-
(147)


7.


Auditors' remuneration

2023
2022
£
£


Fees payable to the Company's auditor for the audit of the Company's annual accounts
12,000
12,000


The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the group accounts of the parent Company. 

Page 15

 
DON AMOTT LEISURE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

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


2023
2022
£
£

Wages and salaries
1,748,986
1,834,328

Social security costs
192,173
210,288

Cost of defined contribution scheme
51,441
43,144

1,992,600
2,087,760


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


        2023
        2022
            No.
            No.







Management & admin
18
17



Sales
22
23



Production
30
35

70
75


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
162,188
170,704

Company contributions to defined contribution pension schemes
12,570
12,131

174,758
182,835


During the year retirement benefits were accruing to 2 Directors (2022 - 2) in respect of defined contribution pension schemes.


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
347,780
242,813

Finance leases and hire purchase contracts
(2,270)
134

345,510
242,947

Page 16

 
DON AMOTT LEISURE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
198,218
286,117

Adjustments in respect of previous periods
-
46


Total current tax
198,218
286,163

Deferred tax


Origination and reversal of timing differences
5,479
(4,928)


Taxation on profit on ordinary activities
203,697
281,235

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
833,611
1,460,777


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
196,065
277,548



Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
922
-

Remeasurement of deferred tax for changes in tax rates
324
(1,183)

Fixed asset differences
6,386
4,870

Total tax charge for the year
203,697
281,235


Factors that may affect future tax charges

There are no factors that would affect the future tax charge. 


12.


Dividends

2023
2022
£
£


Equity dividends
235,000
235,000

Page 17

 
DON AMOTT LEISURE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost 


At 1 January 2023
704,622
427,335
68,577
1,200,534


Additions
-
125,654
22,168
147,822



At 31 December 2023

704,622
552,989
90,745
1,348,356



Depreciation


At 1 January 2023
338,491
251,088
57,918
647,497


Charge for the year on owned assets
25,490
33,720
5,031
64,241



At 31 December 2023

363,981
284,808
62,949
711,738



Net book value



At 31 December 2023
340,641
268,181
27,796
636,618



At 31 December 2022
366,131
176,247
10,659
553,037

Page 18

 
DON AMOTT LEISURE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           13.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Leasehold improvements
-
9,260

Plant and machinery
-
9,341

-
18,601


14.


Stocks

2023
2022
£
£

Finished goods and goods for resale
10,550,985
8,230,666


The carrying value of stocks are stated net of impairment losses totalling £NIL (2022 - £NIL).


15.


Debtors

2023
2022
£
£


Trade debtors
508,295
253,690

Amounts owed by group undertakings
21,900
21,900

Other debtors
211,482
213,738

Prepayments and accrued income
266,408
196,971

1,008,085
686,299



16.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
694,438
564,680


Page 19

 
DON AMOTT LEISURE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Stocking loans
7,786,294
5,452,522

Trade creditors
47,331
201,242

Corporation tax
198,461
286,163

Other taxation and social security
38,605
24,339

Obligations under finance lease and hire purchase contracts
-
2,270

Other creditors
926,183
740,733

Accruals and deferred income
162,760
17,293

9,159,634
6,724,562


The stocking loans are secured by way of a fixed and floating charge over all of the assets of Don Amott Leisure Limited and Broadoak Systems Limited, the parent company.
In addition there is a joint and several corporate cross guarantee and indemnity of Don Amott Leisure Limited and Broadoak Systems Limited in the favour of the stock funding loan.
Finance leases and hire purchase contracts are secured against the assets to which they relate.


18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
-
2,270


19.


Deferred taxation




2023


£






At beginning of year
(43,068)


Charged to the profit or loss
(5,479)



At end of year
(48,547)

Page 20

 
DON AMOTT LEISURE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
19.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(55,709)
(43,068)

Short term timing differences
7,162
-

(48,547)
(43,068)


The amount of the net reversal of deferred tax expected to occur next year is relating to the reversal of existing timing differences on tangible fixed assets is considered to be immaterial. 


20.


Provisions




Warranty provision

£





At 1 January 2023
41,166


Charged to profit or loss
19,979



At 31 December 2023
61,145


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



22.


Reserves

Profit and loss account

Includes all current and prior period distributable retained profits and losses.


23.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable to the fund and amounted to £51,441 (2022: £43,144). No contributions                  were payable to the fund at the balance sheet date (2022: £NIL).

Page 21

 
DON AMOTT LEISURE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£



Not later than 1 year
194,880
194,880

Later than 1 year and not later than 5 years
779,520
779,520

Later than 5 years
2,533,440
2,728,320

3,507,840
3,702,720


25.Directors' personal guarantees

D Amott has provided a personal guarantee of £400,000 to the Company's bankers in relation to the Company's overdraft facility.


26.


Related party transactions

2023
2022
£
£



Sales to companies under common control
26,465
6,703

Purchases from companies under common control
112,483
5,543

Amounts due from companies under common control
38,867
65,796

Amounts due to companies under common control
106,595
34,673

Amounts due from shareholder of parent company
43,079
263,889

The Company has relied on the exemption available under FRS 102 from reporting transactions with group companies which are wholly owned.
The Directors consider there to be no employees that are regarded as key management.
Amounts due to companies under common control and participators are interest free and repayable on demand.
Included within other debtors is £43,079 (2022: £193,615) of director loan accounts.  


27.


Controlling party

The ultimate parent undertaking is Broadoak Systems Limited.

The ultimate controlling party is D Amott by virtue of his controlling interest in the equity shares of that company. 

Page 22