Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31truetrueNo description of principal activity2023-04-01false00truefalsefalse 04128194 2023-03-31 04128194 2023-04-01 2024-03-31 04128194 2022-05-01 2022-12-31 04128194 2024-03-31 04128194 2022-12-31 04128194 2022-05-01 04128194 c:Director1 2023-04-01 2024-03-31 04128194 c:RegisteredOffice 2023-04-01 2024-03-31 04128194 d:CurrentFinancialInstruments 2024-03-31 04128194 d:CurrentFinancialInstruments 2022-12-31 04128194 d:Non-currentFinancialInstruments 2024-03-31 04128194 d:Non-currentFinancialInstruments 2022-12-31 04128194 d:Non-currentFinancialInstruments 1 2024-03-31 04128194 d:Non-currentFinancialInstruments 1 2022-12-31 04128194 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 04128194 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04128194 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 04128194 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 04128194 d:ReportableOperatingSegment1 2023-04-01 2024-03-31 04128194 d:ReportableOperatingSegment1 2022-05-01 2022-12-31 04128194 d:UKTax 2023-04-01 2024-03-31 04128194 d:UKTax 2022-05-01 2022-12-31 04128194 d:ShareCapital 2023-04-01 2024-03-31 04128194 d:ShareCapital 2024-03-31 04128194 d:ShareCapital 2022-05-01 2022-12-31 04128194 d:ShareCapital 2022-12-31 04128194 d:ShareCapital 2022-05-01 04128194 d:SharePremium 2023-04-01 2024-03-31 04128194 d:SharePremium 2024-03-31 04128194 d:SharePremium 2022-05-01 2022-12-31 04128194 d:SharePremium 2022-12-31 04128194 d:SharePremium 2022-05-01 04128194 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 04128194 d:RetainedEarningsAccumulatedLosses 2024-03-31 04128194 d:RetainedEarningsAccumulatedLosses 2022-05-01 2022-12-31 04128194 d:RetainedEarningsAccumulatedLosses 2022-12-31 04128194 d:RetainedEarningsAccumulatedLosses 2022-05-01 04128194 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-04-01 2024-03-31 04128194 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-03-31 04128194 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 04128194 c:OrdinaryShareClass1 2023-04-01 2024-03-31 04128194 c:OrdinaryShareClass1 2024-03-31 04128194 c:OrdinaryShareClass1 2022-12-31 04128194 c:OrdinaryShareClass2 2023-04-01 2024-03-31 04128194 c:OrdinaryShareClass2 2024-03-31 04128194 c:OrdinaryShareClass2 2022-12-31 04128194 c:PreferenceShareClass1 2023-04-01 2024-03-31 04128194 c:PreferenceShareClass1 2024-03-31 04128194 c:PreferenceShareClass1 2022-12-31 04128194 c:FRS102 2023-04-01 2024-03-31 04128194 c:Audited 2023-04-01 2024-03-31 04128194 c:FullAccounts 2023-04-01 2024-03-31 04128194 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04128194 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 04128194







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 MARCH 2024


SHELFSIDE (HOLDINGS) LIMITED






































img7e3c.png                        

 


SHELFSIDE (HOLDINGS) LIMITED
 


 
COMPANY INFORMATION


Director
E. J. Best 




Registered number
04128194



Registered office
Lynton House
7 - 12 Tavistock Square

London

WC1H 9LT




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


SHELFSIDE (HOLDINGS) LIMITED
 



CONTENTS



Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditors' report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 20


 


SHELFSIDE (HOLDINGS) LIMITED
 


 
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2024

Introduction
 
The directors present the strategic report for the period ended 31 March 2024.

Business review
 
The business activity of the company for the year was that of mobile home traders. The results for the period and the financial position at the period end were considered satisfactory by the directors.
The accounting period was extended to a fifteen month period ended 31 March 2024. The comparative figures presented are for an eight month period.

Principal risks and uncertainties
 
The risk implications of business decisions affecting the company is considered by the directors. The directors re-assess these risks on a regular basis to ensure that any risks arising from changes in the company's operations or the external environment are identified and appropriately managed.
The Company's principal financial instruments comprise balances due from group and associated companies. The main purpose of the these instruments is to raise funds for the company's operations and to finance the company's trading activities.
Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.
In respect of balances due from group and associated companies, the directors are aware of the individual companies' finance requirements and had determined that these will only be repaid, in whole or in part, when sufficient funds are available. A. Best is the beneficial owner of all the companies that these transactions are between.  

Financial key performance indicators
 
The key performance indicators used to determine the progress and performance of the company are set out below:
                                                 
                                                            
31.03.2024                31.12.2022
                                                                       £                                 £
Turnover                                            16,145,393                13,319,121

Operating profit                        (3,348,381)              7,926

Earnings before interest, tax, 
depreciation, amortisation              (3,348,381)              7,926
and pension
Earnings before interest, tax
depreciation, amortisation             (20.74%)               0.06%
and pension

Page 1

 


SHELFSIDE (HOLDINGS) LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024

Other key performance indicators
 
The key performance indicators are the parks operated by the related group and the UK housing market which enable the company to sell mobile homes.The housing market has slowed during the period, however turnover h reduction in turnover. The number of parks and plots operated by the group is sensitive information and is not disclosed.


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



E. J. Best
Director

Date: 24 September 2024

Page 2

 


SHELFSIDE (HOLDINGS) LIMITED
 


 
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 MARCH 2024

The director presents her report and the financial statements for the period ended 31 March 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is 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 director is required to:


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

make judgements and accounting estimates that are reasonable and prudent;

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

The director is 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 her to ensure that the financial statements comply with the Companies Act 2006She is 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 loss for the period, after taxation, amounted to £1,641,842 (2022 - profit £710,768).

No ordinary or preference dividends were paid and the directors do not recommend payment of a final dividend.

Director

The director who served during the period was:

A. W. Best (resigned 28 March 2024)
E. J. Best (appointed 28 March 2024)

Future developments

The company had a successful period and the directors remain confident that the strategy the business continues to deploy in the market place will ensure its future stability through continued growth.

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as she is aware, there is no relevant audit information of which the Company's auditors are unaware, and

she 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.



Page 3

 


SHELFSIDE (HOLDINGS) LIMITED
 


 
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024

Post balance sheet events

There were no post balance sheet events to report.

Auditors

The auditorsMenzies LLPwill be proposed for reappointment in accordance with section 487 (2) of the Companies Act 2006.

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





E. J. Best
Director

Date: 24 September 2024

Page 4

 


SHELFSIDE (HOLDINGS) LIMITED
 

img2262.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHELFSIDE (HOLDINGS) LIMITED

Opinion


We have audited the financial statements of Shelfside (Holdings) Limited (the 'Company') for the period ended 31 March 2024, which comprise the Statement of comprehensive income, the Statement of financial position, 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 March 2024 and of its loss for the period 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 director's 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 director 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 director is 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 5

 


SHELFSIDE (HOLDINGS) LIMITED


img5a3c.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHELFSIDE (HOLDINGS) 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 Director's report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Director's 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 Director's 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 director's 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 Director's responsibilities statement set out on page 3, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 


SHELFSIDE (HOLDINGS) LIMITED


img4977.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHELFSIDE (HOLDINGS) 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:

Obtaining an understanding of the laws and regulations that are applicable to the Company, focusing on those laws and regulations that directly affect the financial statements, such as provisions of the UK Companies Act and tax legislation or that had a fundamental effect on the operations of the Company. The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:

The Companies Act 2006;
Financial Reporting Standard 102;
UK employment legislation;
General Data Protection Regulations;
UK tax legislation; and
The Mobile Homes Act 1983.

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgements made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

The application of inappropriate judgements or estimation to manipulate the Company's financial position;
Posting of unusual journals and complex transactions; and
The use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in its best interests.


 
Page 7

 


SHELFSIDE (HOLDINGS) LIMITED


img6c5c.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHELFSIDE (HOLDINGS) LIMITED (CONTINUED)

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.


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 2006Our 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.





Andrew Hookway FCA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Leatherhead
Surrey
KT22 8DY

24 September 2024
Page 8

 


SHELFSIDE (HOLDINGS) LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2024

Period ended
31 March
Period ended
31 December
2024
2022
Note
£
£

  

Turnover
 4 
16,145,393
13,319,121

Cost of sales
  
(11,104,237)
(5,425,031)

Gross profit
  
5,041,156
7,894,090

Administrative expenses
  
(8,389,537)
(7,886,164)

Operating (loss)/profit
  
(3,348,381)
7,926

Interest receivable and similar income
 8 
1,935,916
1,016,725

Interest payable and similar expenses
 9 
(115,320)
(87,570)

(Loss)/profit before tax
  
(1,527,785)
937,081

Tax on (loss)/profit
 10 
(114,057)
(226,313)

(Loss)/profit for the financial period
  
(1,641,842)
710,768

Other comprehensive income for the period
  

Total comprehensive income for the period
  
(1,641,842)
710,768

The notes on pages 12 to 20 form part of these financial statements.

Page 9

 


SHELFSIDE (HOLDINGS) LIMITED
REGISTERED NUMBER:04128194



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

31 March
2024
31 Decemebr
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due after more than one year
 11 
41,847,521
40,933,999

Debtors: amounts falling due within one year
 11 
29,678,663
27,524,763

  
71,526,184
68,458,762

Creditors: amounts falling due within one year
 12 
(1,245,808)
(1,016,431)

Net current assets
  
 
 
70,280,376
 
 
67,442,331

Total assets less current liabilities
  
70,280,376
67,442,331

Creditors: amounts falling due after more than one year
 13 
(1,984,000)
(1,984,000)

Provisions for liabilities
  

Other provisions
 14 
(64,927,498)
(60,447,611)

  
 
 
(64,927,498)
 
 
(60,447,611)

Net assets
  
3,368,878
5,010,720


Capital and reserves
  

Called up share capital 
 15 
3,230
3,230

Share premium account
 16 
3,225,771
3,225,771

Profit and loss account
 16 
139,877
1,781,719

  
3,368,878
5,010,720


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




E. J. Best
Director

Date: 24 September 2024

The notes on pages 12 to 20 form part of these financial statements.

Page 10

 


SHELFSIDE (HOLDINGS) LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 May 2022
3,230
3,225,771
1,070,951
4,299,952


Comprehensive income for the period

Profit for the period
-
-
710,768
710,768


Other comprehensive income for the period
-
-
-
-


Total comprehensive income for the period
-
-
710,768
710,768



At 1 January 2023
3,230
3,225,771
1,781,719
5,010,720


Comprehensive income for the period

Loss for the period
-
-
(1,641,842)
(1,641,842)


Other comprehensive income for the period
-
-
-
-


Total comprehensive income for the period
-
-
(1,641,842)
(1,641,842)


At 31 March 2024
3,230
3,225,771
139,877
3,368,878


The notes on pages 12 to 20 form part of these financial statements.

Page 11

 


SHELFSIDE (HOLDINGS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Shelfside (Holdings) Limited is a private company limited by shares, incorporated in England and Wales under the Companies Act 2006. The address of its registered office is disclosed on the company information page. The principal place of business is Wyldecrest House, 857 London Road, Thurrock, Essex, RM20 3AT.  
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The accounting period was extended to a fifteen month period ended 31 March 2024. The comparative figures presented are for an eight month period.

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 Company's functional and presentational currency is GBP.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement 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).

This information is included in the consolidated financial statements of Shelfside Holdings Group Limited as at 31 March 2024 and these financial statements may be obtained from Companies House.

 
2.3

Revenue

Revenue represents amounts receivable from sales of mobile homes net of VAT. Sales of houses taken on part exchange are also recognised in revenue on completion.

 
2.4

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

 


SHELFSIDE (HOLDINGS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.5

Provision for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

  
2.6

Pensions

Defined contribution pension plan
The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.
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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
Retirement benefits
The company provides pension benefits for senior employees.  Under the terms of the pension contracts entered into with the senior employees, fixed sums are provided for now in order to provide pension benefits to the individuals upon their retirement. The pension contracts allow for an annual increase in respect of indexation over and above the initial contracted amount.  
The director considers that the pension arrangement most closely reflects the characteristics of a defined contribution scheme as the company's contributions are fixed until the point of retirement at which point any further contributions of annual increases cease. Further information can be found in note 14 to the financial statements. 
The company also provides pensions benefits (defined contribution) in respect of senior employees. Amounts payable are charged to the profit and loss account in the year the contracts are entered in to between the company and the employees. 

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Page 13

 


SHELFSIDE (HOLDINGS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Financial instruments

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions
that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Key source of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual income. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: 
Valuation of other debtors
Included in other debtors are amounts due from UK Properties Management Limited, a company connected to A. Best. The amount is due more than one year represents a loan that attracts an interest rate of 3% and an appropriate discount rate has been applied to estimate the present value of the debtor. 
Provision for pension liability
Included in other provisions is an estimate of the value of pension benefits due to senior employees at the point of retirement. This provision includes interest that is calculated on a compound basis by reference to the interest rate payable on index linked Gilt Edged Securities, with a redemption date falling closest to the payment date on retirement. 


4.


Turnover

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


Period ended
31 March
Period ended
31 December
2024
2022
£
£

Mobile home sales
16,145,393
13,319,121


All turnover arose within the United Kingdom.

Page 14

 


SHELFSIDE (HOLDINGS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

5.


Auditors' remuneration

During the period, the Company obtained the following services from the Company's auditors:


Period ended
31 March
Period ended
31 December
2024
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
17,645
16,645


6.


Employees

Staff costs were as follows:


Period ended
31 March
Period ended
31 December
2024
2022
£
£

Wages and salaries
906,352
477,941

Social security costs
86,748
48,141

Director's pension scheme
4,479,887
5,783,079

Pension costs
15,085
7,965

5,488,072
6,317,126


The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).


7.


Director's remuneration

During the year retirement benefits were accruing to one director totalling £4,479,887 (Dec 2022:  £5,783,079) in respect of the director's pension schemes.





8.


Interest receivable

Period ended
31 March
Period ended
31 December
2024
2022
£
£


Other interest receivable
1,935,916
1,016,725

Page 15

 


SHELFSIDE (HOLDINGS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

9.


Interest payable and similar expenses

Period ended
31 March
Period ended
31 December
2024
2022
£
£


Other loan interest payable
99,200
52,907

Other interest payable
16,120
34,663

115,320
87,570


10.


Taxation


Period ended
31 March
Period ended
31 December
2024
2022
£
£

Corporation tax


Current tax on profits for the year
423
180,800

Adjustments in respect of previous periods
113,634
45,513



Taxation on profit on ordinary activities
114,057
226,313
Page 16

 


SHELFSIDE (HOLDINGS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
 
10.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.82% (2022 - 19%). The differences are explained below:

Period ended
31 March
Period ended
31 December
2024
2022
£
£


(Loss)/profit on ordinary activities before tax
(1,527,785)
937,081


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.82% (2023 - 19%)
(360,015)
178,045

Effects of:


Expenses not deductible for tax purposes
23,625
-

Tax effect of income not taxable in determining taxable profit
-
2,755

Tax credits
20
-

Marginal relief
(9)
-

Adjustments to tax charge in respect of prior periods
113,634
45,513

Remeasurement of deferred tax for changes in tax rates
(16,747)
-

Movement in deferred tax not recognised
353,549
-

Total tax charge for the period
114,057
226,313


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Debtors

31 March
2024
31 December
2022
£
£

Due after more than one year

Other debtors
41,847,521
40,933,999


31 March
2024
31 December
2022
£
£

Due within one year

Other debtors
29,678,663
27,524,763


Page 17

 


SHELFSIDE (HOLDINGS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

12.


Creditors: Amounts falling due within one year

31 March
2024
31 December
2022
£
£

Amounts owed to group undertakings
390,187
290,987

Corporation tax
855,621
725,444

1,245,808
1,016,431




13.


Creditors: Amounts falling due after more than one year

31 March
2024
31 December
2022
£
£

Share capital treated as debt
1,984,000
1,984,000


Disclosure of the terms and conditions attached to the non-equity shares is made in note 15.


14.


Pension





Pension Provision

£





At 1 April 2023
60,447,611


Charged to profit or loss
4,479,887



At 31 March 2024
64,927,498

Page 18

 


SHELFSIDE (HOLDINGS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

           14.Pension (continued)

The company provided pension benefits in respect of a senior employee. Amounts payable are charged to profit and loss account in the year the contracts are entered in to between the company and the employee. The number of directors to whom the pension benefits are accruing under these pension agreement is 1 (31 December 2022: 1). The amounts payable charged to profit and loss during the period for the defined benefit schemes is £4,479,887  (period to 31 December 2022: £5,783,079).
The company also operates a defines contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge recognised in profit and loss during the period is £ 15,085 (period to 31 December 2022: £ 7,965) in respect of defined contribution scheme paid by the company to the fund.
Although, under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors are of the opinion that it does not bear any of the hallmarks of what is usually considered to be a defined benefit scheme and therefore no further disclosures are considered necessary in order to understand the nature and measurement of the liability.
The directors are also of the opinion that the liability as disclosed in the financial statements represents the full and final amount which could be expected, at this stage, to be paid in the future to settle the pension agreement liabilities.
 


15.


Share capital

31 March
2024
31 December
2022
£
£
Shares classified as equity

Allotted, called up and fully paid



3,229 (2022 - 3,229) Ordinary Class 1 shares of £1.00 
3,229
3,229
1 (2022 - 1) Preferred Ordinary Shares share of £1.00
1
1

3,230

3,230

31 March
2024
31 December
2022
£
£
Shares classified as debt

Allotted, called up and fully paid



1,984,000 (April 2022 - 1,984,000) Preference Shares shares of £1.00 each
1,984,000
1,984,000


The rights, preferences and restrictions to each class of share are disclosed at Companies House.  

Page 19

 


SHELFSIDE (HOLDINGS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

16.


Reserves

           Share premium account

This reserve records the excess paid for share capital above the nominal value.

           Profit and loss account

This reserve records retained earnings and accumulated losses.


17.


Guarantees

There is a guarantee between the company and companies connected to A. Best in respect of the bank borrowings by companies connected to A.W. Best.  


18.


Related party transactions

During the period the company paid licence fees of £2,260,355 (Dec 2022: £1,331,912) to Best Holdings (UK) Limited, a company connected to A. W. Best.  
Included in other debtors due after more than one year is an amount of £41,847,521 (Dec 2022: £42,422,299) due from UK Properties Management Limited, a company connected to A.W. Best. Additionally due on demand from UK Properties Management Limited is the sum of £29,678,663 (Dec 2022: £25,757,659) During the period interest of £1,935,916 (Dec 2022: £1,016,725) was charged to UK Properties Management Limited.


19.


Controlling party

The Company's immediate and ultimate parent company is Shelfside Holdings Group Limited. The results of the company are included in the Shelfside Holdings Group Limited consolidated financial statements, and this is the largest and smallest group for which group accounts are drawn up. The registered office of Shelfside Holdings Group Limited is Lynton House, 7 - 12 Tavistock Square, London, United Kingdom, WC1H 9LT.
Copies of the consolidated accounts of Shelfside Holdings Group Limited are available from Companies House.
The ultimate controlling party is A. W. Best. 

 
Page 20