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Company registration number: 11815447







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


SHELFSIDE HOLDINGS GROUP LIMITED






































img09c7.png                        

 


SHELFSIDE HOLDINGS GROUP LIMITED
 


 
COMPANY INFORMATION


Director
E. J. Best 




Registered number
11815447



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 GROUP LIMITED
 



CONTENTS



Page
Group strategic report
1 - 2
Director's report
3 - 4
Independent auditors' report
5 - 8
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Notes to the financial statements
14 - 22


 


SHELFSIDE HOLDINGS GROUP LIMITED
 


 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2024

Introduction
 
The director presents the strategic report for the period ended 31 March 2024.

Business review
 
The business activity of the group 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 director. 
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 Group is considered by the director.The director re-assess these risks on a regular basis to ensure that any risks arising from changes in the Group's operations or the external environment are identified and appropriately managed.
The Group'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 group's operations and to finance the group's trading activities.
Due to the nature of the financial instruments used by the group  there is no exposure to price risk. The group'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 director is 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 group are set out below:

                                                        
31.03.2024                  31.12.2022     
                                                                 
£                                    £ 
 Turnover                                         16,145,393                     13,319,121
Operating profit/(loss)            (3,348,381)                             7,926
Earnings before interest,                  (3,348,381)                         (20,688)
tax, depreciation, amortisation,
and pension 
Earnings before interest,                    (20.74%)                           (0.09%)
tax, depreciation, amortisation
and pension percentage

Page 1

 


SHELFSIDE HOLDINGS GROUP LIMITED
 



GROUP 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 companies and the U.K. housing market. There was a slow down in the housing market which contributed to a reduction in turnover. The number of Parks operated by the wider 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 GROUP 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 Group strategic report, the Director's report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group 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 £1,542,642 (2022 - profit £763,675).

No ordinary or preference dividends were paid and the director does 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 year 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 and the Group'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 and the Group's auditors are aware of that information.


 

Page 3

 


SHELFSIDE HOLDINGS GROUP LIMITED
 


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

Post balance sheet events

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

Auditors

The auditorsMenzies LLPwill be proposed for reappointment in accordance with section 485 (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 GROUP LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHELFSIDE HOLDINGS GROUP LIMITED

Opinion


We have audited the financial statements of Shelfside Holdings Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 March 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of changes in equity, the Company 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 Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's 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 Group 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 Group's or the 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 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 GROUP LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHELFSIDE HOLDINGS GROUP 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 director
 

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 Group's and 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 


SHELFSIDE HOLDINGS GROUP LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHELFSIDE HOLDINGS GROUP 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 Group 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 GROUP LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHELFSIDE HOLDINGS GROUP 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 GROUP LIMITED
 


 
CONSOLIDATED 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 
(16,120)
(36,432)

(Loss)/profit before tax
  
(1,428,585)
988,219

Tax on (loss)/profit
 10 
(114,057)
(224,544)

(Loss)/profit for the financial period
  
(1,542,642)
763,675

Total comprehensive income for the period
  
(1,542,642)
763,675

Profit for the year attributable to:
  

Owners of the parent company
  
1,542,642
(763,675)

  
1,542,642
(763,675)

Total comprehensive income attributable to:
  

The notes on pages 14 to 22 form part of these financial statements.

Page 9

 


SHELFSIDE HOLDINGS GROUP LIMITED
REGISTERED NUMBER:11815447



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

31 March
31 December
2024
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due after more than one year
 12 
41,847,521
40,933,999

Debtors: amounts falling due within one year
 12 
29,678,663
27,524,763

Cash at bank and in hand
  
2
2

  
71,526,186
68,458,764

Creditors: amounts falling due within one year
 13 
(2,842,851)
(2,712,674)

Net current assets
  
 
 
68,683,335
 
 
65,746,090

Total assets less current liabilities
  
68,683,335
65,746,090

Provisions for liabilities
  

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

  
 
 
(64,927,498)
 
 
(60,447,611)

Net assets excluding pension asset
  
3,755,837
5,298,479

Net assets
  
3,755,837
5,298,479


Capital and reserves
  

Called up share capital 
 15 
2
2

Profit and loss account
 16 
3,755,835
5,298,477

Equity attributable to owners of the parent Company
  
3,755,837
5,298,479

  
3,755,837
5,298,479


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 14 to 22 form part of these financial statements.

Page 10

 


SHELFSIDE HOLDINGS GROUP LIMITED
REGISTERED NUMBER:11815447



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

31 March
31 December
2024
2022
Note
£
£

Fixed assets
  

Investments
 11 
1,987,230
1,987,230

  
1,987,230
1,987,230

Current assets
  

Debtors: amounts falling due within one year
 12 
390,187
290,987

Cash at bank and in hand
  
2
2

  
390,189
290,989

Creditors: amounts falling due within one year
 13 
(1,987,230)
(1,987,230)

Net current liabilities
  
 
 
(1,597,041)
 
 
(1,696,241)

Total assets less current liabilities
  
390,189
290,989

  

  

Net assets
  
390,189
290,989


Capital and reserves
  

Called up share capital 
 15 
2
2

Profit and loss account brought forward
  
290,987
238,080

Profit for the period
  
99,200
52,907

Profit and loss account carried forward
  
390,187
290,987

  
390,189
290,989


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 14 - 22  form part of these financial statements.

Page 11

 


SHELFSIDE HOLDINGS GROUP LIMITED
 



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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 May 2022
2
4,534,802
4,534,804


Comprehensive income for the period

Profit for the period
-
763,675
763,675
Total comprehensive income for the period
-
763,675
763,675



At 1 January 2023
2
5,298,477
5,298,479


Comprehensive income for the period

Loss for the period
-
(1,542,642)
(1,542,642)
Total comprehensive income for the period
-
(1,542,642)
(1,542,642)


At 31 March 2024
2
3,755,835
3,755,837


Page 12

 


SHELFSIDE HOLDINGS GROUP LIMITED
 



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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 May 2022
2
238,080
238,082


Comprehensive income for the period

Profit for the period
-
52,907
52,907
Total comprehensive income for the period
-
52,907
52,907



At 1 January 2023
2
290,987
290,989


Comprehensive income for the period

Profit for the period
-
99,200
99,200


Other comprehensive income for the period
-
-
-


Total comprehensive income for the period
-
99,200
99,200


At 31 March 2024
2
390,187
390,189


The notes on pages 14 to 22 form part of these financial statements.

Page 13

 


SHELFSIDE HOLDINGS GROUP LIMITED
 


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

1.


General information

Shelfside Holdings Group 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 company's trading address is Wyldecrest House, 857 London Road, Grays 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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

  
2.2

Statement of Cash Flows

The group does not hold any cash or cash equivalents, or operate any bank accounts, with the exception of petty cash. The group has therefore not presented a statement of cash flows in the accounts.  

 
2.3

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

  
2.4

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.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

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 14

 


SHELFSIDE HOLDINGS GROUP LIMITED
 


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

2.Accounting policies (continued)

  
2.7

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.
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.

 
2.8

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 and the Group operate and generate income.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 15

 


SHELFSIDE HOLDINGS GROUP LIMITED
 


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

2.Accounting policies (continued)

 
2.11

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. W. Best. The amount is due more than one year 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
£
£

Sales of mobile homes
16,145,393
13,319,121


All turnover arose within the United Kingdom.

Page 16

 


SHELFSIDE HOLDINGS GROUP LIMITED
 


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

5.


Auditors' remuneration

During the period, the Group 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 consolidated and parent Company's financial statements
17,645
16,645


6.


Employees

Staff costs were as follows:


Group
31 March
Group
31 December
Company
31 March
Company
31 December
2024
2022
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 Group and Company have no employees other than the directors, who did not receive any remuneration (2022 - £NIL).


7.


Director's remuneration



During the period retirement benefits were accruing to one director totalling £4,479,887 (December 2022: £5,783,079) in respect of 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

1,935,916
1,016,725

Page 17

 


SHELFSIDE HOLDINGS GROUP 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 interest payable
16,120
36,432

16,120
36,432


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
43,744


114,057
224,544


Total current tax
114,057
224,544


Taxation on profit on ordinary activities
114,057
224,544
Page 18

 


SHELFSIDE HOLDINGS GROUP 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
(1,428,585)
988,219


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.82% (2022 - 19%)
(360,015)
187,762

Effects of:


Tax effect of income not taxable in determining taxable profit
23,625
(6,962)

Tax credits
20
-

Marginal relief
(9)
-

Adjustments to tax charge in respect of prior periods
113,634
43,744

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
224,544


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Fixed asset investments

Company








Investments in subsidiary companies

£



Cost or valuation


At 1 Jan 2023
1,987,230



At 31 March 2024
1,987,230




Page 19

 


SHELFSIDE HOLDINGS GROUP LIMITED
 


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

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Holding

Shelfside (Holdings) Limited
Lynton House, 7-12 Tavistock Square, London WC1H 9LT
100%
Shelfside (Holdings) Subsidiary Limited
Lynton House, 7-12 Tavistock Square, London WC1H 9LT
100%


12.


Debtors

Group
31 March
Group
31 December
Company
31 March
Company
31 December
2024
2022
2024
2022
£
£
£
£

Due after more than one year

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

41,847,521
40,933,999
-
-


Group
31 March
Group
31 December
Company
31 March
Company
31 December
2024
2022
2024
2022
£
£
£
£

Due within one year

Amounts owed by group undertakings
-
-
390,187
290,987

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

29,678,663
27,524,763
390,187
290,987



13.


Creditors: Amounts falling due within one year

Group
31 March
Group
31 December
Company
31 March
Company
31 December
2024
2022
2024
2022
£
£
£
£

Corporation tax
855,621
725,444
-
-

Other creditors
1,987,230
1,987,230
1,987,230
1,987,230

2,842,851
2,712,674
1,987,230
1,987,230


Page 20

 


SHELFSIDE HOLDINGS GROUP LIMITED
 


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

14.


Pension


Group









Pension Provision

£





At 1 Jan 2023
60,447,611


Charged to profit or loss
4,479,887



At 31 March 2024
64,927,498

The Group provided pension benefits in respect of senior employees. Amounts payable are charged to profit and loss account in the year the contracts are entered in to between the Group and the employees. The number of directors to whom the pension benefits are accruing under these pension agreement is 1 (31 Dec 2022: 1). The amounts payable charged to profit and loss during the period for the defined benefit schemes is £4,479,877 (31 Dec 2022: £5,783,079).
The Group also operates a defines contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension charge
recognised in profit and loss during the period is £15,085 (31 Dec 2022: £7,965) in respect of defined contribution scheme paid by the Group to the fund.
The contributions and potential liabilities of the Group in respect of the pension agreements are fixed at least until the date of retirement of the employees which is over 3 years from the year-end date.
Although under section 28 of FRS 102 this pension agreement is regarded as being a defined benefit scheme, the director is of the opinion that it does note 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
31 December
2024
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Share Class A shares of £1.00 each
2
2



16.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses.

Page 21

 


SHELFSIDE HOLDINGS GROUP LIMITED
 


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

17.


Related party transactions

During the period the Group paid licence fees of £2,421,809 (period ended Dec 2022: £2,251,861) to Best Holdings (UK) Limited, a company connected to A. W. Best. Included in other creditors an amount of £1,987,230 (Dec 2022: £1,987,230) due by the company to Best Holdings (UK) Limited.
Included in other debtors due after more than one year is an amount of £41,847,521 (Dec 2022: £40,933,999) 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: £27,524,763). During the period interest of £1,935,916 (period ended Dec 2022: £1,317,007) was charged to UK Properties Management Limited.


18.


Controlling party

The ultimate controlling party is A. W. Best.

 
Page 22