REGISTERED NUMBER: 09285888 (England and Wales) |
RUNSHAW HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
REGISTERED NUMBER: 09285888 (England and Wales) |
RUNSHAW HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
RUNSHAW HOLDINGS LIMITED (REGISTERED NUMBER: 09285888) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 11 |
Consolidated Other Comprehensive Income | 12 |
Consolidated Balance Sheet | 13 |
Company Balance Sheet | 14 |
Consolidated Statement of Changes in Equity | 15 |
Company Statement of Changes in Equity | 16 |
Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Financial Statements | 20 |
RUNSHAW HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
Shorrock House |
1 Faraday Court |
Fulwood |
Preston |
Lancashire |
PR2 9NB |
RUNSHAW HOLDINGS LIMITED (REGISTERED NUMBER: 09285888) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
The directors present their strategic report of the company and the group for the period 1 September 2022 to 31 December 2023. |
REVIEW OF BUSINESS |
The principal activity of the group in the period under review was that of caravan and motorhome retailers. |
The directors are satisfied with the results in the period particularly with the group managing to maintain turnover and margins in a competitive market. |
Administrative expenses have been controlled overall due to the close monitoring by the directors. |
The directors consider the key performance indicators to be turnover, margins and profit. |
31.12.2023 | 31.08.2022 |
Gross profit margin | 15.3% | 16.1% |
Operating profit margin | 6.1% | 7.4% |
EBITDA | £1,781k | £1,455k |
PRINCIPAL RISKS AND UNCERTAINTIES |
The main risks going forward are seen to be general cost of living issues and challenging trading conditions. The directors are confident that with a strong management team, a healthy balance sheet and a cash surplus, the group can maintain and hopefully increase its market share. |
RUNSHAW HOLDINGS LIMITED (REGISTERED NUMBER: 09285888) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
Promoting the subsidiary’s success |
As one of the largest caravan and motorhome businesses in the UK, we are constantly looking to maintain our standards and always look for new and innovative ways to engage with our customers. |
The customer’s journey is very important to us and much of our decision making and planning is centred on creating the best experience we can. |
We continue to invest in our properties and technology to give us a cutting edge within the sector. |
Our marketing department continues to promote our business using the most up to date social media platforms and website. |
Our employees |
Our staff retention is generally good with many members of staff having been with us since the business started over ten years ago. |
We achieve this by fostering a family atmosphere with social gatherings and encouraging an inclusive decision-making process. |
Our suppliers |
We work closely with all of our suppliers and have a productive working relationship at all levels of the business. |
Our customers |
We invest time and money in ensuring our customer's journey matches and even exceeds the expectations of our customers buying any product from us. |
Our Community |
We are a local family run group and have contributed to local charities within our communities and have supported local causes when linked to our colleagues. |
ON BEHALF OF THE BOARD: |
RUNSHAW HOLDINGS LIMITED (REGISTERED NUMBER: 09285888) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company and the group for the period 1 September 2022 to 31 December 2023. |
DIVIDENDS |
An interim dividend of 0.06710 per share was paid on . The directors recommend a final dividend of 0.03071 per share, making a total of 0.09781 per share for the period ended 31 December 2023. |
The total distribution of dividends for the period ended 31 December 2023 will be £ 136,940 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 September 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
RUNSHAW HOLDINGS LIMITED (REGISTERED NUMBER: 09285888) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
AUDITORS |
The auditors, Rushtons, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RUNSHAW HOLDINGS LIMITED |
Qualified opinion |
We have audited the financial statements of Runshaw Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, 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 profits 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 requirement of the Companies Act 2006. |
Basis for |
We have been unable to obtain sufficient appropriate audit evidence regarding the opening balances of the trading subsidiary. Specifically, this was in relation to historic debtor balances totalling £611,676 and historic creditor balances totalling £751,587. The impact of this is that the Retained Earnings of the trading subsidiary at 1 September 2022 of £1,402,129 were potentially understated by £139,911, being the difference of the debtor and creditor balances. This may have related to several previous accounting periods. |
Adjustments have been made in this financial period to remove the historic balances from the Balance Sheet at 31 December 2023. |
The subsidiary has since moved to a new accounting system in 2024 to improve the recording of these balances. |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 directors with respect to going concern are described in the relevant sections of this report. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RUNSHAW HOLDINGS LIMITED |
Other information |
As described in the basis for the qualified opinion section of our report, we were unable to satisfy ourselves concerning the opening balances of the trading company which may have an impact on the financial information detailed in the Strategic report. |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit: |
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statement are prepared is consistent with the financial statements; |
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements; |
Matters on which we are required to report by exception |
Except for the matter described in the basis for qualified opinion section of our report, 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 or the directors' report. |
Arising soley from the limitation on the scope of our work relating to opening balances, referred to above: |
- | we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and |
- | we were unable to determine whether adequate accounting records have been kept. |
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require us to report to you if, in our opinion: |
- | 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 directors' remuneration specified by law are not made. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RUNSHAW HOLDINGS LIMITED |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RUNSHAW HOLDINGS LIMITED |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
- | The nature of the industry and sector, control environment and business performance. |
- | Enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to: |
- | Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
- | Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- | The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. |
- | Discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud, and; |
- | Obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements, such as provisions of the UK Companies Act, pensions legislation and tax legislation or that had a fundamental effect on the operations of the company, including the General Data Protection requirements, Anti-bribery and corruption policies and Environmental laws and regulations pertaining to this industry. |
In addition to the above, our procedures to respond to risks identified included the following: |
- | Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- | Enquiring of management concerning actual and potential litigation and claims; |
- | Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- | Reading available minutes of meetings of those charged with governance; and |
- | Reviewing available nominal ledgers to identify unusual transactions. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RUNSHAW HOLDINGS LIMITED |
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 Report of the Auditors. |
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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
Shorrock House |
1 Faraday Court |
Fulwood |
Preston |
Lancashire |
PR2 9NB |
RUNSHAW HOLDINGS LIMITED (REGISTERED NUMBER: 09285888) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
Period |
1.9.22 |
to | Year Ended |
31.12.23 | 31.8.22 |
Notes | £ | £ |
TURNOVER | 3 | 29,063,738 | 19,584,220 |
Cost of sales | 24,620,203 | 16,437,403 |
GROSS PROFIT | 4,443,535 | 3,146,817 |
Administrative expenses | 2,826,971 | 1,828,134 |
1,616,564 | 1,318,683 |
Other operating income | 136,706 | 136,725 |
OPERATING PROFIT | 5 | 1,753,270 | 1,455,408 |
Interest receivable and similar income | 215,085 | 19,209 |
1,968,355 | 1,474,617 |
Interest payable and similar expenses | 6 | 946 | 78,850 |
PROFIT BEFORE TAXATION | 1,967,409 | 1,395,767 |
Tax on profit | 7 | 462,678 | 258,182 |
PROFIT FOR THE FINANCIAL PERIOD |
Profit attributable to: |
Owners of the parent | 1,504,731 | 1,137,585 |
RUNSHAW HOLDINGS LIMITED (REGISTERED NUMBER: 09285888) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
Period |
1.9.22 |
to | Year Ended |
31.12.23 | 31.8.22 |
Notes | £ | £ |
PROFIT FOR THE PERIOD | 1,504,731 | 1,137,585 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 1,504,731 | 1,137,585 |
Total comprehensive income attributable to: |
Owners of the parent | 1,504,731 | 1,137,585 |
RUNSHAW HOLDINGS LIMITED (REGISTERED NUMBER: 09285888) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 | 1,260,345 | 1,306,763 |
Investments | 11 | - | - |
1,260,345 | 1,306,763 |
CURRENT ASSETS |
Stocks | 12 | 6,728,248 | 3,844,646 |
Debtors | 13 | 1,273,252 | 2,132,605 |
Cash at bank | 6,486,689 | 6,132,866 |
14,488,189 | 12,110,117 |
CREDITORS |
Amounts falling due within one year | 14 | 7,139,630 | 6,181,670 |
NET CURRENT ASSETS | 7,348,559 | 5,928,447 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 8,608,904 | 7,235,210 |
PROVISIONS FOR LIABILITIES | 16 | 11,855 | 5,952 |
NET ASSETS | 8,597,049 | 7,229,258 |
CAPITAL AND RESERVES |
Called up share capital | 17 | 1,400,002 | 1,400,002 |
Other reserves | 18 | 734,751 | 734,751 |
Retained earnings | 18 | 6,462,296 | 5,094,505 |
SHAREHOLDERS' FUNDS | 8,597,049 | 7,229,258 |
The financial statements were approved by the Board of Directors and authorised for issue on 14 October 2024 and were signed on its behalf by: |
A G Campbell - Director |
RUNSHAW HOLDINGS LIMITED (REGISTERED NUMBER: 09285888) |
COMPANY BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,799,968 | 1,253,922 |
The financial statements were approved by the Board of Directors and authorised for issue on |
RUNSHAW HOLDINGS LIMITED (REGISTERED NUMBER: 09285888) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1 September 2021 | 1,400,002 | 4,051,420 | 734,751 | 6,186,173 |
Changes in equity |
Dividends | - | (94,500 | ) | - | (94,500 | ) |
Total comprehensive income | - | 1,137,585 | - | 1,137,585 |
Balance at 31 August 2022 | 1,400,002 | 5,094,505 | 734,751 | 7,229,258 |
Changes in equity |
Dividends | - | (136,940 | ) | - | (136,940 | ) |
Total comprehensive income | - | 1,504,731 | - | 1,504,731 |
Balance at 31 December 2023 | 1,400,002 | 6,462,296 | 734,751 | 8,597,049 |
RUNSHAW HOLDINGS LIMITED (REGISTERED NUMBER: 09285888) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 September 2021 |
Changes in equity |
Dividends | - | ( | ) | ( | ) |
Total comprehensive income | - |
Balance at 31 August 2022 |
Changes in equity |
Dividends | - | ( | ) | ( | ) |
Total comprehensive income | - |
Balance at 31 December 2023 |
RUNSHAW HOLDINGS LIMITED (REGISTERED NUMBER: 09285888) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
Period |
1.9.22 |
to | Year Ended |
31.12.23 | 31.8.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 965,943 | 262,824 |
Interest paid | (946 | ) | (78,850 | ) |
Tax paid | (269,055 | ) | (205,833 | ) |
Net cash from operating activities | 695,942 | (21,859 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (60,796 | ) | (1,128 | ) |
Interest received | 215,085 | 19,209 |
Net cash from investing activities | 154,289 | 18,081 |
Cash flows from financing activities |
Capital repayments in year | (4,970 | ) | (5,964 | ) |
Amount introduced by directors | 93,963 | - |
Amount withdrawn by directors | (448,461 | ) | (283,154 | ) |
Equity dividends paid | (136,940 | ) | (94,500 | ) |
Net cash from financing activities | (496,408 | ) | (383,618 | ) |
Increase/(decrease) in cash and cash equivalents | 353,823 | (387,396 | ) |
Cash and cash equivalents at beginning of period | 2 | 6,132,866 | 6,520,262 |
Cash and cash equivalents at end of period | 2 | 6,486,689 | 6,132,866 |
RUNSHAW HOLDINGS LIMITED (REGISTERED NUMBER: 09285888) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.9.22 |
to | Year Ended |
31.12.23 | 31.8.22 |
£ | £ |
Profit before taxation | 1,967,409 | 1,395,767 |
Depreciation charges | 107,214 | 15,762 |
Finance costs | 946 | 78,850 |
Finance income | (215,085 | ) | (19,209 | ) |
1,860,484 | 1,471,170 |
Increase in stocks | (2,883,602 | ) | (982,136 | ) |
Decrease/(increase) in trade and other debtors | 859,353 | (257,189 | ) |
Increase in trade and other creditors | 1,129,708 | 30,979 |
Cash generated from operations | 965,943 | 262,824 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 31 December 2023 |
31.12.23 | 1.9.22 |
£ | £ |
Cash and cash equivalents | 6,486,689 | 6,132,866 |
Year ended 31 August 2022 |
31.8.22 | 1.9.21 |
£ | £ |
Cash and cash equivalents | 6,132,866 | 6,520,262 |
RUNSHAW HOLDINGS LIMITED (REGISTERED NUMBER: 09285888) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.9.22 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank | 6,132,866 | 353,823 | 6,486,689 |
6,132,866 | 353,823 | 6,486,689 |
Debt |
Finance leases | (4,970 | ) | 4,970 | - |
(4,970 | ) | 4,970 | - |
Total | 6,127,896 | 358,793 | 6,486,689 |
RUNSHAW HOLDINGS LIMITED (REGISTERED NUMBER: 09285888) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Runshaw Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The presentation currency of the financial statements is Pound Sterling (£) and the amounts included in the financial statements have been rounded to the nearest £1. |
The period end date has been extended to include four additional months to the current reporting date of 31 December 2023. The reason for this change was to move the previous period end out of the busier summer months to the less busy winter months. The comparative period is for 12 months only and as such, may not be entirely comparable. |
Basis of consolidation |
The consolidated financial statements comprise the financial statements of the parent company and all its subsidiaries. |
All financial statements are made up to 31 December 2023. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. |
Significant judgements and estimates |
In determining the carrying amounts of certain assets and liabilities, the group makes calculated assumptions based on the effects of uncertain future events on those assets and liabilities at the balance sheet date. The group's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
RUNSHAW HOLDINGS LIMITED (REGISTERED NUMBER: 09285888) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Freehold land is not depreciated. No depreciation is provided on the company's freehold buildings as the directors consider that the lives of these assets are so long and residual value, based on prices prevailing at the time of acquisition, are sufficiently high that any depreciation would be immaterial. Provision is made in the profit and loss account in the event of any permanent diminution in the value if the properties. |
Where appropriate the estimated residual value of the assets are taken into account when calculating depreciation. |
Tangible fixed assets recognition |
Tangible fixed assets are initially recognised at cost. After initial recognition, tangible fixed assets are included at cost less any accumulated depreciation. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors, prepayments and bank accounts, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, accruals, and any borrowings, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicated otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
RUNSHAW HOLDINGS LIMITED (REGISTERED NUMBER: 09285888) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
Period |
1.9.22 |
to | Year Ended |
31.12.23 | 31.8.22 |
£ | £ |
United Kingdom | 29,003,905 | 19,385,893 |
Rest of the world | 59,833 | 198,327 |
29,063,738 | 19,584,220 |
RUNSHAW HOLDINGS LIMITED (REGISTERED NUMBER: 09285888) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
4. | EMPLOYEES AND DIRECTORS |
Period |
1.9.22 |
to | Year Ended |
31.12.23 | 31.8.22 |
£ | £ |
Wages and salaries | 1,661,256 | 1,164,871 |
Social security costs | 178,254 | 114,616 |
Other pension costs | 27,132 | 20,531 |
1,866,642 | 1,300,018 |
The average number of employees during the period was as follows: |
Period |
1.9.22 |
to | Year Ended |
31.12.23 | 31.8.22 |
Sales and customer service | 16 | 16 |
Workshop | 17 | 16 |
Management and admin | 11 | 11 |
The average number of employees by undertakings that were proportionately consolidated during the period was 44 (2022 - 43 ) . |
Period |
1.9.22 |
to | Year Ended |
31.12.23 | 31.8.22 |
£ | £ |
Directors' remuneration | 127,464 | 19,058 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period |
1.9.22 |
to | Year Ended |
31.12.23 | 31.8.22 |
£ | £ |
Depreciation - owned assets | 107,214 | 15,762 |
Auditors' remuneration | 11,100 | 7,200 |
Auditors' remuneration for non audit work | 10,000 | 7,200 |
RUNSHAW HOLDINGS LIMITED (REGISTERED NUMBER: 09285888) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.9.22 |
to | Year Ended |
31.12.23 | 31.8.22 |
£ | £ |
Finance company interest | 946 | 850 |
Directors' loan interest | - | 78,000 |
946 | 78,850 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period |
1.9.22 |
to | Year Ended |
31.12.23 | 31.8.22 |
£ | £ |
Current tax: |
UK corporation tax | 456,775 | 268,055 |
Adjustment re prior periods | - | (8,521 | ) |
Total current tax | 456,775 | 259,534 |
Deferred tax | 5,903 | (1,352 | ) |
Tax on profit | 462,678 | 258,182 |
UK corporation tax has been charged at 25 % . |
RUNSHAW HOLDINGS LIMITED (REGISTERED NUMBER: 09285888) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.9.22 |
to | Year Ended |
31.12.23 | 31.8.22 |
£ | £ |
Profit before tax | 1,967,409 | 1,395,767 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) | 491,852 | 265,196 |
Effects of: |
Expenses not deductible for tax purposes | 103 | 142 |
Depreciation in excess of capital allowances | 11,028 | - |
Adjustments to tax charge in respect of previous periods | - | (8,521 | ) |
Deferred tax | 5,903 | - |
Effects of changes in rates of taxation and other adjustments | (46,208 | ) | 1,365 |
Total tax charge | 462,678 | 258,182 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
Period |
1.9.22 |
to | Year Ended |
31.12.23 | 31.8.22 |
£ | £ |
Ordinary shares of 1 each |
Final | 43,000 | 94,500 |
Interim | 93,940 | - |
136,940 | 94,500 |
RUNSHAW HOLDINGS LIMITED (REGISTERED NUMBER: 09285888) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
10. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 September 2022 | 1,282,955 | 95,108 | 23,855 | 1,401,918 |
Additions | - | 58,296 | 2,500 | 60,796 |
At 31 December 2023 | 1,282,955 | 153,404 | 26,355 | 1,462,714 |
DEPRECIATION |
At 1 September 2022 | - | 75,760 | 19,395 | 95,155 |
Charge for period | 80,000 | 22,438 | 4,776 | 107,214 |
At 31 December 2023 | 80,000 | 98,198 | 24,171 | 202,369 |
NET BOOK VALUE |
At 31 December 2023 | 1,202,955 | 55,206 | 2,184 | 1,260,345 |
At 31 August 2022 | 1,282,955 | 19,348 | 4,460 | 1,306,763 |
Company |
Freehold |
property |
£ |
COST |
At 1 September 2022 |
and 31 December 2023 |
DEPRECIATION |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 August 2022 |
RUNSHAW HOLDINGS LIMITED (REGISTERED NUMBER: 09285888) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 September 2022 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 August 2022 |
12. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stock | 6,728,248 | 3,844,646 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Trade debtors | 24,419 | 79,916 |
Other debtors | 59,160 | - |
Amounts owed by related party | 660,658 | 1,621,773 |
Prepayments and accrued income | 529,015 | 430,916 |
1,273,252 | 2,132,605 |
RUNSHAW HOLDINGS LIMITED (REGISTERED NUMBER: 09285888) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Hire purchase contracts (see note 15) | - | 4,970 |
Payments on account | 530,249 | 1,211,949 |
Trade creditors | 5,803,039 | 3,359,880 |
Amounts owed to group undertakings | - | 95,487 |
Tax | 455,775 | 268,055 |
Social security and other taxes | 32,837 | 46,666 |
VAT | 33,574 | 268,977 | - | - |
Directors' current accounts | 93,963 | 448,461 | - | - |
Accruals and deferred income | 190,193 | 477,225 |
7,139,630 | 6,181,670 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase | contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | - | 4,970 |
Group |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year | 20,388 | - |
Between one and five years | 31,134 | - |
51,522 | - |
16. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 11,855 | 5,952 |
RUNSHAW HOLDINGS LIMITED (REGISTERED NUMBER: 09285888) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
16. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 September 2022 | 5,952 |
Provided during period | 5,903 |
Balance at 31 December 2023 | 11,855 |
Deferred tax has been calculated using a tax rate of 25% (2022: 25%). |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 1,400,002 | 1,400,002 |
18. | RESERVES |
Group |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 September 2022 | 5,094,505 | 734,751 | 5,829,256 |
Profit for the period | 1,504,731 | 1,504,731 |
Dividends | (136,940 | ) | (136,940 | ) |
At 31 December 2023 | 6,462,296 | 734,751 | 7,197,047 |
Company |
Retained |
earnings |
£ |
At 1 September 2022 |
Profit for the period |
Dividends | ( | ) |
At 31 December 2023 |
RUNSHAW HOLDINGS LIMITED (REGISTERED NUMBER: 09285888) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the period ended 31 December 2023 and the year ended 31 August 2022: |
2023 | 2022 |
£ | £ |
Mrs C Campbell and A G Campbell |
Balance outstanding at start of period | (448,461 | ) | (731,615 | ) |
Amounts advanced | 580,848 | 377,654 |
Amounts repaid | (226,350 | ) | (94,500 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | (93,963 | ) | (448,461 | ) |
20. | RELATED PARTY DISCLOSURES |
Included within debtors is an amount of £660,658 (2022: £991,490) due from Campers Caravans Limited, a company with common directors. Sales made to Campers Caravans Limited in the period totalled £796,851 (2022: £nil). |
Also included within debtors is an amount of £336,857 (2022: £775,863) due from Motorhome Rent UK Limited, a company with common directors. Sales made to Motorhome Rent UK Limited in the period totalled £197,110 (2022: £241,080). |
21. | ULTIMATE CONTROLLING PARTY |
In the opinion of the directors the company is controlled by the directors, AG Campbell and C Campbell, by virtue of their shareholdings. |