Company registration number 00967703 (England and Wales)
WESTMORLAND CARAVANS (BEETHAM) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
Ridehalgh Limited
Chartered Accountants and Statutory Auditor
Guardian House
42 Preston New Road
Blackburn
Lancashire
BB2 6AH
WESTMORLAND CARAVANS (BEETHAM) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
WESTMORLAND CARAVANS (BEETHAM) LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
722,203
651,189
Current assets
Stocks
214,763
122,661
Debtors
4
1,279,935
154,378
Cash at bank and in hand
512,171
1,202,909
2,006,869
1,479,948
Creditors: amounts falling due within one year
5
(668,177)
(699,424)
Net current assets
1,338,692
780,524
Total assets less current liabilities
2,060,895
1,431,713
Provisions for liabilities
(52,784)
(59,317)
Net assets
2,008,111
1,372,396
Capital and reserves
Called up share capital
65
65
Revaluation reserve
322,560
323,704
Profit and loss reserves
1,685,486
1,048,627
Total equity
2,008,111
1,372,396
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 November 2024 and are signed on its behalf by:
Mr MW Holgate
Director
Company registration number 00967703 (England and Wales)
WESTMORLAND CARAVANS (BEETHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information
Westmorland Caravans (Beetham) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Middlebarrow Plain, Cove Road, Silverdale, Carnforth, England, LA5 0SH.
1.1
Reporting period
The company has extended its reporting period to align with the financial year-end of the other group companies. The comparative amounts presented in the financial statements (including the related notes) are therefore not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue is recognised as follows:
Caravan sales - upon delivery to customer
Pitch fees and provision of services - in the period that the service is provided
Other sales - at the point of sale to the customer
WESTMORLAND CARAVANS (BEETHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Land and buildings is comprised of freehold property. On 1 February 2015 the company used the transition exemption in paragraph 35.10(c) of FRS102 and elected to use the fair value at the date of transition as deemed cost. The independent valuer used market based evidence of similar properties in the local area to arrive at fair value.
The difference between depreciation based on deemed cost charged in the profit and loss account and the assets' original cost is transferred each year from revaluation reserve to retained earnings.
Land is not depreciated. Depreciation is recognised on other assets so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
2% per annum, reducing balance
Machinery and caravans
25% per annum, reducing balance
Equipment, fixtures and fittings
25% per annum, reducing balance
Motor vehicles
25% per annum, reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, loans to group undertakings and cash and bank balances, are recognised at transaction price.
WESTMORLAND CARAVANS (BEETHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are recognised at transaction price
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
WESTMORLAND CARAVANS (BEETHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the Year was:
2024
2023
Number
Number
Total
1
4
3
Tangible fixed assets
Freehold property
Machinery and caravans
Equipment, fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 March 2023
623,299
207,825
10,782
20,000
861,906
Additions
47,495
8,952
49,240
105,687
At 29 February 2024
670,794
216,777
60,022
20,000
967,593
Depreciation and impairment
At 1 March 2023
6,235
180,265
5,718
18,499
210,717
Depreciation charged in the Year
7,084
9,293
17,921
375
34,673
At 29 February 2024
13,319
189,558
23,639
18,874
245,390
Carrying amount
At 29 February 2024
657,475
27,219
36,383
1,126
722,203
At 28 February 2023
617,064
27,560
5,064
1,501
651,189
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Freehold property
2024
2023
£
£
Cost
344,494
296,999
Accumulated depreciation
(9,579)
(3,639)
Carrying value
334,915
293,360
WESTMORLAND CARAVANS (BEETHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
14,424
41,843
Amounts owed by group undertakings
1,260,452
108,551
Prepayments and accrued income
5,059
3,984
1,279,935
154,378
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
18,381
87,603
Corporation tax
100,263
130,259
Other taxation and social security
94,109
70,467
Accruals and deferred income
455,424
411,095
668,177
699,424
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Lyanne-Michelle Higginbottom ACA FCCA
Statutory Auditor:
Ridehalgh Limited
Date of audit report:
19 November 2024
7
Related party transactions
Transactions with related parties
During the Year the company entered into the following transactions with related parties:
At 29 February 2024 the company was owed £1,260,452 by Holgates (Caravan Parks) Limited, a group company, in respect of loans made during the year. The loan is interest free and there are no fixed terms for repayment.
8
Parent company
The company is a wholly owned subsidiary of Holgates Holdings Limited, which is the only undertaking that prepares group accounts including the financial statements of the company. Holgates Holdings Limited is incorporated in England and Wales and its registered office is Middlebarrow Plain, Silverdale, Carnforth, Lancashire, LA5 0SH.