REGISTERED NUMBER: 04990975 (England and Wales) |
Delta Caravans Holdings Limited |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 29th February 2024 |
REGISTERED NUMBER: 04990975 (England and Wales) |
Delta Caravans Holdings Limited |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 29th February 2024 |
Delta Caravans Holdings Limited (Registered number: 04990975) |
Contents of the Consolidated Financial Statements |
for the year ended 29th February 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Statement of Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 15 |
Delta Caravans Holdings Limited |
Company Information |
for the year ended 29th February 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Regent's Court |
Princess Street |
Hull |
East Yorkshire HU2 8BA |
Delta Caravans Holdings Limited (Registered number: 04990975) |
Group Strategic Report |
for the year ended 29th February 2024 |
The directors present their strategic report of the company and the group for the year ended 29th February 2024. |
REVIEW OF BUSINESS |
During the year, the group experienced a 35% lower turnover compared to the previous year. |
Trading conditions have become more challenging, the industry having built up a lot of unsold stock in the previous year which has yet to clear. This has led to an overall slowing up of demand within the manufacturing sector for current year model static caravan products. |
Notwithstanding this, the group is still strongly profitable, and performing well. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Competition risk |
The UK caravan market is highly competitive with a number of established manufacturers. The changing economic environment influences the end consumer demand. The group manages this through close relationships with key customers, remaining aware of and responding to changes in market demand, and continuing to develop a portfolio of desirable customer offerings and competitive price points. |
Supply chain |
The group works closely with a number of key suppliers to manage supply chain risk. Recent higher than anticipated levels of inflation have put pressure on supply side pricing which the group has sought to manage through its established relationships with its supplier base as well as efficient production strategies. |
Financial risk |
The group is exposed to financial risks in respect of some commodity driven pricing as well as some foreign exchange and interest rate risk. The group seeks to manage this risk through contractual supply arrangements to provide an element of fixed pricing to enable future forecasting and profit stability. |
KEY PERFORMANCE INDICATORS |
The key performance indicators are sales and gross profit margin, which are evident from the financial statements. |
ON BEHALF OF THE BOARD: |
Delta Caravans Holdings Limited (Registered number: 04990975) |
Report of the Directors |
for the year ended 29th February 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 29th February 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of the manufacture and sale of caravans. |
DIVIDENDS |
Interim dividends of £168,338 (2023: £165,004) were paid in respect of the year ended 28th February 2023. The directors do not recommend a final dividend. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st March 2023 to the date of this report. |
QUALIFYING THIRD PARTY INDEMNITY PROVISION |
The company has made qualifying third party indemnity provisions for the benefit of its directors as part of a group wide policy which were made in the year and remain in force at the reporting date. |
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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
Delta Caravans Holdings Limited (Registered number: 04990975) |
Report of the Directors |
for the year ended 29th February 2024 |
AUDITORS |
The auditors, Smailes Goldie, 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 |
Delta Caravans Holdings Limited |
Opinion |
We have audited the financial statements of Delta Caravans Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29th February 2024 which comprise the Consolidated Statement of 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 the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 29th February 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 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. |
Other information |
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 |
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 statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Delta Caravans Holdings Limited |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where 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 directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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. |
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. |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- | performed analytical procedures to identify any unusual or unexpected relationships; |
- | tested journal entries to identify unusual transactions; |
- | assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
- | investigated the rationale behind significant or unusual transactions. |
Report of the Independent Auditors to the Members of |
Delta Caravans Holdings Limited |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- | agreeing financial statement disclosures to underlying supporting documentation; |
- | reviewing correspondence with relevant regulators and the company's legal advisor; and |
- | enquiring of management as to actual and potential litigation and claims. |
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 Auditor |
Regent's Court |
Princess Street |
Hull |
East Yorkshire HU2 8BA |
Delta Caravans Holdings Limited (Registered number: 04990975) |
Consolidated Statement of Comprehensive Income |
for the year ended 29th February 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 19,983,430 | 31,796,761 |
Cost of sales | 16,346,562 | 24,059,390 |
GROSS PROFIT | 3,636,868 | 7,737,371 |
Administrative expenses | 2,214,138 | 2,243,477 |
1,422,730 | 5,493,894 |
Other operating income | 244,783 | 69,096 |
OPERATING PROFIT | 5 | 1,667,513 | 5,562,990 |
Interest payable and similar expenses | 6 | 8,094 | 35 |
PROFIT BEFORE TAXATION | 1,659,419 | 5,562,955 |
Tax on profit | 7 | 446,663 | 1,099,022 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,212,756 |
4,463,933 |
Profit attributable to: |
Owners of the parent | 1,212,756 | 4,463,933 |
Total comprehensive income attributable to: |
Owners of the parent | 1,212,756 | 4,463,933 |
Delta Caravans Holdings Limited (Registered number: 04990975) |
Consolidated Balance Sheet |
29th February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | - | 147,371 |
Tangible assets | 11 | 3,851,027 | 3,913,150 |
Investments | 12 | 5,293,337 | 5,000,000 |
9,144,364 | 9,060,521 |
CURRENT ASSETS |
Stocks | 13 | 6,599,611 | 5,292,192 |
Debtors | 14 | 3,794,445 | 8,208,658 |
Cash at bank and in hand | 6,168,076 | 6,191,024 |
16,562,132 | 19,691,874 |
CREDITORS |
Amounts falling due within one year | 15 | 3,086,172 | 7,161,067 |
NET CURRENT ASSETS | 13,475,960 | 12,530,807 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
22,620,324 |
21,591,328 |
PROVISIONS FOR LIABILITIES | 19 | 233,031 | 248,453 |
NET ASSETS | 22,387,293 | 21,342,875 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 150,000 | 150,000 |
Revaluation reserve | 21 | 350,000 | 350,000 |
Retained earnings | 21 | 21,887,293 | 20,842,875 |
SHAREHOLDERS' FUNDS | 22,387,293 | 21,342,875 |
The financial statements were approved by the Board of Directors and authorised for issue on 21st November 2024 and were signed on its behalf by: |
Dr M Isaac - Director |
Delta Caravans Holdings Limited (Registered number: 04990975) |
Company Balance Sheet |
29th February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 19 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Revaluation reserve | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 303,670 | 3,008,696 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Delta Caravans Holdings Limited (Registered number: 04990975) |
Consolidated Statement of Changes in Equity |
for the year ended 29th February 2024 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1st March 2022 | 150,000 | 16,543,946 | 350,000 | 17,043,946 |
Changes in equity |
Dividends | - | (165,004 | ) | - | (165,004 | ) |
Total comprehensive income | - | 4,463,933 | - | 4,463,933 |
Balance at 28th February 2023 | 150,000 | 20,842,875 | 350,000 | 21,342,875 |
Changes in equity |
Dividends | - | (168,338 | ) | - | (168,338 | ) |
Total comprehensive income | - | 1,212,756 | - | 1,212,756 |
Balance at 29th February 2024 | 150,000 | 21,887,293 | 350,000 | 22,387,293 |
Delta Caravans Holdings Limited (Registered number: 04990975) |
Company Statement of Changes in Equity |
for the year ended 29th February 2024 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1st March 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 28th February 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 29th February 2024 |
Delta Caravans Holdings Limited (Registered number: 04990975) |
Consolidated Cash Flow Statement |
for the year ended 29th February 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,267,555 | 2,269,689 |
Interest paid | (8,094 | ) | (35 | ) |
Tax paid | (1,219,052 | ) | (1,092,346 | ) |
Net cash from operating activities | 40,409 | 1,177,308 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (133,073 | ) | (1,272,487 | ) |
Purchase of fixed asset investments | - | (5,000,000 | ) |
Sale of fixed asset investments | 12,829 | - |
Investment income | 228,955 | - |
Net cash from investing activities | 108,711 | (6,272,487 | ) |
Cash flows from financing activities |
Equity dividends paid | (168,338 | ) | (165,004 | ) |
Net cash from financing activities | (168,338 | ) | (165,004 | ) |
Decrease in cash and cash equivalents | (19,218 | ) | (5,260,183 | ) |
Cash and cash equivalents at beginning of year |
2 |
6,187,294 |
11,447,477 |
Cash and cash equivalents at end of year |
2 |
6,168,076 |
6,187,294 |
Delta Caravans Holdings Limited (Registered number: 04990975) |
Notes to the Consolidated Cash Flow Statement |
for the year ended 29th February 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 1,659,419 | 5,562,955 |
Depreciation charges | 342,567 | 324,827 |
Investment income | (228,955 | ) | - |
Finance costs | 8,094 | 35 |
1,781,125 | 5,887,817 |
Increase in stocks | (1,307,419 | ) | (1,653,272 | ) |
Decrease/(increase) in trade and other debtors | 4,219,087 | (2,363,495 | ) |
(Decrease)/increase in trade and other creditors | (3,425,238 | ) | 398,639 |
Cash generated from operations | 1,267,555 | 2,269,689 |
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: |
Year ended 29th February 2024 |
29.2.24 | 1.3.23 |
£ | £ |
Cash and cash equivalents | 6,168,076 | 6,191,024 |
Bank overdrafts | - | (3,730 | ) |
6,168,076 | 6,187,294 |
Year ended 28th February 2023 |
28.2.23 | 1.3.22 |
£ | £ |
Cash and cash equivalents | 6,191,024 | 11,478,856 |
Bank overdrafts | (3,730 | ) | (31,379 | ) |
6,187,294 | 11,447,477 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.3.23 | Cash flow | At 29.2.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 6,191,024 | (22,948 | ) | 6,168,076 |
Bank overdrafts | (3,730 | ) | 3,730 | - |
6,187,294 | (19,218 | ) | 6,168,076 |
Total | 6,187,294 | (19,218 | ) | 6,168,076 |
Delta Caravans Holdings Limited (Registered number: 04990975) |
Notes to the Consolidated Financial Statements |
for the year ended 29th February 2024 |
1. | STATUTORY INFORMATION |
Delta Caravans Holdings Limited is a |
2. | ACCOUNTING POLICIES |
General information and basis of preparing the financial statements |
Delta Caravans Holdings Limited is a limited company incorporated in the United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. |
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard FRS 102: The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Going concern |
In considering going concern the Director's have reviewed the group's future cash requirements, expected earnings and significant cash reserves. The directors have also considered the impact of a range of potential changes to trading performance as a result of economic and market challenges. The directors concluded that the group will be able to operate without the requirement for external finance for the 12 month period from the approval of these financial statements and therefore believe it is appropriate to prepare the financial statements of the group on a going concern basis. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirement of paragraph 33.7. |
Basis of consolidation |
The consolidation accounts include the accounts of the company and its subsidiary undertakings to the group financial year end at 29 February 2024. The consolidated profit and loss account includes the results of its subsidiary undertakings from the date of acquisition. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for recognition of turnover are as follows: |
Sale of goods |
Turnover from the manufacture and sale of caravans is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
Delta Caravans Holdings Limited (Registered number: 04990975) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 29th February 2024 |
2. | ACCOUNTING POLICIES - continued |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised evenly over its estimated useful life of ten years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Stock and work in progress is stated at the lower of cost and net realisable value. Cost represents that expenditure which has been incurred in the normal course of business in bringing the product or service to its present location and condition. In the case of raw materials cost means purchase price including transport and handling costs, less trade discounts, calculated on a first in first out basis. In the case of work in progress and finished goods, cost consists of direct materials, direct labour and attributable production and other overheads based on normal levels of activity. Net realisable value means estimated selling price less all further costs to completion and all costs to be incurred in marketing, selling and distribution. |
Financial assets |
Financial assets and financial liabilities are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Financial assets and financial liabilities are initially measured at fair value, except for trade receivables that do not have a significant financing component which are measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss. |
Financial liabilities and equity |
Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. |
Delta Caravans Holdings Limited (Registered number: 04990975) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 29th February 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. |
Pension costs and other post-retirement benefits |
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably measured. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Sale of caravans | 19,983,430 | 31,796,761 |
19,983,430 | 31,796,761 |
The turnover and profit on ordinary activities before taxation were wholly attributable to the company's principal activity. The directors do not wish to provide a geographical analysis of turnover. |
Delta Caravans Holdings Limited (Registered number: 04990975) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 29th February 2024 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 3,657,181 | 4,855,081 |
Social security costs | 852,170 | 495,018 |
Other pension costs | 136,699 | 139,100 |
4,646,050 | 5,489,199 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Management and administration | 15 | 15 |
Production | 131 | 146 |
The average number of employees by undertakings that were proportionately consolidated during the year was 146 (2023 - 161 ) . |
2024 | 2023 |
£ | £ |
Directors' remuneration | 180,773 | 177,453 |
Directors' pension contributions to money purchase schemes | 53,333 | 40,000 |
The number of directors to whom retirement benefits were accruing was as follows: |
Defined benefit schemes | 2 | 2 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets | 195,196 | 177,460 |
Goodwill amortisation | 147,371 | 147,367 |
Auditors' remuneration | 27,090 | 20,483 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest | 500 | - |
Bank loan interest | 7,594 | 35 |
8,094 | 35 |
Delta Caravans Holdings Limited (Registered number: 04990975) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 29th February 2024 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 462,085 | 1,054,410 |
Deferred tax | (15,422 | ) | 44,612 |
Tax on profit | 446,663 | 1,099,022 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 1,659,419 | 5,562,955 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
414,855 |
1,056,961 |
Effects of: |
Expenses not deductible for tax purposes | 43,790 | 50,161 |
Enhanced tax relief | (1,798 | ) | (18,807 | ) |
arising on consolidation |
Change in tax rate | (10,184 | ) | 10,707 |
Total tax charge | 446,663 | 1,099,022 |
Deferred tax is included in the balance sheet within provisions for liabilities (note 19) and the cumulative total of £36,291 (2023: £138,453) all relates to accelerated capital allowances. |
8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares shares of £1 each |
Interim | 168,338 | 165,004 |
Delta Caravans Holdings Limited (Registered number: 04990975) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 29th February 2024 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1st March 2023 |
and 29th February 2024 | 2,947,346 |
AMORTISATION |
At 1st March 2023 | 2,799,975 |
Amortisation for year | 147,371 |
At 29th February 2024 | 2,947,346 |
NET BOOK VALUE |
At 29th February 2024 | - |
At 28th February 2023 | 147,371 |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1st March 2023 | 3,638,989 | 1,777,345 | 178,984 | 5,595,318 |
Additions | 39,224 | 72,802 | 21,047 | 133,073 |
At 29th February 2024 | 3,678,213 | 1,850,147 | 200,031 | 5,728,391 |
DEPRECIATION |
At 1st March 2023 | 289,940 | 1,240,955 | 151,273 | 1,682,168 |
Charge for year | 58,263 | 117,633 | 19,300 | 195,196 |
At 29th February 2024 | 348,203 | 1,358,588 | 170,573 | 1,877,364 |
NET BOOK VALUE |
At 29th February 2024 | 3,330,010 | 491,559 | 29,458 | 3,851,027 |
At 28th February 2023 | 3,349,049 | 536,390 | 27,711 | 3,913,150 |
Cost or valuation at 29th February 2024 is represented by: |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
Valuation in 2009 | 350,000 | - | - | 350,000 |
Cost | 3,328,213 | 1,850,147 | 200,031 | 5,378,391 |
3,678,213 | 1,850,147 | 200,031 | 5,728,391 |
Delta Caravans Holdings Limited (Registered number: 04990975) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 29th February 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1st March 2023 |
Additions |
At 29th February 2024 |
DEPRECIATION |
At 1st March 2023 |
Charge for year |
At 29th February 2024 |
NET BOOK VALUE |
At 29th February 2024 |
At 28th February 2023 |
Included in cost or valuation of land and buildings is freehold land of £ 1,345,000 (2023 - £ 1,345,000 ) which is not depreciated. |
Cost or valuation at 29th February 2024 is represented by: |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
Valuation in 2009 | 350,000 | - | - | 350,000 |
Cost | 3,328,213 | 1,850,147 | 200,031 | 5,378,391 |
3,678,213 | 1,850,147 | 200,031 | 5,728,391 |
If the freehold land and buildings were sold at its valuation there would be no tax liability. |
Delta Caravans Holdings Limited (Registered number: 04990975) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 29th February 2024 |
12. | FIXED ASSET INVESTMENTS |
Group |
Unlisted |
investments |
£ |
COST |
At 1st March 2023 | 5,000,000 |
Disposals | (12,829 | ) |
Share of profit/(loss) | 306,166 |
At 29th February 2024 | 5,293,337 |
NET BOOK VALUE |
At 29th February 2024 | 5,293,337 |
At 28th February 2023 | 5,000,000 |
Company |
Shares in |
group | Unlisted |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1st March 2023 | 9,475,746 |
Disposals | ( |
) | (12,829 | ) |
Share of profit/(loss) | - | 306,166 | 306,166 |
At 29th February 2024 | 9,769,083 |
NET BOOK VALUE |
At 29th February 2024 | 9,769,083 |
At 28th February 2023 | 9,475,746 |
The subsidiary undertakings at 29th February 2024 were: |
Name of Company | Holding | Nature of business |
Delta Caravans Limited | 100% | Sale of caravans |
Delta Caravans International Limited |
100% |
Manufacture and sale of caravans |
The holding in Delta Caravans International Limited is held indirectly through Delta Caravans Limited. |
Delta Caravans Holdings Limited (Registered number: 04990975) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 29th February 2024 |
13. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Raw materials and consumables | 576,783 | 680,466 |
Work-in-progress | 192,173 | 230,714 |
Finished goods | 5,830,655 | 4,381,012 |
6,599,611 | 5,292,192 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 3,164,595 | 7,282,060 |
Amounts owed by group undertakings | - | - |
Other debtors | 429,571 | 780,311 |
Tax | 111,040 | - |
VAT | - | 337 |
Prepayments and accrued income | 89,239 | 145,950 |
3,794,445 | 8,208,658 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | - | 3,730 |
Trade creditors | 2,652,277 | 5,775,496 |
Tax | - | 645,927 |
Social security and other taxes | 86,855 | 138,494 |
Other creditors | 41,427 | 7,974 |
Accruals and deferred income | 305,613 | 589,446 |
3,086,172 | 7,161,067 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or | on demand: |
Bank overdrafts | - | 3,730 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Delta Caravans Holdings Limited (Registered number: 04990975) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 29th February 2024 |
Group |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year | 56,638 | 70,669 |
Between one and five years | 34,660 | 91,466 |
91,298 | 162,135 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Bank overdrafts | - | 3,730 |
The bank overdraft and invoice discounting facilities are secured by a fixed and floating charge over the assets of the group. There is also an assignment of debts in respect of the invoice discounting facility. |
19. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax | 123,031 | 138,453 | 123,031 | 138,453 |
Other provisions | 110,000 | 110,000 | - | - |
Aggregate amounts | 233,031 | 248,453 | 123,031 | 138,453 |
Group |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1st March 2023 | 138,453 | 110,000 |
Charge to profit and loss | (15,422 | ) | - |
Balance at 29th February 2024 | 123,031 | 110,000 |
Company |
Deferred |
tax |
£ |
Balance at 1st March 2023 |
Profit and loss charge | (15,422 | ) |
Balance at 29th February 2024 |
Delta Caravans Holdings Limited (Registered number: 04990975) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 29th February 2024 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary shares | £1 | 150,000 | 150,000 |
21. | RESERVES |
Group |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1st March 2023 | 20,842,875 | 350,000 | 21,192,875 |
Profit for the year | 1,212,756 | 1,212,756 |
Dividends | (168,338 | ) | (168,338 | ) |
At 29th February 2024 | 21,887,293 | 350,000 | 22,237,293 |
Company |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1st March 2023 | 17,139,194 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 29th February 2024 | 17,274,526 |
Retained Earnings |
The retained earnings account represents cumulative profits and losses net of dividends and other adjustments. |
22. | PENSION COMMITMENTS |
During the year the group made contributions to money purchase pension schemes on behalf of its employees. The charge for the year was £83,366 (2023 £99,100) Outstanding contributions at 29 February 2024 amounted to £2,876 (2023 £1,944). |
23. | CONTINGENT LIABILITIES |
At the year end date the company is party to a cross corporate guarantee in respect of the debts of Delta Caravans International Limited and Delta Caravans Limited to its bankers. The maximum liability under this arrangement is £Nil (2023 £3,730). |
Subsequent to the year end date, the group settled all such facilities and these liabilities ceased at that time. |
Delta Caravans Holdings Limited (Registered number: 04990975) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 29th February 2024 |
24. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
25. | ULTIMATE CONTROLLING PARTY |
The group was controlled throughout the year by Dr M Isaac by virtue of his 100% holding of the issued share capital of Delta Caravans Holdings Limited. |