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e:LeasedAssetsHeldAsLessee 2023-04-30 00348310 f:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 00348310










C.JOHN NORRIS(CARS & CARAVANS)LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
COMPANY INFORMATION


Director
Miss S Norris 




Company secretary
Miss S Norris



Registered number
00348310



Registered office
Thorney Road
Eye

Peterborough

PE6 7UB




Independent auditor
MHA
Chartered Accountants & Statutory Auditors

1 The Forum

Minerva Business Park

Lynch Wood

Peterborough

PE2 6FT




Bankers
Natwest
The Lawns

33 Thorpe Road

Peterborough





 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Director's Report
 
3 - 5
Independent Auditor's Report
 
6 - 9
Statement of Comprehensive Income
 
10
Balance Sheet
 
11 - 12
Statement of Changes in Equity
 
13
Statement of Cash Flows
 
14 - 15
Analysis of Net Debt
 
16
Notes to the Financial Statements
 
17 - 36


 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Principal activities and business review
 
The principal activity of the Company during the year was that of caravan retail and distribution. The Company sells a variety of tourers, static caravans and motor homes from different manufacturers.
In addition, the Company operates a residential caravan park, situated at Peterborough, and two holiday parks. Pioneer Holiday Park has 295 plots at Heacham and contributes to the East Wash Coastal Management, which was formed several years ago after government funding was withdrawn. Wyndham Holiday Park has 160 plots at East Runton and is close to Cromer with a view of Cromer pier. Both parks sell new and previously owned static holiday homes and have a small hire fleet.
The Company has had another good year with turnover of £15.6m. This is an decrease of £1.7m compared with turnover of £17.3m in the previous financial year. Within the sales figure, we have seen an increase in the sale of new tourers and second hand motorhomes. However, there is a significant decrease in new statics. Overall, we can see that there are still a lot of people who want to holiday in the UK. 
Profit after tax for the year after tax is just over £805,624 compared to £1.2m last year, which is still a very good result for the Company. 
Net assets have increased by £486k and stand at £15.3m as at the year end. There are no bank loans meaning that with the exception of a relatively small value of obligations under finance lease and hire purchase contracts, the Company is essentially debt free.
The current economic climate continues to make it challenging for the business operating in the leisure industry, where most spending is discretionary, however, spending in this area appears to be increasing overall. 
The Company continues to maintain a strong balance sheet and therefore the Director considers the risks to the business are related to the adequate supply of suitable caravans for resale.
The Company continues to manage its cash and borrowing requirements to maximise interest income and minimise interest expense, whilst ensuring that the company has sufficient liquid resources to meet the operating needs of the business.
The Company is a family run business with emphasis on customer service. Many staff members have been with the Company for over 10 years and have a wealth of experience, which gives new and loyal customers the familiarity and personal touch required to supply caravans through the generations.

Financial key performance indicators

The Director uses a number of key financial performance indicators to evaluate the company's performance. At a managerial level the number of units sold is essential but based on financial information we monitor:
 

2024
2023
Turnover
£15,563,542
£17,314,364
Gross profit
£2,201,657
£2,706,104
Stock
£7,971,954
£6,552,928

My grateful thanks go to all our staff whose efforts and professionalism have allowed the business to continue to trade profitably.

Page 1

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Future Developments
 
Following successful improvements to our Peterborough showroom we have now turned our attention to the maintenance/workshop areas with a view to improving facilities to accommodate longer and wider caravans as well as an increase in servicing of motorhomes, improving customer experience and staff welfare.  Within the plans we aim to reduce our carbon footprint with solar panels, increased insulation and efficient heating.  Our five year plan to improve our Holiday Park at Heacham is proceeding well; replacing electric cables where necessary, road resurfacing and installing new drainage as we move round the park; we expect this to be completed within the next couple of years.  Along with our annual contribution to the East Wash Coastal Flood Defences we understand the importance of preserving the Norfolk coast for future generations to enjoy.
Holiday Static Homes are readily available from all manufacturers now the stock shortage has eased and we are busy full-filling our customers forward orders.
Our showroom at Peterborough, along with our parks at Heacham and Cromer, remain a go to place for all your Staycation needs with something for everybody, whether Tourer, Motorhome, Static Holiday Home or Residential.


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



................................................
Miss S Norris 
Director

Date: 29 January 2025

Page 2

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The director presents her report and the financial statements for the year ended 30 April 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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


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

make judgments and accounting estimates that are reasonable and prudent;

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

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable her to ensure that the financial statements comply with the Companies Act 2006She is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £805,624 (2023 - £1,261,885).

Particulars of dividends paid are detailed in note 12 to the financial statements. 

Director

The director who served during the year was:

Miss S Norris 

Page 3

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Financial instruments

The company uses financial instruments such as cash, finance leases, debtors and creditors in order to raise finance for the company's operations. The existence of these instruments exposes the company to financial risks which are detailed below;
i) Interest rate risk
The company is exposed to interest rate fluctuations on any bank borrowings or obligations under finance lease and hire purchase contracts.
ii) Credit risk
The principal credit risk for the company arises from its trade debtors. In order to manage credit risk, the Director set limits for customers based on a combination of payment history and third party credit reference. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt aging and collection
history.
iii) Liquidity risk and cashflow risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet its foreseeable
needs and to invest cash assets safely and profitably. Short-term flexibility is achieved by overdraft facilities
which are reviewed on an annual basis.

Matters covered in the Strategic Report

Details concerning principal activities, business review, principal risks and uncertainties, financial key
performance indicators (KPIs) and future developments are included in the Strategic Report.

Disclosure of information to auditor

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

she has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

Under section 487(2) of the Companies Act 2006, MHA will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. 

Page 4

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

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





................................................
Miss S Norris
Director

Date: 29 January 2025

Thorney Road
Eye
Peterborough
PE6 7UB

Page 5

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 

Opinion


We have audited the financial statements of C.John Norris(Cars & Caravans)Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 April 2024 and of its 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 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 6

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF C.JOHN NORRIS(CARS & CARAVANS)LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF C.JOHN NORRIS(CARS & CARAVANS)LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
• Enquiry of management and those charged with governance around actual and potential litigation and claims;  
• Enquiry of staff to identify any instances of non-compliance with laws and regulations;  
• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates for bias;  
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.  
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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 


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 Auditor's Report.


Page 8

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF C.JOHN NORRIS(CARS & CARAVANS)LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Ian Jacobs BA FCA (Senior Statutory Auditor)
For and on behalf of MHA, Statutory Auditor
Peterborough, United Kingdom

MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313) 
Date: 
30 January 2025
Page 9

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
15,563,542
17,314,364

Cost of sales
  
(13,361,885)
(14,608,260)

Gross profit
  
2,201,657
2,706,104

Administrative expenses
  
(1,325,393)
(1,176,901)

Other operating income
 5 
82,150
75,476

Operating profit
 6 
958,414
1,604,679

Interest receivable and similar income
 10 
68,408
12,184

Interest payable and similar expenses
 11 
(9,670)
(1,230)

Profit before tax
  
1,017,152
1,615,633

Tax on profit
 13 
(211,528)
(353,748)

Profit for the financial year
  
805,624
1,261,885

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 17 to 36 form part of these financial statements.

All activities derive from continuing operations. 

Page 10

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
REGISTERED NUMBER: 00348310

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 14 
5,128,148
5,084,939

Investments
 15 
5,000
5,000

Investment property
 16 
1,869,998
1,869,998

  
7,003,146
6,959,937

Current assets
  

Stocks
 17 
7,971,954
6,552,928

Debtors: amounts falling due within one year
 18 
982,683
1,862,352

Cash at bank and in hand
 19 
5,184,702
6,221,969

  
14,139,339
14,637,249

Creditors: amounts falling due within one year
 20 
(5,547,556)
(6,433,439)

Net current assets
  
 
 
8,591,783
 
 
8,203,810

Total assets less current liabilities
  
15,594,929
15,163,747

Creditors: amounts falling due after more than one year
 21 
(29,399)
(60,106)

Provisions for liabilities
  

Deferred tax
 23 
(237,168)
(260,903)

Net assets
  
15,328,362
14,842,738


Capital and reserves
  

Called up share capital 
 24 
57,760
57,760

Special reserve
 25 
2,240
2,240

Revaluation reserve
 25 
660,346
660,346

Profit and loss account
 25 
14,608,016
14,122,392

  
15,328,362
14,842,738


Page 11

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
REGISTERED NUMBER: 00348310
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

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




................................................
Miss S Norris
Director

Date: 29 January 2025

The notes on pages 17 to 36 form part of these financial statements.

Page 12

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Special reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 May 2022
57,760
2,240
660,346
13,060,507
13,780,853



Profit for the year
-
-
-
1,261,885
1,261,885

Dividends declared
-
-
-
(200,000)
(200,000)



At 1 May 2023
57,760
2,240
660,346
14,122,392
14,842,738



Profit for the year
-
-
-
805,624
805,624

Dividends declared
-
-
-
(320,000)
(320,000)


At 30 April 2024
57,760
2,240
660,346
14,608,016
15,328,362


The notes on pages 17 to 36 form part of these financial statements.

Page 13

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
805,624
1,261,885

Adjustments for:

Depreciation of tangible assets
135,365
106,577

Profit on disposal of tangible assets
(13,019)
(19,096)

Interest paid
9,670
1,230

Interest received
(68,408)
(12,184)

Taxation charge
211,528
353,748

Increase in stocks
(1,419,026)
(2,929,832)

Decrease/(increase) in debtors
879,669
(723,643)

(Decrease)/increase in creditors
(1,025,792)
2,627,658

Corporation tax paid
(93,416)
(453,383)

Net cash generated from operating activities

(577,805)
212,960
Page 14

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


2024
2023

£
£




Cash flows from investing activities

Purchase of tangible fixed assets
(221,138)
(672,588)

Sale of tangible fixed assets
55,583
54,117

Sale of fixed asset investments
-
9,994

Interest received
68,408
12,184

HP interest paid
(9,670)
(1,230)

Net cash from investing activities

(106,817)
(597,523)

Cash flows from financing activities

Repayment of finance leases
(32,645)
(52,140)

Dividends paid
(320,000)
(200,000)

Net cash used in financing activities
(352,645)
(252,140)

Net decrease in cash and cash equivalents
(1,037,267)
(636,703)

Cash and cash equivalents at beginning of year
6,221,969
6,858,672

Cash and cash equivalents at the end of year
5,184,702
6,221,969


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
5,184,702
6,221,969

5,184,702
6,221,969


The notes on pages 17 to 36 form part of these financial statements.

Page 15

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

6,221,969

(1,037,267)

5,184,702

Finance leases

(101,972)

32,645

(69,327)


6,119,997
(1,004,622)
5,115,375

The notes on pages 17 to 36 form part of these financial statements.

Page 16

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

C.John Norris(Cars & Caravans)Limited (“the Company”) is a private company limited by shares, incorporated in England and Wales under the Companies Act.
The registered number and address of the registered office is given in the company information.
The nature of the company's operations and its principal activities are set out in the Strategic report on page 1.
The functional and presentational currency of the company is pounds sterling (£) and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The Director has considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. 
Based on these assessments and having regards to the resources available to the entity, the Director has concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Page 17

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

  
2.4

Rental income

Rental income from operating leases is credited to the Statement of comprehensive income on a straight line basis over the term of the relevant lease.

 
2.5

Interest income

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

Page 18

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 19

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2-10% on cost
Plant and machinery
-
10% on reducing balance
Motor vehicles
-
25% on reducing balance
Office equipment
-
10-33% on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

  
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 20

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.14

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

  
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

  
2.16

Operating leases: Lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the period of the lease.

  
2.17

Leased assets: Lessee

Assets obtained under hire purchase contract and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 21

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

  
2.18

Pensions

Defined contribution pension plan 
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.19

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Page 22

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)


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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 23

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The following are the critical judgments, apart from those involving estimations (which are dealt with
separately below), that the director has made in the process of applying the company’s accounting
policies and that have the most significant effect on the amounts recognised in the financial statements.
Key source of estimation uncertainty - Investment properties fair valuation
In accordance with FRS 102, the Company carries its investment properties at fair value at each reporting date.  External professional valuers have been appointed historically to provide such valuations so that the Director of the business can be satisfied that they are included at their fair value.
Key source of estimation uncertainty - Determining residual values and useful economic lives of property, plant and equipment
The Company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.
Judgment is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value, management aim to assess the amount that the Company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.
Key source of estimation uncertainty - Recoverability of trade debtors
The Company recognises a provision for trade debtors that are estimated not to be recoverable. When assessing recoverability, the director considers factors such as the aging of the debtors, past experience of recoverability, and the credit profile of individual or groups of customers.


4.


Turnover

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


2024
2023
£
£

Caravans and related sales
13,605,362
15,479,690

Workshop and delivery
411,146
395,305

Caravan park rental income
1,481,628
1,361,809

Commissions received
65,406
77,560

15,563,542
17,314,364


All turnover arose within the United Kingdom.

Page 24

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Other operating income

2024
2023
£
£

Rents receivable
82,150
75,476



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Profit on sale of tangible assets
13,019
19,096


7.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
28,000
23,000


Fees payable to the Company's auditors in respect of non audit fees totalled £31,785 (2023: £34,702)



Page 25

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Employees

Staff costs, including director's remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,463,899
1,446,046

Social security costs
176,311
176,924

Cost of defined contribution scheme
70,309
35,732

1,710,519
1,658,702


The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Works
17
17



Office and management
24
24

41
41


9.


Director's remuneration

2024
2023
£
£

Director's emoluments
210,496
282,499

Company contributions to defined contribution pension schemes
36,262
4,036

246,758
286,535


During the year retirement benefits were accruing to 1 directors (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £210,496 (2023 - £282,499).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £36,262 (2023 - £4,036).

Page 26

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Interest receivable

2024
2023
£
£


Bank and other interest receivable
68,408
12,184


11.


Interest payable and similar expenses

2024
2023
£
£


Finance leases and hire purchase contracts
9,670
1,230


12.


Dividends

2024
2023
£
£


Dividends declared
320,000
200,000

Page 27

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
254,978
264,969

Adjustments in respect of previous periods
(19,715)
17,128


Total current tax
235,263
282,097

Deferred tax


Origination and reversal of timing differences
(23,735)
71,651

Total deferred tax
(23,735)
71,651


Tax on profit
211,528
353,748


The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,017,152
1,615,633


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
254,288
403,908

Effects of:


Expenses not deductible for tax purposes
9,061
2,208

Capital allowances for year in excess of depreciation
(5,116)
(56,772)

Adjustments to tax charge in respect of prior periods
(19,715)
17,128

Origination and reversal of timing differences
(23,735)
71,651

Fixed asset profit on disposals
(3,255)
(4,774)

Other differences leading to a decrease in the tax charge
-
(4,747)

Change in the tax rate
-
(74,854)

Total tax charge for the year
211,528
353,748

Page 28

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost


At 1 May 2023
5,279,960
163,350
533,286
188,937
6,165,533


Additions
23,348
66,820
127,245
3,725
221,138


Disposals
-
-
(121,119)
-
(121,119)



At 30 April 2024

5,303,308
230,170
539,412
192,662
6,265,552



Depreciation


At 1 May 2023
602,157
72,532
264,381
141,524
1,080,594


Charge for the year on owned assets
45,408
12,662
30,844
7,725
96,639


Charge for the year on financed assets
-
-
38,726
-
38,726


Disposals
-
-
(78,555)
-
(78,555)



At 30 April 2024

647,565
85,194
255,396
149,249
1,137,404



Net book value



At 30 April 2024
4,655,743
144,976
284,016
43,413
5,128,148



At 30 April 2023
4,677,803
90,818
268,905
47,413
5,084,939

Page 29

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           14.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
113,184
160,489


15.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 May 2023
5,000



At 30 April 2024
5,000




This represents the cost of the 5,000 issued £1 ordinary shares in Pioneer Caravans Limited, a dormant company incorporated in England and Wales with the same registered office address as the company. At 30 April 2024 this subsidiary's aggregate capital and reserves totalled £37,007.
In the opinion of the director the above dormant subsidiary is not material for the purpose of giving a true and fair view of the group and therefore the subsidiary has been excluded from consolidation in accordance with section 405 of the Companies Act 2006. Therefore the accounts show information about the Company as an individual entity only.





Page 30

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
1,869,998



At 30 April 2024
1,869,998

The fair values of investment properties were based on valuations performed by independent valuers, in January 2023, who hold a professional qualification with the Royal Institute of Chartered Surveyors and have experience in the locations and classes of investment properties valued. The Director does not consider the values to be materially different at the year end. 



2024
2023
£
£

Revaluation reserves


At 1 May 2023
660,346
660,346

At 30 April 2024
660,346
660,346



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
1,292,168
1,292,168

As the fair value of the investment has increased above historic cost there is a deferred tax liability of £144,458, which has been recognised within the financial statements. 

Page 31

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Stocks

2024
2023
£
£

Finished goods and goods for resale
7,971,954
6,552,928



18.


Debtors

2024
2023
£
£


Trade debtors
909,168
1,768,040

Other debtors
34,008
67,896

Prepayments and accrued income
39,507
26,416

982,683
1,862,352



19.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
5,184,702
6,221,969


Page 32

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

20.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
4,208,628
5,225,160

Amounts owed to group undertakings
37,007
37,007

Corporation tax
254,978
113,131

Other taxation and social security
84,199
39,795

Obligations under finance lease and hire purchase contracts
39,928
41,866

Other creditors
21,382
18,902

Accruals and deferred income
901,434
957,578

5,547,556
6,433,439


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
Obligations under finance leases and hire purchase contracts of £39,928 (2023: £41,866) are secured against the assets to which they relate.
The Company has an overdraft facility available if needed, which is secured against the assets of the Company as required.


21.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Obligations under finance leases and hire purchase contracts
29,399
60,106


Obligations under finance leases and hire purchase contracts of £29,399 (2023: £60,106) are secured against the assets to which they relate.

Page 33

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
39,928
41,866

Between two and five years
29,399
60,106

69,327
101,972


23.


Deferred taxation




2024


£






At beginning of year
260,903


Credited to profit or loss
(23,735)



At end of year
237,168

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
93,171
116,867

Tax losses carried forward
(461)
(422)

Investment property revaluation
144,458
144,458

237,168
260,903


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



57,760 (2023 - 57,760) Ordinary shares of £1.00 each
57,760
57,760

The Company has one class of ordinary shares.
Each ordinary share has equal voting and distribution rights, including repayment of capital in the event of winding up.


Page 34

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

25.


Reserves

Revaluation reserve

The revaluation reserve represents the cumulative effect of revaluations of investment property.

Special reserve

The special reserve represents the nominal value of share capital repurchased by the Company.

Profit and loss account

The profit and loss reserve represents cumulative profit or losses, net of dividends paid and other adjustments.


26.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £70,309 (2023: £35,732).
Contributions totalling £4,884 (2023: £4,658) were payable to the fund at the balance sheet date. This balance is included within other creditors.


27.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
1,352
1,352

Later than 1 year and not later than 5 years
2,028
4,056

3,380
5,408


28.


Transactions with directors

During the year, advances of £167,129 (2023: £nil) were made to the director Miss S Norris, of which £167,129 (2023: £nil) was repaid. At the year end £nil (2023: £nil) was owed to the Company.

Page 35

 
C.JOHN NORRIS(CARS & CARAVANS)LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

29.


Related party transactions

At the year end the Company owed its dormant subsidiary Pioneer Caravans Limited £37,007 (2023: £37,007) and is included within amounts owed to group undertakings falling due within one year.
During the year advances of £160,000 (2023: £nil) were made to the estate of former director Mr J Norris, of which £213,013 (2023: £242,575) was repaid. At the year end £nil (2023: £53,013) was owed to the Company by the estate. No interest has been charged on this loan.


30.


Controlling party

The Company was under the control of Miss S Norris throughout the current and previous year.

 
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