Company registration number 02252098 (England and Wales)
KENDAL CARAVANS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
KENDAL CARAVANS LIMITED
COMPANY INFORMATION
Directors
Mr M Molyneaux
Mr M M Molyneaux
(Appointed 10 February 2024)
Secretary
Mr M Molyneaux
Company number
02252098
Registered office
Shap Road
Selside
Kendal
LA8 9LF
Auditor
MHA
Kendal House
Murley Moss Business Village
Oxenholme Road
Kendal
LA9 7RL
KENDAL CARAVANS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 25
KENDAL CARAVANS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

Overview & Risks

The directors are satisfied with the financial results of the company given the market conditions, which have presented more difficult trading conditions. Industry supply chains have returned to some form of normality whilst consumer confidence and demand have reduced. The importance of strong relationships with our colleagues, suppliers and customers will continue to play a major part of the strategy going forwards.

The directors consider the economic slowdown, higher retail prices and increased stock availability to be a trading obstacle for the foreseeable. The directors will therefore continue to focus efforts on reducing stock to a manageable level.

The company will continue to provide excellent customer service to retain future business and invest in people to give everyone within the company a comfortable lifestyle.

Key performance indicators

Our stock management and experienced staff are key to our operation, this is demonstrated with the strong financial results in the accounts. We monitor the number sales orders month on month to and year on year give an indication of future productivity. Our sales orders may generate revenue from 1 to 24 months after the order is placed.

        Sales Orders        Turnover

2021    68.3% increase        22.3% increase

2022    10.5% increase        14.5% increase

2023    (51%) decrease        8.9% increase

2024    (21%) decrease        (29%) decrease

On behalf of the board

Mr M Molyneaux
Director
31 January 2025
KENDAL CARAVANS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the company continued to be that of caravan, tourers and motorhome sales & park operators.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £2,818,400. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M Molyneaux
Mr M M Molyneaux
(Appointed 10 February 2024)
Future developments

The company considers acquisitions within the industry to increase the asset base and provide stability for the future. There are opportunities for growth in the UK holiday industry in certain sectors and the company is positioned to take up opportunities when they arise.

Auditor

MHA were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr M Molyneaux
Director
31 January 2025
KENDAL CARAVANS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

The directors are responsible for preparing the annual report 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

KENDAL CARAVANS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KENDAL CARAVANS LIMITED
- 4 -
Opinion

We have audited the financial statements of Kendal Caravans Limited (the 'company') for the year ended 30 April 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

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 responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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.

KENDAL CARAVANS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KENDAL CARAVANS LIMITED (CONTINUED)
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

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

 

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 directors' report.

Matters on which we are required to report by exception

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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 these are capable of detecting irregularities, including fraud, is detailed below:

KENDAL CARAVANS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KENDAL CARAVANS LIMITED (CONTINUED)
- 6 -

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 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.

Jenny McCabe FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Kendal, United Kingdom
31 January 2025
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
KENDAL CARAVANS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
9,565,229
13,524,150
Cost of sales
(7,505,375)
(10,408,146)
Gross profit
2,059,854
3,116,004
Administrative expenses
(1,728,832)
(1,778,632)
Other operating income
-
0
8,106
Exceptional item
4
1,032,775
-
0
Operating profit
5
1,363,797
1,345,478
Interest payable and similar expenses
8
(3,822)
(2,785)
Profit before taxation
1,359,975
1,342,693
Tax on profit
9
246,698
(300,900)
Profit for the financial year
1,606,673
1,041,793

The profit and loss account has been prepared on the basis that all operations are continuing operations.

KENDAL CARAVANS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
£
£
Profit for the year
1,606,673
1,041,793
Other comprehensive income
Tax relating to other comprehensive income
22,141
-
0
Total comprehensive income for the year
1,628,814
1,041,793
KENDAL CARAVANS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
659,903
2,390,581
Investments
12
10,500
10,900
670,403
2,401,481
Current assets
Stocks
14
8,273,541
5,860,579
Debtors
15
5,290,041
6,444,218
Cash at bank and in hand
2,717
1,525,823
13,566,299
13,830,620
Creditors: amounts falling due within one year
16
(9,271,478)
(9,705,179)
Net current assets
4,294,821
4,125,441
Total assets less current liabilities
4,965,224
6,526,922
Creditors: amounts falling due after more than one year
17
(67,858)
(86,879)
Provisions for liabilities
Deferred tax liability
20
110,142
463,233
(110,142)
(463,233)
Net assets
4,787,224
5,976,810
Capital and reserves
Called up share capital
22
4,200
4,200
Revaluation reserve
-
0
253,355
Profit and loss reserves
4,783,024
5,719,255
Total equity
4,787,224
5,976,810

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
Mr M  Molyneaux
Director
Company registration number 02252098 (England and Wales)
KENDAL CARAVANS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
4,200
253,355
4,761,462
5,019,017
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
1,041,793
1,041,793
Dividends
10
-
-
(84,000)
(84,000)
Balance at 30 April 2023
4,200
253,355
5,719,255
5,976,810
Year ended 30 April 2024:
Profit
-
-
1,606,673
1,606,673
Other comprehensive income:
Tax relating to other comprehensive income
-
22,141
-
0
22,141
Total comprehensive income
-
22,141
1,606,673
1,628,814
Dividends
10
-
-
(2,818,400)
(2,818,400)
Transfers
-
(275,496)
275,496
-
Balance at 30 April 2024
4,200
-
0
4,783,024
4,787,224
KENDAL CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
1
Accounting policies
Company information

Kendal Caravans Limited is a private company limited by shares incorporated in England and Wales. The registered office is Shap Road, Selside, Kendal, LA8 9LF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Kendal Caravans Holdings Limited. These consolidated financial statements are available from its registered office, Shap Road, Selside, Kendal, LA8 9LF.

KENDAL CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 12 -
1.2
Going concern

Since the pandemic, the caravan industry has faced many challenges some companies have suffered, whilst others have benefitted. Kendal Caravans is in the fortunate position to have multiple income levels with a broad customer base. The company works closely with suppliers to ensure product availability lead times and deliveries to customers are minimised. This is key to the success of the sales process and profitability of the company.true

Once again, the company’s year-end closed with a healthy profit and strong balance sheet and sales orders that will take deliveries through to the next 10 - 14 months. Stocking loan providers are keen to support the company with the limits required by increased stock and sales volume. The company invested in new projects during the financial year and in doing so increased the asset base with a view to stabilising revenue in the future.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

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 be met before revenue can be recognised:

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

Revenue from site fees is deferred and released evenly over the chargeable period it relates to, with the deferred income being recognised as a current liability at the year end.

1.4
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.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
nil
Leasehold land and buildings
10% reducing balance
Plant and equipment
10% to 25% reducing balance
Fixtures and fittings
10% reducing balance
Motor vehicles
15% to 25% reducing balance
KENDAL CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 13 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The directors consider that freehold land and buildings are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account.

 

The directors perform annual impairment reviews to ensure that the recoverable amount is not lower than the carrying value.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

KENDAL CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
1.7
Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to sell. Cost is based on the actual cost of purchase.

At each reporting date, an assessment is made 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 profit or loss.

1.8
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 of change in value.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

KENDAL CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Current tax

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

Deferred tax

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

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 the assets acquired and the future tax deductions available for them and the differences between the fair value 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 reporting date.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

KENDAL CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
1.12
Retirement benefits

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 the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

KENDAL CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 17 -
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Caravan sales
7,961,170
10,860,790
Tourer sales
700,307
694,534
Motorhome sales
366,473
1,161,983
Services
257,741
364,466
Site income
162,662
296,339
Other sales
116,876
146,038
9,565,229
13,524,150
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
9,565,229
13,524,150
4
Exceptional item
2024
2023
£
£
Income
Profit or loss on sale of tangible assets
(1,032,775)
-
5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
10,900
9,925
Depreciation of owned tangible fixed assets
85,206
78,733
Profit on disposal of tangible fixed assets
(35,130)
(17,988)
Operating lease charges
129,000
70,500
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
37
35
KENDAL CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
6
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
927,965
894,201
Social security costs
78,304
79,281
Pension costs
30,455
24,417
1,036,724
997,899
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
20,071
16,359
Company pension contributions to defined contribution schemes
7,645
7,200
27,716
23,559
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
(390)
1,837
Other interest on financial liabilities
302
948
Interest on finance leases and hire purchase contracts
3,910
-
3,822
2,785
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
73,075
231,649
Adjustments in respect of prior periods
(42)
-
0
Group tax relief
11,219
-
0
Total current tax
84,252
231,649
KENDAL CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Taxation
2024
2023
£
£
(Continued)
- 19 -
Deferred tax
Origination and reversal of timing differences
(330,194)
34,843
Adjustment in respect of prior periods
(756)
34,408
Total deferred tax
(330,950)
69,251
Total tax (credit)/charge
(246,698)
300,900

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,359,975
1,342,693
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
339,994
261,733
Tax effect of expenses that are not deductible in determining taxable profit
-
0
3,540
Gains not taxable
(594,132)
(8,000)
Adjustments in respect of prior years
(42)
-
0
Permanent capital allowances in excess of depreciation
7,129
-
0
Depreciation on assets not qualifying for tax allowances
1,109
1,544
Deferred tax adjustments in respect of prior years
(756)
34,408
Deferred tax provided at a different rate
-
0
7,675
Taxation (credit)/charge for the year
(246,698)
300,900

In addition to the amount (credited)/charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
(22,141)
-
10
Dividends
2024
2023
£
£
Interim paid
2,818,400
84,000
KENDAL CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
10
Dividends
(Continued)
- 20 -

The recurring post year end monthly dividend payable is £4,500 (2023 - £7,000).

11
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2023
1,817,225
213,300
451,000
470,446
464,504
3,416,475
Additions
-
0
-
0
17,964
2,658
35,396
56,018
Disposals
(1,697,225)
-
0
(15,357)
-
0
(40,235)
(1,752,817)
At 30 April 2024
120,000
213,300
453,607
473,104
459,665
1,719,676
Depreciation and impairment
At 1 May 2023
-
0
169,240
350,816
258,559
247,279
1,025,894
Depreciation charged in the year
-
0
4,435
25,783
21,919
33,069
85,206
Eliminated in respect of disposals
-
0
-
0
(14,724)
-
0
(36,603)
(51,327)
At 30 April 2024
-
0
173,675
361,875
280,478
243,745
1,059,773
Carrying amount
At 30 April 2024
120,000
39,625
91,732
192,626
215,920
659,903
At 30 April 2023
1,817,225
44,060
100,184
211,887
217,225
2,390,581

Land and buildings with a carrying amount of £Nil (2023: £1,575,000) were revalued on 29 February 2012 by Charles F. Jones & Son LLP, independent valuers not connected with the company on the basis of market value. The valuation conformed to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

 

As permitted by the transitional provisions of the Financial Report Standard 102, the company has retained the book value of freehold property at the previous valuation as deemed cost. This valuation has been added to by subsequent additions at cost of £Nil (2023: £242,225).

12
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
13
10,500
10,900
KENDAL CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
12
Fixed asset investments
(Continued)
- 21 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023
10,900
Additions
2,730,000
Disposals
(2,730,400)
At 30 April 2024
10,500
Carrying amount
At 30 April 2024
10,500
At 30 April 2023
10,900
13
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Village Green Leisure Limited
England
Ordinary
100.00
Westfield Caravans Limited
England
Ordinary
100.00
Westfield UK Limited
England
Ordinary
100.00
Westfield European Limited
England
Ordinary
100.00
14
Stocks
2024
2023
£
£
Finished goods and goods for resale
8,273,541
5,860,579
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,330,122
4,741,833
Amounts owed by group undertakings
2,899,505
1,512,465
Other debtors
2,156
97,401
Prepayments and accrued income
58,258
92,519
5,290,041
6,444,218
KENDAL CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
329,387
-
0
Obligations under finance leases
19
23,180
29,271
Trade creditors
8,415,359
8,884,762
Amounts owed to group undertakings
10,500
10,900
Corporation tax
73,075
231,649
Other taxation and social security
73,820
19,698
Other creditors
5,824
26,776
Accruals and deferred income
340,333
502,123
9,271,478
9,705,179

Trade creditors of £4,231,072 (2023: £4,478,521) are secured on the items of stock they relate to.

 

Bank loans and overdrafts of £329,387 (2023: £Nil) are secured by an unlimited debenture over the assets of the company.

 

Included within obligations under finance creditors is an amount of £23,180 (2023: £29,271) secured by fixed charges on the fixed assets concerned.

17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
19
67,858
86,879

Included within obligations under finance creditors is an amount of £67,858 (2023: £86,879) secured by fixed charges on the fixed assets concerned.

18
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
329,387
-
0
Payable within one year
329,387
-
0

Bank overdrafts are secured by an unlimited debenture over the assets of the company.

 

KENDAL CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
19
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
23,180
29,271
In two to five years
67,858
86,879
91,038
116,150

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
110,142
441,093
Revaluations
-
22,140
110,142
463,233
2024
Movements in the year:
£
Liability at 1 May 2023
463,233
Credit to profit or loss
(330,950)
Credit to other comprehensive income
(22,141)
Liability at 30 April 2024
110,142

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

KENDAL CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
30,455
24,417

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,472
1,472
1,472
1,472
'A' Ordinary shares of £1 each
100
100
100
100
'B' Ordinary shares of £1 each
100
100
100
100
'C' Ordinary shares of £1 each
1,864
1,864
1,864
1,864
'D' Ordinary shares of £1 each
664
664
664
664
4,200
4,200
4,200
4,200
23
Financial commitments, guarantees and contingent liabilities

The following securities are held in favour of NatWest:

 

- Cross company guarantee between the company and The Seacroft Caravan Company Limited for up to £1,000,000 supported by a debenture over the assets of the company.

24
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
42,000
42,000
Between two and five years
168,000
168,000
In over five years
3,894,000
3,892,000
4,104,000
4,102,000
KENDAL CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
143,584
-
26
Related party transactions

The company is a wholly owned subsidiary of Kendal Caravans Holding Ltd and in accordance with paragraph 33.1A of FRS102 is therefore not required to disclose transactions with that company or its fellow wholly owned subsidiary, The Seacroft Caravan Company Limited.

 

Village Green Leisure Limited, Westfield Caravans Limited, Westfield UK Limited and Westfield European Limited are wholly owned subsidiaries of the company and in accordance with paragraph 33.1A of FRS102 the company is therefore not required to disclose transactions with those companies.

27
Ultimate controlling party

The ultimate holding company is Kendal Caravans Holdings Limited, a company registered in England.

 

The ultimate controlling party is M Molyneaux, the controlling director and shareholder of that company.

 

Copies of the consolidated financial statements of Kendal Caravans Holdings Limited, which is both the smallest and largest group for which consolidated financial statements are prepared, may be obtained from Kendal Caravans Holdings Limited, Shap Road, Selside, Kendal, United Kingdom, LA8 9LF.

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