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REGISTERED NUMBER: 04666108 (England and Wales)














Strategic Report, Report of the Director and

Financial Statements

for the Year Ended 30 April 2024

for

Glossop Caravans Limited

Glossop Caravans Limited (Registered number: 04666108)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 5

Report of the Independent Auditors 7

Statement of Income and Retained Earnings 11

Balance Sheet 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


Glossop Caravans Limited

Company Information
for the Year Ended 30 April 2024







DIRECTOR: B Laing





SECRETARY: B Laing





REGISTERED OFFICE: Reedham House
31 King Street West
Manchester
Greater Manchester
M3 2PJ





BUSINESS ADDRESS: Snake Pass Main A57 Road
Brookfield
Glossop
Derbyshire
SK13 6JF





REGISTERED NUMBER: 04666108 (England and Wales)





AUDITORS: Freedman Frankl & Taylor
Statutory Auditors
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

Glossop Caravans Limited (Registered number: 04666108)

Strategic Report
for the Year Ended 30 April 2024

The principal activity of the company in the year under review was that of caravan and motorhome retailers.

The results for the year and financial position of the company are as shown in the annexed financial statements.

The director is satisfied with how the year went particularly with the company in a competitive market.

Administrative expenses have been controlled on the whole due to the close monitoring by the director. The director would also like to thank its loyal and hardworking employees who deliver value and service to our customers.

The director considers the financial key performance indicators for the company to be turnover, margins and profit before taxation.

The main risks for 2025 are seen to be difficult and challenging trading conditions; the impact of Brexit is still being felt throughout the sector. The director, however, is confident that with a strong management team, ongoing profitability and a healthy balance sheet, the company will maintain and hopefully increase its market share in the forthcoming year.

As Director of Glossop Caravans, I have a responsibility to consider, in good faith, ways to promote the company's success , and to have regard to the long-term effect of our decisions on the company. This statement addresses the ways in which I as Director outwork this responsibility.


Promoting the company's success

Glossop Caravans Limited was established in 1976 by brothers Stanley and Brian Laing. We are a family business and family is at the heart of what we do. I am pleased with our business history and growth over nearly half a century; I am also proud to provide employment, training and financial rewards for the company and its employees.

As one of the largest caravan and motorhome dealers in the UK we are constantly looking to maintain our standards and always look for new and innovative ways to engage with our customers. The customer's journey is very important to us and much of our decision making and planning is centred on creating the best experience we can. The business works from a number of locations in the Glossop area, each with a specific role in ensuring the continuity of the business and providing excellence in customer service.

The aim across all sections of the business is to work in conjunction to grow profits and market share; we achieve this by making strategic decisions based on future potential for growth. The industry has a seasonal pattern and we work closely with manufacturers to negotiate quotas and prices as well as feeding back information from our experience and that of our customers.

We continue to invest annually in maintaining our properties, providing excellent workspaces for our employees and attractive setting for our customers to visit. Investment in technology is ongoing as we work towards reducing our reliance on paper for our daily activities and record keeping. Our website continues to be the number one stop for those looking to research on purchase a caravan or motorhome. These investments will help to ensure long term success..


Our employees

Retail and aftercare in the caravan and motorhome industry is very hands on; skilled engineers are required to prepare, service and repair vehicles; the cleaning team perform a crucial role making both the inside and outside of each vehicle spotless; the sales team working with multimedia methods to bring in sales; despatch teams work with each purchaser to handover the vehicle and provide advice on using the equipment; awnings and accessories teams work with individual customers to supply their needs. All these front of house teams are backed up by IT, admin and site support teams to ensure smooth working practices and health and safety compliance.


Glossop Caravans Limited (Registered number: 04666108)

Strategic Report
for the Year Ended 30 April 2024

Our staff retention is generally very good; our current workforce has accrued almost 1750 years between them. Nearly 50% of colleagues with us for 5 or more years and over 30% have been with us over 10 years; our longest serving colleague has clocked in for 42 years.

We achieve this by:

- Providing remuneration in line with the industry norms and local salaries.
- An annual performance bonus is paid to all staff based on the sales figures during August.
- We provide training both in house and externally for specialist skills and encourage colleagues to develop their skills through additional training.
- We have an enhanced long service award which recognises each 5 year milestone with a monetary award; additional holidays are also accrued during early years of service.
- We allow the autonomy of various departments under managers and team leaders and encourage idea exchanges.
- As director I have an open door policy and regularly speak with our team members.
- We hold regular management meetings and hold consultations with our teams to inform our plans.


Our customers

We invest time and money in ensuring that our customer's journey matches and even exceeds the expectations of a customer buying a high ticket item. Customers increasingly go through the first part of the buying cycle on our website and therefore we allocate constant investment in IT to keep up with technology and ahead of the competition.

We source quality products and provide an excellent after sales service and warranties that provide peace of mind to the caravan and motor home owner.

Every customer that collects a caravan or motor home completes a customer survey. The survey provides welcome feedback on our service and helps to develop our practices; 97% of our customers give us a four or 5 star satisfaction rating.

We are associated with the Camping and Caravanning Club through which we have access to customer views this helps inform developments that we make to our service and our product.

We prioritise quality of service and attention to detail; our customers appreciate this and many of them return over the years to upgrade their caravan or motor home.


Our suppliers

We work closely with the three major manufacturers in the UK. We have a productive working relationship at all levels of the business. In addition we are well respected customers of numerous manufacturers and suppliers of parts and supplies.


Our Community

We are a family owned and run company and many of our staff live in the local area; many of our staff are not the only member of their family working with us. We value family and community and support both in equal measure. We have held a long association with a local children's charity and this is the main area for our charitable donations. However, we respond to other local needs too and regularly support events and causes especially those related to our colleagues.

We are conscious of our responsibility to the community and take care to maintain a good impression for visitors to our town. Our liveried vehicles are easily recognisable and we work hard to ensure that our drivers represent us well whilst on the road.



Glossop Caravans Limited (Registered number: 04666108)

Strategic Report
for the Year Ended 30 April 2024

Our Planet

We generate a range of waste products in our daily activities and we have a robust recycling and reusing scheme. We use hazardous materials for some of our activities and these are carefully stored and disposed of. We have put in place electricity, gas and water saving practices to reduce our footprint and are undertaking research and studies to work towards net zero.

We have invested in extensive well maintained landscaped areas on our sites which helps to attract wildlife and provide cleaner air. Over 50 trees planted on our sites in the last few years are maturing well providing a bio-diverse habitat for native species. We sell an outdoor lifestyle and we are serious about making sure that we help to keep the outdoors a clean and healthy place to spend time.

ON BEHALF OF THE BOARD:





B Laing - Director


31 January 2025

Glossop Caravans Limited (Registered number: 04666108)

Report of the Director
for the Year Ended 30 April 2024

The director presents his report with the financial statements of the company for the year ended 30 April 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30 April 2024.

DIRECTOR
B Laing held office during the whole of the period from 1 May 2023 to the date of this report.

STREAMLINED ENERGY AND CARBON REPORTING
The Companies Act 2006 (Directors' report) Regulation 2018 requires Glossop Caravans Limited to disclose annual energy consumption and greenhouse gas emissions (GHG).

The Government Environmental Guidelines have been followed in conjunction with the GHG protocol Corporate Accounting and Reporting Standard, using the 2024 Government conversion factors.

The table below details the SECR-regulated energy and GHG emissions:

Energy (kwh) 2024 2023
Natural gas 354,560 202,191
Electricity 602,147 441,328
Company vehicles (litres) 46,387 65,174
Total energy 1,003,094 708,693
Emissions (tCO2e)
Scope 1 Natural gas 71 40
Scope 1 Company vehicles 119 168
Scope 2 Electricity 125 91
Total SECR emissions 315 299
Emissions intensity ratio
Emissions intensity per (tCO2e)/£m
turnover


4.96

4.11


Glossop Caravans Limited is committed to reducing its environmental impact and contribution to climate change through continuous improvement procedures including electricity, gas and water saving practices which have been put in place. The company continues to seek ways of improving its energy performance.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


Glossop Caravans Limited (Registered number: 04666108)

Report of the Director
for the Year Ended 30 April 2024

STATEMENT OF DIRECTOR'S RESPONSIBILITIES - continued
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 enable him to ensure that the financial statements comply with the Companies Act 2006. He 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





B Laing - Director


31 January 2025

Report of the Independent Auditors to the Members of
Glossop Caravans Limited

Opinion
We have audited the financial statements of Glossop Caravans Limited (the 'company') for the year ended 30 April 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 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.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Glossop Caravans Limited


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 Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, 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 director
As explained more fully in the Statement of Director's Responsibilities set out on pages five and six, 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 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 has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Glossop Caravans Limited


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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

Audit response to risks identified
- the nature of the industry and sector, control environment and business performance;
- results of enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the Company's documentation of their policies and
procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances
of noncompliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team and involving other internal specialists including tax
regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risks of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud.

Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with
provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud;
- obtained an understanding of provisions and held discussions with management to understand the basis of
recognition or non-recognition of tax provisions; and

Report of the Independent Auditors to the Members of
Glossop Caravans Limited

- in addressing the risks of fraud through management override of controls, testing the appropriateness of journal
entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative
of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the
normal course of business.We also communicated relevant identified laws and regulations and potential fraud risks
to all engagement team members, and remained alert to any indications of fraud or non compliance with laws and
regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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




I Sluckis BA FCA (Senior Statutory Auditor)
for and on behalf of Freedman Frankl & Taylor
Statutory Auditors
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

31 January 2025

Glossop Caravans Limited (Registered number: 04666108)

Statement of Income and
Retained Earnings
for the Year Ended 30 April 2024

2024 2023
Notes £    £   

TURNOVER 3 63,767,631 72,794,960

Cost of sales 54,814,408 61,997,752
GROSS PROFIT 8,953,223 10,797,208

Administrative expenses 9,754,686 9,109,924
(801,463 ) 1,687,284

Other operating income 913,687 990,098
OPERATING PROFIT 5 112,224 2,677,382

Interest receivable and similar income 383,344 34,360
495,568 2,711,742

Interest payable and similar expenses 6 4,347 513
PROFIT BEFORE TAXATION 491,221 2,711,229

Tax on profit 7 136,910 517,199
PROFIT FOR THE FINANCIAL YEAR 354,311 2,194,030

Retained earnings at beginning of year 16,040,647 13,846,617

RETAINED EARNINGS AT END OF
YEAR

16,394,958

16,040,647

Glossop Caravans Limited (Registered number: 04666108)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 1,116,972 1,147,550

CURRENT ASSETS
Stocks 9 19,352,648 18,275,040
Debtors 10 3,710,315 4,183,632
Cash at bank and in hand 6,443,332 4,355,702
29,506,295 26,814,374
CREDITORS
Amounts falling due within one year 11 14,084,458 11,759,308
NET CURRENT ASSETS 15,421,837 15,055,066
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,538,809

16,202,616

PROVISIONS FOR LIABILITIES 14 133,849 151,967
NET ASSETS 16,404,960 16,050,649

CAPITAL AND RESERVES
Called up share capital 15 10,002 10,002
Retained earnings 16 16,394,958 16,040,647
SHAREHOLDERS' FUNDS 16,404,960 16,050,649

The financial statements were approved by the director and authorised for issue on 31 January 2025 and were signed by:





B Laing - Director


Glossop Caravans Limited (Registered number: 04666108)

Cash Flow Statement
for the Year Ended 30 April 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,266,993 732,725
Interest paid (4,347 ) (513 )
Tax paid (458,666 ) (650,383 )
Net cash from operating activities 1,803,980 81,829

Cash flows from investing activities
Purchase of tangible fixed assets (542,743 ) (637,931 )
Sale of tangible fixed assets 449,964 467,494
Interest received 383,344 34,360
Net cash from investing activities 290,565 (136,077 )

Cash flows from financing activities
Amount withdrawn by directors (6,915 ) 16,697
Net cash from financing activities (6,915 ) 16,697

Increase/(decrease) in cash and cash equivalents 2,087,630 (37,551 )
Cash and cash equivalents at beginning of
year

2

4,355,702

4,393,253

Cash and cash equivalents at end of year 2 6,443,332 4,355,702

Glossop Caravans Limited (Registered number: 04666108)

Notes to the Cash Flow Statement
for the Year Ended 30 April 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 491,221 2,711,229
Depreciation charges 174,220 195,958
Profit on disposal of fixed assets (50,864 ) (61,469 )
Finance costs 4,347 513
Finance income (383,344 ) (34,360 )
235,580 2,811,871
Increase in stocks (1,077,608 ) (1,917,591 )
Decrease in trade and other debtors 565,112 1,517,005
Increase/(decrease) in trade and other creditors 2,543,909 (1,678,560 )
Cash generated from operations 2,266,993 732,725

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 6,443,332 4,355,702
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 4,355,702 4,393,253


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 4,355,702 2,087,630 6,443,332
4,355,702 2,087,630 6,443,332
Total 4,355,702 2,087,630 6,443,332

Glossop Caravans Limited (Registered number: 04666108)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Glossop Caravans Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

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

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.

Assessing indicators of impairment
In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year.

Tangible fixed assets
Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Turnover
Turnover is measured at fair value of the consideration received or receivable, excluding discounts, rebates and value added tax from the provision of goods and services which fall within the company's ordinary activity.

Commissions and management charges are recognised in the period in which they are receivable.

Bank interest is recognised in the period in which it is received.

Glossop Caravans Limited (Registered number: 04666108)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 2% on cost
Capital caravans - 15% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are initially recorded at cost less any tax, discounts and rebates. Subsequently they are recorded at cost less accumulated depreciation and impairment.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account as incurred.

Going concern
The company's financial statements for the year ended 30 April 2024 have been prepared on a going concern basis as, after making appropriate enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Glossop Caravans Limited (Registered number: 04666108)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Grants
Grants received are credited to the profit and loss account as the related expenditure is incurred.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

In the opinion of the director it would be seriously prejudicial to the company's interest to provide an analysis of turnover between geographical areas or class of business.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 5,517,805 5,282,054
Social security costs 549,628 555,391
Other pension costs 96,278 96,112
6,163,711 5,933,557

The average number of employees during the year was as follows:
2024 2023

Selling and administration 184 191

2024 2023
£    £   
Directors' remuneration 177,813 88,236

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 174,221 195,959
Profit on disposal of fixed assets (50,864 ) (61,469 )
Auditors' remuneration 26,000 23,500
Operating lease - Land and buildings 539,515 445,169

Glossop Caravans Limited (Registered number: 04666108)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other interest 4,347 513

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 155,028 511,844

Deferred tax (18,118 ) 5,355
Tax on profit 136,910 517,199

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 491,221 2,711,229
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

122,805

677,807

Effects of:
Expenses not deductible for tax purposes 15,699 85
Capital allowances in excess of depreciation (1,594 ) (16,096 )
Change in tax rate - (144,597 )
Total tax charge 136,910 517,199

Glossop Caravans Limited (Registered number: 04666108)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

8. TANGIBLE FIXED ASSETS
Long Capital Plant and
leasehold caravans machinery
£    £    £   
COST
At 1 May 2023 590,570 253,900 332,146
Additions 24,400 354,275 43,363
Disposals - (381,150 ) -
At 30 April 2024 614,970 227,025 375,509
DEPRECIATION
At 1 May 2023 194,299 35,118 256,296
Charge for year 12,299 27,180 13,883
Eliminated on disposal - (36,595 ) -
At 30 April 2024 206,598 25,703 270,179
NET BOOK VALUE
At 30 April 2024 408,372 201,322 105,330
At 30 April 2023 396,271 218,782 75,850

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 May 2023 182,465 715,676 2,074,757
Additions - 120,705 542,743
Disposals - (152,096 ) (533,246 )
At 30 April 2024 182,465 684,285 2,084,254
DEPRECIATION
At 1 May 2023 131,875 309,619 927,207
Charge for year 7,589 113,270 174,221
Eliminated on disposal - (97,551 ) (134,146 )
At 30 April 2024 139,464 325,338 967,282
NET BOOK VALUE
At 30 April 2024 43,001 358,947 1,116,972
At 30 April 2023 50,590 406,057 1,147,550

9. STOCKS
2024 2023
£    £   
Goods for resale 19,352,648 18,275,040

Glossop Caravans Limited (Registered number: 04666108)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,858,466 2,323,968
Other debtors 1,282,193 1,501,588
Tax 91,794 -
Prepayments 477,862 358,076
3,710,315 4,183,632

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 12,918,521 10,693,380
Tax - 211,844
Social security and other taxes 479,031 667,995
Other creditors 541,894 62,972
Directors' current accounts 36,104 43,019
Accrued expenses 108,908 80,098
14,084,458 11,759,308

Trade creditors includes a sum of £9,809,974 (2023 £7,260,065) which is secured by the reservation to the supplier of legal title to goods supplied and the proceeds of their sale. However, the amount secured in this manner depends on the legal interpretation of individual contracts and so cannot be determined exactly.

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 273,300 271,800

13. SECURED DEBTS

The company's loans and overdraft facility is secured by a fixed and floating charge on the assets of the company.

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 133,849 151,967

Deferred
tax
£   
Balance at 1 May 2023 151,967
Provided during year (18,118 )
Balance at 30 April 2024 133,849

Glossop Caravans Limited (Registered number: 04666108)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

14. PROVISIONS FOR LIABILITIES - continued

Analysis of deferred tax balance




2024


2023
££
Accelerated capital allowances133,849151,967
133,849151,967

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,002 Ordinary "A" £1 10,002 10,002

16. RESERVES
Retained
earnings
£   

At 1 May 2023 16,040,647
Profit for the year 354,311
At 30 April 2024 16,394,958

17. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence
2024 2023
£    £   
Management charge receivable 165,000 165,000
Amount due from related party 75,000 51,379
Amount due to related party 343,066 -

There are no fixed repayment terms and no interest is chargeable to or by the company in respect of these balances.

Key management personnel of the entity or its parent (in the aggregate)
2024 2023
£    £   
Rent payable 110,000 200,000

There are no fixed repayment terms and no interest is chargeable to the company in respect of the balance.

The director holds a fixed charge on all fixed assets and a floating charge on all other assets of the company.

Glossop Caravans Limited (Registered number: 04666108)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

17. RELATED PARTY DISCLOSURES - continued

Other related parties
2024 2023
£    £   
Rent payable 273,300 238,400
Amount due from related parties 417,824 41,513

The company was controlled throughout the current and previous periods by its director.