Company registration number 02148510 (England and Wales)
THE SEACROFT CARAVAN COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
THE SEACROFT CARAVAN COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
THE SEACROFT CARAVAN COMPANY LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,451,536
-
0
Current assets
Debtors
5
45,292
400
Cash at bank and in hand
5,975
-
0
51,267
400
Creditors: amounts falling due within one year
6
(1,602,162)
-
0
Net current (liabilities)/assets
(1,550,895)
400
Total assets less current liabilities
3,900,641
400
Creditors: amounts falling due after more than one year
7
(949,670)
-
0
Provisions for liabilities
(549,159)
-
0
Net assets
2,401,812
400
Capital and reserves
Called up share capital
2,730,400
400
Profit and loss reserves
(328,588)
-
0
Total equity
2,401,812
400

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
Mr M  Molyneaux
Director
Company registration number 02148510 (England and Wales)
THE SEACROFT CARAVAN COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

The Seacroft Caravan Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kendal Caravans, 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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention. 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.

THE SEACROFT CARAVAN COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
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 are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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
Plant and equipment
10% to 25% reducing balance
Fixtures and fittings
10% reducing balance

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

THE SEACROFT CARAVAN COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -

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
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.

1.6
Cash at bank and in hand

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.

1.7
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.

1.8
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.

THE SEACROFT CARAVAN COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
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.

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.

3
Employees

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

2024
2023
Number
Number
Total
2
1
THE SEACROFT CARAVAN COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
-
0
-
0
-
0
Additions
5,199,101
258,327
5,457,428
At 30 April 2024
5,199,101
258,327
5,457,428
Depreciation and impairment
At 1 May 2023
-
0
-
0
-
0
Depreciation charged in the year
-
0
5,892
5,892
At 30 April 2024
-
0
5,892
5,892
Carrying amount
At 30 April 2024
5,199,101
252,435
5,451,536
At 30 April 2023
-
0
-
0
-
0
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
31,757
-
0
Other debtors
13,535
400
45,292
400
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
26,331
-
0
Trade creditors
27,660
-
0
Amounts owed to group undertakings
1,387,040
-
0
Taxation and social security
23,981
-
0
Other creditors
137,150
-
0
1,602,162
-
0

Bank loans of £26,331 (2023: £Nil) are secured by a freehold first legal charge over the freehold land and buildings of the company and fixed and floating charges over the undertaking and all property and assets present and future including goodwill, uncalled capital, buildings, fixtures, plant and machinery.

THE SEACROFT CARAVAN COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
949,670
-
0

Bank loans of £949,670 (2023: £Nil) are secured by a freehold first legal charge over the freehold land and buildings of the company and fixed and floating charges over the undertaking and all property and assets present and future including goodwill, uncalled capital, buildings, fixtures, plant and machinery.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Jenny McCabe FCA
Statutory Auditor:
MHA
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