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REGISTERED NUMBER: SC245575 (Scotland)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31st December 2023

for

Border Caravans Limited

Border Caravans Limited (Registered number: SC245575)






Contents of the Consolidated Financial Statements
for the Year Ended 31st December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4 to 5

Consolidated Income Statement 6

Consolidated Other Comprehensive Income 7

Consolidated Balance Sheet 8

Company Balance Sheet 9

Consolidated Statement of Changes in Equity 10

Company Statement of Changes in Equity 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13 to 14

Notes to the Consolidated Financial Statements 15 to 24


Border Caravans Limited

Company Information
for the Year Ended 31st December 2023







DIRECTORS: B Wetherley
Mrs J Wetherley
K P Taylor
P B R Taylor
Mrs S J Taylor
N E Carlyle
D A Gifford
S A MacDonald


REGISTERED OFFICE: c/o Farries, Kirk & McVean
Dumfries Enterprise Park
Heathhall
Dumfries
DG1 3SJ


REGISTERED NUMBER: SC245575 (Scotland)


AUDITORS: Farries, Kirk & McVean
Chartered Accountants
Statutory Auditors
Dumfries Enterprise Park
Heathhall
Dumfries
DUMFRIESSHIRE
DG1 3SJ


BANKERS: HSBC Bank plc
189 - 191 High Street
Gosforth
Newcastle upon Tyne
NE3 1HE


SOLICITORS: Walker & Sharpe
37 George Street
Dumfries
DG1 1EB

Border Caravans Limited (Registered number: SC245575)

Group Strategic Report
for the Year Ended 31st December 2023

The directors present their strategic report of the company and the group for the year ended 31st December 2023.

Border Caravans Limited is the parent company in a leisure industry group specialising in caravan and lodge parks. The company itself trades in caravans but makes most of its sales within the group.

There are four subsidiary companies within the group, all of which are different trading caravan parks. Portzim Limited, Westlands Country Park Limited, Riverside Caravan Park (Hawick) Limited and Mouswald Park Limited are the other companies. Portzim was the first to become part of the group in 2003 and was followed soon after by Riverside. Mouswald Park became the third trading park and Westlands Country Park became the 4th when it opened two years ago. The group also operates, a golf course, Shooting Range and Fishing.

The directors believe that, based in the Scottish Borders and Dumfrieshire, the company is well placed to service their customers looking for shot term leisure breaks without leaving the UK. The extensive experience that both they and their staff have in the industry is to the benefit of both the company and its customers.

REVIEW OF BUSINESS
The directors are satisfied with the results. The group has had a successful year of trade. Turnover dropped from £11.6m to £11.1m and gross profit has reduced from £7.1m to £6.9m. Gross profit percentage has increased from 61.2% to 61.9%. Bottom line profits before tax have reduced from £1.2m to £561k. The biggest reason for this is the increase in gas and electricity costs in the period.

Key Performance Indicators (KPI's)
Given the straightforward nature of the business, the directors are of the opinion that there are no additional KPI's other than the measures of turnover and gross profit reported above that are necessary for an understanding of the development, performance or position of the business.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the group's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to competition from both national and independent machinery dealers, employee retention and product availability.

Financial risk management
The company's operations expose it to financial risk. A variety of financial risks exist including credit risk, liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs.

Credit risk
The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual is subject to a limit which can only be reassessed by a director.

Liquidity risk
The company requires debt finance to ensure there are sufficient available funds for operations.

Interest rate risk
The company has interest bearing liabilities including a bank loan. The amount of interest charged on these liabilities is not sufficient to significantly affect company operations.

ON BEHALF OF THE BOARD:





Mrs S J Taylor - Director


24th February 2025

Border Caravans Limited (Registered number: SC245575)

Report of the Directors
for the Year Ended 31st December 2023

The directors present their report with the financial statements of the company and the group for the year ended 31st December 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31st December 2023 will be £ 108,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report.

B Wetherley
Mrs J Wetherley
K P Taylor
P B R Taylor
Mrs S J Taylor
N E Carlyle
D A Gifford
S A MacDonald

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

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

AUDITORS
The auditors, Farries, Kirk & McVean, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs S J Taylor - Director


24th February 2025

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

Opinion
We have audited the financial statements of Border Caravans Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31st December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

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

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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


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

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

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

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

- we have assessed the susceptibility of the company's financial statements to material misstatement as being low risk. The directors are very involved in the day to day management of the business and have a focus on controls to address potential fraud and error.
- with one exception, the nature of the company's activities are not significantly regulated. We have discussed the legal and regulatory framework the company operates under with the directors. This has enabled us to gain an understanding of those laws and regulations that are applicable to the company and the procedures they operate to ensure compliance. We have paid particular attention to the one area of significant regulation.
- we have obtained an understanding of the company's policies and procedures on fraud risk through two way communication with the management and have no knowledge of any actual, suspected or alleged fraud.
- the Senior Statutory Auditor is satisfied that the engagement audit staff were competent to and capable of recognising non-compliance with laws and regulation. No details of any non-compliance were communicated to us and no such potential instances were noted during the audit process.

We have reached these conclusions following enquiries made of those charged with governance and senior staff and following audit testing procedures and review of financial statements.

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 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.




Mr Rodney Palmer, BA, CA (Senior Statutory Auditor)
for and on behalf of Farries, Kirk & McVean
Chartered Accountants
Statutory Auditors
Dumfries Enterprise Park
Heathhall
Dumfries
DUMFRIESSHIRE
DG1 3SJ

24th February 2025

Border Caravans Limited (Registered number: SC245575)

Consolidated
Income Statement
for the Year Ended 31st December 2023

2023 2022
Notes £    £   

TURNOVER 11,134,012 11,582,748

Cost of sales (4,246,678 ) (4,498,653 )
GROSS PROFIT 6,887,334 7,084,095

Distribution costs (24,091 ) (31,216 )
Administrative expenses (5,948,553 ) (5,601,074 )
914,690 1,451,805

Other operating income 74,000 93,588
OPERATING PROFIT 4 988,690 1,545,393

Interest receivable and similar income - 46
988,690 1,545,439

Interest payable and similar expenses 5 (427,490 ) (302,871 )
PROFIT BEFORE TAXATION 561,200 1,242,568

Tax on profit 6 (137,409 ) (337,235 )
PROFIT FOR THE FINANCIAL YEAR 423,791 905,333
Profit attributable to:
Owners of the parent 423,791 905,333

Border Caravans Limited (Registered number: SC245575)

Consolidated
Other Comprehensive Income
for the Year Ended 31st December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 423,791 905,333


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

423,791

905,333

Total comprehensive income attributable to:
Owners of the parent 423,791 905,333

Border Caravans Limited (Registered number: SC245575)

Consolidated Balance Sheet
31st December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 9 10,723,360 10,908,485
Investments 10 - -
10,723,360 10,908,485

CURRENT ASSETS
Stocks 11 6,510,265 5,978,850
Debtors 12 244,307 302,884
Cash in hand 14,142 52,824
6,768,714 6,334,558
CREDITORS
Amounts falling due within one year 13 (4,277,956 ) (4,037,378 )
NET CURRENT ASSETS 2,490,758 2,297,180
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,214,118

13,205,665

CREDITORS
Amounts falling due after more than one year 14 (4,702,950 ) (4,997,186 )

PROVISIONS FOR LIABILITIES 18 (545,259 ) (558,361 )
NET ASSETS 7,965,909 7,650,118

CAPITAL AND RESERVES
Called up share capital 19 650,000 650,000
Retained earnings 20 7,315,909 7,000,118
SHAREHOLDERS' FUNDS 7,965,909 7,650,118

The financial statements were approved by the Board of Directors and authorised for issue on 24th February 2025 and were signed on its behalf by:





Mrs S J Taylor - Director


Border Caravans Limited (Registered number: SC245575)

Company Balance Sheet
31st December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 9 - -
Investments 10 2,588,631 2,588,631
2,588,631 2,588,631

CURRENT ASSETS
Stocks 11 2,575,279 3,438,164
Debtors 12 3,184,910 2,614,800
5,760,189 6,052,964
CREDITORS
Amounts falling due within one year 13 (3,364,121 ) (3,598,129 )
NET CURRENT ASSETS 2,396,068 2,454,835
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,984,699

5,043,466

CREDITORS
Amounts falling due after more than one year 14 (1,457,397 ) (1,640,502 )
NET ASSETS 3,527,302 3,402,964

CAPITAL AND RESERVES
Called up share capital 19 650,000 650,000
Retained earnings 2,877,302 2,752,964
SHAREHOLDERS' FUNDS 3,527,302 3,402,964

Company's profit/(loss) for the financial year 232,338 (15,433 )

The financial statements have been prepared 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 24th February 2025 and were signed on its behalf by:





Mrs S J Taylor - Director


Border Caravans Limited (Registered number: SC245575)

Consolidated Statement of Changes in Equity
for the Year Ended 31st December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st January 2022 650,000 6,152,285 6,802,285

Changes in equity
Dividends - (57,500 ) (57,500 )
Total comprehensive income - 905,333 905,333
Balance at 31st December 2022 650,000 7,000,118 7,650,118

Changes in equity
Dividends - (108,000 ) (108,000 )
Total comprehensive income - 423,791 423,791
Balance at 31st December 2023 650,000 7,315,909 7,965,909

Border Caravans Limited (Registered number: SC245575)

Company Statement of Changes in Equity
for the Year Ended 31st December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st January 2022 650,000 2,825,897 3,475,897

Changes in equity
Dividends - (57,500 ) (57,500 )
Total comprehensive income - (15,433 ) (15,433 )
Balance at 31st December 2022 650,000 2,752,964 3,402,964

Changes in equity
Dividends - (108,000 ) (108,000 )
Total comprehensive income - 232,338 232,338
Balance at 31st December 2023 650,000 2,877,302 3,527,302

Border Caravans Limited (Registered number: SC245575)

Consolidated Cash Flow Statement
for the Year Ended 31st December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,179,008 1,304,354
Interest paid (400,221 ) (275,864 )
Interest element of hire purchase payments paid (27,269 ) (27,007 )
Tax paid (79,797 ) (189,111 )
Net cash from operating activities 671,721 812,372

Cash flows from investing activities
Purchase of tangible fixed assets (129,163 ) (1,473,064 )
Sale of tangible fixed assets - 130,040
Interest received - 46
Net cash from investing activities (129,163 ) (1,342,978 )

Cash flows from financing activities
Loan repayments in year (338,550 ) (343,095 )
Capital repayments in year (237,185 ) 17,847
Amount withdrawn by directors 67,312 (68,284 )
Equity dividends paid (108,000 ) (57,500 )
Net cash from financing activities (616,423 ) (451,032 )

Decrease in cash and cash equivalents (73,865 ) (981,638 )
Cash and cash equivalents at beginning of year 2 (872,160 ) 109,478

Cash and cash equivalents at end of year 2 (946,025 ) (872,160 )

Border Caravans Limited (Registered number: SC245575)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31st December 2023

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

2023 2022
£    £   
Profit before taxation 561,200 1,242,568
Depreciation charges 391,661 409,972
Profit on disposal of fixed assets - (64,145 )
Finance costs 427,490 302,871
Finance income - (46 )
1,380,351 1,891,220
Increase in stocks (531,415 ) (552,442 )
(Increase)/decrease in trade and other debtors (8,667 ) 240,987
Increase/(decrease) in trade and other creditors 338,739 (275,411 )
Cash generated from operations 1,179,008 1,304,354

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 31st December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 14,142 52,824
Bank overdrafts (960,167 ) (924,984 )
(946,025 ) (872,160 )
Year ended 31st December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 52,824 109,478
Bank overdrafts (924,984 ) -
(872,160 ) 109,478


Border Caravans Limited (Registered number: SC245575)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31st December 2023

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.1.23 Cash flow changes At 31.12.23
£    £    £    £   
Net cash
Cash at bank
and in hand 52,824 (38,682 ) 14,142
Bank overdrafts (924,984 ) (35,183 ) (960,167 )
(872,160 ) (73,865 ) (946,025 )
Debt
Finance leases (554,557 ) 237,185 - (394,745 )
Debts falling due
within 1 year (510,705 ) 147,705 - (363,000 )
Debts falling due
after 1 year (4,662,882 ) 190,846 - (4,472,036 )
(5,728,144 ) 575,736 - (5,229,781 )
Total (6,600,304 ) 501,871 - (6,175,806 )

Border Caravans Limited (Registered number: SC245575)

Notes to the Consolidated Financial Statements
for the Year Ended 31st December 2023

1. STATUTORY INFORMATION

Border Caravans Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General 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.

Turnover
Turnover represents the net income from the company's activities, excluding Value Added Tax.

Turnover includes all caravan sales, pitch fees, holiday lets, golf course fees, shooting income, fishing income and sales from the shops and bar and other related park income..

Turnover does not include specific grants or insurance claims which are defined as 'Other Operating Income'.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 1% on reducing balance
Improvements to property - 1% on reducing balance
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Amounts written off each asset over the estimated useful life represent cost less residual value.

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 Consolidated 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Border Caravans Limited (Registered number: SC245575)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023

2. ACCOUNTING POLICIES - continued

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

Financial instruments
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors
Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

Trade Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are presented as non current liabilities.

Borrowings
Interest bearing borrowings are initially recorded at transaction price, net of transaction costs. Subsequently they are measured at amortised cost using the effective interest rate method, less impairment.

Interest expense is recognised on the basis of the effective interest rate method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share Capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Provisions and contingencies
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,302,403 2,156,978
Social security costs 179,145 169,512
Other pension costs 33,207 31,707
2,514,755 2,358,197

The average number of employees during the year was as follows:
2023 2022

Directors 8 8
Other park employees 95 105
103 113

Border Caravans Limited (Registered number: SC245575)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees by undertakings that were proportionately consolidated during the year was 102 (2022 - 112 ) .

2023 2022
£    £   
Directors' remuneration 382,223 312,852

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

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 51,807 54,100

4. OPERATING PROFIT

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

2023 2022
£    £   
Hire of plant and machinery 10,057 11,038
Depreciation - owned assets 310,043 315,354
Depreciation - assets on hire purchase contracts 81,618 94,618
Profit on disposal of fixed assets - (64,145 )
Auditors' remuneration 10,500 10,000
Auditors' remuneration for non audit work 27,300 27,300

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 208,632 88,039
Bank loan interest 172,340 179,189
Stocking loan interest 19,249 8,636
Hire purchase 24,874 24,612
Leasing 2,395 2,395
427,490 302,871

Border Caravans Limited (Registered number: SC245575)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 149,674 113,915
R&D Claim - (9,587 )
Corporation tax interest 838 -
Total current tax 150,512 104,328

Deferred tax (13,103 ) 232,907
Tax on profit 137,409 337,235

UK corporation tax has been charged at 23.52 % (2022 - 19 %).

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:

2023 2022
£    £   
Profit before tax 561,200 1,242,568
Profit multiplied by the standard rate of corporation tax in the UK of 23.521 %
(2022 - 19 %)

132,000

236,088

Effects of:
Expenses not deductible for tax purposes - 17,278
Capital allowances in excess of depreciation - (123,918 )
Depreciation in excess of capital allowances 37,322 -
Structures & buildings allowances (19,229 ) (15,533 )
Research & development - (9,587 )
Deferred tax (13,103 ) 232,907
Corporation tax interest 838 -
Marginal Relief (419 ) -
Total tax charge 137,409 337,235

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2023 2022
£    £   
Interim 108,000 57,500

Border Caravans Limited (Registered number: SC245575)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023

9. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1st January 2023 7,924,566 1,471,768 3,274,389
Additions - - 108,416
At 31st December 2023 7,924,566 1,471,768 3,382,805
DEPRECIATION
At 1st January 2023 316,726 33,493 1,712,169
Charge for year 48,265 14,385 250,586
At 31st December 2023 364,991 47,878 1,962,755
NET BOOK VALUE
At 31st December 2023 7,559,575 1,423,890 1,420,050
At 31st December 2022 7,607,840 1,438,275 1,562,220

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1st January 2023 207,278 325,458 13,203,459
Additions 51,317 46,803 206,536
At 31st December 2023 258,595 372,261 13,409,995
DEPRECIATION
At 1st January 2023 47,113 185,473 2,294,974
Charge for year 31,722 46,703 391,661
At 31st December 2023 78,835 232,176 2,686,635
NET BOOK VALUE
At 31st December 2023 179,760 140,085 10,723,360
At 31st December 2022 160,165 139,985 10,908,485

Border Caravans Limited (Registered number: SC245575)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023

9. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st January 2023 504,100 135,535 639,635
Additions 25,000 46,803 71,803
Transfer to ownership (109,500 ) - (109,500 )
At 31st December 2023 419,600 182,338 601,938
DEPRECIATION
At 1st January 2023 134,655 47,260 181,915
Charge for year 47,845 33,773 81,618
Transfer to ownership (34,005 ) - (34,005 )
At 31st December 2023 148,495 81,033 229,528
NET BOOK VALUE
At 31st December 2023 271,105 101,305 372,410
At 31st December 2022 369,445 88,275 457,720

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st January 2023
and 31st December 2023 2,588,631
NET BOOK VALUE
At 31st December 2023 2,588,631
At 31st December 2022 2,588,631

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Westlands Country Park Limited
Registered office: Scotland
Nature of business:
%
Class of shares: holding
Ordinary 100.00

Riverside Caravan Park (Hawick) Limited
Registered office: England
Nature of business:
%
Class of shares: holding
Ordinary 100.00

Border Caravans Limited (Registered number: SC245575)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023

10. FIXED ASSET INVESTMENTS - continued

Portzim Limited
Registered office: England
Nature of business:
%
Class of shares: holding
Ordinary 100.00

Mouswald Park Limited
Registered office: Scotland
Nature of business:
%
Class of shares: holding
Ordinary 100.00


11. STOCKS

Group Company
2023 2022 2023 2022
£    £    £    £   
Stocks 6,510,265 5,978,850 2,575,279 3,438,164

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 20,000 7,684 1,120,000 375,500
Amounts owed by group undertakings - - 2,064,910 2,115,479
Other debtors 58,607 71,432 - -
Directors' current accounts - 67,244 - 67,244
VAT - 41,353 - 55,071
Accrued income 74,500 46,000 - -
Prepayments 91,200 69,171 - 1,506
244,307 302,884 3,184,910 2,614,800

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 15) 1,323,167 1,435,689 1,472,622 1,743,648
Hire purchase contracts (see note 16) 163,831 220,253 72,511 87,013
Trade creditors 2,148,237 2,092,328 1,594,702 1,596,854
Amounts owed to group undertakings - - 166,720 155,960
Tax 184,630 113,915 2,634 -
Social security and other taxes 32,519 39,927 763 954
VAT 188,796 - 6,770 -
Other creditors 38,805 36,888 39,631 6,600
Directors' current accounts 68 - 68 -
Accruals and deferred income 197,903 98,378 7,700 7,100
4,277,956 4,037,378 3,364,121 3,598,129

Border Caravans Limited (Registered number: SC245575)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 15) 4,472,036 4,662,882 1,457,397 1,567,991
Hire purchase contracts (see note 16) 230,914 334,304 - 72,511
4,702,950 4,997,186 1,457,397 1,640,502

15. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 960,167 924,984 1,297,622 1,522,498
Bank loans 363,000 510,705 175,000 221,150
1,323,167 1,435,689 1,472,622 1,743,648
Amounts falling due between one and two years:
Bank loans - 1-2 years 373,000 510,705 179,000 221,150
Amounts falling due between two and five years:
Bank loans - 2-5 years 4,099,036 4,152,177 1,278,397 1,346,841

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year 187,768 243,594
Between one and five years 262,079 379,059
449,847 622,653

Finance charges repayable:
Within one year 23,937 23,341
Between one and five years 31,165 44,755
55,102 68,096

Net obligations repayable:
Within one year 163,831 220,253
Between one and five years 230,914 334,304
394,745 554,557

Border Caravans Limited (Registered number: SC245575)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023

16. LEASING AGREEMENTS - continued

Company
Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year 79,671 95,605
Between one and five years - 79,671
79,671 175,276

Finance charges repayable:
Within one year 7,160 8,592
Between one and five years - 7,160
7,160 15,752

Net obligations repayable:
Within one year 72,511 87,013
Between one and five years - 72,511
72,511 159,524

17. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank overdrafts 960,167 924,984 - -
Bank loans 4,835,036 5,173,587 1,632,397 1,789,141
Hire purchase contracts 394,745 554,557 - -
6,189,948 6,653,128 1,632,397 1,789,141

Bank loans and overdrafts are secured by way of unlimited guarantee and bond and floating charges over the assets of the five companies within the group, namely Border Caravans Limited, Portzim Limited, Riverside Caravan Park (Hawick) Limited, Mouswald Park Limited and Westlands Country Park Limited.

Hire purchase liabilities are secured on the specific assets which have been financed.

18. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 545,259 558,361

Group
Deferred
tax
£   
Balance at 1st January 2023 558,361
Credit to Income Statement during year (13,102 )
Balance at 31st December 2023 545,259

Border Caravans Limited (Registered number: SC245575)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
650,000 A Ordinary £1 650,000 650,000

20. RESERVES

Group
Retained
earnings
£   

At 1st January 2023 7,000,118
Profit for the year 423,791
Dividends (108,000 )
At 31st December 2023 7,315,909


21. ULTIMATE PARENT COMPANY

Border Caravans Holdings Limited is regarded by the directors as being the company's ultimate parent company.

Subsequent to the year end, in March 2024, the company became a fully owned subsidiary of the newly formed holding company, Border Caravans Holdings Limited.

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st December 2023 and 31st December 2022:

2023 2022
£    £   
B Wetherley
Balance outstanding at start of year 67,244 (1,040 )
Amounts advanced - 68,284
Amounts repaid (67,312 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (68 ) 67,244

23. RELATED PARTY DISCLOSURES

During the year, total dividends of £108,000 (2022 - £57,500) were paid to the directors .