Registered number
02121957
(England & Wales)
Chipping Sodbury Caravans Limited
Unaudited Filleted Accounts
31 October 2024
Chipping Sodbury Caravans Limited
Registered number: 02121957
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 3,523 4,711
Current assets
Stocks 3,490,813 2,302,441
Debtors 5 47,460 27,082
Cash at bank and in hand 12,726 90,982
3,550,999 2,420,505
Creditors: amounts falling due within one year 6 (3,180,209) (1,779,682)
Net current assets 370,790 640,823
Total assets less current liabilities 374,313 645,534
Creditors: amounts falling due after more than one year 7 - (5,251)
Provisions for liabilities - (548)
Net assets 374,313 639,735
Capital and reserves
Called up share capital 3 3
Profit and loss account 374,310 639,732
Shareholders' funds 374,313 639,735
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
JM Pickford
Director
Approved by the board on 28 March 2025
Chipping Sodbury Caravans Limited
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and equipment 25% reducing balance basis
Fixtures, fittings and equipment 25% reducing balance basis
Motror vehicles 25% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 17 17
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2023 400,000
At 31 October 2024 400,000
Amortisation
At 1 November 2023 400,000
At 31 October 2024 400,000
Net book value
At 31 October 2024 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2023 89,631
At 31 October 2024 89,631
Depreciation
At 1 November 2023 84,920
Charge for the year 1,188
At 31 October 2024 86,108
Net book value
At 31 October 2024 3,523
At 31 October 2023 4,711
5 Debtors 2024 2023
£ £
Trade debtors 47,460 27,082
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 122,639 30,655
Trade creditors 3,042,159 1,693,087
Taxation and social security costs 14,842 49,017
Other creditors 569 6,923
3,180,209 1,779,682
Trade creditors includes creditors for new caravans, new motorhomes and secondhand motorhomes of £2,815,195 (2023 - £1,466,542) which are secured by a reservation of title on stock held.
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 5,251
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 122,639 35,906
Bank Loans and Overdrafts are secured by a fixed and floating charge over the assets of the company. Mrs ML Pickford, Director, has also personally guaranteed the liabilities to the company's bank.
9 Pension commitments
The company operates a defined contribution pension scheme for the Directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
10 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases
Within one year 79,200 82,240
After one year but within five years 316,800 316,800
After five years 72,600 151,800
468,600 550,840
11 Related party transactions
During the year the company enjoyed rent free use of the shop and sales site which is owned by a director (ML Pickford)
12 Controlling party
The controlling party is ML Pickford by virtue of her ownership of 60% of the issued ordinary share capital in the company.
13 Other information
Chipping Sodbury Caravans Limited is a private company limited by shares and incorporated in England. Its registered office is:
Chipping Sodbury Caravans
Badminton Road
Chipping Sodbury
South Gloucestershire
BS37 6LH
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