REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
PEMBERTON CARAVANS LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
PEMBERTON CARAVANS LIMITED |
PEMBERTON CARAVANS LIMITED (REGISTERED NUMBER: 00549681) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 September 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Statement of Financial Position | 10 |
Statement of Changes in Equity | 11 |
Statement of Cash Flows | 12 |
Notes to the Statement of Cash Flows | 13 |
Notes to the Financial Statements | 14 |
PEMBERTON CARAVANS LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 September 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
BANKERS: |
4 Standishgate |
Wigan |
Lancashire |
WN1 1UJ |
SOLICITORS: |
1 Scott Place |
2 Hardman Square |
Manchester |
M3 3AA |
PEMBERTON CARAVANS LIMITED (REGISTERED NUMBER: 00549681) |
STRATEGIC REPORT |
for the Year Ended 30 September 2024 |
The directors present their strategic report for the year ended 30 September 2024. |
The principal activity of the company in the year under review was that of the receipt of income from property and investments, and the provision of management services. |
REVIEW OF BUSINESS |
The results for the year are shown in the annexed financial statements and represent a satisfactory performance for the period of review. |
The most significant proportion of our income continues to be derived from rentals of our factory and associated properties and management services charged to our subsidiary Pemberton Park and Leisure Homes Limited, which manufactures transportable homes for both residential and holiday parks principally located in the United Kingdom. |
Pemberton Park and Leisure Homes Limited remains in a sound financial position and has continued to trade profitably during the year. |
Our remaining commercial properties are occupied by well established, non-related businesses, which have maintained their rental commitments during the year and are expected so to continue during the year ahead. |
The company's key performance indicators during the year were as follows:- |
2024 | 2023 |
Operating Revenue | £ 's | 896 | 997 |
Operating Profit | £ 's | 646 | 636 |
Occupancy Ratio (at the year end) | 98.4% | 98.4% |
PRINCIPAL RISKS AND UNCERTAINTIES |
Continuity |
The major part of the company's income is dependant on the continuing commercial success of its manufacturing subsidiary. The directors manage this risk by constantly monitoring the financial and operational performance of its subsidiary and the trends and competitive conditions in the market within which it operates. |
Commercial Relationships |
The company's other commercial property income arises from leases to unconnected commercial enterprises and is dependant on the continued success of their business activities. The company manages the risks involved by maintaining regular communication with tenants to keep abreast of their business performance and planned future developments. |
HEALTH, SAFETY AND ENVIRONMENTAL ISSUES |
The company is committed to outstanding performance in health, safety and environmental matters through a |
policy of training, communication and co-operation applied consistently throughout all operations. |
FUTURE DEVELOPMENTS |
The company has no immediate plans for further property or business acquisitions but retains the ability to respond at short notice should suitable opportunities arise. |
ON BEHALF OF THE BOARD: |
PEMBERTON CARAVANS LIMITED (REGISTERED NUMBER: 00549681) |
REPORT OF THE DIRECTORS |
for the Year Ended 30 September 2024 |
The directors present their report with the financial statements of the company for the year ended 30 September 2024. |
DIVIDENDS |
The total distribution of dividends during the year ended 30 September 2024 was £1,865,000 (2023 - £1,220,000). |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | 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. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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 company'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 company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PEMBERTON CARAVANS LIMITED |
Opinion |
We have audited the financial statements of Pemberton Caravans Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 September 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PEMBERTON 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 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, 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 directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PEMBERTON 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 identified the laws and regulations applicable to the company through discussions with directors and other management, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on it's operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation, employment legislation and Health and Safety regulations. |
- we enquired of the directors and reviewed correspondence with HMRC for evidence of non-compliance with laws and regulations. We also reviewed controls the directors have in place to ensure compliance. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. |
- we reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above; |
- we enquired of the directors about actual and potential litigation and claims. |
Due to inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PEMBERTON CARAVANS LIMITED |
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. |
for and on behalf of |
Statutory Auditor |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
PEMBERTON CARAVANS LIMITED (REGISTERED NUMBER: 00549681) |
INCOME STATEMENT |
for the Year Ended 30 September 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER |
Administrative expenses |
OPERATING PROFIT |
Income from shares in group undertakings |
Interest receivable and similar income |
1,516,644 | 683,757 |
2,162,726 | 1,319,885 |
Gain on revaluation of |
investment property | 1,293,500 | - |
3,456,226 | 1,319,885 |
Interest payable and similar expenses | 4 |
PROFIT BEFORE TAXATION | 5 |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
PEMBERTON CARAVANS LIMITED (REGISTERED NUMBER: 00549681) |
OTHER COMPREHENSIVE INCOME |
for the Year Ended 30 September 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
PEMBERTON CARAVANS LIMITED (REGISTERED NUMBER: 00549681) |
STATEMENT OF FINANCIAL POSITION |
30 September 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Investments | 9 |
Investment property | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Non distributable profit and loss account | 18 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
PEMBERTON CARAVANS LIMITED (REGISTERED NUMBER: 00549681) |
STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 30 September 2024 |
Non |
distributable |
Called up | profit |
share | Retained | and loss | Total |
capital | earnings | account | equity |
£ | £ | £ | £ |
Balance at 1 October 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2024 |
PEMBERTON CARAVANS LIMITED (REGISTERED NUMBER: 00549681) |
STATEMENT OF CASH FLOWS |
for the Year Ended 30 September 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Interest received |
Dividends received |
Net cash from investing activities |
Cash flows from financing activities |
Bank loan repayments | (118,724 | ) | (117,140 | ) |
Movement in directors loan | (1,207 | ) | 877 |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
373,119 |
Cash and cash equivalents at end of year | 2 | 203,190 | 200,585 |
PEMBERTON CARAVANS LIMITED (REGISTERED NUMBER: 00549681) |
NOTES TO THE STATEMENT OF CASH FLOWS |
for the Year Ended 30 September 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Gain on revaluation of fixed assets | (1,293,500 | ) | - |
Finance costs | 50,617 | 47,471 |
Finance income | (1,516,644 | ) | (683,757 | ) |
646,190 | 636,278 |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 30 September 2024 |
30/9/24 | 1/10/23 |
£ | £ |
Cash and cash equivalents | 203,190 | 200,585 |
Year ended 30 September 2023 |
30/9/23 | 1/10/22 |
£ | £ |
Cash and cash equivalents | 200,585 | 373,119 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/10/23 | Cash flow | At 30/9/24 |
£ | £ | £ |
Net cash |
Cash at bank | 200,585 | 2,605 | 203,190 |
200,585 | 203,190 |
Debt |
Debts falling due within 1 year | (123,750 | ) | - | (123,750 | ) |
Debts falling due after 1 year | (637,965 | ) | 118,724 | (519,241 | ) |
(761,715 | ) | 118,724 | (642,991 | ) |
Total | (561,130 | ) | 121,329 | (439,801 | ) |
PEMBERTON CARAVANS LIMITED (REGISTERED NUMBER: 00549681) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Pemberton Caravans Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Pemberton Caravans Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Kermandine Limited. |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: |
a) Valuation of Investment properties |
The value of the investment properties is considered annually by the directors. The current values are considered to be appropriate by management. |
b) Uninsured claims provision |
The uninsured claims provision is estimated by the directors based on their experience and information provided by their legal advisors. The current value of the provision is considered to be the best estimate of the obligation. |
Turnover |
Turnover represents the net invoice value of management services, rental income and related services provided, excluding value added tax. Rental income is recognised in the income statement on a straight-line basis over the lease term. |
Tangible fixed assets |
Computer equipment | - |
Tangible fixed assets are either stated at cost or professional valuation, less depreciation and any impairment. |
Impairment of assets |
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
PEMBERTON CARAVANS LIMITED (REGISTERED NUMBER: 00549681) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Investments in subsidiaries |
Investments in subsidiaries are accounted for at cost less impairment. |
Taxation |
Taxation expense represents the sum of the current and deferred tax payable. |
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting period using the tax rates and laws that have been enacted or substantively enacted at the reporting date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
reporting date. |
Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. |
Financial instruments |
Trade and other debtors and trade creditors are measured at the transaction price. Other financial assets and liabilities, including related party loans shall be measured at amortised cost using the effective interest rate. Financial assets and liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due. Amounts due to and from related undertakings, including directors, are repayable on demand and are measured at the undiscounted amount due. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Management |
2024 | 2023 |
£ | £ |
Directors' remuneration |
4. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest |
PEMBERTON CARAVANS LIMITED (REGISTERED NUMBER: 00549681) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2024 |
5. | PROFIT BEFORE TAXATION |
The profit is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Auditors' remuneration |
Property income |
6. | 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 |
Deferred tax |
Tax on profit |
UK corporation tax has been charged at 25% (2023 - 19%). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Dividend income | (378,434 | ) | (149,916 | ) |
Adjust closing tax to average rate | - | (38,067 | ) |
Rounding | 1 | - |
Total tax charge | 472,335 | 129,532 |
7. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Dividends paid |
PEMBERTON CARAVANS LIMITED (REGISTERED NUMBER: 00549681) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2024 |
8. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
9. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Subsidiary | Principal | % | Direct / |
Activity | Holding | Indirect Holding |
Cresta Caravans Limited | Dormant | 100 | Direct |
N & E Houses Limited | Dormant | 100 | Direct |
Pemberton Park and Leisure Homes Limited |
Sale and manufacture of caravan holiday homes |
77.45 |
Direct |
10. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2023 |
Revaluations | 1,293,500 |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
PEMBERTON CARAVANS LIMITED (REGISTERED NUMBER: 00549681) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2024 |
10. | INVESTMENT PROPERTY - continued |
At the end of the year the company's investment properties were revalued on a fair market value basis by Jack Sharpe MRICS, FAAV (Director of T Fazakerley & Sons Ltd trading as Fazakerley Sharpe). |
Fair value at 30 September 2024 is represented by: |
£ |
Valuation in 2024 | 1,293,500 |
Valuation in 2019 | 487,244 |
Valuation in 2014 | (44,437 | ) |
Valuation in 2010 | 887,985 |
Cost | 3,849,208 |
6,473,500 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors and prepayments |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Trade creditors |
Corporation tax |
Social security and other taxes |
Directors' loan accounts | 389 | 1,596 |
Accruals and deferred income |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 14) |
Amount due to parent undertaking | 89,821 | 89,821 |
Amount due to subsidiary undertaking | 54,316 | 54,316 |
14. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
PEMBERTON CARAVANS LIMITED (REGISTERED NUMBER: 00549681) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2024 |
14. | LOANS - continued |
2024 | 2023 |
£ | £ |
Amounts falling due between one and two years: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | - | 142,965 |
The bank loan facility is renewed monthly under the terms of the loan agreement, with interest charged at 1.95% above LIBOR each month. The facility expires in December 2029. |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The bank loans are secured by way of a fixed charge against specific investment property. |
16. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Capital gains | 532,735 | 209,360 |
Deferred |
tax |
£ |
Balance at 1 October 2023 |
Provided during year |
Balance at 30 September 2024 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 300,000 | 300,000 |
PEMBERTON CARAVANS LIMITED (REGISTERED NUMBER: 00549681) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2024 |
18. | RESERVES |
Non |
distributable |
profit |
Retained | and loss |
earnings | account | Totals |
£ | £ | £ |
At 1 October 2023 | 4,054,101 |
Profit for the year | - |
Dividends | ( |
) | - | ( |
) |
Transfer between reserves | (970,125 | ) | 970,125 | - |
At 30 September 2024 | 5,122,375 |
Non distributable profit and loss relates to the revaluation amount of investment properties. |
19. | ULTIMATE PARENT COMPANY |
The company is a wholly owned subsidiary of Kermandine Limited, a company registered in England & Wales. The company registered office is 11 Birchley Ave, Birchley, Billinge, Lancashire WN5 7QW. |
20. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard a applicable in the UK and Republic Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Additional related party transactions are detailed below:- |
Property rental income of £539,234 (2023: £537,915) was receivable from a subsidiary undertaking, under an operating lease. At the year end an amount of £161,713 (2023 - £161,384) remained outstanding. |
A management charge of £144,000 (2023: £255,000) was charged to a subsidiary undertaking, in respect of management services.At the year end an amount of £12,000 (2023 - £126,666) remained outstanding. |
A management charge of £120,000 (2023: £234,000) was charged by a shareholder in the parent company. |
Dividend income of £1,513,734 (2023: £681,180) was received from a subsidiary undertaking. |
21. | POST BALANCE SHEET EVENTS |
Following the year end a dividend of £1,992,200 has been voted. |
22. | ULTIMATE CONTROLLING PARTY |
Mr K D McAdam and Alphacrete International Limited each own 50% of the share capital of the parent company suggesting joint control. However, practically Mr K D McAdam is responsible for the day to day operating decisions of the company and is therefore the ultimate controlling party. |