REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 November 2024 |
for |
Torksey Caravans Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 November 2024 |
for |
Torksey Caravans Limited |
Torksey Caravans Limited (Registered number: 04344713) |
Contents of the Financial Statements |
for the Year Ended 30 November 2024 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Torksey Caravans Limited |
Company Information |
for the Year Ended 30 November 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Newland House |
The Point |
Weaver Road |
LINCOLN |
Lincolnshire |
LN6 3QN |
BANKERS: |
221 High Street |
LINCOLN |
Lincolnshire |
LN1 1TS |
Torksey Caravans Limited (Registered number: 04344713) |
Abridged Statement of Financial Position |
30 November 2024 |
30/11/24 | 30/11/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Torksey Caravans Limited (Registered number: 04344713) |
Abridged Statement of Financial Position - continued |
30 November 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Torksey Caravans Limited (Registered number: 04344713) |
Notes to the Financial Statements |
for the Year Ended 30 November 2024 |
1. | STATUTORY INFORMATION |
Torksey Caravans Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is represented by the net invoiced sales of caravans and camping accessories, excluding any value added tax, and net invoiced rental income from caravan sites. |
Deferred Income |
Rents received are recognised in the calendar year to which they relate. Rents received in advance are shown under creditors. |
Tangible fixed assets |
Short leasehold | - |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
The cost of work in progress and finished goods includes all production overheads and depreciation and the attributable proportion of indirect overheads based on the normal level of activity. |
Stocks held on consignment are recognised in the balance sheet at the lower of cost and net realisable value to the extent that the company has a right to the asset and a corresponding liability to pay for. |
Torksey Caravans Limited (Registered number: 04344713) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows: |
Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. |
Cash at bank is classified as a basic financial instrument and is measured at transaction price. |
Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest. |
Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Operating leases |
Rentals paid under operating leases are charged to the profit and loss account as incurred. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Torksey Caravans Limited (Registered number: 04344713) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 December 2023 |
Additions |
Disposals | ( |
) |
At 30 November 2024 |
DEPRECIATION |
At 1 December 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 November 2024 |
NET BOOK VALUE |
At 30 November 2024 |
At 30 November 2023 |
5. | SECURED DEBTS |
The following secured debts are included within creditors: |
30/11/24 | 30/11/23 |
£ | £ |
Consignment stock | 1,004,026 | 743,324 |
Secured debts relate to consignment stock which are all secured on the assets to which the agreements relate. |
Torksey Caravans Limited (Registered number: 04344713) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2024 |
6. | RELATED PARTY DISCLOSURES |
Torksey Caravans Limited is wholly owned by PKS (UK) Limited which is part of Mrs J Parkes estate. Mr A Parkes, Mrs C Porter and Mr J Ogden are directors of both companies with Mrs J Parkes ceasing as a director. |
During the year a rental charge for the caravan sites, administration buildings, workshops and showrooms has been made by PKS (UK) Limited to Torksey Caravans Limited of £325,000 (2023 - £325,000) which is considered by the directors to be equivalent to the market rate. |
During the year a management charge was made by Torksey Caravans Limited to PKS (UK) Limited of £44,297 (2023 - £48,447), representing a proportion of wages and administration costs to cover expenditure incurred in managing the properties held by PKS (UK) Limited. |
As at 30 November 2024 there is an amount of £44,297 (2023 - £48,447) repayable from PKS (UK) Limited. |