Caseware UK (AP4) 2023.0.135 2023.0.135 2024-08-312024-08-312024-08-3102023-09-015falseManufacture and retailing of motor homes and caravans5falsefalsefalse 06874019 2024-08-31 06874019 2023-09-01 2024-08-31 06874019 2022-09-01 2023-08-31 06874019 2023-08-31 06874019 2022-09-01 06874019 c:CompanySecretary1 2023-09-01 2024-08-31 06874019 c:Director1 2023-09-01 2024-08-31 06874019 c:Director2 2023-09-01 2024-08-31 06874019 c:Director3 2023-09-01 2024-08-31 06874019 c:Director5 2023-09-01 2024-08-31 06874019 c:Director6 2023-09-01 2024-08-31 06874019 c:RegisteredOffice 2023-09-01 2024-08-31 06874019 d:Buildings 2023-09-01 2024-08-31 06874019 d:Buildings d:LongLeaseholdAssets 2023-09-01 2024-08-31 06874019 d:PlantMachinery 2023-09-01 2024-08-31 06874019 d:MotorVehicles 2023-09-01 2024-08-31 06874019 d:FurnitureFittings 2023-09-01 2024-08-31 06874019 d:PatentsTrademarksLicencesConcessionsSimilar 2023-09-01 2024-08-31 06874019 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-01 2024-08-31 06874019 d:Goodwill 2023-09-01 2024-08-31 06874019 d:CurrentFinancialInstruments 2024-08-31 06874019 d:CurrentFinancialInstruments 2023-08-31 06874019 d:ShareCapital 2024-08-31 06874019 d:ShareCapital 2023-08-31 06874019 d:ShareCapital 2022-09-01 06874019 d:RevaluationReserve 2023-09-01 2024-08-31 06874019 d:RetainedEarningsAccumulatedLosses 2023-09-01 2024-08-31 06874019 d:RetainedEarningsAccumulatedLosses 2024-08-31 06874019 d:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 06874019 d:RetainedEarningsAccumulatedLosses 2023-08-31 06874019 d:RetainedEarningsAccumulatedLosses 2022-09-01 06874019 c:OrdinaryShareClass1 2023-09-01 2024-08-31 06874019 c:OrdinaryShareClass1 2024-08-31 06874019 c:OrdinaryShareClass1 2023-08-31 06874019 c:OrdinaryShareClass2 2023-09-01 2024-08-31 06874019 c:OrdinaryShareClass2 2024-08-31 06874019 c:OrdinaryShareClass2 2023-08-31 06874019 c:FRS102 2023-09-01 2024-08-31 06874019 c:Audited 2023-09-01 2024-08-31 06874019 c:FullAccounts 2023-09-01 2024-08-31 06874019 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 06874019 d:Subsidiary1 2023-09-01 2024-08-31 06874019 d:Subsidiary1 1 2023-09-01 2024-08-31 06874019 d:Subsidiary2 2023-09-01 2024-08-31 06874019 d:Subsidiary2 1 2023-09-01 2024-08-31 06874019 d:Subsidiary3 2023-09-01 2024-08-31 06874019 d:Subsidiary3 1 2023-09-01 2024-08-31 06874019 d:Subsidiary4 2023-09-01 2024-08-31 06874019 d:Subsidiary4 1 2023-09-01 2024-08-31 06874019 d:Subsidiary5 2023-09-01 2024-08-31 06874019 d:Subsidiary5 1 2023-09-01 2024-08-31 06874019 d:Subsidiary6 2023-09-01 2024-08-31 06874019 d:Subsidiary6 1 2023-09-01 2024-08-31 06874019 d:Subsidiary7 2023-09-01 2024-08-31 06874019 d:Subsidiary7 1 2023-09-01 2024-08-31 06874019 d:Subsidiary8 2023-09-01 2024-08-31 06874019 d:Subsidiary8 1 2023-09-01 2024-08-31 06874019 d:Subsidiary9 2023-09-01 2024-08-31 06874019 d:Subsidiary9 1 2023-09-01 2024-08-31 06874019 d:Subsidiary10 2023-09-01 2024-08-31 06874019 d:Subsidiary10 1 2023-09-01 2024-08-31 06874019 c:Consolidated 2024-08-31 06874019 c:ConsolidatedGroupCompanyAccounts 2023-09-01 2024-08-31 06874019 2 2023-09-01 2024-08-31 06874019 6 2023-09-01 2024-08-31 06874019 7 2023-09-01 2024-08-31 06874019 e:PoundSterling 2023-09-01 2024-08-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 06874019










AUTO-SLEEPERS INVESTMENTS LIMITED

AUDITED
ANNUAL REPORT AND
FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 AUGUST 2024
 






 



 






 
AUTO-SLEEPERS INVESTMENTS LIMITED
 

COMPANY INFORMATION


Directors
Mr G Scott 
Mr M D Crouch 
Mr F M Feuillet 
Mr M Freiche 
Mr S B Gigou 




Company secretary
Mr G Scott



Registered number
06874019



Registered office
Orchard Works
Willersey

Broadway

Worcestershire

WR12 7QF




Independent auditors
Wellden Turnbull Limited
Chartered Accountants & Statutory Auditors

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ





 
AUTO-SLEEPERS INVESTMENTS LIMITED
 

CONTENTS



Page
Group strategic report
 
 
1 - 3
Directors' report
 
 
4 - 6
Independent auditors' report
 
 
7 - 10
Consolidated statement of comprehensive income
 
 
11
Consolidated balance sheet
 
 
12
Company balance sheet
 
 
13
Consolidated statement of changes in equity
 
 
14
Company statement of changes in equity
 
 
14
Consolidated statement of cash flows
 
 
15
Notes to the financial statements
 
 
16 - 37


 
AUTO-SLEEPERS INVESTMENTS LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

Introduction
 
The directors present their strategic report together with the audited financial statements for the year ended 31 August 2024.

Principal activities, review of business and future developments
 
The Group’s principal activity is the manufacture and retailing of motor homes and caravans.
The Group is a recognised converter for Stellantis and Mercedes Benz UK.
Our businesses have been impacted by the unhelpful macroeconomic environment during the year, despite this the new motorhome market remains stable. Encouragingly new registrations for 2024 were 35% higher than 2023 (source the National Caravan Council).
The Group meets its own working capital requirements through its own resources. In addition the Group is reliant on certain finance introduction providers for retail stock financing of new vehicles. The Directors have no reason to believe the extent of which will be withdrawn or removed.  The current economic climate creates uncertainty over the level of demand for the Group's products and stock financing. The Group’s projections and forecasts show that it should be able to operate within its own resources for the foreseeable future. For 2024 the Group has acquired stock from fellow subsidiaries which has been funded through loans from the parent company. 
Early in December 2023 one of our retail outlets burnt to the ground. This has impacted turnover in 2024. It is the Board's intention to rebuild the site over the medium term.

Principal risks and uncertainties
 
The Group's operations expose it to a variety of risks. The Directors have examined the major risks to the Group and concluded that the main risks are the cost of living crisis, credit related, supplies of chassis and the realisable value of stock.
The Group has implemented policies that require appropriate credit checks on customers or full payment before delivery.
Supplies of chassis are sourced through Stellantis, Mercedes Benz and Fiat. The Group has little influence over those factories and supplies are sometimes unreliable. To help reduce this risk the Group continues to use three different manufactures for its supplies.
The realisable value of stock is determined by the market place. The Group constantly monitors market pricing for adverse trends and takes timely and appropriate action to mitigate any effect of adverse movements in market pricing.

Financial key performance indicators
 
In the opinion of the Directors, the key performance indicators of the Group are turnover, operating profit and net cash position. Turnover was £131,001,685 (2023 - £124,226,052).  Operating profit was at £7,448,314 (2023 -£9,287,646) and the net cash position was £4,524,932 (2023 - £14,330,788).

Other key performance indicators
 
There are no other key performance indicators.

Page 1

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Directors' statement of compliance with duty to promote the success of the Group
 
In their discussions and decision making during the year ended 31 August 2024, the Directors of the Group have acted in the way that they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole (having regard to stakeholders and the matters set out in subsections 172(1)(a f) of the Companies Act 2006 (the 2006 Act). 
During the year, the Board considered information from across the organisation to help it understand the interests of our key stakeholders and other relevant factors when making decisions. As is normal for large companies, we delegate authority for day to day management of the Group to executives and then engage management in setting, approving and overseeing the execution of the strategy and related policies. Information is distributed to the Board in a range of different formats. During the year, the Board reviewed a range of matters including the group’s financial and operational performance. The Board received reports on these matters which were then reviewed, discussed and approved, as necessary. 
The Board considers the matters set out in section 172 of the 2006 Act in all its discussions and decision making. 
That includes: 
a. The likely consequence of any decision in the long term. The Directors recognise that the decisions they make today will affect the Group’s long term success. In addition, the Board had particular regard to the long term success of the Group in its discussions on the evolution of the Group's purpose and strategic framework. 
b. The impact of the Group’s operations on the community and environment. 
c. The desirability of maintaining a reputation for high standards of business conduct. The Board is responsible for setting and monitoring the culture, values, and reputation of the Company. Our colleagues are central to achieving our ambition, and we are building a culture where they can be their best. During the year, the Board considered the Company’s culture in its decision-making and discussions. We have set out our commitment to upholding high standards of business conduct.
d. The interests of our colleagues and the need to foster business relationships with our key stakeholders. The Board understand the strategic importance of stakeholders to the Group’s business. When making decisions, the Directors have regard to the interests of colleagues, and the need to foster business relationships with other key stakeholders. We acknowledge that not every decision we make will necessarily result in a positive outcome for all our stakeholders and the Board therefore has to balance competing interests in reaching its decisions. stakeholder interests and section 172 duties have been considered in reaching certain key strategic decisions taken by the Board.
Details of the Group’s tax strategy and Modern Slavery Statement can be found on our website.
During the financial year the Group’s energy usage across all of its’ retail sites and workshops totalled
1,322,313 kWh (2023 - 1,553,460 kWh) of energy consumed from the purchase of electricity and 966,052 kWh (2023 – 828,113 kWh) of energy consumed from the combustion of natural gas resulting in a total energy consumption of 2,288,365 kWh (2023 – 2,381,574 kWh). This equates to 930 (2023 – 926) tonnes of carbon dioxide equivalents. Energy consumption has been determined based on meter readings and estimates.
Emissions have been calculated using a carbon calculator based upon July 2024 recommended conversion factors from the Department of Environment, Food and Rural Affairs.

Key ratios used by the Group in assessing its energy efficiency in the financial year ended 31 August 2024 include:
Average energy consumption per site – 134,610 (2023 - 140,093) kWh per site
Average energy consumption per employee – 5,913 (2023 – 5,837) kWh per employee 

 
Page 2

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

The Group continually reviews its energy usage and consumption and is focused on energy efficiency at all of its sites and manufacturing operations. Ongoing initiatives include the installation of energy efficient lighting at all sites and energy efficient machinery in the Group’s manufacturing activity.
The Group used 157,139 litres (2023 - 161,985 litres) of fuel which is the equivalent of 395 (2023 - 407) tonnes of carbon dioxide equivalents.
The Group used 28,360kg (2023 – 15,571kg) of propane gas which is the equivalent of 85 (2023 - 47) tonnes of carbon dioxide equivalents.
This report was approved by the board and signed on its behalf.





................................................
Mr G Scott
Director

Date: 23 April 2025

Page 3

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The Directors present their report and the financial statements for the year ended 31 August 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 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 for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £5,464,673 (2023 - £7,658,323).

During the year there were no dividends paid (2023 - £20,000,000) on the Company 'A' ordinary shares. The Directors do not recommend a final dividend.
No interim dividends were paid during the year (2023 - £Nil) on the Company 'B' ordinary shares. The Directors do not recommend a final dividend.

Directors

The Directors who served during the year were:

Mr G Scott 
Mr M D Crouch 
Mr F M Feuillet 
Mr M Freiche 
Mr S B Gigou 

Financial instruments

The Group holds financial instruments to finance its operations, being trade debtors and trade creditors arising directly from the Group's operations. Operations and working capital are funded principally out of retained profits.

Page 4

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 

DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Engagement with employees

All employees are eligible and encouraged to join the auto enrolment pension scheme. Group contributions amounted to £600,373 in the year (2023 - £494,201).
During the year the policy of providing employees with information about the Group has continued through the use of internal memos and bulletins. Regular communication occurs between management and employees to allow the free flow of information and ideas.

Engagement with suppliers, customers and others

The Directors of the Group have, and continue to have, regard for the need to foster the Group's business relationships with suppliers, customers and other stakeholders.

Disabled employees

It has been the policy of the Group throughout the year to encourage the employment and development of suitable disabled persons.
No unnecessary limitations are placed on the type of work which disabled persons can perform and the policy ensures that in appropriate cases, consideration is given to modifications to equipment or premises and to adjustments of working practices.
The policies provide that full and fair consideration will be given to disabled applicants for employment and that existing employees who become disabled will have the opportunity to retrain and continue employment.

Qualifying third party indemnity provisions

The Group has in place qualifying third party indemnity provisions for all the Directors of Auto-Sleepers Group Limited.

Matters covered in the Group strategic report

The review of the business, key performance indicators and the principal risks and uncertainties are not shown in the directors report as they are shown in the strategic report in accordance with S414C (11) of the Companies Act 2006.

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Page 5

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 

DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024


Auditors

The auditorsWellden Turnbull Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 


................................................
Mr G Scott
Director

Date: 23 April 2025

Page 6

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUTO-SLEEPERS INVESTMENTS LIMITED
 

Opinion


We have audited the financial statements of Auto-Sleepers Investments Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 August 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 August 2024 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 United Kingdom, including the Financial Reporting Council'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 or 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.


Page 7

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUTO-SLEEPERS INVESTMENTS LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report 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 Directors' report.


We have nothing to report in respect of the following matters in relation to which 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.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, 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 is 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.


Page 8

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUTO-SLEEPERS INVESTMENTS LIMITED (CONTINUED)

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 an Auditors' report 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 Group financial statements.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the Group operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Group's operations and reputation. The Companies Act 2006, employment legislation, fire, building,  health and safety legislation and data protection are those we have identified in this regard. Auditing standards limit the required procedures as to non-compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence. 

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
Enquiry of management and those charged with governance as to actual and potential litigation and claims;
 
Enquiry of management and those charged with governance to identify any instances of non-compliance
with laws and regulations;
 
Assessing the reasonableness of revenue recognised in the period based on underlying contractual terms and obligations and the requirements of accounting standards, ensuring that sales are recorded in the correct period;
 
Assessing the reasonableness of stock provisions by testing the recoverability of the material stock balances at the year end;
 
Performing audit work on the reasonableness of warranty provisions in the context of current warrant policies and actual warranty costs incurred during the year;
 
Performing audit work on the reasonableness of goodwill recognised, assessing the basis for the recognition of goodwill and the associated life in accordance with regulatory rules, and assessing goodwill for indicators of impairment;
 
Performing audit work over the risk of management override of controls, including testing of journal entries
and other adjustments for appropriateness, evaluating the business rationale of significant transactions
outside the normal course of business, and reviewing accounting estimates for bias; and
 
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
with applicable laws and regulations.









Page 9

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUTO-SLEEPERS INVESTMENTS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements (continued)


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 Auditors' report.


Use of our report
 

This report is made solely to the Company's shareholders, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's shareholders those matters we are required to state to them in an Auditors' report 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 shareholders, as a body, for our audit work, for this report, or for the opinions we have formed.





Mark Nelligan FCA (Senior statutory auditor)
  
for and on behalf of
Wellden Turnbull Limited
 
Chartered Accountants
Statutory Auditors
  
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ

23 April 2025
Page 10

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
Note
£
£

  

Turnover
 4 
131,001,685
124,226,052

Cost of sales
  
(107,162,918)
(98,684,812)

Gross profit
  
23,838,767
25,541,240

Administrative expenses
  
(16,735,046)
(16,253,594)

Other operating income
 5 
334,593
-

Operating profit
 6 
7,438,314
9,287,646

Interest receivable and similar income
 10 
95,422
483,383

Interest payable and similar expenses
 11 
(167,577)
2,357

Profit before taxation
  
7,366,159
9,773,386

Tax on profit
 12 
(1,901,486)
(2,115,063)

Profit for the financial year
  
5,464,673
7,658,323

  

Profit for the year attributable to:
  

Owners of the parent Company
  
5,464,673
7,658,323

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

The notes on pages 16 to 37 form part of these financial statements.

Page 11

 
AUTO-SLEEPERS INVESTMENTS LIMITED
REGISTERED NUMBER:06874019

CONSOLIDATED BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
                                                                   Note
£
£

Fixed assets
  

Goodwill
 14 
1,114,315
1,200,033

Negative goodwill
 14 
(596,174)
(623,851)

  
518,141
576,182

  

Tangible fixed assets
 15 
11,890,298
9,867,770

  
12,408,439
10,443,952

Current assets
  

Stocks
 17 
67,619,312
34,929,685

Debtors
 18 
8,103,691
4,668,323

Cash at bank and in hand
 19 
4,524,932
14,330,788

  
80,247,935
53,928,796

Current liabilities
  

Creditors: amounts falling due within one year
 20 
(44,381,218)
(21,588,759)

Net current assets
  
 
 
35,866,717
 
 
32,340,037

Total assets less current liabilities
  
48,275,156
42,783,989

Provisions for liabilities
  

Deferred taxation
 22 
(9,184)
(5,528)

Other provisions
 23 
(1,015,204)
(992,366)

  
 
 
(1,024,388)
 
 
(997,894)

Net assets
  
47,250,768
41,786,095


Capital and reserves
  

Called up share capital 
 24 
250
250

Revaluation reserve
 25 
97,667
97,667

Profit and loss account
 25 
47,152,851
41,688,178

Shareholders' funds
  
47,250,768
41,786,095


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

................................................
Mr G Scott
Director

Date: 23 April 2025

The notes on pages 16 to 37 form part of these financial statements.

Page 12

 
AUTO-SLEEPERS INVESTMENTS LIMITED
REGISTERED NUMBER:06874019

COMPANY BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
                                                                        Note
£
£

  

Investments
 16 
-
-

Current assets
  

Debtors
 18 
250
250

Net current assets
  
 
 
250
 
 
250

  

  

Net assets
  
250
250


Capital and reserves
  

Called up share capital 
 24 
250
250

Profit for the year
  
-
20,000,000

Other changes in the profit and loss account

  

-
(20,000,000)

Profit and loss account carried forward
  
-
-

Shareholders' funds
  
250
250


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
Mr G Scott
Director

Date: 23 April 2025

The notes on pages 16 to 37 form part of these financial statements.

Page 13

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 September 2022
250
97,667
54,029,855
54,127,772



Profit for the year
-
-
7,658,323
7,658,323


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(20,000,000)
(20,000,000)



At 31 August 2023
250
97,667
41,688,178
41,786,095



Profit for the year
-
-
5,464,673
5,464,673


At 31 August 2024
250
97,667
47,152,851
47,250,768



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 September 2022
250
-
250


Comprehensive income for the year

Profit for the year
-
20,000,000
20,000,000


Contributions by and distributions to owners

Dividends: Equity capital
-
(20,000,000)
(20,000,000)



At 31 August 2023
250
-
250



Profit for the year
-
-
-


At 31 August 2024
250
-
250


Page 14

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
5,464,673
7,658,323

Adjustments for:

Amortisation of intangible assets
58,041
58,041

Depreciation of tangible assets
416,525
333,381

Loss on disposal of tangible assets
181
-

Interest payable
166,406
(2,357)

Interest receivable
(94,251)
(483,383)

Taxation charge
1,901,486
2,115,063

(Increase) in stocks
(32,689,627)
(18,254,696)

(Increase) in debtors
(3,474,595)
(1,580,106)

Increase in creditors
6,588,756
2,614,134

Increase in provisions
22,838
-

Corporation tax (paid)
(1,735,473)
(1,268,183)

Net cash generated from operating activities

(23,375,040)
(8,809,783)


Cash flows from investing activities

Purchase of tangible fixed assets
(2,478,463)
(604,799)

Sale of tangible fixed assets
43,870
15,307

Interest received
67,893
483,383

Net cash from investing activities

(2,366,700)
(106,109)

Cash flows from financing activities

New loans from group companies
15,999,972
21,933,023

Loans from group companies repaid
-
(13,600,000)

Dividends paid
-
(20,000,000)

Interest paid
(64,088)
2,357

Net cash used in financing activities
15,935,884
(11,664,620)

Net (decrease) in cash and cash equivalents
(9,805,856)
(20,580,512)

Cash and cash equivalents at beginning of year
14,330,788
34,911,300

Cash and cash equivalents at the end of year
4,524,932
14,330,788


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,524,932
14,330,788


The notes on pages 16 to 37 form part of these financial statements.

Page 15

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Auto-Sleepers Investments Limited is a private Company, limited by shares and incorporated in England & Wales, registration number  06874019. The registered office is Orchard Works, Willersey, Broadway, Worcestershire, WR12 7QF. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standard

The accounts have been prepared in accordance with the provisions of FRS102. There have been no material deviations from the standard. 

  
2.3

Parent company disclosure exemptions

In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemptions available in FRS 102:

Only one reconciliation of the number of shares outstanding at the beginning and end of the period has been presented as the reconciliation's for the Group and the parent company would be identical;
No cash flow statement has been presented for the parent company;
Disclosures in respect of the parent company's financial instruments have not been presented as equivalent disclosures have been provided in respect of the Group as a whole; and
No disclosure has been given for the aggregate remuneration of the key management personnel of the parent company as their remuneration is included in the totals for the Group as a whole.

Page 16

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.4

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 September 2014.

 
2.5

Going concern

The financial statements have been prepared on a going concern basis as the Directors believe that the Group will continue to meet its liabilities as they fall due for a period of at least 12 months from the date of the approval of these financial statements.  In assessing the appropriateness of the going concern basis of preparation the Directors have taken into account the key risks of the business. In doing so the Directors have considered the Group's business model and availability of cash resources. The Group principally generates income from the sale of motor homes and caravans. Current market demand and the Group's order book remains strong, supporting forward forecasts. Although sales may fluctuate given current market uncertainty, the Company is well positioned with good cash reserves at the year end date to allow it to meet operational needs for the foreseeable future. The directors further site the support of the Company’s parent, should it be required, and that amounts owed to the parent would not be called to the detriment of the Company. The directors therefore consider it appropriate to prepare the financial statements on a going concern basis.

  
2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Revenue represents sales to external customers at invoiced amounts less value added tax and trade discounts on sales.
Sales of motor vehicles, parts and accessories are recognised on the earlier of full payment or delivery to the customer. This is with the exception of those motor vehicles sold with September 2024 registration plates where the revenue cannot legally be recognised until on or after 1 September 2024.
Service sales are recognised on completion of the agreed work.

Page 17

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. Repairs and maintenance are charged to the consolidated statement of comprehensive income during the period in which they are incurred.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Freehold property
-
over 10 - 50 years
Long-term leasehold property
-
over the shorter of the estimated useful life of the asset or the remaining life of the lease
Plant and machinery
-
over 2 - 8  years
Motor vehicles
-
over 4 years
Fixtures and fittings
-
over 3 - 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the consolidated statement of comprehensive income.

The Group accounts for its property, plant and equipment using the cost model. Under previous GAAP, a valuation of certain assets was carried out by Quest Surveyors and Valuers as at 31 August 2014. Under the transitional arrangements of FRS 102 this valuation has been applied as the deemed cost at the revaluation date, subject to annual testing for indicators of impairment.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid.

Page 18

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
The cost of retail stock is based on the cost of purchase on a first in, first out basis. 
Work in progress and manufactured finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the consolidated statement of comprehensive income.

Where the nature of the agreement with the manufacturer confers the benefit and associated risk of ownership to the Group on consignment, such stocks and the corresponding creditor are included on the statement of financial position, although the legal title remains with the supplier until sold.

 
2.10

Foreign currency translation

Functional and presentation currency

The Group's functional and presentational currency is Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income.

 
2.11

Interest income

Interest income is recognised in the consolidated statement of comprehensive income using the effective interest method.

Page 19

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the consolidated statement of comprehensive income over its useful economic life.
Where the fair value of separable net assets exceeds the fair value of the consideration for the acquired undertaking, the difference is treated as negative goodwill and capitalised. The negative goodwill is amortised through the consolidated statement of comprehensive income in the period in which the non-monetary assets are recovered.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Positive goodwill
-
20
years
Negative goodwill (excluding land and buildings)
-
non-monetary utilised
Negative goodwill land and buildings
-
50
years

 
2.13

Research and development costs

Expenditure on research and development is charged to the consolidated statement of comprehensive income in the year in which it is incurred.

 
2.14

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in the consolidated statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 20

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.



 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through the consolidated statement of comprehensive income) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the consolidated statement of comprehensive income. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the consolidated statement of comprehensive income.
 

Page 21

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through the consolidated statement of comprehensive income). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to the consolidated statement of comprehensive income. 

Page 22

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.21

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.22

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the consolidated statement of comprehensive income on a straight-line basis over the lease term.

Where the Group has a legal obligation, a dilapidation's provision is created on inception of a lease. These provisions are a best estimate of the cost required to return leased properties to their original condition upon termination of the lease. Where the obligation arises from 'wear and tear', the provision is accrued as the 'wear and tear' occurs.

 
2.23

Finance costs

Finance costs are charged to the consolidated statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.24

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the consolidated statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 23

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have made the following judgements, estimates and assumptions that effect the application of policies and reported amounts of assets, liabilities, income and  expenses.
The estimates and associated assumptions are based on historic experiences and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities. Actual results may differ from these estimates. The judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are:

Stock provisions
The Group has recognised provisions for impairment of stock. The judgements, estimates and associated assumptions necessary to calculate these provisions are based on historical experience and other reasonable factors.

Warranty provisions 
The Group has recognised a three year warranty provision for motor home sales. The judgements, estimates and associated assumptions necessary to calculate these provisions are based on historical experience and industry factors.

Other key sources of estimation uncertainty
 
Goodwill
Positive goodwill is carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is calculated by applying the straight-line method to its estimated useful life, which in the case of positive goodwill is 20 years.
Negative goodwill associated with land and buildings is carried at cost less accumulated amortisation and accumulated impairment losses. Goodwill amortisation is calculated by applying the straight-line method to its estimated useful life, which in the case of negative goodwill is 50 years.
Estimates of the useful economic life of goodwill are based on a variety of factors such as the expected use of the acquired business, the expected useful life of the cash generating units to which the goodwill is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the Group. The Company has no turnover.


2024
2023
£
£



United Kingdom
126,747,005
118,674,551

Non-United Kingdom
4,254,680
5,551,501

131,001,685
124,226,052

Page 24

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Other operating income

2024
2023
£
£

Insurance claims receivable
334,593
-



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Research & development charged as an expense
394,868
345,557

Amortisation of goodwill
58,041
58,041

Depreciation of tangible fixed assets
416,525
333,381

Other operating lease rentals
(660,358)
812,410

Exchange differences
(99,444)
(9,279)


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
35,289
32,169

Fees payable to the Group's auditor and its associates in respect of:

Audit-related assurance services
7,000
-

Taxation compliance services
2,650
2,621

All other services
15,640
5,360

Page 25

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

8.


Employees

Staff costs, including Directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
12,652,266
12,631,059
-
-

Social security costs
1,351,113
1,301,213
-
-

Cost of defined contribution scheme
600,373
494,201
-
-

14,603,752
14,426,473
-
-


The average monthly number of employees, including the Directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Sales and administration
256
280
5
5



Manufacturing
134
131
-
-

390
411
5
5


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
542,205
528,922

Directors' pension costs
50,000
31,333

592,205
560,255


During the year retirement benefits were accruing to 1 Director (2023 - 1) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £288,399 (2023 - £291,633).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £50,000 (2023 - £31,333).

Page 26

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

10.


Interest receivable and similar income

2024
2023
£
£


Interest receivable from group companies
1,171
66,976

Other interest receivable
94,251
416,407

95,422
483,383


11.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
27,118
(2,357)

Loans from group undertakings
140,459
-

167,577
(2,357)


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,901,486
2,069,671

Adjustments in respect of previous periods
-
45,392



Taxation on profit on ordinary activities
1,901,486
2,115,063
Page 27

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the effective rate of corporation tax in the UK of 25% (2023 - 21.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
7,366,159
9,773,386


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21.52%)
1,844,040
2,103,233

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
5,436
4,694

Capital allowances for year in excess of depreciation
25,552
28,813

Amortisation of goodwill
14,511
12,487

Super tax allowance
(3,033)
(15,400)

Adjustments to tax charge in respect of prior periods
-
45,392

Short term timing differences
14,980
(64,251)

Other adjustments
-
95

Total tax charge for the year
1,901,486
2,115,063

There are no changes expected to the future tax rate. 


13.


Dividends

2024
2023
£
£


Dividends paid
-
20,000,000

Page 28

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

14.


Intangible assets

Group and Company





Goodwill
Negative goodwill
Total

£
£
£



Cost


At 1 September 2023
1,714,342
(7,609,754)
(5,895,412)



At 31 August 2024

1,714,342
(7,609,754)
(5,895,412)



Amortisation


At 1 September 2023
514,308
(6,985,902)
(6,471,594)


Charge for the year on owned assets
85,719
(27,678)
58,041



At 31 August 2024

600,027
(7,013,580)
(6,413,553)



Net book value



At 31 August 2024
1,114,315
(596,174)
518,141



At 31 August 2023
1,200,034
(623,852)
576,182



Page 29

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

15.


Tangible fixed assets

Group






Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures, fittings and other fixed assets
Total

£
£
£
£
£
£



Cost or valuation


At 1 September 2023
10,384,604
954,200
3,146,474
88,345
2,567,356
17,140,979


Additions
1,567,450
-
166,139
255,606
489,268
2,478,463


Disposals
-
-
(39,640)
-
(12,721)
(52,361)


Transfers between classes
317,305
-
4,642
-
(317,305)
4,642



At 31 August 2024

12,269,359
954,200
3,277,615
343,951
2,726,598
19,571,723



Depreciation


At 1 September 2023
1,596,164
916,093
2,724,614
88,345
1,947,993
7,273,209


Charge for the year on owned assets
161,806
11,057
108,122
38,936
96,604
416,525


Disposals
-
-
(5,247)
-
(3,063)
(8,310)



At 31 August 2024

1,757,970
927,150
2,827,489
127,281
2,041,534
7,681,424



Net book value



At 31 August 2024
10,511,389
27,050
450,126
216,670
685,064
11,890,299



At 31 August 2023
8,788,440
38,106
421,860
-
619,363
9,867,769

Land amounting to £7,017,450 (2023 - £5,454,000) included in freehold and leasehold property costs is not depreciated.

Page 30

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

16.


Fixed asset investments


Subsidiary undertakings


The Company has an investment of £0.01 being 100% of the issued share capital in Auto-Sleepers
Holdings Limited as at 31 August 2024.


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Auto-Sleepers Holdings Limited
Holding company
Ordinary
100%
Auto-Sleepers Group Limited*
Manufacture and retailing of motor homes
Ordinary
100%
Marquis South Yorkshire Limited*
Dormant
Ordinary
100%
Marquis Motorhomes Limited*
Dormant
Ordinary
100%
South Cross Motor Caravan Centre Limited*
Dormant
Ordinary
100%
Berkshire Motor Caravan Centre Limited*
Dormant
Ordinary
100%
Auto-Sleepers Limited*
Dormant
Ordinary
100%
Surrey Motor Caravan Centre Limited*
Dormant
Ordinary
100%
Michael Jordan Caravans Limited*
Dormant
Ordinary
100%
Martins of Exeter Limited*
Dormant
Ordinary
100%

*Indirect shareholding
The registered office for all subsidiary undertakings is Orchard Works, Willersey, Broadway,
Worcestershire, WR12 7QF.


17.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Raw materials and consumables
1,652,872
1,090,237
-
-

Work in progress
3,103,087
4,226,782
-
-

Finished goods and goods for resale
62,863,353
29,612,666
-
-

67,619,312
34,929,685
-
-


Impairment losses relating to damaged or obsolete inventories and included within cost of sales amounted to £210,363 (2023 - £279,524).
The stock impairment provision at the year end amounted to £519,471 (2023 - £353,920).

Page 31

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

18.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
1,417,559
1,130,399
-
-

Amounts owed by group undertakings
-
39,227
-
-

Other debtors
140,943
573,499
250
250

Called up share capital not paid
(2)
2
-
-

Prepayments and accrued income
6,545,191
2,925,196
-
-

8,103,691
4,668,323
250
250



19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
4,524,932
14,330,788
-
-



20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Payments received on account
969,438
1,106,773
-
-

Trade creditors
18,993,134
13,808,715
-
-

Amounts owed to group undertakings
16,036,812
-
-
-

Corporation tax
985,684
819,671
-
-

Other taxation and social security
2,095,687
800,511
-
-

Other creditors
1,180,897
977,799
-
-

Accruals and deferred income
4,119,566
4,075,290
-
-

44,381,218
21,588,759
-
-


Page 32

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

21.


Financial instruments

Group
Group
2024
2023
£
£

Financial assets

Financial assets measured at fair value through profit or loss
-
-

Financial assets that are debt instruments measured at amortised cost
6,083,436
16,073,915

6,083,436
16,073,915


Financial liabilities

Financial liabilities measured at fair value through profit or loss
-
-

Financial liabilities measured at amortised cost
41,309,850
19,968,576

41,309,850
19,968,576


Financial assets that are debt instruments measured at amortised cost comprise bank and cash, trade debtors, other debtors and inter group balances.


Financial liabilities measured at amortised cost comprise payments received on account, trade creditors, other creditors, inter group balances and accruals where the specific liability will be paid.


22.


Deferred taxation


Group



2024
2023


£

£






At 1 September 2023
5,529
5,528


Charged to Statement of Comprehensive Income
3,656
-



At 31 August 2024
9,185
5,528

Page 33

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
22.Deferred taxation (continued)

Company


2024
2023


At 1 September 2023
-
-


Charged to profit or loss
-
-



At 31 August 2024
-
-
The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Fixed asset timing differences
9,185
5,528


23.


Provisions


Group



Product warranties

£





At 1 September 2023
992,366


Charged to Statement of Comprehensive Income
22,838



At 31 August 2024
1,015,204

The provision for product warranties relates to expected warranty claims on products sold in the last three years. It is expected that the majority of this expenditure will be incurred within the next two financial years and that all will be incurred within three years of the Balance Sheet date.


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



25,000 (2023 - 25,000) A Ordinary shares of £0.01 each
250
250
1 (2023 - 1) B Ordinary share of £0.01
-
-

250

250

Voting rights attached to the shareholdings are; 'A' shareholders shall be entitled to such number of votes as equates to 50.01 % of all votes capable of being exercised and the 'B' shareholder shall be entitled to 49.99% of all votes capable of being exercised.


Page 34

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

25.


Reserves

Revaluation reserve

The revaluation reserve represents cumulative gains and losses on the fair value of certain items of property, plant and equipment.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


26.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held
separately from those of the Group in an independently administered fund. The pension charge amounted to £600,373 (2023 - £494,201). There were £54,514 accrued contributions at the year end (2023 - £65,433).


27.


Commitments under operating leases

At 31 August 2024 the Group  had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Land and buildings

Not later than 1 year
339,000
523,500

Later than 1 year and not later than 5 years
511,000
801,500

Later than 5 years
3,614,250
3,705,100

4,464,250
5,030,100
Group
Group
2024
2023
£
£

Other

Not later than 1 year
97,601
10,216

Later than 1 year and not later than 5 years
210,161
674

307,762
10,890

The Company had no commitments under non-cancellable operating leases at the balance sheet date.

Page 35

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

28.

Net debt reconciliation


At 1 September 2023
Cash flows
At 31 August 2024

£
£
£

Cash at bank and in hand
14,330,788
(9,805,856)
4,524,932


29.


Related party transactions

The Group has taken advantage of the exemption conferred by section 33.1A of FRS102 not to disclose transactions with other wholly owned UK subsidiaries within the group because consolidated accounts, including the subsidiary undertakings, are publicly available.

Sales
Purchases
Sales ledger balances
Purchase ledger balances
£
£
£
£

2024
Trigano
-
-
-
-
Auto-trail V.R. Limited *
33,617
7,785,769
191,909
2,084,908
Trigano Servizi S.R.L *
-
80,522
-
24,824
Grove Products (Caravan Accessories) *
-
397,528
-
128,524
Sea Spa *
81,906
20,321,344
16,895
3,735,359
Trigano VDL *
1,813
-
-
-
Trigano Service (Rozoy) *
-
4,057
-
-
Benimar *
55,998
27,015,285
10,212
2,754,106
Perigord VDL *
-
-
(828)
267
Adria Concessionaires *
-
3,229,378
528
2,224
Mediterraneo VDL *
-
1,243,000
-
816,000
Caravanes La Mancelle *
-
101,752
-
-
Riddiough *
-
51,427
-
19,476
173,334
60,230,062
218,716
9,565,688

* Fellow subsidiaries of the Trigano Group.
At the start of the year Trigano Group owed the Group £39,121. During the year, the Group received loans of £15,999,972. Interest payable on loans owed by the Group amounted to £140,459 (2023 - £Nil) and prior to the loans from Trigano ,net interest receivable of £1,171 (2023 - £66,976) was due on the loan to Trigano. Interest is determined based on the Trigano banking overnight deposit rate. The balance owed by the Group to Trigano  at the year end  after an offset reduction of £63,327 was  £16,035,812. 

A number of closely related party family members of key management personnel and directors are employed across the Group. The total remuneration during the year in respect of these employees was £188,840 (2023 - £206,486).
Page 36

 
AUTO-SLEEPERS INVESTMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024


Related party transactions ( continued)

Sales
Purchases
Sales ledger balances
Purchase ledger balances
     £      
     £      
     £      
     £      
2023

Trigano

77,752

10,775

39,121
 
-
 
Auto-trail V.R. Limited

78,197

3,819,603

48,593
 
4,377
 
Trigano Servizi S.R.L

-

80,170

-
 
9,825
 
Grove Products (Caravan Accessories)

-

353,685

-
 
100,674
 
Sea Spa

37,836

14,392,767

6,093
 
894,244
 
Trigano VDL

7,845

-

1,117
 
-
 
Trigano Service (Rozoy)

-

1,810

-
 
-
 
Benimar

46,154

16,910,072

4,213
 
2,080,748
 
Perigord VDL

-

971

-
 
1,095
 
Adria Concessionaries

-

1,474,136

-
 
-
 
Mediterraneo VDL

-

84,280

-
 
-
 
Caravanes La Mancelle

-

534,707

-
 
64,897
 
Riddiough

-

27,098

-
 
7,036
 

247,784

37,690,074

99,137
 
3,162,896
 


30.


Key management personnel

Key management personnel include all directors and a number of senior managers across the Group who together have authority and responsibility for planning, directing and controlling the activities of the Group. The total compensation paid to the key management personnel for the services provided to the Group was £1,589,141 (2023 - £1,538,814).


31.


Ultimate parent undertaking and controlling party

The Group's immediate parent Company is SEA S.p.A, registered in Italy and its ultimate parent Company is Trigano, registered in France.
The smallest group in which the results of the Group are consolidated is that headed by Auto Sleepers Investments Limited, incorporated in England & Wales. The largest group in which the results of the Group are consolidated is that headed by Trigano, incorporated in France. The consolidated accounts of this Company are available to the public  at 100, Rue Petit, Paris 75019.
At the year end, the ultimate controlling party was Mr F M Feuillet, CEO and majority shareholder of Trigano.


Page 37