Registered number: 03978237
AUDITED
ANNUAL REPORT
AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2024 |
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
The directors present their Strategic Report together with the audited financial statements for the year ended 31 August 2024.
The Company’s principal activity is the manufacture and retailing of motor homes and caravans.
The Company 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 Company meets its own working capital requirements through its own resources. In addition the Company 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 The Directors have no reason to believe the extent of which will be withdrawn or removed.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 company's products and stock financing. The Company’s projections and forecasts show that it should be able to operate within its own resources for the foreseeable future. For 2024 the Company has acquired Group stock 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.
The Company's operations expose it to a variety of risks. The Directors have examined the major risks to the Company and concluded that the main risks are the cost of living crisis, credit related, supplies of chassis and the realisable value of stock.
The Company has implemented policies that require appropriate credit checks on customers or full payment before delivery. Supplies of chassis are sourced through Stellantis and Mercedes-Benz. The Company has little influence over those factories and supplies are sometimes unreliable. To help reduce this risk the Company continues to use three different manufactures for its supplies. The realisable value of stock is determined by the market place. The Company constantly monitors market pricing for adverse trends and takes timely and appropriate action to mitigate any effect of adverse movements in market pricing.
In the opinion of the Directors, the key performance indicators of the Company are turnover, operating profit and net cash position. Turnover was £131,001,685 (2023 - £124,226,052). Operating profit was at £7,331,354 (2023 - £9,170,773) and the net cash position was £4,471,612 (2023 - £14,071,641).
There are no other key performance indicators.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
In their discussions and decision making during the year ended 31 August 2024, the Directors of the Company have acted in the way that they consider, in good faith, would be most likely to promote the success of the Company 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 Company 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 Company’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 Company’s long term success. In addition, the Board had particular regard to the long term success of the Company in its discussions on the evolution of the Company’s purpose and strategic framework. b. The impact of the Company’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 Company’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 Company’s tax strategy and Modern Slavery Statement can be found on our website.
This report was approved by the board and signed on its behalf.
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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.
The Directors are responsible for preparing the Strategic Report, the Directors' Report 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 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 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 for the Company'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 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 to 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.
The profit for the year, after taxation, amounted to £5,387,709 (2023 - £7,567,450).
The directors did not declare any dividends for the year (2023 - £20,000,000).
The Directors who served during the year were:
The Company holds financial instruments to finance its operations, being trade debtors and trade creditors arising directly from the Company's operations. Operations and working capital are funded principally out of retained profits.
All employees are eligible and encouraged to join the auto enrolment pension scheme. Company contributions amounted to £600,373 in the year (2023 - £494,201).
During the year the policy of providing employees with the information about the Company has continued through the use of internal memos and bulletins. Regular communication occurs between management and employees to allow free flow of information and ideas.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
The Directors of the Company have, and continue to have, regard for the need to foster the Company's business relationships with suppliers, customers and other stakeholders.
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.
The review of the business, key performance indicators, risk managment, engagement with customers/suppliers 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.
There have been no significant events affecting the Company since the year end.
The auditors, Wellden Turnbull Limited, will 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUTO-SLEEPERS GROUP LIMITED
We have audited the financial statements of Auto-Sleepers Group Limited (the 'Company') for the year ended 31 August 2024, which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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).
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 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.
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.
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 Report. 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. 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUTO-SLEEPERS GROUP LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUTO-SLEEPERS GROUP LIMITED (CONTINUED)
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 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 Company 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 Company's operations and reputation. The Companies Act 2006, employment, 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 warranty 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.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUTO-SLEEPERS GROUP LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements (continued)
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.
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 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Albany House
Claremont Lane
Surrey
KT10 9FQ
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BALANCE SHEET
AS AT 31 AUGUST 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 29 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Auto-Sleepers Group Limited is a private company, limited by shares and incorporated in England & Wales registration number 03978237. The registered office is Orchard Works, Willersey, Broadway, Worcestershire, WR12 7QF.
2.Accounting policies
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Auto-Sleepers Investments Limited as at 31 August 2024 and these financial statements may be obtained from Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis as the Directors believe that the Company 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 busines. In doing so the Directors have considered the Company's business model and availability of cash resources. The Company principally generates income from the sale of motor homes and caravans. Current market demand and the Company'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 statments on a going concern basis.
Functional and presentation currency
Transactions and balances
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
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:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
At each reporting date the Company 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 Company 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 Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss 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.
Depreciation is provided on the following basis:
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 Statement of Comprehensive Income.
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. Where the nature of the agreement with the supplier confers the benefit and associated risk of ownership to the company 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
an annual general meeting. 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 Company 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 Company 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. Goodwill 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
The whole of the turnover is attributable to the principal activity of the company.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Share premium account
Revaluation reserve
Profit and loss account
The Company 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 contributions accrued at the year end (2023 - £65,433).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
The Company's immediate parent company is
The smallest group in which the results of the Company are consolidated is that headed by At the year end, the ultimate controlling party was
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