Caseware UK (AP4) 2023.0.135 2023.0.135 2024-08-31Company 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. 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.2024-08-310truefalsetrue2023-09-01truetrue408falseManufacture and retailing of motor homes and caravans387truefalse 03978237 2023-09-01 2024-08-31 03978237 2022-09-01 2023-08-31 03978237 2024-08-31 03978237 2023-08-31 03978237 2022-09-01 03978237 1 2023-09-01 2024-08-31 03978237 1 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Registered number: 03978237










AUTO-SLEEPERS GROUP LIMITED

AUDITED
ANNUAL REPORT
AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 AUGUST 2024
 






 



 






 
AUTO-SLEEPERS GROUP LIMITED
 

COMPANY INFORMATION


Directors
Mr G Scott 
Mr M D Crouch 




Company secretary
Mr G Scott



Registered number
03978237



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 GROUP LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 2
Directors' Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 8
Profit and Loss Account
 
 
19
Statement of Comprehensive Income
 
 
Balance Sheet
 
 
9
Statement of Changes in Equity
 
 
10
Notes to the Financial Statements
 
 
11 - 29


 
AUTO-SLEEPERS GROUP LIMITED
 

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 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.

Principal risks and uncertainties
 
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.

Financial key performance indicators
 
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). 

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

Page 1

 
AUTO-SLEEPERS GROUP LIMITED
 

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

Directors' statement of compliance with duty to promote the success of the Company
 
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.



Mr G Scott
Director

Date: 14 April 2025

Page 2

 
AUTO-SLEEPERS GROUP 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 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 2006They 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.

Results and dividends

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).

Directors

The Directors who served during the year were:

Mr G Scott 
Mr M D Crouch 

Financial instruments

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.

Engagement with employees

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.

Page 3

 
AUTO-SLEEPERS GROUP LIMITED
 

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

Engagement with suppliers, customers and others

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.

Disabled employees

It has been the policy of the Company 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 Company has in place qualifying third party indemnity provisions for all the Directors of Auto-Sleepers Group Limited.

Matters covered in the Strategic Report

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.

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'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's auditors are aware of that information.

Post balance sheet events

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

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: 14 April 2025

Page 4

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

Opinion


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 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 Company's affairs as at 31 August 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Other information


The 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.


Page 5

 
AUTO-SLEEPERS GROUP LIMITED
 

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

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 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.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of Directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
AUTO-SLEEPERS GROUP LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUTO-SLEEPERS GROUP 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 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.
 


Page 7

 
AUTO-SLEEPERS GROUP LIMITED
 

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.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our 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.





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


14 April 2025
Page 8

 
AUTO-SLEEPERS GROUP LIMITED
REGISTERED NUMBER:03978237
BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Positive goodwill
 14 
1,114,314
1,200,033

Negative goodwill
 14 
(427,706)
(436,666)

  
686,608
763,367

  

Tangible fixed assets
 15 
10,946,614
8,902,338

Fixed asset investments
 16 
13,811,946
13,811,946

  
25,445,168
23,477,651

Current assets
  

Stocks
 17 
67,619,312
34,929,685

Debtors
 18 
8,088,012
4,652,640

Cash at bank and in hand
 19 
4,471,612
14,071,641

  
80,178,936
53,653,966

Current Liabilities
  

Creditors: amounts falling due within one year
 20 
(59,081,572)
(36,003,288)

Net current assets
  
 
 
21,097,364
 
 
17,650,678

Total assets less current liabilities
  
46,542,532
41,128,329

Provisions for liabilities
  

Deferred tax
 21 
(9,185)
(5,529)

Other provisions
 22 
(1,015,204)
(992,366)

  
 
 
(1,024,389)
 
 
(997,895)

Net assets
  
45,518,143
40,130,434


Capital and reserves
  

Called up share capital 
 23 
4,937,100
4,937,100

Share premium account
 24 
893,762
893,762

Revaluation reserve
 24 
409,903
409,903

Profit and loss account
 24 
39,277,378
33,889,669

Shareholders' funds
  
45,518,143
40,130,434


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

Mr G Scott
Director
Date: 14 April 2025

The notes on pages 11 to 29 form part of these financial statements.

Page 9

 
AUTO-SLEEPERS GROUP LIMITED
 

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


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

£
£
£
£
£


At 1 September 2022
4,937,100
893,762
409,903
46,322,219
52,562,984



Profit for the year
-
-
-
7,567,450
7,567,450

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



At 1 September 2023
4,937,100
893,762
409,903
33,889,669
40,130,434



Profit for the year
-
-
-
5,387,709
5,387,709


At 31 August 2024
4,937,100
893,762
409,903
39,277,378
45,518,143


The notes on pages 11 to 29 form part of these financial statements.

Page 10

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

1.


General information

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

 
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 financial statements are rounded to the nearest £.

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

The Company is a parent company and is exempt from the requirement to prepare group accounts by virtue of section 400 of the Companies Act 2006 as it is itself a subsidiary company. These financial statements therefore present information about the Company as an individual undertaking and not about its group . 

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

Financial Reporting Standard 102 - reduced disclosure exemptions

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.

Page 11

 
AUTO-SLEEPERS GROUP LIMITED
 

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

2.Accounting policies (continued)

  
2.4

Going Concern

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.

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

 
2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 12

 
AUTO-SLEEPERS GROUP LIMITED
 

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

2.Accounting policies (continued)

 
2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

Where the Company has a legal obligation, a dilapidations 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.

 
2.8

Research and development

Expenditure on research and development is charged to the Statement of Comprehensive Income in the year in which it is incurred.

 
2.9

Interest income

Interest income is recognised in Statement of Comprehensive Income using the effective interest method.

 
2.10

Finance costs

Finance costs are charged to 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.

 
2.11

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in the Statement of Comprehensive Incomewhen 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 Company in independently administered funds.

Page 13

 
AUTO-SLEEPERS GROUP LIMITED
 

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

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the 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 operates and generates 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.


 
2.13

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 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 Statement of comprehensive income over its useful economic life.

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:

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

Page 14

 
AUTO-SLEEPERS GROUP LIMITED
 

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

2.Accounting policies (continued)

 
2.14

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 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:

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 Statement of Comprehensive Income. 

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

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  Statement of Comprehensive Income .
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.

Page 15

 
AUTO-SLEEPERS GROUP LIMITED
 

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

2.Accounting policies (continued)

 
2.17

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.

 
2.18

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.

 
2.19

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

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.

 
2.21

Provisions

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  Statement of Comprehensive Income.

 
2.22

Financial instruments

The Company 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 Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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.


 
Page 16

 
AUTO-SLEEPERS GROUP LIMITED
 

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

2.Accounting policies (continued)


2.22
Financial instruments (continued)

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

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

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 Statement of Comprehensive Income.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables and other loans are initially measured at their transaction price after transaction costs. 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 payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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 Company 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 Company 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 Company's contractual obligations expire or are discharged or cancelled.

Page 17

 
AUTO-SLEEPERS GROUP LIMITED
 

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

2.Accounting policies (continued)

 
2.23

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.

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the Directors have had to make 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 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.

Page 18

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

4.


Turnover

The whole of the turnover is attributable to the principal activity of the company.

2024
2023
£
£
Analysis of turnover by country of destination:
United Kingdom

126,747,005

118,674,551
 
Non - United Kingdom

4,254,680

5,551,501
 
131,001,685

124,226,052
 


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
394,778
345,557

Amortisation of goodwill
76,759
76,759

Depreciation of tangible fixed assets
388,051
311,635

Operating lease rentals
770,358
932,411

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


7.


Auditors' remuneration

2024
2023
£
£

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


The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.
Audit fees for other group companies are borne by the Company.




Page 19

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

8.


Employees

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


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:


        2024
        2023
            No.
            No.







Sales and administration
253
277



Manufacturing
134
131

387
408


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
542,205
528,922

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


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

Page 20

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

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
1,871,489
2,043,854

Adjustments in respect of previous periods
-
45,209



Taxation on profit on ordinary activities
1,871,489
2,089,063

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
7,259,198
9,656,513


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21.52%)
1,814,800
2,078,082

Effects of:


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

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

Short-term timing difference leading to an increase/(decrease) in taxation
14,980
(19,042)

Amortisation
19,190
16,515

Other adjustments
-
95

Total tax charge for the year
1,871,489
2,089,063

There are no changes expected to the future tax rate. 

Page 21

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

13.


Dividends

2024
2023
£
£


Dividends paid
-
20,000,000


14.


Intangible assets




Goodwill
Negative goodwill
Total

£
£
£



Cost


At 1 September 2023
1,714,341
(660,641)
1,053,700



At 31 August 2024

1,714,341
(660,641)
1,053,700



Amortisation


At 1 September 2023
514,308
(223,975)
290,333


Charge for the year on owned assets
85,719
(8,960)
76,759



At 31 August 2024

600,027
(232,935)
367,092



Net book value



At 31 August 2024
1,114,314
(427,706)
686,608



At 31 August 2023
1,200,033
(436,666)
763,367



Page 22

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

15.


Tangible fixed assets





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
9,182,037
954,200
3,146,474
88,345
2,567,357
15,938,413


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

11,066,792
954,200
3,277,615
343,951
2,726,599
18,369,157



Depreciation


At 1 September 2023
1,359,029
916,093
2,724,614
88,345
1,947,993
7,036,074


Charge for the year on owned assets
140,059
11,057
108,122
38,936
96,604
394,778


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



At 31 August 2024

1,499,088
927,150
2,827,489
127,281
2,041,534
7,422,542



Net book value



At 31 August 2024
9,567,704
27,050
450,126
216,670
685,065
10,946,615



At 31 August 2023
7,823,008
38,106
421,860
-
619,364
8,902,338

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

Page 23

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

16.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 September 2023
13,811,946



At 31 August 2024
13,811,946





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Auto-Sleepers Limited
Dormant
Ordinary
100%
Marquis Motorhomes Limited
Dormant
Ordinary
100%
Southern Cross Motor Caravan Centre Limited
Dormant
Ordinary
100%
Berkshire Motor Caravan Centre Limited
Dormant
Ordinary
100%
Surrey Motor Caravan Centre Limited
Dormant
Ordinary
100%
Marquis South Yorkshire Limited (indirect holding)
Dormant
Ordinary
100%
Michael Jordan Caravans Limited
Dormant
Ordinary
100%
Martins of Exeter Limited
Dormant
Ordinary
100%

The registered office for all of the subsidiary undertakings is Orchard Works, Willersey, Broadway, Worcestershire, WR12 7QF.


17.


Stocks

2024
2023
£
£

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

Work in progress (goods to be sold)
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 24

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

18.


Debtors

2024
2023
£
£


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

Amounts owed by group undertakings
-
39,121

Other debtors
125,368
557,924

Prepayments and accrued income
6,545,085
2,925,196

8,088,012
4,652,640



19.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
4,471,612
14,071,641



20.


Creditors: Amounts falling due within one year

2024
2023
£
£

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

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

Amounts owed to group undertakings
30,774,054
14,447,242

Corporation tax
955,687
793,854

Other taxation and social security
2,095,680
800,502

Other creditors
1,180,897
977,798

Accruals and deferred income
4,112,682
4,068,404

59,081,572
36,003,288


Page 25

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

21.


Deferred taxation




2024
2023


           £ 

  £   






Ar 1 September 2023
5,529
5,529


Charged to the Statement of Comprehensive Income
3,656
-



At 31 August 2024
9,185
5,529

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Short term timing differences
9,185
5,529


22.


Provisions




Product warranties

£





At 1 September 2023
992,366


Charged to profit or loss
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.


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



4,937,100 (2023 - 4,937,100) Ordinary shares of £1 each
4,937,100
4,937,100


Page 26

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

24.


Reserves

Share premium account

The amount by which the consideration received exceeds the share capital nominal value.

Revaluation reserve

Cumulative gains and losses on the fair value of certain land and buildings.

Profit and loss account

Cumulative net gains and losses recognised in the statement of comprehensive income, net of dividends paid.


25.


Pension commitments

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).


26.


Commitments under operating leases

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

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



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

Page 27

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

27.


Related party transactions

The Company 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 *
-
80,552
-
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
60,230,092
218,716
9,565,688

* Fellow subsidiaries of the Trigano Group.
At the start of the year Trigano Group owed the Company £39,121. During the year, the Company  received loans of £15,999,972. Interest payable on loans owed by the Company 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 Company 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 Company. The total remuneration during the year in respect of these employees was £188,840 (2023 - £206,486).

 

Page 28

 
AUTO-SLEEPERS GROUP 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 Concessionaires

-

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
 


28.


Ultimate parent undertaking and controlling party

The Company's immediate parent company is Auto-Sleepers Holding Limited, registered in England and Wales and its ultimate parent company is Trigano, registered in France.
The smallest group in which the results of the Company are consolidated is that headed by Auto-Sleepers Investments Limited, incorporated in England. The largest group in which the results of the Company 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 29