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.2024-08-312024-08-312truetruetruetruetrue2023-09-01false2falsefalse 05493962 2023-09-01 2024-08-31 05493962 2022-09-01 2023-08-31 05493962 2024-08-31 05493962 2023-08-31 05493962 c:CompanySecretary1 2023-09-01 2024-08-31 05493962 c:Director1 2023-09-01 2024-08-31 05493962 c:Director2 2023-09-01 2024-08-31 05493962 c:RegisteredOffice 2023-09-01 2024-08-31 05493962 d:Buildings 2023-09-01 2024-08-31 05493962 d:Buildings 2024-08-31 05493962 d:Buildings 2023-08-31 05493962 d:Buildings d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 05493962 d:CurrentFinancialInstruments 2024-08-31 05493962 d:CurrentFinancialInstruments 2023-08-31 05493962 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 05493962 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 05493962 d:UKTax 2023-09-01 2024-08-31 05493962 d:UKTax 2022-09-01 2023-08-31 05493962 d:ShareCapital 2024-08-31 05493962 d:ShareCapital 2023-08-31 05493962 d:RetainedEarningsAccumulatedLosses 2023-09-01 2024-08-31 05493962 d:RetainedEarningsAccumulatedLosses 2024-08-31 05493962 d:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 05493962 d:RetainedEarningsAccumulatedLosses 2023-08-31 05493962 d:RetainedEarningsAccumulatedLosses 2022-09-01 05493962 c:OrdinaryShareClass1 2023-09-01 2024-08-31 05493962 c:OrdinaryShareClass1 2024-08-31 05493962 c:OrdinaryShareClass1 2023-08-31 05493962 c:FRS102 2023-09-01 2024-08-31 05493962 c:Audited 2023-09-01 2024-08-31 05493962 c:FullAccounts 2023-09-01 2024-08-31 05493962 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 05493962 d:Subsidiary1 2023-09-01 2024-08-31 05493962 d:Subsidiary1 1 2023-09-01 2024-08-31 05493962 d:Subsidiary2 2023-09-01 2024-08-31 05493962 d:Subsidiary2 1 2023-09-01 2024-08-31 05493962 d:Subsidiary3 2023-09-01 2024-08-31 05493962 d:Subsidiary3 1 2023-09-01 2024-08-31 05493962 d:Subsidiary4 2023-09-01 2024-08-31 05493962 d:Subsidiary4 1 2023-09-01 2024-08-31 05493962 d:Subsidiary5 2023-09-01 2024-08-31 05493962 d:Subsidiary5 1 2023-09-01 2024-08-31 05493962 d:Subsidiary6 2023-09-01 2024-08-31 05493962 d:Subsidiary6 1 2023-09-01 2024-08-31 05493962 d:Subsidiary7 2023-09-01 2024-08-31 05493962 d:Subsidiary7 1 2023-09-01 2024-08-31 05493962 d:Subsidiary8 2023-09-01 2024-08-31 05493962 d:Subsidiary8 1 2023-09-01 2024-08-31 05493962 d:Subsidiary9 2023-09-01 2024-08-31 05493962 d:Subsidiary9 1 2023-09-01 2024-08-31 05493962 6 2023-09-01 2024-08-31 05493962 e:PoundSterling 2023-09-01 2024-08-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 05493962










AUTO-SLEEPERS HOLDINGS LIMITED

AUDITED
ANNUAL REPORT
AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 AUGUST 2024
 






 



 






 
AUTO-SLEEPERS HOLDINGS LIMITED
 

COMPANY INFORMATION


Directors
Mr G Scott 
Mr M D Crouch 




Company secretary
Mr G Scott



Registered number
05493962



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 HOLDINGS LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1
Directors' Report
 
 
2 - 3
Independent Auditors' Report
 
 
4 - 7
Statement of Income and Retained Earnings
 
 
8
Balance Sheet
 
 
9
Notes to the Financial Statements
 
 
10 - 18


 
AUTO-SLEEPERS HOLDINGS 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.

Review of business.
 
A review of the business of Auto-Sleepers Group Limited can be found in the Annual Report and Financial Statements of that Company.

Principal risks and uncertainties
 
The principal risks of the Company are impairments to the value of investments and property. The Directors consider there to be no significant exposure as a result of these risks. The subsidiary investment which is held at cost is valued at significantly lower than the net assets of the subsidiary. The property, which the Company rents to its subsidiary, is further maintained to a high standard by the Company’s subsidiary. The subsidiary is generating good profits year on year and is in a position to pay a dividend to its parent company.

Financial key performance indicators
 
The key performance indicator of the Company is the value of the investment in its trading subsidiary which is supported by the position and performance of its subsidiary. No impairment of the investment is required in the current financial year. 

Directors' statement of compliance with duty to promote the success of the Company
 
The Directors of the Company have acted in accordance with their duties and obligations set out in statute.
The Board makes decisions in good faith for the long-term benefit of its’ stakeholders which include members, employees, business partners, and the community as a whole.


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



Mr G Scott
Director

Date: 18 March 2025

Page 1

 
AUTO-SLEEPERS HOLDINGS 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.

Principal activity

The Company’s principal activity is that of a holding company to Auto-Sleepers Group Limited.

Results and dividends

The profit for the year, after taxation, amounted to £68,245 (2023 - £20,072,249).

There were no dividends paid to ordinary shareholders during 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 Group debtors and bank balances arising directly from the Company's operations. Operations and working capital are funded principally out of retained profits.

Qualifying third party indemnity provisions

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

Page 2

 
AUTO-SLEEPERS HOLDINGS LIMITED
 

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

Matters covered in the Strategic Report

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

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company'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.

Auditors

Under section 487(2) of the Companies Act 2006Wellden Turnbull Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

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





Mr G Scott
Director

Date: 18 March 2025

Page 3

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

Opinion


We have audited the financial statements of Auto-Sleepers Holdings Limited (the 'Company') for the year ended 31 August 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet 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 4

 
AUTO-SLEEPERS HOLDINGS LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUTO-SLEEPERS HOLDINGS 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 2, 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 5

 
AUTO-SLEEPERS HOLDINGS LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUTO-SLEEPERS HOLDINGS 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,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;
 
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations and accounting standards; and 

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

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The  risk  is  also  greater  regarding  irregularities  occurring  due  to fraud  rather  than error,  as  fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 6

 
AUTO-SLEEPERS HOLDINGS LIMITED
 

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

Use of our report
 

This report is made solely to the Company's members 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 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
 

18 March 2025
Page 7

 
AUTO-SLEEPERS HOLDINGS LIMITED
 

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
                                                                                                                 Note
£
£

  

Administrative expenses
  
(21,758)
(21,751)

Other operating income
 4 
120,000
120,000

Operating profit
  
98,242
98,249

Income from fixed assets investments
 7 
-
20,000,000

Profit before tax
  
98,242
20,098,249

Tax on profit
 8 
(29,997)
(26,000)

Profit after tax
  
68,245
20,072,249

  

  

Retained earnings at the beginning of the year
  
1,774,631
1,702,382

Profit for the year
  
68,245
20,072,249

Dividends declared and paid
  
-
(20,000,000)

Retained earnings at the end of the year
  
1,842,876
1,774,631

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

The notes on pages 10 to 18 form part of these financial statements.

Page 8

 
AUTO-SLEEPERS HOLDINGS LIMITED
REGISTERED NUMBER:05493962

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
                                                                     Note
£
£

Fixed assets
  

Tangible fixed assets
 10 
943,684
965,431

Investments
 11 
6,540,309
6,540,309

  
7,483,993
7,505,740

Current assets
  

Debtors: amounts falling due within one year
 12 
848,585
548,585

Cash at bank and in hand
 13 
53,320
259,148

  
901,905
807,733

Creditors: amounts falling due within one year
 14 
(30,247)
(26,067)

Net current assets
  
 
 
871,658
 
 
781,666

Total assets less current liabilities
  
8,355,651
8,287,406

  

  

Net assets
  
8,355,651
8,287,406


Capital and reserves
  

Called up share capital 
 15 
6,512,775
6,512,775

Profit and loss account
 16 
1,842,876
1,774,631

Shareholders' funds
  
8,355,651
8,287,406


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




Mr G Scott
Director

Date: 18 March 2025

The notes on pages 10 to 18 form part of these financial statements.

Page 9

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

1.


General information

Auto-Sleepers Holdings Limited is a private company, limited by shares and incorporated in England &
Wales, registered number 05493962. The address of the registered office is Orchard Works, Willersey, Broadway, Worcestershire, WR12 7QF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The financial statements are presented in sterling, which is the functional currency of the Company and rounded to the nearest £.

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standard

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

 
2.3

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 the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.

 
2.4

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

The registered office of the parent company is Orchard Works, Willersey, Broadway, Worcestershire, WR12 7QF.

Page 10

 
AUTO-SLEEPERS HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.5

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. The following criteria must also be met before revenue is recognised:

Rental income is recognised over the life time of the lease.

  
2.6

Investment income

Dividend income is recognised when the right to receive payment is established.

 
2.7

Operating leases: the Company as lessor

Rental income from operating leases is credited to Statement of Income and Retained Earnings on a straight-line basis over the lease term.

 
2.8

Taxation

Tax is recognised in Statement of income and retained earnings 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.


 
2.9

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.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

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.

Page 11

 
AUTO-SLEEPERS HOLDINGS LIMITED
 

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

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

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

The estimated useful lives range as follows:

Freehold property
-
35
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 income and retained earnings.

 
2.12

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.

 
2.13

Creditors

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

 
2.14

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.

Basic financial assets

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

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

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in Statement of income and retained earnings. 
Page 12

 
AUTO-SLEEPERS HOLDINGS LIMITED
 

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

2.Accounting policies (continued)


2.14
Financial instruments (continued)


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 income and retained earnings.

Financial liabilities

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

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

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

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

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the 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.

 
2.15

Dividends

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

Page 13

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

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

There are no judgements or estimates when applying the accounting policies that have a significant effect on the amounts recognised in the financial statements that are not readily apparent from other sources.


4.


Other operating income

2024
2023
£
£

Rental income
120,000
120,000



5.


Auditors' remuneration

The Company has taken the advantage of the exemption not to disclose the amounts paid for non audit services as these are disclosed in the group accounts of the parent Company.
The auditor's remuneration is borne by a fellow group undertaking.


6.


Employees




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


        2024
        2023
            No.
            No.







Administration
2
2


7.


Income from investments

2024
2023
£
£





Dividends received from subsidiary
-
20,000,000


Page 14

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

8.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
29,997
25,817

Adjustments in respect of previous periods
-
183

Total current tax
29,997
26,000

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
98,242
20,098,249


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21.52%)
24,561
5,024,562

Effects of:


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

Adjustments to tax charge in respect of prior periods
-
183

Change in financial tax rates
-
(4,181)

Dividends from UK companies
-
(5,000,000)

Total tax charge for the year
29,997
26,000

There are no changes expected to the future tax rate. 


9.


Dividends

2024
2023
£
£


Dividends paid
-
20,000,000

Page 15

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

10.


Tangible fixed assets





Freehold property

£



Cost or valuation


At 1 September 2023
1,202,566



At 31 August 2024

1,202,566



Depreciation


At 1 September 2023
237,135


Charge for the year on owned assets
21,747



At 31 August 2024

258,882



Net book value



At 31 August 2024
943,684



At 31 August 2023
965,431

Land amounting to £400,000 (2023- £400,000) is included within freehold property and is not depreciated.
The carrying amount of investment property, which the Company rents to another group entity and  has elected to account for such properties using the cost model is £946,684 (2023 - £965,431).

Page 16

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

11.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 September 2023
6,540,309



At 31 August 2024
6,540,309





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

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

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


12.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
848,585
548,585



13.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
53,320
259,148


Page 17

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

14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
250
250

Corporation tax
29,997
25,817

30,247
26,067



15.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



6,512,775 (2023 - 6,512,775) Ordinary shares of £1 each
6,512,775
6,512,775



16.


Reserves

Profit and loss account

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


17.


Related party transactions

The Company has taken advantage of the exemption conferred by section 33.1A of FRS 102 not to
disclose transactions with other wholly owned subsidiaries within the group as consolidated accounts,
including the subsidiary undertakings, are publicly available.


18.


Ultimate parent undertaking and controlling party

The Company's immediate parent company is Auto-Sleepers Investments 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 18