66 01/10/2023 30/09/2024 2024-09-30 false false false false true false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-10-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP NI012772 2023-10-01 2024-09-30 NI012772 2024-09-30 NI012772 2023-09-30 NI012772 2022-10-01 2023-09-30 NI012772 2023-09-30 NI012772 2022-09-30 NI012772 core:LandBuildings core:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 NI012772 core:LandBuildings core:LongLeaseholdAssets 2023-10-01 2024-09-30 NI012772 core:PlantMachinery 2023-10-01 2024-09-30 NI012772 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 NI012772 bus:RegisteredOffice 2023-10-01 2024-09-30 NI012772 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 NI012772 bus:LeadAgentIfApplicable 2023-10-01 2024-09-30 NI012772 bus:Director1 2023-10-01 2024-09-30 NI012772 bus:Director2 2023-10-01 2024-09-30 NI012772 bus:CompanySecretary1 2023-10-01 2024-09-30 NI012772 core:WithinOneYear 2024-09-30 NI012772 core:WithinOneYear 2023-09-30 NI012772 core:AfterOneYear 2024-09-30 NI012772 core:AfterOneYear 2023-09-30 NI012772 core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-30 NI012772 core:FurnitureFittingsToolsEquipment 2023-09-30 NI012772 core:MotorVehicles 2023-09-30 NI012772 core:LandBuildings core:OwnedOrFreeholdAssets 2024-09-30 NI012772 core:FurnitureFittingsToolsEquipment 2024-09-30 NI012772 core:MotorVehicles 2024-09-30 NI012772 core:MotorVehicles 2023-10-01 2024-09-30 NI012772 core:UKTax 2023-10-01 2024-09-30 NI012772 core:UKTax 2022-10-01 2023-09-30 NI012772 bus:AllOrdinaryShares 2022-10-01 2023-09-30 NI012772 core:RetainedEarningsAccumulatedLosses 2023-09-30 NI012772 core:RetainedEarningsAccumulatedLosses 2022-09-30 NI012772 core:RetainedEarningsAccumulatedLosses 2024-09-30 NI012772 core:RetainedEarningsAccumulatedLosses 2023-09-30 NI012772 core:ShareCapital 2024-09-30 NI012772 core:ShareCapital 2023-09-30 NI012772 core:SharePremium 2024-09-30 NI012772 core:SharePremium 2023-09-30 NI012772 core:CapitalRedemptionReserve 2024-09-30 NI012772 core:CapitalRedemptionReserve 2023-09-30 NI012772 bus:OrdinaryShareClass1 core:ShareCapital 2024-09-30 NI012772 bus:OrdinaryShareClass1 core:ShareCapital 2023-09-30 NI012772 core:BetweenOneFiveYears 2024-09-30 NI012772 core:BetweenOneFiveYears 2023-09-30 NI012772 core:DeferredTaxation 2023-10-01 2024-09-30 NI012772 core:CostValuation core:Non-currentFinancialInstruments 2023-09-30 NI012772 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2024-09-30 NI012772 core:CostValuation core:Non-currentFinancialInstruments 2024-09-30 NI012772 core:Non-currentFinancialInstruments 2024-09-30 NI012772 core:Non-currentFinancialInstruments 2023-09-30 NI012772 core:AcceleratedTaxDepreciationDeferredTax 2024-09-30 NI012772 core:AcceleratedTaxDepreciationDeferredTax 2023-09-30 NI012772 core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-30 NI012772 core:FurnitureFittingsToolsEquipment 2023-09-30 NI012772 core:MotorVehicles 2023-09-30 NI012772 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2024-09-30 NI012772 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2023-09-30 NI012772 core:DeferredTaxation 2023-09-30 NI012772 core:DeferredTaxation 2024-09-30 NI012772 bus:Director1 2023-09-30 NI012772 bus:Director1 2024-09-30 NI012772 bus:Director1 2022-09-30 NI012772 bus:Director1 2023-09-30 NI012772 bus:Director1 2022-10-01 2023-09-30 NI012772 bus:MediumEntities 2023-10-01 2024-09-30 NI012772 bus:Audited 2023-10-01 2024-09-30 NI012772 bus:Medium-sizedCompaniesRegimeForAccounts 2023-10-01 2024-09-30 NI012772 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 NI012772 bus:FullAccounts 2023-10-01 2024-09-30 NI012772 core:OtherDeferredTax 2024-09-30 NI012772 core:OtherDeferredTax 2023-09-30 NI012772 core:AllAssociates 2022-10-01 2023-09-30 NI012772 core:EntityControlledByKeyManagementPersonnel1 2023-10-01 2024-09-30 NI012772 core:EntityControlledByKeyManagementPersonnel1 2022-10-01 2023-09-30 NI012772 1 2023-10-01 2024-09-30 NI012772 core:Associate2 2023-10-01 2024-09-30
Company registration number: NI012772
Blair's Caravans Limited
Financial statements
30 September 2024
Blair's Caravans Limited
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Profit and loss account
Balance sheet
Statement of cash flows
Notes to the financial statements
Blair's Caravans Limited
Directors and other information
Directors Mrs Sarah K Brown
Mr Colin Mayrs
Secretary Mr Colin Mayrs
Company number NI012772
Registered office 60 Loguestown Road
Portrush
Co Antrim
BT56 8PD
Business address 60 Loguestown Road
Portrush
Co Antrim
BT56 8PD
Auditor Potter Finnegan Limited
Unit 25 The Courtyard Business Park
190 Galgorm Road
Ballymena
Co Antrim
BT42 1HL
Bankers Danske Bank
Donegall Square West
Belfast
BT1 6JS
Blair's Caravans Limited
Strategic report
Year ended 30 September 2024
The directors present the strategic report for the year ended 30 September 2024.
Business review
The director's aim is to present a balanced and comprehensive review of the development and performance of the company during the year and its position as at 30 September 2024. This review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties faced by the business.
Principal risks and uncertainties
The directors consider that the principal risks and uncertainties facing the company are as follows:
Economic risks
The impact of :
1. Current higher interest rates and uncertain inflation outlooks
2. Wage inflation
3. Unemployment and the current general economic climate
4. General reduction in consumer disposable income
The company continues to build good relationships with its customers, clientele and suppliers. Market conditions remain challenging, however, the directors continue to seek ways to encourage sales, decrease overheads and maximise profit wherever possible.
Competition risk
Competition risk is managed through close attention to customer service and the provision of quality services and facilities.
Financial performance indicators
The directors consider that the key performance indicators are those that communicate the financial performance and strength of the company as a whole, those being turnover, caravans sales, gross profit margins, operating profit and net assets.
There has been an increase in turnover this year from £11.3m to £11.6m, mainly due to the increase in caravan sales and site rents.
The company's gross profit increased from £5.7m to £6.2m and the gross profit margin increased by 3.5% to 53.6% (2023 - 50.1%). The company generated an operating profit of £2.05m. This compares to an operating profit of £2.0m for the previous year.
At the year end, the company continued to have a strong net asset position of £12.5m (2023 - £10.9m).
This report was approved by the board of directors on 4 December 2024 and signed on behalf of the board by:
Mrs Sarah K Brown
Director
Blair's Caravans Limited
Directors report
Year ended 30 September 2024
The directors present their report and the financial statements of the company for the year ended 30 September 2024.
Directors
The directors who served the company during the year were as follows:
Mrs Sarah K Brown
Mr Colin Mayrs
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Financial instruments
The company does not actively use financial instruments as part of its financial risk management. The company is exposed to credit risk, price risk and cash flow risk, but this is closely monitored through strict financial management procedures.
Events after the end of the reporting period
Particulars of events after the reporting period are detailed in note 26 to the financial statements.
Disclosure of information in the strategic report
In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013, the following matters have been included in the Strategic Report -
- a review of the business
- risk management policies, including a review of current business risks
Directors responsibilities statement
The directors are responsible for preparing the strategic report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 04 December 2024 and signed on behalf of the board by:
Mr Colin Mayrs
Secretary
Blair's Caravans Limited
Independent auditor's report to the members of
Blair's Caravans Limited
Year ended 30 September 2024
Opinion
We have audited the financial statements of Blair's Caravans Limited (the 'company') for the year ended 30 September 2024 which comprise the Profit and loss account, Balance sheet, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 30 September 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 auditor’s 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 UK, including the FRC’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 auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinions 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 has 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 where 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 the 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, 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.
Auditor's 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 auditor’s 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We made enquiries of management and those charged with governance regarding their records of any instances of non-compliance with laws and regulations applicable to the company which could have a material impact on the financial statements. - We held discussions with management to determine if there had been any suspected or actual instances of fraud and concluded that there had been none. As part of our fraud assessment, we also considered the risk of management over-ride of internal control systems. In response to that risk, we tested journal entries to assess any potential impact of management over-ride of the control environment. - We considered that the principal audit risks would arise from the overstatement of income or assets and the understatement of costs or liabilities. We also reviewed any estimates used by management for reliability. - We enquired of management concerning actual and potential litigation and claims. 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 auditor’s 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 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Steven Potter (Senior Statutory Auditor)
For and on behalf of
Potter Finnegan Limited
Chartered Accountants
Unit 25 The Courtyard Business Park
190 Galgorm Road
Ballymena
Co Antrim
BT42 1HL
04 December 2024
Blair's Caravans Limited
Profit and loss account
Year ended 30 September 2024
2024 2023
Note £ £
Turnover 4 11,623,149 11,317,833
Cost of sales ( 5,391,674) ( 5,647,526)
_______ _______
Gross profit 6,231,475 5,670,307
Administrative expenses ( 3,578,207) ( 3,207,275)
Other operating income 5 4,968 5,968
_______ _______
Operating profit 6 2,658,236 2,469,000
Other interest receivable and similar income 9 23,916 17,888
Interest payable and similar expenses 10 ( 629,776) ( 485,438)
_______ _______
Profit before taxation 2,052,376 2,001,450
Tax on profit 11 (507,991) (628,716)
_______ _______
Profit for the financial year and total comprehensive income 1,544,385 1,372,734
_______ _______
Dividends declared and paid or payable during the year 12 - ( 550,000)
Retained earnings at the start of the year 10,143,166 9,320,432
_______ _______
Retained earnings at the end of the year 11,687,551 10,143,166
_______ _______
All the activities of the company are from continuing operations.
Blair's Caravans Limited
Balance sheet
30 September 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 13 19,337,391 18,324,124
Investments 14 193,350 457,589
_______ _______
19,530,741 18,781,713
Current assets
Stocks 15 2,201,312 2,035,126
Debtors 16 1,369,237 1,335,821
Cash at bank and in hand 977,219 1,198,159
_______ _______
4,547,768 4,569,106
Creditors: amounts falling due
within one year 17 ( 3,239,665) ( 3,943,608)
_______ _______
Net current assets 1,308,103 625,498
_______ _______
Total assets less current liabilities 20,838,844 19,407,211
Creditors: amounts falling due
after more than one year 18 ( 7,480,352) ( 7,598,617)
Provisions for liabilities 20 ( 900,941) ( 895,428)
_______ _______
Net assets 12,457,551 10,913,166
_______ _______
Capital and reserves
Called up share capital 24 22,142 22,142
Share premium account 743,358 743,358
Capital redemption reserve 4,500 4,500
Profit and loss account 11,687,551 10,143,166
_______ _______
Shareholders funds 12,457,551 10,913,166
_______ _______
These financial statements were approved by the board of directors and authorised for issue on 04 December 2024 , and are signed on behalf of the board by:
Mr Colin Mayrs Mrs Sarah K Brown
Director Director
Company registration number: NI012772
Blair's Caravans Limited
Statement of cash flows
Year ended 30 September 2024
2024 2023
£ £
Cash flows from operating activities
Profit for the financial year 1,544,385 1,372,734
Adjustments for:
Depreciation of tangible assets 505,366 469,496
Government grant income ( 4,968) ( 5,968)
Other interest receivable and similar income ( 23,916) ( 17,888)
Interest payable and similar expenses 629,776 485,438
Gain/(loss) on disposal of tangible assets 19,187 ( 19,681)
Tax on profit 507,991 628,716
Accrued expenses/(income) 5,727 32,946
Changes in:
Stocks ( 166,186) ( 570,306)
Trade and other debtors ( 33,416) ( 726,567)
Trade and other creditors ( 641,747) 1,045,860
_______ _______
Cash generated from operations 2,342,199 2,694,780
Interest paid ( 629,776) ( 485,438)
Interest received 23,916 17,888
Tax paid ( 100,655) ( 211,790)
_______ _______
Net cash from operating activities 1,635,684 2,015,440
_______ _______
Cash flows from investing activities
Purchase of tangible assets ( 1,438,422) ( 2,532,701)
Proceeds from sale of tangible assets 164,841 116,431
_______ _______
Net cash used in investing activities ( 1,273,581) ( 2,416,270)
_______ _______
Cash flows from financing activities
Proceeds from borrowings ( 532,757) 73,926
Government grant income 4,968 5,968
Payment of finance lease liabilities ( 55,254) 87,049
Equity dividends paid - ( 550,000)
_______ _______
Net cash used in financing activities ( 583,043) ( 383,057)
_______ _______
Net increase/(decrease) in cash and cash equivalents ( 220,940) ( 783,887)
Cash and cash equivalents at beginning of year 1,198,159 1,982,046
_______ _______
Cash and cash equivalents at end of year 977,219 1,198,159
_______ _______
Blair's Caravans Limited
Notes to the financial statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in N Ireland. The address of the registered office is 60 Loguestown Road, Portrush, Co Antrim, BT56 8PD.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Site rents are recognised as income by the company in full in the year in which site rent invoices are raised. Licence agreements cover the 11 month period from 01 February to 31 December each year, with no refunds allowed after 01 July. The company has traditionally followed this policy of income recognition.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Buildings and site works - 2 % straight line
Amenity buildings - 4 % straight line
Plant and vehicles - 20 % reducing balance
Fittings fixtures and equipment - 10 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024 2023
£ £
Sale of goods and services 11,603,931 11,304,721
Rental income 19,218 13,112
_______ _______
11,623,149 11,317,833
_______ _______
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
2024 2023
£ £
Government grant income 4,968 5,968
_______ _______
6. Operating profit
Operating profit is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 505,366 469,496
(Gain)/loss on disposal of tangible assets 19,187 ( 19,681)
Impairment of trade debtors 111 -
Operating lease rentals 17,776 22,009
Fees payable for the audit of the financial statements 5,000 -
_______ _______
7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024 2023
Other staff 66 64
_______ _______
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 1,438,123 1,367,492
Social security costs 126,052 124,780
Other pension costs 97,451 46,651
_______ _______
1,661,626 1,538,923
_______ _______
8. Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
2024 2023
£ £
Remuneration 128,744 179,128
Company contributions to pension schemes in respect of qualifying services 20,000 25,000
_______ _______
148,744 204,128
_______ _______
The number of directors who accrued benefits under company pension plans was as follows:
2024 2023
Number Number
Defined contribution plans 1 1
_______ _______
9. Other interest receivable and similar income
2024 2023
£ £
Bank deposits 9,098 8,565
Other interest receivable and similar income 14,818 9,323
_______ _______
23,916 17,888
_______ _______
10. Interest payable and similar expenses
2024 2023
£ £
Bank loans and overdrafts 591,139 456,966
Other loans made to the company:
Finance leases and hire purchase contracts 38,637 28,472
_______ _______
629,776 485,438
_______ _______
11. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 502,478 134,978
_______ _______
Deferred tax:
Origination and reversal of timing differences 5,513 493,738
_______ _______
Tax on profit 507,991 628,716
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25.00 % (2023: 22.01%).
2024 2023
£ £
Profit before taxation 2,052,376 2,001,450
_______ _______
Profit multiplied by rate of tax 513,094 440,519
Effect of expenses not deductible for tax purposes 1,451 1,234
Effect of capital allowances and depreciation ( 12,067) ( 306,775)
_______ _______
Tax on profit 502,478 134,978
_______ _______
12. Dividends
Equity dividends
2024 2023
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) - 550,000
_______ _______
13. Tangible assets
Land and buildings Fixtures, fittings and equipment Plant and vehicles Total
£ £ £ £
Cost
At 1 October 2023 15,910,258 499,588 5,249,345 21,659,191
Additions 756,543 37,193 644,686 1,438,422
Disposals - ( 190) ( 322,551) ( 322,741)
Transfers 264,239 - - 264,239
_______ _______ _______ _______
At 30 September 2024 16,931,040 536,591 5,571,480 23,039,111
_______ _______ _______ _______
Depreciation
At 1 October 2023 1,197,162 362,072 1,775,833 3,335,067
Charge for the year 165,711 35,005 304,650 505,366
Disposals - ( 37) ( 138,676) ( 138,713)
_______ _______ _______ _______
At 30 September 2024 1,362,873 397,040 1,941,807 3,701,720
_______ _______ _______ _______
Carrying amount
At 30 September 2024 15,568,167 139,551 3,629,673 19,337,391
_______ _______ _______ _______
At 30 September 2023 14,713,096 137,516 3,473,512 18,324,124
_______ _______ _______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 30 September 2024 1,618,943
_______
At 30 September 2023 1,641,072
_______
14. Investments
Investment properties Total
£ £
Cost
At 1 October 2023 457,589 457,589
Transfers ( 264,239) ( 264,239)
_______ _______
At 30 September 2024 193,350 193,350
_______ _______
Impairment
At 1 October 2023 and 30 September 2024 - -
_______ _______
Carrying amount
At 30 September 2024 193,350 193,350
_______ _______
At 30 September 2023 457,589 457,589
_______ _______
The directors consider that the market value of the company's investment properties would not be materially different from the cost as shown above.
15. Stocks
2024 2023
£ £
Goods for resale 2,201,312 2,035,126
_______ _______
16. Debtors
2024 2023
£ £
Trade debtors 908,393 914,560
Prepayments and accrued income 287,703 273,916
Other debtors 173,141 147,345
_______ _______
1,369,237 1,335,821
_______ _______
17. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 1,109,094 1,251,543
Trade creditors 1,270,794 2,110,927
Accruals and deferred income 87,350 81,623
Corporation tax 277,478 -
Social security and other taxes 189,432 34,568
Obligations under finance leases 300,474 300,561
Director loan accounts 5,043 164,386
_______ _______
3,239,665 3,943,608
_______ _______
Bank loans and overdrafts are secured by a floating charge over company assets and mortgages over company property.
18. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 7,169,829 7,227,960
Accruals and deferred income 34,773 39,740
Obligations under finance leases 275,750 330,917
_______ _______
7,480,352 7,598,617
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 635,018 (2023 £ 1,466,472 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Bank loans are repayable based on structured repayment terms as agreed with the company's bankers. Interest rates range from 3.3% to 6.8%.
19. Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
2024 2023
£ £
Not later than 1 year 300,474 300,561
Later than 1 year and not later than 5 years 275,750 330,917
_______ _______
576,224 631,478
_______ _______
Present value of minimum lease payments 576,224 631,478
_______ _______
20. Provisions
Deferred tax (note 21) Total
£ £
At 1 October 2023 895,428 895,428
Charges against provisions 5,513 5,513
_______ _______
At 30 September 2024 900,941 900,941
_______ _______
21. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2024 2023
£ £
Included in provisions (note 20) 900,941 895,428
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 891,678 886,165
Held over gains 9,263 9,263
_______ _______
900,941 895,428
_______ _______
22. Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £ 97,451 (2023: £ 46,651 ).
23. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2024 2023
£ £
Recognised in creditors:
Deferred government grants due after more than one year 34,773 39,740
_______ _______
Recognised in other operating income:
Government grants recognised directly in income (-) 1,000
Government grants released to profit or loss 4,968 4,968
_______ _______
4,968 5,968
_______ _______
24. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1 each 22,142 22,142 22,142 22,142
_______ _______ _______ _______
25. Analysis of changes in net debt
At 1 October 2023 Cash flows At 30 September 2024
£ £ £
Cash and cash equivalents 1,198,159 (220,940) 977,219
Debt due within one year (1,716,490) 301,879 (1,414,611)
Debt due after one year (7,558,877) 113,298 (7,445,579)
_______ _______ _______
( 8,077,208) 194,237 ( 7,882,971)
_______ _______ _______
26. Events after the end of the reporting period
On 29th November 2024, the shareholders entered into a Share Purchase Agreement to sell the entire ordinary share capital of the company to Ferien Acquisitions Holdings Limited. The sale is expected to close before the end of 2024.
27. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mrs Sarah K Brown ( 34,256) 207,090 - 172,834
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mrs Sarah K Brown ( 58,230) 298,974 ( 275,000) ( 34,256)
_______ _______ _______ _______
28. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Sale of land to directors - 48,000 - -
Donations to The Blair Charitable Trust 221,000 187,000 - -
_______ _______ _______ _______
During the year, the company contributed £221,000 (2023 - £187,000) to The Blair Charitable Trust, a charity in which all of the directors are also trustees.
29. Controlling party
The company is controlled by the directors.