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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
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Directors |
Mrs Sarah K Brown |
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Mr Colin Mayrs |
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Secretary |
Mr Colin Mayrs |
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Company number |
NI012772 |
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Registered office |
60 Loguestown Road |
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Portrush |
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Co Antrim |
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BT56 8PD |
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Business address |
60 Loguestown Road |
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Portrush |
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Co Antrim |
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BT56 8PD |
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Auditor |
Potter Finnegan Limited |
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Unit 25 The Courtyard Business Park |
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190 Galgorm Road |
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Ballymena |
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Co Antrim |
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BT42 1HL |
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Bankers |
Danske Bank |
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Donegall Square West |
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Belfast |
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BT1 6JS |
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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:
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Mrs Sarah K Brown |
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Mr Colin Mayrs |
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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 -
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a review of the business
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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:
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select suitable accounting policies and then apply them consistently;
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make judgments and accounting estimates that are reasonable and prudent; and
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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:
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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:
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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
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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
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2024 |
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2023 |
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Note |
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£ |
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£ |
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Turnover |
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4 |
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11,623,149 |
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11,317,833 |
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Cost of sales |
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(
5,391,674) |
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(
5,647,526) |
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_______ |
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_______ |
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Gross profit |
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6,231,475 |
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5,670,307 |
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Administrative expenses |
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(
3,578,207) |
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(
3,207,275) |
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Other operating income |
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5 |
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4,968 |
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5,968 |
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_______ |
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_______ |
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Operating profit |
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6 |
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2,658,236 |
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2,469,000 |
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Other interest receivable and similar income |
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9 |
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23,916 |
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17,888 |
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Interest payable and similar expenses |
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10 |
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(
629,776) |
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(
485,438) |
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_______ |
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_______ |
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Profit before taxation |
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2,052,376 |
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2,001,450 |
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Tax on profit |
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11 |
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(507,991) |
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(628,716) |
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_______ |
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_______ |
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Profit for the financial year and total comprehensive income |
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1,544,385 |
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1,372,734 |
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_______ |
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_______ |
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Dividends declared and paid or payable during the year |
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12 |
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- |
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(
550,000) |
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Retained earnings at the start of the year |
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10,143,166 |
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9,320,432 |
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_______ |
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_______ |
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Retained earnings at the end of the year |
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11,687,551 |
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10,143,166 |
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_______ |
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_______ |
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All the activities of the company are from continuing operations.
Blair's Caravans Limited
Balance sheet
30 September 2024
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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13 |
19,337,391 |
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18,324,124 |
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Investments |
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14 |
193,350 |
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457,589 |
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|
|
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|
_______ |
|
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|
_______ |
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|
|
|
|
|
|
19,530,741 |
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|
18,781,713 |
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|
|
|
|
|
|
|
|
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Current assets |
|
|
|
|
|
|
|
|
|
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Stocks |
|
15 |
2,201,312 |
|
|
|
2,035,126 |
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|
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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 |
|
|
|
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|
_______ |
|
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|
_______ |
|
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.