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REGISTERED NUMBER: 06651531 (England and Wales)















Newport Caravans Limited

Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 30 November 2024






Newport Caravans Limited (Registered number: 06651531)






Contents of the Financial Statements
for the Year Ended 30 November 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Statement of Cash Flows 14

Notes to the Financial Statements 16


Newport Caravans Limited

Company Information
for the Year Ended 30 November 2024







DIRECTORS: R W Lynch
M K Massey



REGISTERED OFFICE: Kings Parade
Off Frederick Street
NEWPORT
Gwent
NP20 2DU



REGISTERED NUMBER: 06651531 (England and Wales)



AUDITORS: Maxwells
Chartered Accountants
and Statutory Auditor
4 King Square
Bridgwater
Somerset
TA6 3YF



BANKERS: National Westminster Bank plc
89 High Street
Weston-super-Mare
Somerset
BS23 1JW

Newport Caravans Limited (Registered number: 06651531)

Strategic Report
for the Year Ended 30 November 2024

The directors present their strategic report for the year ended 30 November 2024.

REVIEW OF BUSINESS
The results reflect an increased level of activity during the year, although the company was under pressure to take high numbers of new caravans and motor homes from the manufacturers. The directors remain convinced that we are continuing to build a company that has a firm base from which we can deliver future expansion and profits. All employees and management have worked hard during the year to generate the profit, and a great deal of credit is due to them all for their continuing support.

Financial Performance

2024
£'000
2023
£'000
Change
£'000

%

Turnover 17,455 16,222 1,233 8%
Gross Profit 2,584 2,698 (114) (4)%
Profit/(loss) before tax 31 407 (376) (92)%

Strategy
Going forward we will continue with our plans to increase the number of customers for all of our departments.

The directors are confident that the company has an excellent range of caravans, motor-homes and associated products, although we are always looking to review and strengthen the product base.

Turnover
The increase in turnover reflects increased market share and an increase in motor home sales from prior years.

Gross profit
The decrease in gross profit is a consequence of reduced margins on the sale of caravans and motor homes reflecting the need for the company to reduce stock levels to manage its cash flow.

Operating costs
Our operating costs increased during the year reflecting the higher level of activity and inflationary pressures. .The directors are continually reviewing the overheads and monitoring the current economic climate. The company did not benefit from any government grants during the year,

Capital expenditure
We continue to invest to improve the company. Our main expenditure during the year was the acquisition of new vehicles.

Performance indicators
The directors monitor key performance indicators in addition to the more traditional financial statements and sales pipeline information that is provided to the board each month.
Our underlying sales performance shows an increase in motor home sales, shop sales and service income, while caravan sales were fairly static compared to the previous year.


Newport Caravans Limited (Registered number: 06651531)

Strategic Report
for the Year Ended 30 November 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Principal risks
We recognise that stock valuation and stock turnover are the key to our profitability and management monitors these areas on a regular basis. Our fixed overheads and staffing levels are under constant review to enable us to respond to any downturn or upturn in the market that may require an overhead adjustment. All areas of our business review stock values on a regular basis, and adjustments are and will be made for slow moving and obsolete items.

PRINCIPAL RISKS AND UNCERTAINTIES

The company uses various financial instruments. These include loans, cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.

The existence of these financial instruments exposes the company to a number of financial risks, which are described below in more detail.

The main risks arising are cash flow interest rate risk, credit risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years.

Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The maturity of any borrowings is set out in the notes to the financial statements.

Climate sustainability
As a business supplying and servicing goods for use in the leisure industry we feel a need to take actions where possible to reduce our impact on the climate and work towards being a sustainable business. We are using energy efficient boilers for areas where heating is required, and these are regularly serviced. Additionally we have made the business decision that where possible for all packaging and paper materials we will try and purchase recyclable products to reduce the amount of waste going to landfill.The directors are constantly working to reduce the company's carbon emissions where possible and this also has an impact on reducing costs which directly affect the companys profitability.

Interest rate risk
The company finances its operations through a mixture of retained profits and asset finance. The exposure to interest rate fluctuations on borrowings is managed by the use of fixed facilities.

Credit risk
The company's principal financial assets are cash and trade debtors. The credit risk associated with cash is limited. The principal credit risk arises therefore from its trade debtors which are widely spread and again the risk is limited.

At 30 November 2024 and 2023 there was no concentration of credit risk with exposure being spread over a large number of customers.

ON BEHALF OF THE BOARD:





R W Lynch - Director


24 April 2025

Newport Caravans Limited (Registered number: 06651531)

Report of the Directors
for the Year Ended 30 November 2024

The directors present their report with the financial statements of the company for the year ended 30 November 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the sale of caravans, motor-homes and accessories.

DIVIDENDS
The total distribution of dividends for the year end 30 November 2024 will be £460,000.

DIRECTORS
The directors during the year under review were:

R W Lynch
M K Massey

The beneficial interests of the directors holding office on 30 November 2024 in the issued share capital of the company were as follows:
30.11.24 1.12.23
'A' Ordinary £1 shares

R W Lynch - -
M K Massey 5,000 5,000

'B' Ordinary £1 shares

R W Lynch 4,000 4,000
M K Massey - -

'C ' Ordinary £1 shares

R W Lynch 1,000 1,000
M K Massey - -

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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.

Newport Caravans Limited (Registered number: 06651531)

Report of the Directors
for the Year Ended 30 November 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Maxwells, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R W Lynch - Director


24 April 2025

Report of the Independent Auditors to the Members of
Newport Caravans Limited

Opinion
We have audited the financial statements of Newport Caravans Limited (the 'company') for the year ended 30 November 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 November 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Newport Caravans Limited


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 Report of the Directors.

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 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 Statement of Directors' Responsibilities set out on page four, 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 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.

Report of the Independent Auditors to the Members of
Newport Caravans Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- Obtaining an understanding of the nature of the industry and sector in which the business operates and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company.
- Enquiring of management, including reviewing supporting documentation concerning the company's policies and procedures relating to:
a) Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance.
b) Detecting and responding to the risks of fraud and whether they have knowledge of any factual, suspected or alleged fraud.
c) The internal controls established to mitigate risks related to fraud or non- compliance with laws and regulations
- Discussing with the audit engagement team regarding how and where fraud might occur in the financial statements and potential indications of fraud.

Audit response to risks identified
As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or non-compliance with laws and regulations.

Our procedures to respond to risks identified included the following:
- Enquiring of management and those charged with governance concerning actual and potential litigation and claims.
- Reviewing minutes of meetings of those charged with governance and reviewing correspondence with HMRC.
- Performing analytical review procedures to identify and unusual or unexpected transactions that may indicate risks of material misstatement due to fraud.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.

There are inherent limitations in our audit procedures described above. The more removed those laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Newport Caravans Limited


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 a Report of the Auditors 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.




Nigel Blannin (Senior Statutory Auditor)
for and on behalf of Maxwells
Chartered Accountants
and Statutory Auditor
4 King Square
Bridgwater
Somerset
TA6 3YF

24 April 2025

Newport Caravans Limited (Registered number: 06651531)

Statement of Comprehensive Income
for the Year Ended 30 November 2024

30.11.24 30.11.23
Notes £    £   

TURNOVER 17,455,001 16,221,881

Cost of sales 14,871,330 13,524,132
GROSS PROFIT 2,583,671 2,697,749

Administrative expenses 2,525,257 2,279,362
OPERATING PROFIT 5 58,414 418,387

Interest receivable and similar income 2,260 4,299
60,674 422,686

Interest payable and similar expenses 6 29,858 15,639
PROFIT BEFORE TAXATION 30,816 407,047

Tax on profit 7 5,534 105,284
PROFIT FOR THE FINANCIAL YEAR 25,282 301,763

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

25,282

301,763

Newport Caravans Limited (Registered number: 06651531)

Statement of Financial Position
30 November 2024

30.11.24 30.11.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 9 273,251 247,566

CURRENT ASSETS
Stocks 10 6,428,340 5,104,627
Debtors 11 195,143 400,789
Cash at bank 421,012 852,931
7,044,495 6,358,347
CREDITORS
Amounts falling due within one year 12 6,244,544 5,029,089
NET CURRENT ASSETS 799,951 1,329,258
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,073,202

1,576,824

CREDITORS
Amounts falling due after more than one
year

13

(220,851

)

(277,405

)

PROVISIONS FOR LIABILITIES 17 (48,500 ) (60,850 )
NET ASSETS 803,851 1,238,569

CAPITAL AND RESERVES
Called up share capital 18 10,000 10,000
Capital redemption reserve 19 90,000 90,000
Retained earnings 19 703,851 1,138,569
SHAREHOLDERS' FUNDS 803,851 1,238,569

The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2025 and were signed on its behalf by:




R W Lynch - Director



M K Massey - Director


Newport Caravans Limited (Registered number: 06651531)

Statement of Changes in Equity
for the Year Ended 30 November 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 December 2022 10,000 1,096,806 90,000 1,196,806

Changes in equity
Dividends - (260,000 ) - (260,000 )
Total comprehensive income - 301,763 - 301,763
Balance at 30 November 2023 10,000 1,138,569 90,000 1,238,569

Changes in equity
Dividends - (460,000 ) - (460,000 )
Total comprehensive income - 25,282 - 25,282
Balance at 30 November 2024 10,000 703,851 90,000 803,851

Newport Caravans Limited (Registered number: 06651531)

Statement of Cash Flows
for the Year Ended 30 November 2024

30.11.24 30.11.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (152,724 ) 597,482
Interest paid (23,577 ) (12,994 )
Interest element of hire purchase payments
paid

(6,281

)

(2,645

)
Tax paid 156,513 (302,723 )
Net cash from operating activities (26,069 ) 279,120

Cash flows from investing activities
Purchase of tangible fixed assets (11,086 ) (122,507 )
Sale of tangible fixed assets 12,000 11,500
Interest received 2,260 4,299
Net cash from investing activities 3,174 (106,708 )

Cash flows from financing activities
New loans in year - 64,740
Capital repayments in year (17,333 ) 17,053
Amount introduced by directors 240,820 260,000
Amount withdrawn by directors (172,000 ) (324,675 )
Equity dividends paid (460,000 ) (260,000 )
Net cash from financing activities (408,513 ) (242,882 )

Decrease in cash and cash equivalents (431,408 ) (70,470 )
Cash and cash equivalents at beginning of
year

2

846,251

916,721

Cash and cash equivalents at end of year 2 414,843 846,251

Newport Caravans Limited (Registered number: 06651531)

Notes to the Statement of Cash Flows
for the Year Ended 30 November 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

30.11.24 30.11.23
£    £   
Profit before taxation 30,816 407,047
Depreciation charges 73,084 66,882
Profit on disposal of fixed assets (2,244 ) (4,479 )
Finance costs 29,858 15,639
Finance income (2,260 ) (4,299 )
129,254 480,790
Increase in stocks (1,323,713 ) (2,773,971 )
Decrease/(increase) in trade and other debtors 185,538 (166,359 )
Increase in trade and other creditors 856,197 3,057,022
Cash generated from operations (152,724 ) 597,482

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 November 2024
30.11.24 1.12.23
£    £   
Cash and cash equivalents 421,012 852,931
Bank overdrafts (6,169 ) (6,680 )
414,843 846,251
Year ended 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 852,931 925,634
Bank overdrafts (6,680 ) (8,913 )
846,251 916,721


Newport Caravans Limited (Registered number: 06651531)

Notes to the Statement of Cash Flows
for the Year Ended 30 November 2024

3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

Other
non-cash
At 1.12.23 Cash flow changes At 30.11.24
£    £    £    £   
Net cash
Cash at bank 852,931 (431,919 ) 421,012
Bank overdrafts (6,680 ) 511 (6,169 )
846,251 (431,408 ) 414,843
Debt
Finance leases (120,021 ) 17,333 - (200,127 )
Debts falling due
within 1 year (100,000 ) - - (100,000 )
Debts falling due
after 1 year (200,000 ) 120,000 - (80,000 )
(420,021 ) 137,333 - (380,127 )
Total 426,230 (294,075 ) - 34,716

Newport Caravans Limited (Registered number: 06651531)

Notes to the Financial Statements
for the Year Ended 30 November 2024

1. STATUTORY INFORMATION

Newport Caravans Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared in accordance with applicable Accounting Standards and estimation techniques, and on a going concern basis.

Critical accounting judgements and key sources of estimation uncertainty
In applying the company's accounting policies, which are described in note 3, management is required to make:

- judgements (other than those involving estimations) that have a significant impact on the amounts recognised; and

- estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. 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 equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Newport Caravans Limited (Registered number: 06651531)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS
30.11.24 30.11.23
£    £   
Wages and salaries 1,295,970 1,183,174
Social security costs 120,957 112,204
Other pension costs 24,966 142,196
1,441,893 1,437,574

The average number of employees during the year was as follows:
30.11.24 30.11.23

Management and administration 13 13
Other staff 37 34
50 47

30.11.24 30.11.23
£    £   
Directors' remuneration 40,000 40,000
Directors' pension contributions to money purchase schemes - 120,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Newport Caravans Limited (Registered number: 06651531)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.11.24 30.11.23
£    £   
Other operating leases 185,112 207,532
Depreciation - owned assets 26,258 29,743
Depreciation - assets on hire purchase contracts 46,826 37,139
Profit on disposal of fixed assets (2,244 ) (4,479 )
Auditors' remuneration 9,000 8,500
Auditors' remuneration for non audit work 9,250 8,355

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.11.24 30.11.23
£    £   
Bank interest 2,601 6,496
Bank loan interest 20,976 6,498
Hire purchase 6,281 2,645
29,858 15,639

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.11.24 30.11.23
£    £   
Current tax:
UK corporation tax 17,884 80,434

Deferred tax (12,350 ) 24,850
Tax on profit 5,534 105,284

UK corporation tax has been charged at 25% (2023 - 25%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.11.24 30.11.23
£    £   
Profit before tax 30,816 407,047
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

7,704

101,762

Effects of:
Expenses not deductible for tax purposes 239 44
Capital allowances in excess of depreciation (2,409 ) -
Depreciation in excess of capital allowances - 3,478
Total tax charge 5,534 105,284

Newport Caravans Limited (Registered number: 06651531)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

8. DIVIDENDS
30.11.24 30.11.23
£    £   
'A' Ordinary shares of £1 each
Interim 230,000 130,000
'B' Ordinary shares of £1 each
Interim 115,000 65,000
'C ' Ordinary shares of £1 each
Interim 115,000 65,000
460,000 260,000

9. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 December 2023 380,846 307,642 119,735 808,223
Additions 422 104,439 3,664 108,525
Disposals - (27,560 ) - (27,560 )
At 30 November 2024 381,268 384,521 123,399 889,188
DEPRECIATION
At 1 December 2023 328,587 136,819 95,251 560,657
Charge for year 13,480 52,566 7,038 73,084
Eliminated on disposal - (17,804 ) - (17,804 )
At 30 November 2024 342,067 171,581 102,289 615,937
NET BOOK VALUE
At 30 November 2024 39,201 212,940 21,110 273,251
At 30 November 2023 52,259 170,823 24,484 247,566

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 December 2023 209,707
Additions 104,439
At 30 November 2024 314,146
DEPRECIATION
At 1 December 2023 61,842
Charge for year 46,826
At 30 November 2024 108,668
NET BOOK VALUE
At 30 November 2024 205,478
At 30 November 2023 147,865

Newport Caravans Limited (Registered number: 06651531)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

10. STOCKS
30.11.24 30.11.23
£    £   
Caravan stocks 3,047,616 3,028,608
Shop & workshop stock 131,537 135,060
Motorhome stocks 3,249,187 1,940,959
6,428,340 5,104,627

New caravans and motorhomes purchased with stocking loans are recognised as stock by the company upon delivery, along with a corresponding liability. The purchase agreement enables the company to receive stock with payment becoming due on the earlier of adoption or 180 days. The amount of stock held on stocking loans in the above amounts to £5,073,849 (2023: £3,607,067), net of VAT.

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Trade debtors 74,682 77,970
Directors' current accounts 97,371 117,479
Tax - 181,672
Prepayments and accrued income 23,090 23,668
195,143 400,789

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Bank loans and overdrafts (see note 14) 106,169 106,680
Hire purchase contracts (see note 15) 59,276 42,616
Stocking loans 5,425,982 4,225,206
Trade creditors 254,766 501,451
Corporation Tax 73,159 80,434
Social security and other taxes 228,592 26,752
Other creditors 4,967 4,500
Directors' current accounts 59,110 10,398
Accruals and deferred income 32,523 31,052
6,244,544 5,029,089

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.24 30.11.23
£    £   
Bank loans (see note 14) 80,000 200,000
Hire purchase contracts (see note 15) 140,851 77,405
220,851 277,405

Newport Caravans Limited (Registered number: 06651531)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

14. LOANS

An analysis of the maturity of loans is given below:

30.11.24 30.11.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 6,169 6,680
Bank loans 100,000 100,000
106,169 106,680

Amounts falling due between one and two years:
Bank loans 80,000 100,000

Amounts falling due between two and five years:
Bank loans - 100,000

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.11.24 30.11.23
£    £   
Net obligations repayable:
Within one year 59,276 42,616
Between one and five years 140,851 77,405
200,127 120,021

Non-cancellable operating leases
30.11.24 30.11.23
£    £   
Within one year 65,000 45,000
Between one and five years 29,520 35,423
In more than five years 667,468 770,000
761,988 850,423

Newport Caravans Limited (Registered number: 06651531)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

16. SECURED DEBTS

The following secured debts are included within creditors:

30.11.24 30.11.23
£    £   
Bank loans 180,000 300,000
Hire purchase contracts 200,127 120,021
Stocking loans 5,425,982 4,225,206
5,806,109 4,645,227

Amounts due under hire purchase contracts are secured over the specific financed assets.

Stocking loans are secured against the specific caravan stocks financed.

Bank loans are secured by a charge over the assets of the company except for 70% of the CBILS loan (£126,000) which is backed by HM Government.

17. PROVISIONS FOR LIABILITIES
30.11.24 30.11.23
£    £   
Deferred tax 48,500 60,850

Deferred
tax
£   
Balance at 1 December 2023 60,850
Credit to Statement of Comprehensive Income during year (12,350 )
Balance at 30 November 2024 48,500

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.24 30.11.23
value: £    £   
5,000 'A' Ordinary £1 5,000 5,000
4,000 'B' Ordinary £1 4,000 4,000
1,000 'C ' Ordinary £1 1,000 1,000
10,000 10,000

The classes of ordinary shares rank equally in all respects.

Newport Caravans Limited (Registered number: 06651531)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

19. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 December 2023 1,138,569 90,000 1,228,569
Profit for the year 25,282 25,282
Dividends (460,000 ) (460,000 )
At 30 November 2024 703,851 90,000 793,851

20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2024 and 30 November 2023:

30.11.24 30.11.23
£    £   
R W Lynch
Balance outstanding at start of year (10,398 ) (27,459 )
Amounts advanced 181,288 147,061
Amounts repaid (230,000 ) (130,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (59,110 ) (10,398 )

M K Massey
Balance outstanding at start of year 117,479 69,865
Amounts advanced 209,891 177,614
Amounts repaid (230,000 ) (130,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 97,370 117,479

21. RELATED PARTY DISCLOSURES

The company pays rent to Newport Caravans Limited Directors Pension Scheme, a scheme controlled by the directors, amounting to £65,000 per year. This rent is at arms length and current market value.

22. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors.