IRIS Accounts Production v25.1.3.33 01635620 Board of Directors 30.9.24 1.10.23 30.9.24 30.9.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. the manufacture and sale of caravan holiday homes and residential park homes, the receipt of income from property and investments, and the provision of management services. true true true false true true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh016356202023-09-30016356202024-09-30016356202023-10-012024-09-30016356202022-09-30016356202022-10-012023-09-30016356202023-09-3001635620ns15:EnglandWales2023-10-012024-09-3001635620ns14:PoundSterling2023-10-012024-09-3001635620ns10:Director12023-10-012024-09-3001635620ns10:Consolidated2024-09-3001635620ns10:ConsolidatedGroupCompanyAccounts2023-10-012024-09-3001635620ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3001635620ns10:Consolidatedns10:MediumEntities2023-10-012024-09-3001635620ns10:Consolidatedns10:Audited2023-10-012024-09-3001635620ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-10-012024-09-3001635620ns10:Medium-sizedCompaniesRegimeForAccounts2023-10-012024-09-3001635620ns10:Consolidated2023-10-012024-09-3001635620ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-10-012024-09-3001635620ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-10-012024-09-3001635620ns10:FullAccounts2023-10-012024-09-300163562012023-10-012024-09-3001635620ns10:OrdinaryShareClass12023-10-012024-09-3001635620ns10:Director22023-10-012024-09-3001635620ns10:Director32023-10-012024-09-3001635620ns10:CompanySecretary12023-10-012024-09-3001635620ns10:RegisteredOffice2023-10-012024-09-3001635620ns10:Consolidated2022-10-012023-09-3001635620ns5:ShareCapital2024-09-3001635620ns5:ShareCapital2023-09-3001635620ns5:RetainedEarningsAccumulatedLosses2024-09-3001635620ns5:RetainedEarningsAccumulatedLosses2023-09-3001635620ns5:ShareCapital2022-09-3001635620ns5:RetainedEarningsAccumulatedLosses2022-09-3001635620ns5:RetainedEarningsAccumulatedLosses2022-10-012023-09-3001635620ns5:RetainedEarningsAccumulatedLosses2023-10-012024-09-3001635620ns5:NetGoodwill2023-10-012024-09-3001635620ns5:IntangibleAssetsOtherThanGoodwill2023-10-012024-09-3001635620ns5:NetGoodwill2023-09-3001635620ns5:NetGoodwill2024-09-3001635620ns5:NetGoodwill2023-09-3001635620ns5:UnlistedNon-exchangeTradedns5:CostValuation2023-09-3001635620ns5:UnlistedNon-exchangeTraded2024-09-3001635620ns5:UnlistedNon-exchangeTraded2023-09-3001635620ns5:CurrentFinancialInstruments2024-09-3001635620ns5:CurrentFinancialInstruments2023-09-3001635620ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3001635620ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-3001635620ns5:Non-currentFinancialInstruments2024-09-3001635620ns5:Non-currentFinancialInstruments2023-09-3001635620ns10:OrdinaryShareClass12024-09-3001635620ns5:RetainedEarningsAccumulatedLosses2023-09-30
REGISTERED NUMBER: 01635620 (England and Wales)


















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

KERMANDINE LIMITED

KERMANDINE LIMITED (REGISTERED NUMBER: 01635620)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 30 September 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Statement of Financial Position 11

Company Statement of Financial Position 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Statement of Cash Flows 15

Notes to the Consolidated Statement of Cash Flows 16

Notes to the Consolidated Financial Statements 17


KERMANDINE LIMITED

COMPANY INFORMATION
for the Year Ended 30 September 2024







DIRECTORS: Mr K D McAdam
Mrs S M McAdam
Mr NAAR Younis



SECRETARY: Mrs S M McAdam



REGISTERED OFFICE: 11 Birchley Avenue
Billinge
Wigan
Lancashire
WN5 7QW



REGISTERED NUMBER: 01635620 (England and Wales)



AUDITORS: Fairhurst Audit Services Ltd
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB



BANKERS: National Westminster Bank plc
4 Standishgate
Wigan
Lancashire
WN1 2TB



SOLICITORS: DWF
1 Scott Place
2 Hardman Square
Manchester
M3 3AA

KERMANDINE LIMITED (REGISTERED NUMBER: 01635620)

GROUP STRATEGIC REPORT
for the Year Ended 30 September 2024

The directors present their strategic report of the company and the group for the year ended 30 September 2024.

The principal activities of the group in the year under review were that of the manufacture and sale of caravan holiday homes and residential park homes, the receipt of income from property and investments, and the provision of management services.

REVIEW OF BUSINESS
During the year the group produced a profit before taxation of £2,578,177 (2023: £7,110,222) representing a very satisfactory outcome during a difficult year for our manufacturing subsidiary. As a result, group turnover decreased over the previous exceptional year finishing at £21,867,718 (2023 - £40,807,106).

Most of the group's trading activity is in the manufacture and sale of residential and leisure park homes by our subsidiary Pemberton Park and Leisure Homes Limited. As stated 2024 was a challenging year for that business with turnover reduced in line with decreased demand within the industry. However, the directors took all necessary measures to meet these challenges and forecast that the company is well- positioned to manage the near-term headwinds and expect the company to continue to operate profitability during the coming year.

The group's secondary income stream derives from management of its commercial property portfolio which has continued to produce a consistent net income from lettings to non-related but well-established businesses, all of which have maintained their rental commitments during the year and are expected to continue to do so during the year ahead.

A top priority for our business continues to be maintaining a safe working environment for our employees. Regular engagement of the board with senior managers underpins this commitment and significant investment has been incurred in upgrading our systems, production line and mechanical handling equipment in furtherance of this objective.

The group's key performance indicators during the year were as follows:-


2024 2023
£'000 £'000

Sales 21,868 40,807
Gross margin 6,302 12,858
Occupancy ratio 98.4% 98.4%
EBITDA 2,245 7,448
Net assets 31,957 31,442

The board and senior management also monitor operational efficiency and utilisation of resources by reference to other financial and non-financial performance indicators in such areas as sales, production, procurement, customer service, quality assurance, health and safety and overheads.

PRINCIPAL RISKS AND UNCERTAINTIES
The major part of the group's income is dependant on the continuing commercial success of its manufacturing subsidiary. The directors manage this risk by constantly monitoring the financial and operational performance of its subsidiary and the trends and competitive conditions in the market within which it operates.

The group operates in a competitive market but reduces this risk by maintaining close relationships with customers and suppliers and developing award winning products. Ongoing investment and commitment to a process of continual improvement and development ensures that our product range is continually being updated and maintains it's market leading appeal.

Credit risk is managed by strict evaluation and assessment protocols and rigorous collection procedures.







KERMANDINE LIMITED (REGISTERED NUMBER: 01635620)

GROUP STRATEGIC REPORT
for the Year Ended 30 September 2024

STRATEGIC REPORT (CONT'D...)

Cashflow and liquidity risk is closely monitored by The Directors to ensure all current and future obligations are adequately funded.

COMMERCIAL RELATIONSHIPS
The group's commercial property income arises from leases to unconnected commercial enterprises and is dependant on the continued success of their business activities. The group manages the risks involved by maintaining regular communication with tenants to keep abreast of their business performance, future plans and developments.

HEALTH, SAFETY AND ENVIRONMENTAL ISSUES
The group is committed to outstanding performance in health, safety and environmental matters through a policy of training, communication and co-operation applied consistently throughout all operations.

FUTURE DEVELOPMENTS
The Directors anticipate that market conditions will remain challenging for the year ahead with economic stability and confidence being a dominant factor. The group has no immediate plans for further property or business acquisitions but retains the ability to respond at short notice should suitable opportunities arise.

FIXED ASSETS
The changes in fixed assets, details of which are set out in the notes to the annexed financial statements, arose out of normal business requirements.

ON BEHALF OF THE BOARD:





Mr K D McAdam - Director


23 May 2025

KERMANDINE LIMITED (REGISTERED NUMBER: 01635620)

REPORT OF THE DIRECTORS
for the Year Ended 30 September 2024

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

DIVIDENDS
A final dividend of £1,865,000 (2023 - £1,220,000) was paid in the year.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

Mr K D McAdam
Mrs S M McAdam
Mr NAAR Younis

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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). 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 group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mr K D McAdam - Director


23 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
KERMANDINE LIMITED

Opinion
We have audited the financial statements of Kermandine Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated 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 group's and of the parent company affairs as at 30 September 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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
KERMANDINE LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
KERMANDINE 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:

- we identified the laws and regulations applicable to the company through discussions with directors and other management, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on it's operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation, employment legislation and Health and Safety regulations.

- we enquired of the directors and reviewed correspondence with HMRC for evidence of non-compliance with laws and regulations. We also reviewed controls the directors have in place to ensure compliance.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

- we reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above;

- we enquired of the directors about actual and potential litigation and claims.

Due to inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

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
KERMANDINE 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.




Gary Edgerton FCA Cert PFS (Senior Statutory Auditor)
for and on behalf of Fairhurst Audit Services Ltd
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

23 May 2025

KERMANDINE LIMITED (REGISTERED NUMBER: 01635620)

CONSOLIDATED
INCOME STATEMENT
for the Year Ended 30 September 2024

2024 2023
Notes £    £    £   

TURNOVER 3 21,867,718 40,807,106

Cost of sales 15,565,222 27,949,423
GROSS PROFIT 6,302,496 12,857,683

Distribution costs 90,158 176,168
Administrative expenses 4,417,778 5,640,664
4,507,936 5,816,832
1,794,560 7,040,851

Other operating income 36,331 54,385
OPERATING PROFIT 5 1,830,891 7,095,236

Interest receivable and similar income 343,440 62,657
2,174,331 7,157,893
Gain on revaluation of
investment property 434,813 -
2,609,144 7,157,893

Interest payable and similar expenses 6 30,967 47,671
PROFIT BEFORE TAXATION 2,578,177 7,110,222

Tax on profit 7 666,074 834,983
PROFIT FOR THE FINANCIAL YEAR 1,912,103 6,275,239
Profit attributable to:
Owners of the parent 1,476,048 5,120,521
Non-controlling interests 436,055 1,154,718
1,912,103 6,275,239

KERMANDINE LIMITED (REGISTERED NUMBER: 01635620)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the Year Ended 30 September 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,912,103 6,275,239


OTHER COMPREHENSIVE INCOME
Revaluation gain on freehold property 1,085,729 -
Income tax relating to other comprehensive
income

(177,236

)

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

908,493

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,820,596

6,275,239

Total comprehensive income attributable to:
Owners of the parent 2,825,283 5,318,855
Non-controlling interests (4,687 ) 956,384
2,820,596 6,275,239

KERMANDINE LIMITED (REGISTERED NUMBER: 01635620)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 September 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 7,977,881 6,743,120
Investments 12 - -
7,977,881 6,743,120

CURRENT ASSETS
Stocks 13 4,794,760 5,744,823
Debtors 14 11,941,372 18,386,986
Cash at bank and in hand 12,512,578 9,502,784
29,248,710 33,634,593
CREDITORS
Amounts falling due within one year 15 3,978,425 7,792,956
NET CURRENT ASSETS 25,270,285 25,841,637
TOTAL ASSETS LESS CURRENT
LIABILITIES

33,248,166

32,584,757

CREDITORS
Amounts falling due after more than one
year

16

(519,241

)

(637,965

)

PROVISIONS FOR LIABILITIES 19 (772,075 ) (504,796 )
NET ASSETS 31,956,850 31,441,996

CAPITAL AND RESERVES
Called up share capital 20 10,000 10,000
Revaluation reserve 21 2,774,149 1,865,656
Capital redemption reserve 21 4,720 4,720
Non distributable profit and
loss account 21 1,370,530 1,081,856
Retained earnings 21 21,768,901 22,446,527
SHAREHOLDERS' FUNDS 25,928,300 25,408,759

NON-CONTROLLING INTERESTS 22 6,028,550 6,033,237
TOTAL EQUITY 31,956,850 31,441,996

The financial statements were approved by the Board of Directors and authorised for issue on 23 May 2025 and were signed on its behalf by:





Mr K D McAdam - Director


KERMANDINE LIMITED (REGISTERED NUMBER: 01635620)

COMPANY STATEMENT OF FINANCIAL POSITION
30 September 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 265,203 265,203
265,203 265,203

CURRENT ASSETS
Debtors 14 89,823 89,823
NET CURRENT ASSETS 89,823 89,823
TOTAL ASSETS LESS CURRENT
LIABILITIES

355,026

355,026

CAPITAL AND RESERVES
Called up share capital 20 10,000 10,000
Retained earnings 21 345,026 345,026
SHAREHOLDERS' FUNDS 355,026 355,026

Company's profit for the financial year 1,865,000 1,220,000

The financial statements were approved by the Board of Directors and authorised for issue on 23 May 2025 and were signed on its behalf by:





Mr K D McAdam - Director


KERMANDINE LIMITED (REGISTERED NUMBER: 01635620)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30 September 2024

Called up Capital
share Retained Revaluation redemption
capital earnings reserve reserve
£    £    £    £   
Balance at 1 October 2022 10,000 18,546,006 1,865,656 4,720

Changes in equity
Dividends - (1,220,000 ) - -
Total comprehensive income - 5,120,521 - -
Balance at 30 September 2023 10,000 22,446,527 1,865,656 4,720

Changes in equity
Dividends - (1,865,000 ) - -
Total comprehensive income - 1,187,374 908,493 -
Balance at 30 September 2024 10,000 21,768,901 2,774,149 4,720
Non
distributable
profit
and loss Non-controlling Total
account Total interests equity
£    £    £    £   
Balance at 1 October 2022 1,081,856 21,508,238 5,076,853 26,585,091

Changes in equity
Dividends - (1,220,000 ) - (1,220,000 )
Total comprehensive income - 5,120,521 956,384 6,076,905
Balance at 30 September 2023 1,081,856 25,408,759 6,033,237 31,441,996

Changes in equity
Dividends - (1,865,000 ) - (1,865,000 )
Total comprehensive income 288,674 2,384,541 (4,687 ) 2,379,854
Balance at 30 September 2024 1,370,530 25,928,300 6,028,550 31,956,850

KERMANDINE LIMITED (REGISTERED NUMBER: 01635620)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30 September 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 10,000 345,026 355,026

Changes in equity
Dividends - (1,220,000 ) (1,220,000 )
Total comprehensive income - 1,220,000 1,220,000
Balance at 30 September 2023 10,000 345,026 355,026

Changes in equity
Dividends - (1,865,000 ) (1,865,000 )
Total comprehensive income - 1,865,000 1,865,000
Balance at 30 September 2024 10,000 345,026 355,026

KERMANDINE LIMITED (REGISTERED NUMBER: 01635620)

CONSOLIDATED STATEMENT OF CASH FLOWS
for the Year Ended 30 September 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 6,446,188 5,473,431
Interest paid (30,967 ) (47,671 )
Tax paid (1,195,163 ) (495,852 )
Net cash from operating activities 5,220,058 4,929,908

Cash flows from investing activities
Purchase of tangible fixed assets (143,688 ) (816,947 )
Sale of tangible fixed assets 15,657 23,170
Interest received 343,440 62,657
Net cash from investing activities 215,409 (731,120 )

Cash flows from financing activities
Repayment of bank loan in year (118,724 ) (117,140 )
Amount introduced by directors - 877
Movement of directors loan (1,207 ) -
Equity dividends paid (1,865,000 ) (1,220,000 )
Dividends paid to minority interests (440,742 ) (198,333 )
Net cash from financing activities (2,425,673 ) (1,534,596 )

Increase in cash and cash equivalents 3,009,794 2,664,192
Cash and cash equivalents at beginning of
year

2

9,502,784

6,838,592

Cash and cash equivalents at end of year 2 12,512,578 9,502,784

KERMANDINE LIMITED (REGISTERED NUMBER: 01635620)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
for the Year Ended 30 September 2024

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

2024 2023
£    £   
Profit before taxation 2,578,177 7,110,222
Depreciation charges 412,425 359,964
Loss/(profit) on disposal of fixed assets 1,387 (7,576 )
Gain on revaluation of fixed assets (434,813 ) -
Finance costs 30,967 47,671
Finance income (343,440 ) (62,657 )
2,244,703 7,447,624
Decrease in stocks 950,063 444,205
Decrease/(increase) in trade and other debtors 6,445,614 (844,180 )
Decrease in trade and other creditors (3,194,192 ) (1,574,218 )
Cash generated from operations 6,446,188 5,473,431

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 September 2024
30/9/24 1/10/23
£    £   
Cash and cash equivalents 12,512,578 9,502,784
Year ended 30 September 2023
30/9/23 1/10/22
£    £   
Cash and cash equivalents 9,502,784 6,838,592


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/10/23 Cash flow At 30/9/24
£    £    £   
Net cash
Cash at bank and in hand 9,502,784 3,009,794 12,512,578
9,502,784 3,009,794 12,512,578
Debt
Debts falling due within 1 year (123,750 ) - (123,750 )
Debts falling due after 1 year (637,965 ) 118,724 (519,241 )
(761,715 ) 118,724 (642,991 )
Total 8,741,069 3,128,518 11,869,587

KERMANDINE LIMITED (REGISTERED NUMBER: 01635620)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Kermandine 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 General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The group financial statements consolidate the financial statements of Kermandine Limited and its subsidiary undertakings Pemberton Caravans Limited, Pemberton Park and Leisure Homes Limited, Cresta Caravan Co Limited and N & E Houses Limited for the year to 30 September 2024 using the acquisition method. The results of subsidiary undertakings are included from the date of acquisition.

Cresta Caravan Co Limited and N&E Houses Limited have not been audited as they are considered immaterial to the group by virtue of s405 Companies Act 2006.

The consolidated financial statements include the results of the activities described in the Strategic Report, all of which are continuing.

The company acts as a holding company for its subsidiaries.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

a) Useful economic lives
The useful economic lives of tangible fixed assets are assessed on an annual basis on the latest available information. Management believe that the useful economic lives being used currently are still appropriate.

b) Warranty provision
The warranty provision is estimated using information and assessments by experienced management. The basis on which this is calculated is set out in the accounting policies for provisions for liabilities.

c) Valuation of Investment properties
The value of the investment properties is considered annually by the directors. The current values are considered to be appropriate by management.

d) Uninsured claims
The uninsured claims provision is estimated by the directors based on their experience and information provided by their legal advisors. The current value of the provision is considered to be the best estimate of the obligation.

KERMANDINE LIMITED (REGISTERED NUMBER: 01635620)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover comprises the invoice value of goods, rental income and related services provided by the group, net of value added tax and trade discounts, and arose wholly in the United Kingdom and Europe.

The whole of the turnover is attributable to the group's principal activities.

The group recognises revenue from the sale of goods when the significant risks and rewards of ownership has transferred to the buyer, this is ordinarily on the raising of a sales invoice.

Rental and related services income is recognised in the income statement on a straight line basis over the lease term.

Goodwill
Goodwill on consolidation is being amortised over its estimated useful life of ten years. Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost of the business combination is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquiree plus costs directly attributable to the business combination.

Any excess of the cost of the business combination over the acquirer's interest in the net fair value of the identifiable assets and liabilities is recognised as goodwill.

In the company's financial statements goodwill, being the amount paid in connection with the acquisition of a business in 2009, has been fully amortised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property-2% on cost
Fixed plant & improvements to property-15% on reducing balance
Plant and machinery-20% on reducing balance
Fixtures & fittings-25% on cost
Motor vehicles-33% on reducing balance
Computer equipment-33% on cost and 15% on reducing balance

Tangible fixed assets are either stated at cost or professional valuation, less depreciation and any impairment.

Impairment of assets
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Investment property
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value are recognised in the statement of comprehensive income.

KERMANDINE LIMITED (REGISTERED NUMBER: 01635620)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Stocks, work in progress and finished goods
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell.

Work in progress and finished goods are valued at cost plus an appropriate proportion of fixed and variable overheads. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress or finished goods.

Revenue is recognised from the sale of goods when the company has transferred the significant risks and rewards of ownership to the customer.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.

Deferred taxation
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Short term employee benefits
The group operates a defined contribution pension scheme. Contributions payable for the year are charged to the profit and loss account in the period to which they relate.

Short term employee benefits are recognised as an expense in the period in which they are incurred.

KERMANDINE LIMITED (REGISTERED NUMBER: 01635620)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The group only holds basic financial instruments, as defined under Section 11 of FRS102.

Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Short term financial liabilities, including trade and other creditors are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due, those payable after one year should be measured at amortised cost, using the effective interest rate method.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

Interest bearing borrowings
Interest bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

Investments in subsidiaries
The consolidated financial statements incorporate the financial statements of the company and entities controlled by the group (its subsidiaries) using accounting policies consistent with those of the parent. All intra group transactions, balances, income and expenses are eliminated in full on consolidation.

Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements.

Provisions for liabilities
Warranty provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

All of the group's turnover is within either the United Kingdom or the EU.

KERMANDINE LIMITED (REGISTERED NUMBER: 01635620)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,997,713 6,905,187
Social security costs 409,092 555,929
Other pension costs 109,990 157,002
5,516,795 7,618,118

The average number of employees during the year was as follows:
2024 2023

Management 1 1
Administration 31 33
Production 130 201
162 235

2024 2023
£    £   
Directors' remuneration 35,366 34,150

5. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 412,425 359,964
Loss/(profit) on disposal of fixed assets 1,387 (7,576 )
Auditors' remuneration 29,450 27,650
Property income 212,991 203,817

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 50,617 47,471
Dealer stock financing charge (19,650 ) 200
30,967 47,671

KERMANDINE LIMITED (REGISTERED NUMBER: 01635620)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 610,310 1,480,556
Over provision in previous years (34,279 ) (774,828 )
Total current tax 576,031 705,728

Deferred tax 90,043 129,255
Tax on profit 666,074 834,983

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

2024 2023
£    £   
Profit before tax 2,578,177 7,110,222
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 22.610 %)

644,544

1,607,621

Effects of:
Expenses not deductible for tax purposes 1,435 6,359
Fixed asset differences (61,912 ) (95,387 )
Remeasurement of deferred tax for changes in tax rates 7,583 91,188
(Over)/under provision from prior periods (34,279 ) (774,828 )
Chargeable gains 108,703 -
Roundings - 30
Total tax charge 666,074 834,983

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Revaluation gain on freehold property 1,085,729 (177,236 ) 908,493

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act, the parent company has taken advantage of the exemption to produce its own income statement and has also adopted the disclosure exemption to present a statement of cash flows and related notes.

9. DIVIDENDS
2024 2023
£    £   
Final 1,865,000 1,220,000

KERMANDINE LIMITED (REGISTERED NUMBER: 01635620)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 125,677
AMORTISATION
At 1 October 2023
and 30 September 2024 125,677
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 -

Company
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 100,000
AMORTISATION
At 1 October 2023
and 30 September 2024 100,000
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 -

KERMANDINE LIMITED (REGISTERED NUMBER: 01635620)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

11. TANGIBLE FIXED ASSETS

Group
Fixed
plant &
improvements
Freehold Investment to
property properties Land property
£    £    £    £   
COST OR VALUATION
At 1 October 2023 3,767,862 1,561,881 45,579 708,498
Additions - - - -
Disposals - - - -
Revaluations 708,944 434,813 - -
At 30 September 2024 4,476,806 1,996,694 45,579 708,498
DEPRECIATION
At 1 October 2023 301,428 - - 474,741
Charge for year 75,357 - - 1,116
Eliminated on disposal - - - -
Revaluations (376,785 ) - - -
At 30 September 2024 - - - 475,857
NET BOOK VALUE
At 30 September 2024 4,476,806 1,996,694 45,579 232,641
At 30 September 2023 3,466,434 1,561,881 45,579 233,757

Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 October 2023 3,095,823 52,443 483,910 158,942 9,874,938
Additions 48,464 - 94,118 1,106 143,688
Disposals (138,342 ) - (145,184 ) (72,565 ) (356,091 )
Revaluations - - - - 1,143,757
At 30 September 2024 3,005,945 52,443 432,844 87,483 10,806,292
DEPRECIATION
At 1 October 2023 1,867,817 40,802 313,321 133,709 3,131,818
Charge for year 248,905 3,907 70,078 13,062 412,425
Eliminated on disposal (132,554 ) - (133,928 ) (72,565 ) (339,047 )
Revaluations - - - - (376,785 )
At 30 September 2024 1,984,168 44,709 249,471 74,206 2,828,411
NET BOOK VALUE
At 30 September 2024 1,021,777 7,734 183,373 13,277 7,977,881
At 30 September 2023 1,228,006 11,641 170,589 25,233 6,743,120

KERMANDINE LIMITED (REGISTERED NUMBER: 01635620)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

11. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 30 September 2024 is represented by:

Fixed
plant &
improvements
Freehold Investment to
property properties Land property
£    £    £    £   
Valuation in 2003 - 547,954 - -
Valuation in 2010 759,330 236,000 - -
Valuation in 2014 115,546 82,853 - -
Valuation in 2019 259,318 237,677 - -
Valuation in 2024 708,944 434,813 - -
Cost 2,633,668 457,397 45,579 708,498
4,476,806 1,996,694 45,579 708,498

Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
Valuation in 2003 - - - - 547,954
Valuation in 2010 - - - - 995,330
Valuation in 2014 - - - - 198,399
Valuation in 2019 - - - - 496,995
Valuation in 2024 - - - - 1,143,757
Cost 3,005,945 52,443 432,844 87,483 7,423,857
3,005,945 52,443 432,844 87,483 10,806,292

If freehold property had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 2,633,668 2,633,668
Aggregate depreciation 780,205 727,532

At the end of the year the group's properties were revalued on a fair market value basis by Jack Sharpe MRICS, FAAV (Director of T Fazakerley & Son Ltd trading as Fazakerley Sharpe).

KERMANDINE LIMITED (REGISTERED NUMBER: 01635620)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

12. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 October 2023
and 30 September 2024 265,203
NET BOOK VALUE
At 30 September 2024 265,203
At 30 September 2023 265,203

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiary


Subsidiary

Principal Activity
%
Holding
Direct/Indirect
Holding
Pemberton Caravans Limited Property holding and management company 100% Direct

Pemberton Park and Leisure
Homes Limited

Sale & manufacture of caravan holiday homes

77.45%

Indirect

Cresta Caravan Co. Limited Dormant 100% Indirect

N & E Houses Limited Dormant 100% Indirect


13. STOCKS

Group
2024 2023
£    £   
Raw materials 1,676,894 2,217,360
Work-in-progress 339,447 423,634
Finished goods 2,778,419 3,103,829
4,794,760 5,744,823

14. DEBTORS

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year:
Trade debtors 11,558,751 17,748,840 - -
Other debtors 124,528 426,011 - -
Prepayments 258,093 212,135 - -
11,941,372 18,386,986 - -

KERMANDINE LIMITED (REGISTERED NUMBER: 01635620)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

14. DEBTORS - continued

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due after more than one year:
Amounts owed by group undertakings - - 89,823 89,823

Aggregate amounts 11,941,372 18,386,986 89,823 89,823

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Bank loans and overdrafts (see note 17) 123,750 123,750
Trade creditors 2,001,693 4,492,986
Corporation tax 272,072 891,204
Social security and other taxes 173,693 256,014
Other creditors 95,951 253,351
Directors' loan accounts 389 1,596
Accruals and deferred income 1,310,877 1,774,055
3,978,425 7,792,956

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Bank loans (see note 17) 519,241 637,965

KERMANDINE LIMITED (REGISTERED NUMBER: 01635620)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

17. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 123,750 123,750
Amounts falling due between one and two years:
Bank loans 123,750 123,750
Amounts falling due between two and five years:
Bank loans 395,491 371,250
Amounts falling due in more than five years:
Repayable by instalments
Bank loans - 142,965

The bank loan facility held within Pemberton Caravans Limited is renewed monthly under the terms of the loan agreement, with interest charged at 1.95% above LIBOR each month. The facility expires in December 2029.

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 642,991 761,715

The bank loans are secured by way of a fixed charge against specific property and fixed and floating charges over certain assets.

19. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Deferred tax 239,340 295,436
Capital gains 532,735 209,360
772,075 504,796

KERMANDINE LIMITED (REGISTERED NUMBER: 01635620)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

19. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 October 2023 504,796
Charge to Income Statement during year 90,043
Deferred tax on revaluation 177,236
gain
Balance at 30 September 2024 772,075

20. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
100,000 Ordinary £1 10,000 10,000

At the balance sheet date, only 10p per share had been called up.

The holders of ordinary shares are entitled to one vote per share at meetings of the company and are entitled to receive dividends as declared from time to time, or any other distribution including a distribution arising from a winding up of the company.

21. RESERVES

Group
Non
distributable
Capital profit
Retained Revaluation redemption and loss
earnings reserve reserve account Totals
£    £    £    £    £   

At 1 October 2023 22,446,527 1,865,656 4,720 1,081,856 25,398,759
Profit for the year 1,476,048 - - - 1,476,048
Dividends (1,865,000 ) - - - (1,865,000 )
Surplus on revaluation - 1,085,729 - - 1,085,729
Transfer between reserves (288,674 ) - - 288,674 -
Deferred tax on revaluation
gain

-

(177,236

)

-

-

(177,236

)
At 30 September 2024 21,768,901 2,774,149 4,720 1,370,530 25,918,300

KERMANDINE LIMITED (REGISTERED NUMBER: 01635620)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

21. RESERVES - continued

Company
Retained
earnings
£   

At 1 October 2023 345,026
Profit for the year 1,865,000
Dividends (1,865,000 )
At 30 September 2024 345,026

Retained earnings includes all current and prior retained profits and losses.

The revaluation reserve relates to the revaluation amount of freehold property.

Non distributable profit and loss relates to the revaluation amount of investment properties.

The capital redemption reserve includes the nominal value of redeemable preference shares repurchased by the company.

22. NON-CONTROLLING INTERESTS

Minority interests represent a holding of 22.55% in Pemberton Park and Leisure Homes Limited.

23. PENSION COMMITMENTS

The group operates a defined contribution pension scheme for certain senior management and other eligible employees. The assets of the scheme are held separately from those of the group in independently administered funds. Contributions paid during the year amount to £109,990 (2023 - £157,002) and at the year end contributions of £19,257 (2023 - £31,026) remained outstanding.

24. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

During the year the following transactions were entered into with the following related parties:

A management charge of £120,000 (2023: £234,000) was charged by a shareholder.

Dividends to directors of £373,046 (2023: £244,000) were paid in the year.

Dividends paid to a Trust in which directors are Trustees of £559,542 (2023 - £366,000) were paid in the year.

Dividends to other shareholders of £932,523 (2023: £610,000) were paid in the year.

25. POST BALANCE SHEET EVENTS

Following the year end a dividend of £1,992,200 has been voted.

KERMANDINE LIMITED (REGISTERED NUMBER: 01635620)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

26. ULTIMATE CONTROLLING PARTY

Alphacrete International Limited and Mr K McAdam own shares directly and indirectly in the group. However, practically Mr K D McAdam is responsible for the day to day operating decisions of the group and is therefore the ultimate controlling party.