Grove Products (Caravan Accessories) Limited 01148888 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is is that of a leisure accessory wholesaler. The company is a wholly owned subsidiary undertaking of Trigano, a company registered in France. Digita Accounts Production Advanced 6.30.9574.0 true true true true true 01148888 2023-09-01 2024-08-31 01148888 2024-08-31 01148888 bus:Director2 2024-08-31 01148888 bus:OrdinaryShareClass1 2024-08-31 01148888 core:AcceleratedTaxDepreciationDeferredTax 2024-08-31 01148888 core:RetainedEarningsAccumulatedLosses 2024-08-31 01148888 core:ShareCapital 2024-08-31 01148888 core:CurrentFinancialInstruments 2024-08-31 01148888 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 01148888 core:FurnitureFittingsToolsEquipment 2024-08-31 01148888 core:MotorVehicles 2024-08-31 01148888 core:OtherPropertyPlantEquipment 2024-08-31 01148888 core:DeferredTaxation 2024-08-31 01148888 bus:FRS102 2023-09-01 2024-08-31 01148888 bus:Audited 2023-09-01 2024-08-31 01148888 bus:FullAccounts 2023-09-01 2024-08-31 01148888 bus:RegisteredOffice 2023-09-01 2024-08-31 01148888 bus:CompanySecretaryDirector1 2023-09-01 2024-08-31 01148888 bus:Director2 2023-09-01 2024-08-31 01148888 bus:Director7 2023-09-01 2024-08-31 01148888 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 01148888 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 01148888 core:RetainedEarningsAccumulatedLosses 2023-09-01 2024-08-31 01148888 core:ShareCapital 2023-09-01 2024-08-31 01148888 countries:Europe 2023-09-01 2024-08-31 01148888 countries:RestWorldOutsideEurope 2023-09-01 2024-08-31 01148888 countries:UnitedKingdom 2023-09-01 2024-08-31 01148888 core:LandBuildingsUnderOperatingLeases 2023-09-01 2024-08-31 01148888 core:OtherAssetsUnderOperatingLeases 2023-09-01 2024-08-31 01148888 core:PlantEquipmentUnderOperatingLeases 2023-09-01 2024-08-31 01148888 core:ComputerEquipment 2023-09-01 2024-08-31 01148888 core:FurnitureFittings 2023-09-01 2024-08-31 01148888 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 01148888 core:MotorVehicles 2023-09-01 2024-08-31 01148888 core:OtherPropertyPlantEquipment 2023-09-01 2024-08-31 01148888 core:DeferredTaxation 2023-09-01 2024-08-31 01148888 core:UKTax 2023-09-01 2024-08-31 01148888 1 2023-09-01 2024-08-31 01148888 countries:EnglandWales 2023-09-01 2024-08-31 01148888 2023-08-31 01148888 core:RetainedEarningsAccumulatedLosses 2023-08-31 01148888 core:ShareCapital 2023-08-31 01148888 core:FurnitureFittingsToolsEquipment 2023-08-31 01148888 core:MotorVehicles 2023-08-31 01148888 core:OtherPropertyPlantEquipment 2023-08-31 01148888 core:DeferredTaxation 2023-08-31 01148888 2022-09-01 2023-08-31 01148888 2023-08-31 01148888 bus:OrdinaryShareClass1 2023-08-31 01148888 core:AcceleratedTaxDepreciationDeferredTax 2023-08-31 01148888 core:CurrentFinancialInstruments 2023-08-31 01148888 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 01148888 core:FurnitureFittingsToolsEquipment 2023-08-31 01148888 core:MotorVehicles 2023-08-31 01148888 core:OtherPropertyPlantEquipment 2023-08-31 01148888 core:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 01148888 core:ShareCapital 2022-09-01 2023-08-31 01148888 countries:Europe 2022-09-01 2023-08-31 01148888 countries:RestWorldOutsideEurope 2022-09-01 2023-08-31 01148888 countries:UnitedKingdom 2022-09-01 2023-08-31 01148888 core:LandBuildingsUnderOperatingLeases 2022-09-01 2023-08-31 01148888 core:OtherAssetsUnderOperatingLeases 2022-09-01 2023-08-31 01148888 core:PlantEquipmentUnderOperatingLeases 2022-09-01 2023-08-31 01148888 core:UKTax 2022-09-01 2023-08-31 01148888 2022-08-31 01148888 core:RetainedEarningsAccumulatedLosses 2022-08-31 01148888 core:ShareCapital 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01148888

Grove Products (Caravan Accessories) Limited

Annual Report and Financial Statements

for the Year Ended 31 August 2024

 

Grove Products (Caravan Accessories) Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12 to 20

 

Grove Products (Caravan Accessories) Limited

Company Information

Directors

H Combarnous

M Freiche

S Gigou

Company secretary

M Freiche

Registered office

Broadway
Hyde
SK14 4QF

Auditors

KM
Chartered Accountants & Statutory Auditors
1st Floor, Block C
The Wharf
Manchester Road
Burnley
Lancashire
BB11 1JG

 

Grove Products (Caravan Accessories) Limited

Strategic Report for the Year Ended 31 August 2024

The directors present their strategic report for the year ended 31 August 2024.

Principal activity

The principal activity of the company is that of a leisure accessory wholesaler. The company is a wholly owned subsidiary undertaking of Trigano, a company registered in France.

Review of the business

The directors report a profit before tax for the year amounting to £679,054 (2023- £1,128,357), and net assets at the end of the year amounting to £4,136,181 (2023 - £4,483,729).

The directors are content with the performance of the business this year.

During the year, the directors of the company have continued to pursue new opportunities for expansion of the business.

The company's key financial and other performance indicators during the year were as follows:

Year ended

31 August 2024

31 August 2023

31 August 2022

Turnover

£14,098,109

£15,149,366

£15,888,761

Turnover growth

(6.94)%

(4.65)%

(7.26)%

Gross profit margin

22.44%

23.51%

25.54%

Profit before tax

£679,054

£1,128,357

£1,791,766

Principal risks and uncertainties

The directors of the company manage the company's risk in conjunction with the management of Trigano.

The company's operations are exposed to a variety of financial risks that include the effects of changes to customer credit risk, supply chain risk and trading seasonality. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company.

Policies are in place to limit the exposure to excess stock being carried forward from one year to the next. The company has no significant concentrations of credit risk. Receivable balances are monitored on an ongoing basis to ensure the company's bad debt exposure is not significant.

The company looks to mitigate supply chain risk by implementing a rigorous supplier selection process and working closely with a variety of suppliers.

Approved and authorised by the Board on 12 May 2025 and signed on its behalf by:
 

.........................................
S Gigou
Director

 

Grove Products (Caravan Accessories) Limited

Directors' Report for the Year Ended 31 August 2024

The directors present their report and the financial statements for the year ended 31 August 2024.

Directors of the company

The directors who held office during the year were as follows:

M Freiche

S Gigou

The following director was appointed after the year end:

H Combarnous (appointed 24 March 2025)

Results

The results for the company are set out in the financial statements.

Dividends

Dividends totalling £855,000 (2023 - £1,350,000) were paid during the year.

Risk policies

As required by schedule 7.6(1)(a) and 7.6(1)(b) of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 the following information required to be disclosed in the directors report has been disclosed in the Strategic Report on page 2:

- an indication of financial risk management objectives and policies;
- an indication of the different risks the company is exposed to.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 12 May 2025 and signed on its behalf by:
 

.........................................
S Gigou
Director

 

Grove Products (Caravan Accessories) Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Grove Products (Caravan Accessories) Limited

Independent Auditor's Report to the Members of Grove Products (Caravan Accessories) Limited

Opinion

We have audited the financial statements of Grove Products (Caravan Accessories) Limited (the 'company') for the year ended 31 August 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Grove Products (Caravan Accessories) Limited

Independent Auditor's Report to the Members of Grove Products (Caravan Accessories) Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and 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 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the company and the nature of the industry, we identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation, employment regulations, health and safety regulations, anti-bribery, corruption and fraud, money laundering and we considered the extent to which non-compliance might have a material effect on the financial statements. We also identified financial reporting standards and the Companies Act 2006 as having a direct impact on the preparation of financial statements.

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but are not limited to:

 

Grove Products (Caravan Accessories) Limited

Independent Auditor's Report to the Members of Grove Products (Caravan Accessories) Limited

Discussing with the directors and management their policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances with non-compliance;

Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit;

Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud;

Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;

Gaining an understanding of the internal controls established to mitigate risks related to fraud;

Discussing amongst the engagement team the risks of fraud; and

Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Mark Heaton FCCA (Senior Statutory Auditor)
For and on behalf of KM, Statutory Auditor

1st Floor, Block C
The Wharf
Manchester Road
Burnley
Lancashire
BB11 1JG

12 May 2025

 

Grove Products (Caravan Accessories) Limited

Profit and Loss Account for the Year Ended 31 August 2024

Note

2024
£

2023
£

Turnover

4

14,098,109

15,149,366

Cost of sales

 

(10,934,320)

(11,587,044)

Gross profit

 

3,163,789

3,562,322

Distribution costs

 

(1,051,873)

(1,073,384)

Administrative expenses

 

(1,390,679)

(1,339,039)

Other operating income

12,654

6,252

Operating profit

5

733,891

1,156,151

Other interest receivable and similar income

6

4,371

3,237

Interest payable and similar expenses

7

(59,208)

(31,031)

Profit before tax

 

679,054

1,128,357

Tax on profit

10

(171,602)

(239,928)

Profit for the financial year

 

507,452

888,429

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Grove Products (Caravan Accessories) Limited

Statement of Comprehensive Income for the Year Ended 31 August 2024

2024
£

2023
£

Profit for the year

507,452

888,429

Total comprehensive income for the year

507,452

888,429

 

Grove Products (Caravan Accessories) Limited

(Registration number: 01148888)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

201,217

173,252

Current assets

 

Stocks

12

3,508,929

3,620,657

Debtors

13

2,141,977

2,583,476

Cash at bank and in hand

 

555,200

605,871

 

6,206,106

6,810,004

Creditors: Amounts falling due within one year

14

(2,270,990)

(2,496,060)

Net current assets

 

3,935,116

4,313,944

Total assets less current liabilities

 

4,136,333

4,487,196

Provisions for liabilities

15

(152)

(3,467)

Net assets

 

4,136,181

4,483,729

Capital and reserves

 

Called up share capital

100

100

Retained earnings

4,136,081

4,483,629

Shareholders' funds

 

4,136,181

4,483,729

Approved and authorised by the Board on 12 May 2025 and signed on its behalf by:
 

.........................................
S Gigou
Director

 

Grove Products (Caravan Accessories) Limited

Statement of Changes in Equity for the Year Ended 31 August 2024

Share capital
£

Retained earnings
£

Total
£

At 1 September 2023

100

4,483,629

4,483,729

Profit for the year

-

507,452

507,452

Dividends

-

(855,000)

(855,000)

At 31 August 2024

100

4,136,081

4,136,181

Share capital
£

Retained earnings
£

Total
£

At 1 September 2022

100

4,945,200

4,945,300

Profit for the year

-

888,429

888,429

Dividends

-

(1,350,000)

(1,350,000)

At 31 August 2023

100

4,483,629

4,483,729

 

Grove Products (Caravan Accessories) Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The nature of the company's operations and principal activities are that of a caravan accessory wholesaler.

The address of its registered office is:
Broadway
Hyde
SK14 4QF

These financial statements were authorised for issue by the Board on 12 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were 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.

Basis of preparation

These financial statements have been prepared on a going concern basis using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Summary of disclosure exemptions

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group.
The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures; and
• Section 33 'Related Party Disclosures': Compensation for key manangement personnel..

Going concern

The financial statements have been prepared on a going concern basis.

Turnover recognition

Turnover is the amount receivable by the company in the ordinary course of business for goods supplied as principal excluding trade discounts and value added tax. Turnover and profit is recognised when invoices are raised which corresponds with the time of delivery or supply to the customer.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

 

Grove Products (Caravan Accessories) Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives as follows:

Asset class

Depreciation method and rate

Equipment

Over 5 years straight line basis

Motor vehicles

Over 4 years straight line basis

Fixtures and fittings

Over 10 years straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method and includes amounts for carriage inwards and allowances for discounts receivable.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors with no stated interest rate are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Grove Products (Caravan Accessories) Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Derivative financial instruments

Derivative financial instruments are initially measured at fair value at the date on which a derivative contract is entered into and are subsequently measured at fair value through profit and loss.

3

Judgements and key sources of estimation uncertainty

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation

The depreciation expense is the recognition of the decline in the value of the asset and allocation of the cost of the asset over the periods in which the asset will be used. Judgements are made as to the estimated useful life of the assets; these are regularly reviewed to reflect the changing environment.

Stock provision

The provision is based on a review of old/slow moving stock lines and the estimated realisation of that stock. The estimated realisation is based on past experience and subsequent recovery after the year end. These judgements are regularly reviewed to reflect the changing environment.

Bad debt provision

The bad debt provision is based on a review of old/slow paying customer balances and the estimated recoverability of those balances. Estimated recoverability is based on past experience and susequent recovery after the year end. These judgements are regularly reviewed to reflect the changing environment.

Sales rebates

Provision for sales rebates are based on estimated amounnts due based on quantities purchased by customers during the year. The estimated amounts are based on past experience and amounts subsequently paid after the year end. These judgements are regularly reviewed to reflect the changing environment.

 

Grove Products (Caravan Accessories) Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

4

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

14,098,109

15,149,366

The analysis of the company's turnover for the year by market is as follows:

2024
£

2023
£

UK

13,445,150

14,465,653

Europe

575,563

609,583

Rest of the world

77,396

74,130

14,098,109

15,149,366

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation of tangible fixed assets

53,675

44,245

Operating lease expense - property

235,000

235,000

Operating lease expense - vehicles

4,088

7,363

Operating lease expense - equipment

3,130

1,939

Profit on disposal of tangible fixed assets

(10,200)

-

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

4,371

3,237

7

Interest payable and similar expenses

2024
£

2023
£

Interest expense on other finance liabilities

59,208

31,031

 

Grove Products (Caravan Accessories) Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

990,072

901,230

Social security costs

102,463

90,687

Pension costs, defined contribution scheme

23,855

21,211

1,116,390

1,013,128

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration

4

4

Sales and warehouse

27

27

31

31

9

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

7,600

6,400


 

 

Grove Products (Caravan Accessories) Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

10

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

173,573

231,697

UK corporation tax adjustment to prior periods

1,344

-

174,917

231,697

Deferred taxation

Arising from origination and reversal of timing differences

(3,315)

8,231

Tax expense in the income statement

171,602

239,928

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

679,054

1,128,357

Corporation tax at standard rate

169,764

282,089

Increase in current tax from adjustment for prior periods

1,344

-

Tax increase from effect of capital allowances and depreciation

286

286

Effect of expense not deductible in determining taxable profit

208

312

Deferred tax credit relating to changes in tax rates

-

(1,505)

Decrease from effect of tax incentives

-

(3,724)

Tax decrease from changes in tax legislation

-

(37,530)

Total tax charge

171,602

239,928

Deferred tax

Deferred tax included in the balance sheet is as follows:

2024

Asset
£

Liability
£

Difference between accumulated depreciation and capital allowances

-

152

-

152

2023

Asset
£

Liability
£

Difference between accumulated depreciation and capital allowances

-

3,467

-

3,467

 

Grove Products (Caravan Accessories) Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

11

Tangible fixed assets

Equipment
 £

Motor vehicles
 £

Fixtures and fittings
£

Total
£

Cost

At 1 September 2023

101,347

229,204

179,477

510,028

Additions

6,087

71,753

3,800

81,640

Disposals

(19,952)

(73,730)

-

(93,682)

At 31 August 2024

87,482

227,227

183,277

497,986

Depreciation

At 1 September 2023

45,314

181,666

109,796

336,776

Charge for the year

14,880

25,811

12,984

53,675

Eliminated on disposal

(19,952)

(73,730)

-

(93,682)

At 31 August 2024

40,242

133,747

122,780

296,769

Carrying amount

At 31 August 2024

47,240

93,480

60,497

201,217

At 31 August 2023

56,033

47,538

69,681

173,252

12

Stocks

2024
£

2023
£

Goods for resale

3,508,929

3,620,657

13

Debtors

Note

2024
£

2023
£

Trade debtors

 

1,870,463

2,381,232

Amounts owed by related parties

20

149,490

120,996

Other debtors

 

800

-

Prepayments and accrued income

 

121,224

81,248

 

2,141,977

2,583,476

 

Grove Products (Caravan Accessories) Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

14

Creditors

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

714,554

763,511

Amounts due to related parties

20

1,047,968

1,078,158

Social security and other taxes

 

299,210

324,082

Outstanding defined contribution pension costs

 

5,638

5,294

Accruals

 

45,103

77,366

Corporation tax liability

10

157,805

233,251

Other current financial liabilities

 

712

14,398

 

2,270,990

2,496,060

15

Provisions for liabilities

Deferred tax
£

Total
£

At 1 September 2023

3,467

3,467

Increase/(decrease) in existing provisions

(3,315)

(3,315)

At 31 August 2024

152

152

16

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £23,855 (2023 - £21,211).

Contributions totalling £5,638 (2023 - £5,294) were payable to the scheme at the end of the year and are included in creditors.

17

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Grove Products (Caravan Accessories) Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

18

Obligations under leases

Operating leases

The amount of non-cancellable operating lease payments recognised as an expense during the year was £235,000 (2023 - £235,000).

19

Parent and ultimate parent undertaking

The company's immediate parent and ultimate parent undertaking is Trigano, incorporated in France.

  These financial statements are available upon request from Trigano, 100 Rue Petit, 75019 Paris, France or from the website www.trigano.fr.

 The ultimate controlling party is F Feuillet.

20

Related party transactions

The company has taken advantage of the exemption from disclosing transactions with other members of the group.