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COMPANY REGISTRATION NUMBER: 00641608
Wandahome (Knottingley) Limited
Financial Statements
31 October 2024
Wandahome (Knottingley) Limited
Financial Statements
Year Ended 31 October 2024
Contents
Pages
Strategic report
1 to 2
Directors' report
3 to 4
Independent auditor's report to the members
5 to 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 to 21
Wandahome (Knottingley) Limited
Strategic Report
Year Ended 31 October 2024
The directors have pleasure in presenting their strategic report for the year ended 31st October 2024. Review of the business The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and the company's position at the year end. The review is consistent with the size and non-complex nature of the business and is compiled in the context of the risk and uncertainties faced. Wandahome (Knottingley) Limited was established in 1959 by three brothers, Reginald, Derek and Gerald Burnley, and remains a family business. The business history and growth over the last 65 years has instilled these attributes, creating a welcoming and loyal workforce and customer base. The primary turnover of the business is the sale of both new and used caravans, with support of other revenue streams, including awnings, accessories and after sales completing retail, warranty and insurance repairs.
Principal risks and uncertainties
The directors consider the risks to the business both during the monthly management meetings and also during informal regular meetings where various aspects of the business are discussed. The principal risks and uncertainties are considered to be as follows:-
Price risk
The company uses a range of manufacturers and suppliers for each area of the business to ensure competitive pricing and margins are maintained within the sector.
Currency risk
The company does no business outside the UK, and therefore there is no currency risk to the business operations.
Credit risk
All sales with the exception of manufacturer warranty claims are retail payment on delivery, and therefore the credit risk to the business operation is minimal with an insignificant amount of debtors in any period.
Liquidity risk
The directors and company accountant manage, control and monitor the company's cash flow on a minimum of a monthly basis, ensuring all obligations are met and payments made on time.
Key performance indicators
31/10/24
31/10/23
Increase/(decrease)
Turnover
12,343,687
16,415,847
-24.81%
Gross profit
1,477,795
2,318,397
-36.26%
Operating profit
18,048
893,883
-97.98%
Net assets
3,782,889
4,120,599
-8.20%
Future developments
The year ending 31st October 2024 has seen a decrease in turnover, margin and net profit on prior years. However, this was foreseen by the directors following the recovery from the Covid pandemic, and a return to international travel, in conjunction with the cost of living crisis, higher inflation and general downturn seen within the sector overall, reducing consumer available spend on discretionary purchases for items in the leisure industry. However, by monitoring the market conditions the directors have managed to ensure that sales have been completed, which have been inline with the market conditions, and ensuring that whilst the deals have resulted in a loss of margin overall a profit has been maintained for the year. Whilst the directors are concerned with the current stock holding of 2024 caravans, with an upturn in the market conditions and stabilising of the economy, these will form part of the recovery of the business for the forthcoming year, and allow an increase in turnover, whilst maintaining cost control measures.
This report was approved by the board of directors on 15 May 2025 and signed on behalf of the board by:
N Burnley
Director
Registered office:
Great North Road
Knottingley
West Yorkshire
WF11 0AE
Wandahome (Knottingley) Limited
Directors' Report
Year Ended 31 October 2024
The directors present their report and the financial statements of the company for the year ended 31 October 2024 .
Directors
The directors who served the company during the year were as follows:
N Burnley
Mr R Hay
Dividends
The directors do not recommend the payment of a dividend.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. A resolution to reappoint Holmes Beaumont & Holroyd Limited as auditors will be proposed at the forthcoming Annual General Meeting.
This report was approved by the board of directors on 15 May 2025 and signed on behalf of the board by:
N Burnley
Director
Registered office:
Great North Road
Knottingley
West Yorkshire
WF11 0AE
Wandahome (Knottingley) Limited
Independent Auditor's Report to the Members of Wandahome (Knottingley) Limited
Year Ended 31 October 2024
Opinion
We have audited the financial statements of Wandahome (Knottingley) Limited (the 'company') for the year ended 31 October 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 October 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which 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 directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: - The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - We identified the laws and regulations applicable to the company through discussions with management; - We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including UK Companies legislation, tax legislation, employment legislation, environmental and health and safety legislation; - We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 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; - Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and - The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. To address the risk of fraud through management bias and override of controls, we: - Performed analytical procedures to identify unusual or unexpected relationships; - Tested journal entries and other adjustments to identify unusual transactions; - Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; - Investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations; - Reading minutes of meetings of those charged with governance; - Enquiring of management as to actual or potential litigation claims; - Reviewing correspondence with HMRC, the FCA and the company's legal advisors. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we become aware of it. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.
Michael Flanagan
(Senior Statutory Auditor)
For and on behalf of
Holmes Beaumont & Holroyd Limited
Chartered Accountants & Statutory Auditor
15 Ropergate End
Pontefract
West Yorkshire
WF8 1JT
16 May 2025
Wandahome (Knottingley) Limited
Statement of Comprehensive Income
Year Ended 31 October 2024
2024
2023
Note
£
£
Turnover
4
12,343,687
16,415,847
Cost of sales
10,865,892
14,097,450
-------------
-------------
Gross profit
1,477,795
2,318,397
Administrative expenses
1,623,826
1,684,812
Other operating income
5
164,079
260,298
------------
------------
Operating profit
6
18,048
893,883
Other interest receivable and similar income
10
103,201
91,365
Interest payable and similar expenses
11
44,227
51,815
------------
------------
Profit before taxation
77,022
933,433
Tax on profit
12
14,732
224,955
--------
---------
Profit for the financial year and total comprehensive income
62,290
708,478
--------
---------
All the activities of the company are from continuing operations.
Wandahome (Knottingley) Limited
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
13
2,382,144
2,457,668
Current assets
Stocks
14
3,301,757
2,489,437
Debtors
15
171,941
240,115
Cash at bank and in hand
2,263,549
3,099,701
------------
------------
5,737,247
5,829,253
Creditors: amounts falling due within one year
16
4,168,258
3,979,849
------------
------------
Net current assets
1,568,989
1,849,404
------------
------------
Total assets less current liabilities
3,951,133
4,307,072
Creditors: amounts falling due after more than one year
17
131,772
143,175
Provisions
Taxation including deferred tax
18
36,472
43,298
------------
------------
Net assets
3,782,889
4,120,599
------------
------------
Capital and reserves
Called up share capital
21
1,001
1,846
Capital redemption reserve
22
845
Profit and loss account
22
3,781,043
4,118,753
------------
------------
Shareholders funds
3,782,889
4,120,599
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 15 May 2025 , and are signed on behalf of the board by:
N Burnley
Mr R Hay
Director
Director
Company registration number: 00641608
Wandahome (Knottingley) Limited
Statement of Changes in Equity
Year Ended 31 October 2024
Called up share capital
Capital redemption reserve
Profit and loss account
Total
£
£
£
£
At 1 November 2022
1,846
3,410,275
3,412,121
Profit for the year
708,478
708,478
--------
--------
------------
------------
Total comprehensive income for the year
708,478
708,478
At 31 October 2023
1,846
4,118,753
4,120,599
Profit for the year
62,290
62,290
--------
--------
------------
------------
Total comprehensive income for the year
62,290
62,290
Cancellation of subscribed capital
( 845)
845
( 400,000)
( 400,000)
--------
--------
---------
---------
Total investments by and distributions to owners
( 845)
845
( 400,000)
( 400,000)
--------
--------
------------
------------
At 31 October 2024
1,001
845
3,781,043
3,782,889
--------
--------
------------
------------
Wandahome (Knottingley) Limited
Statement of Cash Flows
Year Ended 31 October 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
62,290
708,478
Adjustments for:
Depreciation of tangible assets
76,783
60,385
Other interest receivable and similar income
( 103,201)
( 91,365)
Interest payable and similar expenses
44,227
51,815
Gains on disposal of tangible assets
( 1,500)
Tax on profit
14,732
224,955
Accrued (income)/expenses
( 140,959)
35,066
Changes in:
Stocks
( 812,320)
( 1,274,540)
Trade and other debtors
68,174
( 129,684)
Trade and other creditors
642,206
1,486,148
---------
------------
Cash generated from operations
( 148,068)
1,069,758
Interest paid
( 44,227)
( 51,815)
Interest received
103,201
91,365
Tax paid
( 187,158)
( 159,244)
---------
------------
Net cash (used in)/from operating activities
( 276,252)
950,064
---------
------------
Cash flows from investing activities
Purchase of tangible assets
( 1,259)
( 182,571)
Proceeds from sale of tangible assets
1,500
---------
------------
Net cash used in investing activities
( 1,259)
( 181,071)
---------
------------
Cash flows from financing activities
Purchase of own shares
( 400,000)
Proceeds from borrowings
( 158,641)
( 348,830)
---------
------------
Net cash used in financing activities
( 558,641)
( 348,830)
---------
------------
Net (decrease)/increase in cash and cash equivalents
( 836,152)
420,163
Cash and cash equivalents at beginning of year
3,099,701
2,679,538
------------
------------
Cash and cash equivalents at end of year
2,263,549
3,099,701
------------
------------
Wandahome (Knottingley) Limited
Notes to the Financial Statements
Year Ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Great North Road, Knottingley, West Yorkshire, WF11 0AE.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2% reducing balance
Plant & machinery
-
8% straight line
Fixtures & Fittings
-
10% straight line
Motor Vehicles
-
20% straight line
Computer equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash Short-term trade and other debtors and creditors, including amounts due to manufacturers stocking plans. Cash in the balance sheet comprises cash at banks and in hand. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of caravans and accessories
12,343,687
16,415,847
-------------
-------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Commission receivable
164,058
260,277
Other operating income
21
21
---------
---------
164,079
260,298
---------
---------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
76,783
60,385
Gains on disposal of tangible assets
( 1,500)
--------
--------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
9,000
9,000
--------
--------
8. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
26
22
Administrative staff
4
5
Management staff
2
4
--------
--------
32
31
--------
--------
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
990,154
1,152,822
Social security costs
98,802
122,216
Other pension costs
114,690
49,384
------------
------------
1,203,646
1,324,422
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
288,645
474,344
Company contributions to defined contribution pension plans
70,000
12,000
---------
---------
358,645
486,344
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
2
1
--------
--------
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
261,898
369,093
---------
---------
10. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
103,201
91,365
---------
--------
11. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
33,818
42,420
Other interest payable and similar charges
10,409
9,395
--------
--------
44,227
51,815
--------
--------
12. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
27,459
193,059
Adjustments in respect of prior periods
( 5,901)
( 185)
--------
---------
Total current tax
21,558
192,874
--------
---------
Deferred tax:
Origination and reversal of timing differences
( 6,826)
32,081
--------
---------
Tax on profit
14,732
224,955
--------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 23.32 % (2023: 22.52 %).
2024
2023
£
£
Profit on ordinary activities before taxation
77,022
933,433
--------
---------
Profit on ordinary activities by rate of tax
17,962
216,736
Adjustment to tax charge in respect of prior periods
( 5,901)
( 185)
Effect of expenses not deductible for tax purposes
1,319
338
Effect of capital allowances and depreciation
1,357
8,085
Rounding on tax charge
( 5)
( 19)
--------
---------
Tax on profit
14,732
224,955
--------
---------
13. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Nov 2023
2,547,317
33,804
5,432
44,435
118,356
2,749,344
Additions
1,259
1,259
------------
--------
--------
--------
---------
------------
At 31 Oct 2024
2,547,317
33,804
5,432
44,435
119,615
2,750,603
------------
--------
--------
--------
---------
------------
Depreciation
At 1 Nov 2023
237,386
16,546
2,325
17,788
17,631
291,676
Charge for the year
46,198
1,967
532
5,610
22,476
76,783
------------
--------
--------
--------
---------
------------
At 31 Oct 2024
283,584
18,513
2,857
23,398
40,107
368,459
------------
--------
--------
--------
---------
------------
Carrying amount
At 31 Oct 2024
2,263,733
15,291
2,575
21,037
79,508
2,382,144
------------
--------
--------
--------
---------
------------
At 31 Oct 2023
2,309,931
17,258
3,107
26,647
100,725
2,457,668
------------
--------
--------
--------
---------
------------
14. Stocks
2024
2023
£
£
Work in progress
350
Finished goods and goods for resale
3,301,757
2,489,087
------------
------------
3,301,757
2,489,437
------------
------------
15. Debtors
2024
2023
£
£
Trade debtors
688
1,305
Prepayments and accrued income
62,190
28,317
Other debtors
109,063
210,493
---------
---------
171,941
240,115
---------
---------
16. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
223,450
370,688
Trade creditors
3,561,271
2,859,209
Accruals and deferred income
333,745
474,704
Corporation tax
27,459
193,059
Social security and other taxes
22,333
82,189
------------
------------
4,168,258
3,979,849
------------
------------
Included in trade creditors is £3,181,114 (2023 £2,416,928) outstanding in respect of manufacturers stocking plans. These liabilities are secured on relevant stocks, legal title to which does not pass to the company until full payment has been made to the supplier.
The bank loans are secured by a debenture over 2 parcels of land at Grovehall Lane, Knottingley.
17. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
131,772
143,175
---------
---------
The bank loans are secured by a debenture over 2 parcels of land at Grovehall Lane, Knottingley.
18. Provisions
Deferred tax (note 19)
£
At 1 November 2023
43,298
Charge against provision
( 6,826)
--------
At 31 October 2024
36,472
--------
19. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 18)
36,472
43,298
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
36,472
43,298
--------
--------
20. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 44,690 (2023: £ 37,384 ).
21. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
A Ordinary shares of £ 1 each
1,001
1,001
1,846
1,846
--------
--------
--------
--------
22. Reserves
Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
23. Analysis of changes in net debt
At 1 Nov 2023
Cash flows
At 31 Oct 2024
£
£
£
Cash at bank and in hand
3,099,701
(836,152)
2,263,549
Debt due within one year
(370,688)
147,238
(223,450)
Debt due after one year
(143,175)
11,403
(131,772)
------------
---------
------------
2,585,838
( 677,511)
1,908,327
------------
---------
------------
Wandahome (Knottingley) Limited
Notes to the Financial Statements (continued)
Year Ended 31 October 2024
24. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
5,846
5,421
Later than 1 year and not later than 5 years
4,625
--------
--------
5,846
10,046
--------
--------
25. Controlling party
The company is controlled by N Burnley , by virtue of his majority shareholding.