REGISTERED NUMBER: 12357824 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 30 June 2024 |
for |
Ampco 150 Limited Group |
REGISTERED NUMBER: 12357824 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 30 June 2024 |
for |
Ampco 150 Limited Group |
Ampco 150 Limited Group (Registered number: 12357824) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Consolidated Income Statement | 11 |
Consolidated Other Comprehensive Income | 12 |
Consolidated Balance Sheet | 13 |
Company Balance Sheet | 14 |
Consolidated Statement of Changes in Equity | 15 |
Company Statement of Changes in Equity | 16 |
Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Financial Statements | 20 |
Ampco 150 Limited Group |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Samantha Allan |
AUDITORS: |
3 Holloway Close |
East Bridgford |
Nottingham |
NG13 8NG |
Ampco 150 Limited Group (Registered number: 12357824) |
Group Strategic Report |
for the Year Ended 30 June 2024 |
The directors present their strategic report for the period ended 30 June 2024. |
REVIEW OF BUSINESS |
The company has continued the strategy of diversification within related leisure products and services. |
The year has seen continued growth in the e-commerce parts and accessories business (£1.83m sales; +35%) brought about by focused management and high quality marketing. We plan to further expand this area of our business. |
The company’s development into the sale of new and used motorhomes has been successful and these products have become a more important part of our business strategy. |
During the period, the company ended the supply of caravans from one major UK supplier and commenced the supply of caravans and motorhomes from another major UK supplier. |
The company has maintained its position in the UK touring caravan market and improved its position in the new and used motorhome market. The industry as a whole experienced a sharp decline in demand resulting from political uncertainty and poor national economic performance in the period under review. This decline caused a reduction in the value of caravans and motorhomes which has been reflected in the financial statements attached. |
The company will continue its policy of diversification within the leisure industry to reduce dependence on a particular sector. |
PRINCIPAL RISKS AND UNCERTAINTIES |
It remains the case that world events, such as the invasion of Ukraine, with their consequential effects on interest rates and world commodity prices affect the appetite of consumers to purchase discretionary "big ticket" items. |
Equally, these events continue to adversely affect business’s costs which cannot be passed onto the consumer because of the competitive nature of the industry. |
Further, substantial inflation within the labour market and increases in corporate taxation restrict the business’s ability to accumulate surpluses which can be used to finance growth. |
Whilst the business is supported by an excellent team, it remains the case that recruitment of team members to support our planned expansion reveals a lack of candidates with appropriate skills and attitudes. Hence, we continue to recruit and train new recruits to our own standards. |
KEY PERFORMANCE INDICATORS |
To maintain satisfactory financial liquidity. The company has maintained satisfactory financial liquidity through careful cost control and careful financial planning. This strategy will continue. |
To balance gross margin generation with personnel costs. This indicator is constantly monitored and downward adjustments to labour costs have been made in the period. |
To maintain a high level of customer satisfaction. This indicator has improved, and remains at a satisfactory level because of investment in training and improved processes. |
Ampco 150 Limited Group (Registered number: 12357824) |
Group Strategic Report |
for the Year Ended 30 June 2024 |
EMPLOYEE DETAILS |
Employee gender diversity: |
Company directors: 2 female, 2 male |
Senior personnel: 1 female, 4 male |
Other employees: 11 female, 17 male |
The company is satisfied with its record on gender diversity. Our recruitment process continues to adopt a scrupulous policy of employing the best candidate for the role. It is notable that female candidates infrequently apply for the positions of workshop technicians. |
Whilst communication with team members continues through informal channels, a monthly newsletter keeps everyone informed of events and developments. |
ENVIRONMENTAL CONSIDERATIONS |
The direct impact of the company’s activities on the environment is limited by its size and the nature of its operations. The directors are mindful of the need to protect the environment and are committed to controlling the business’s impact on the wider environment. |
Electricity: |
Lighting is provided through LED fittings. The company does not have a method of producing electricity but the newly built workshop’s roof will eventually be used for power generation through solar panels. This will substantially reduce our consumption of power from the grid. |
Oil: |
The use of oil fired space heaters has been greatly reduced following the opening of our new workshop premises whose thermal efficiency standards are much higher than the previous buildings. Oil fired space heaters are used where there is no practical alternative to providing directional heat. |
Air source heating: |
This technology is used in the company’s principal customer area. |
Chemicals: |
The company used only small amounts of chemicals, all of which comply with British environmental standards. |
Waste disposal: |
Specialist waste disposal companies are used to ensure that the relevant standards are adhered to. |
Ampco 150 Limited Group (Registered number: 12357824) |
Group Strategic Report |
for the Year Ended 30 June 2024 |
STRATEGIC OBJECTIVES |
The group's strategic objectives are: |
- To create sales and revenue growth through attracting customers in the leisure market to acquire our products and services by providing high levels of customer service and quality products. |
- To maintain and improve financial stability through careful control of financial assets, costs and profit performance. |
- To provide a stable and rewarding working environment for employees which encourages commitment. |
- To adhere to environmental guidelines which protect the business and the wider environment. |
The businesses operates entirely within the leisure market. Its products are predominantly touring caravans and campervans.The market for the products is National and International. There are high levels of competition and success depends upon remaining competitive on price, product, marketing and levels of customer satisfaction. |
To achieve satisfactory sales level, the group depends upon customer advocacy, digital marketing and representation at Regional and National shows. The businesses continue to invest in each of these key areas. |
Measured by turnover, the group is within the top 25% of businesses operating in the touring caravan sector. |
Given the relatively high unit price of our products and the fact that they are discretionary, our sector within the leisure market is affected by Government policies. The current policy to reduce inflation by raising interest rates has adversely affected customer demand whereas, customer demand was high following the end of COVID-19 lock-downs. |
ON BEHALF OF THE BOARD: |
Ampco 150 Limited Group (Registered number: 12357824) |
Report of the Directors |
for the Year Ended 30 June 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of the sale of new and used touring caravans and accessories. |
DIVIDENDS |
No interim dividends were paid during the year. The directors do not recommend the payment of a final dividends . |
. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
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. |
Ampco 150 Limited Group (Registered number: 12357824) |
Report of the Directors |
for the Year Ended 30 June 2024 |
AUDITORS |
The auditors, Samantha Allan, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Ampco 150 Limited Group |
Opinion |
We have audited the financial statements of Ampco 150 Limited Group (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 June 2024 and of the group's loss 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. |
Report of the Independent Auditors to the Members of |
Ampco 150 Limited Group |
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. |
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 five, 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 |
Ampco 150 Limited Group |
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 areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Officers and other management (as required by auditing standards). |
We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items. |
With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Officers. |
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed 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 are to become aware of it. |
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 |
Ampco 150 Limited Group |
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. |
for and on behalf of |
3 Holloway Close |
East Bridgford |
Nottingham |
NG13 8NG |
Ampco 150 Limited Group (Registered number: 12357824) |
Consolidated Income Statement |
for the Year Ended 30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
TURNOVER | 3 | 18,768,323 | 13,082,844 |
Cost of sales | (17,615,926 | ) | (11,597,295 | ) |
GROSS PROFIT | 1,152,397 | 1,485,549 |
Distribution costs | (6,333 | ) | - |
Administrative expenses | (1,304,926 | ) | (1,194,102 | ) |
(158,862 | ) | 291,447 |
Other operating income | 4 | 174,960 | 153,570 |
OPERATING PROFIT | 6 | 16,098 | 445,017 |
Interest receivable and similar income | 1,287 | - |
17,385 | 445,017 |
Interest payable and similar expenses | 7 | (319,915 | ) | (119,841 | ) |
(LOSS)/PROFIT BEFORE TAXATION | (302,530 | ) | 325,176 |
Tax on (loss)/profit | 8 | 44,322 | (75,414 | ) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
(Loss)/profit attributable to: |
Owners of the parent | (258,208 | ) | 249,762 |
Ampco 150 Limited Group (Registered number: 12357824) |
Consolidated Other Comprehensive Income |
for the Year Ended 30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE YEAR | (258,208 | ) | 249,762 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(258,208 |
) |
249,762 |
Total comprehensive income attributable to: |
Owners of the parent | (258,208 | ) | 249,762 |
Ampco 150 Limited Group (Registered number: 12357824) |
Consolidated Balance Sheet |
30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | - | - |
Tangible assets | 12 | 1,377,787 | 1,233,929 |
Investments | 13 | - | - |
1,377,787 | 1,233,929 |
CURRENT ASSETS |
Stocks | 14 | 9,844,515 | 7,140,960 |
Debtors | 15 | 480,817 | 616,521 |
Cash at bank and in hand | 641,749 | 540,327 |
10,967,081 | 8,297,808 |
CREDITORS |
Amounts falling due within one year | 16 | (10,898,514 | ) | (7,780,548 | ) |
NET CURRENT ASSETS | 68,567 | 517,260 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
1,446,354 |
1,751,189 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(970,114 |
) |
(1,035,741 |
) |
PROVISIONS FOR LIABILITIES | 21 | (79,000 | ) | (60,000 | ) |
NET ASSETS | 397,240 | 655,448 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 200 | 200 |
Retained earnings | 23 | 397,040 | 655,248 |
SHAREHOLDERS' FUNDS | 397,240 | 655,448 |
The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by: |
R J Evans - Director |
Ampco 150 Limited Group (Registered number: 12357824) |
Company Balance Sheet |
30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Debtors | 15 |
CREDITORS |
Amounts falling due within one year | 16 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
17 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's loss for the financial year | (6,900 | ) | (8,592 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Ampco 150 Limited Group (Registered number: 12357824) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 June 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2022 | 200 | 405,516 | 405,716 |
Changes in equity |
Dividends | - | (30 | ) | (30 | ) |
Total comprehensive income | - | 249,762 | 249,762 |
Balance at 30 June 2023 | 200 | 655,248 | 655,448 |
Changes in equity |
Total comprehensive income | - | (258,208 | ) | (258,208 | ) |
Balance at 30 June 2024 | 200 | 397,040 | 397,240 |
Ampco 150 Limited Group (Registered number: 12357824) |
Company Statement of Changes in Equity |
for the Year Ended 30 June 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 June 2023 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 June 2024 |
Ampco 150 Limited Group (Registered number: 12357824) |
Consolidated Cash Flow Statement |
for the Year Ended 30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 276,707 | 292,564 |
Interest paid | (316,604 | ) | (115,951 | ) |
Interest element of hire purchase payments paid |
(3,311 |
) |
(3,890 |
) |
Tax paid | - | (151,706 | ) |
Net cash from operating activities | (43,208 | ) | 21,017 |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (9,990 | ) |
Purchase of tangible fixed assets | (197,260 | ) | (462,330 | ) |
Sale of tangible fixed assets | - | 1,317 |
Interest received | 1,287 | - |
Net cash from investing activities | (195,973 | ) | (471,003 | ) |
Cash flows from financing activities |
Loan repayments in year | (79,186 | ) | (81,985 | ) |
Capital repayments in year | 229,370 | (3,666 | ) |
Amount introduced by directors | 554,091 | 236,684 |
Amount withdrawn by directors | (363,672 | ) | (17,935 | ) |
Equity dividends paid | - | (30 | ) |
Net cash from financing activities | 340,603 | 133,068 |
Increase/(decrease) in cash and cash equivalents | 101,422 | (316,918 | ) |
Cash and cash equivalents at beginning of year |
2 |
540,327 |
857,245 |
Cash and cash equivalents at end of year |
2 |
641,749 |
540,327 |
Ampco 150 Limited Group (Registered number: 12357824) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 June 2024 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.6.24 | 30.6.23 |
£ | £ |
(Loss)/profit before taxation | (302,530 | ) | 325,176 |
Depreciation charges | 53,402 | 55,516 |
Loss on disposal of fixed assets | - | 1,438 |
Finance costs | 319,915 | 119,841 |
Finance income | (1,287 | ) | - |
69,500 | 501,971 |
Increase in stocks | (2,703,555 | ) | (2,545,265 | ) |
Decrease in trade and other debtors | 135,704 | 132,383 |
Increase in trade and other creditors | 2,775,058 | 2,203,475 |
Cash generated from operations | 276,707 | 292,564 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 June 2024 |
30.6.24 | 1.7.23 |
£ | £ |
Cash and cash equivalents | 641,749 | 540,327 |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 540,327 | 857,245 |
Ampco 150 Limited Group (Registered number: 12357824) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 June 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.7.23 | Cash flow | At 30.6.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 540,327 | 101,422 | 641,749 |
540,327 | 101,422 | 641,749 |
Debt |
Finance leases | - | (229,370 | ) | (229,370 | ) |
Debts falling due within 1 year | (79,106 | ) | 22,801 | (56,305 | ) |
Debts falling due after 1 year | (130,741 | ) | 56,385 | (74,356 | ) |
(209,847 | ) | (150,184 | ) | (360,031 | ) |
Total | 330,480 | (48,762 | ) | 281,718 |
Ampco 150 Limited Group (Registered number: 12357824) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Ampco 150 Limited Group is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
Assets, liabilities, and results of group undertakings are included in the group financial statements. The results of subsidiary undertakings acquired during the financial period are included from the date of the acquisition. |
Related party exemption |
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. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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 |
Freehold land and buildings | - |
Short leasehold | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Ampco 150 Limited Group (Registered number: 12357824) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets: |
Basic financial assets, including trade and other receivables and cash and bank balances, are recognised and carried forward at transaction price. Financial assets are derecognised when: |
(a) the contractual rights to the cash flows from the asset expire or are settled; |
(b) substantially all the risks and rewards of the ownership of the asset are transferred to another party; or |
(c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Financial liabilities: |
Basic financial liabilities, including trade and other payables, and loans from third parties are initially recognised and carried forward at transaction price. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
The company has only financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised initially at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest rate method. |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Ampco 150 Limited Group (Registered number: 12357824) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The financial statements have been prepared on the going concern basis. The directors consider that there are no material threats to the ability of the company and the group to continue to trade for the foreseeable future. |
3. | TURNOVER |
The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
30.6.24 | 30.6.23 |
£ | £ |
Caravan and accessory sales | 18,326,494 | 12,693,522 |
Service sales | 342,378 | 362,058 |
Motor home sales | - | 27,264 |
Motor home hire | 99,451 | - |
18,768,323 | 13,082,844 |
4. | OTHER OPERATING INCOME |
30.6.24 | 30.6.23 |
£ | £ |
Sundry receipts | 3,535 | - |
Commissions receivable | 52,358 | 36,854 |
Marketing support receivable | 119,067 | 116,716 |
174,960 | 153,570 |
5. | EMPLOYEES AND DIRECTORS |
30.6.24 | 30.6.23 |
£ | £ |
Wages and salaries | 1,042,985 | 861,271 |
Social security costs | 86,795 | 71,749 |
Other pension costs | 26,130 | 21,771 |
1,155,910 | 954,791 |
Ampco 150 Limited Group (Registered number: 12357824) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
5. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
30.6.24 | 30.6.23 |
Directors | 4 | 4 |
Administration and management | 3 | 3 |
Caravan sales | 8 | 8 |
Shop | 4 | 5 |
Service | 19 | 15 |
Valeting | 3 | 3 |
30.6.24 | 30.6.23 |
£ | £ |
Directors' remuneration | - | - |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
30.6.24 | 30.6.23 |
£ | £ |
Hire of plant and machinery | 12,471 | 6,965 |
Depreciation - owned assets | 54,340 | 45,525 |
Loss on disposal of fixed assets | - | 1,438 |
Goodwill amortisation | - | 9,990 |
Auditors' remuneration | 4,500 | - |
Auditors' remuneration | 15,500 | 31,428 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.6.24 | 30.6.23 |
£ | £ |
Bank loan interest | 15,530 | 15,692 |
Other interest | 2,952 | 338 |
Stock funding interest | 298,122 | 99,921 |
Hire purchase | 3,311 | 3,890 |
319,915 | 119,841 |
Ampco 150 Limited Group (Registered number: 12357824) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
8. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the loss for the year was as follows: |
30.6.24 | 30.6.23 |
£ | £ |
Current tax: |
UK corporation tax | (63,322 | ) | 67,414 |
Deferred tax | 19,000 | 8,000 |
Tax on (loss)/profit | (44,322 | ) | 75,414 |
9. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
10. | DIVIDENDS |
30.6.24 | 30.6.23 |
£ | £ |
Ordinary shares of 1 each |
Final | - | 30 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Intellectual |
Goodwill | property | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
and 30 June 2024 | 9,990 | 33,554 | 43,544 |
AMORTISATION |
At 1 July 2023 |
and 30 June 2024 | 9,990 | 33,554 | 43,544 |
NET BOOK VALUE |
At 30 June 2024 | - | - | - |
At 30 June 2023 | - | - | - |
Ampco 150 Limited Group (Registered number: 12357824) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
12. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Fixtures |
land and | Short | and | Motor |
buildings | leasehold | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2023 | 340,902 | 687,014 | 496,411 | 51,243 | 1,575,570 |
Additions | 131,997 | - | 64,663 | 600 | 197,260 |
At 30 June 2024 | 472,899 | 687,014 | 561,074 | 51,843 | 1,772,830 |
DEPRECIATION |
At 1 July 2023 | - | 75,638 | 241,182 | 24,821 | 341,641 |
Charge for year | 6,357 | 14,337 | 26,010 | 7,636 | 54,340 |
Charge written back | - | - | - | (938 | ) | (938 | ) |
At 30 June 2024 | 6,357 | 89,975 | 267,192 | 31,519 | 395,043 |
NET BOOK VALUE |
At 30 June 2024 | 466,542 | 597,039 | 293,882 | 20,324 | 1,377,787 |
At 30 June 2023 | 340,902 | 611,376 | 255,229 | 26,422 | 1,233,929 |
Included in cost of land and buildings is freehold land of £155,062 (2023 - £155,062) which is not depreciated. |
13. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Ampco 150 Limited Group (Registered number: 12357824) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
14. | STOCKS |
Group |
30.6.24 | 30.6.23 |
£ | £ |
Work-in-progress | 55,555 | 40,961 |
Finished goods | 9,788,960 | 7,099,999 |
9,844,515 | 7,140,960 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
£ | £ | £ | £ |
Trade debtors | 87,974 | 61,450 |
Other debtors | 236,137 | 427,649 |
Directors' current accounts | 15,752 | 15,752 | - | - |
Prepayments and accrued income | 140,954 | 111,670 |
480,817 | 616,521 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 56,305 | 79,106 |
Hire purchase contracts (see note 19) | 105,612 | - |
Trade creditors | 9,521,504 | 6,621,333 |
Amounts owed to group undertakings | - | - |
Tax | 4,092 | 67,414 |
Social security and other taxes | 27,345 | 21,783 |
VAT | 147,042 | 125,930 | - | - |
Other creditors | 325,259 | 325,261 |
Directors' current accounts | 3,785 | 5,366 | - | - |
Accruals and deferred income | 707,570 | 534,355 |
10,898,514 | 7,780,548 |
Ampco 150 Limited Group (Registered number: 12357824) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
£ | £ | £ | £ |
Bank loans (see note 18) | 74,356 | 130,741 |
Hire purchase contracts (see note 19) | 123,758 | - |
Other creditors | 350,000 | 675,000 |
Directors' loan accounts | 422,000 | 230,000 | - | - |
970,114 | 1,035,741 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
30.6.24 | 30.6.23 |
£ | £ |
Amounts falling due within one year or | on demand: |
Bank loans | 56,305 | 79,106 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 56,173 | 105,365 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 17,654 | 14,366 |
Amounts falling due in more than five | years: |
Repayable otherwise than by | instalments |
Bank loans more 5 yrs non-inst | 529 | 11,010 |
Ampco 150 Limited Group (Registered number: 12357824) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
30.6.24 | 30.6.23 |
£ | £ |
Net obligations repayable: |
Within one year | 105,612 | - |
Between one and five years | 123,758 | - |
229,370 | - |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans | 130,661 | 209,847 |
Hire purchase contracts | 229,370 | - |
Other creditors | 675,000 | 1,000,000 |
Directors' loan | 425,785 | 235,366 |
1,460,816 | 1,445,213 |
The bank borrowings are secured by a mortgage debenture over the assets of the group. |
The hire purchase liabilities are secured against the assets financed. |
Trade creditors of £7,988,328 (2023 £5,618,272) are secured against the caravan stock financed. |
The amounts due to the Director, R J Evans of £3,785 due within 12 months (2023 £5,366) and £422,000 due after more than 12 months ( 2023 £230,000) are secured by a charge over the assets of the group. |
Other creditors due within 12 months of £325,000 ( 2023 £325,000 ) and other creditors of £350,000 ( 2023 £675,000 ) due after more than 12 months are secured by a charge over the assets of the group. |
21. | PROVISIONS FOR LIABILITIES |
Group |
30.6.24 | 30.6.23 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 79,000 | 60,000 |
Ampco 150 Limited Group (Registered number: 12357824) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
21. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 July 2023 | 60,000 |
Provided during year | 19,000 |
Acquired with subsidiary |
Balance at 30 June 2024 | 79,000 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
value: | £ | £ |
Ordinary | 1 | 200 | 200 |
23. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 July 2023 | 655,248 |
Deficit for the year | (258,208 | ) |
At 30 June 2024 | 397,040 |
24. | OTHER FINANCIAL COMMITMENTS |
The group has financial commitments in respect of a non-cancellable operating lease for the rental of property which expires in 2067 and in respect of a second non-cancellable operating lease for the rental of property which expires in 2027.The financial commitment in respect of these leases at 30 June 2024 was £1,324,000 (2023 £1,392,000).The rent due under the leases is subject to periodic reviews. |
Ampco 150 Limited Group (Registered number: 12357824) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
25. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023: |
30.6.24 | 30.6.23 |
£ | £ |
R J Evans |
Balance outstanding at start of year | (235,366 | ) | (865 | ) |
Amounts advanced | 133,672 | 1,319 |
Amounts repaid | (324,091 | ) | (235,820 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | (425,785 | ) | (235,366 | ) |
P F Connolly and L M Connolly |
Balance outstanding at start of year | 15,752 | - |
Amounts advanced | - | 15,752 |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 15,752 | 15,752 |
As noted above a loan to the directors P F Connolly and L.M Connolly subsisted during the year. The year-end balance of £15,752 was the maximum balance outstanding during the year. |
The group has provided a guarantee in respect of liabilities of £675,000 (2023 £1,000,000) due to the director, R J Evans. |
These liabilities are secured by a charge over the assets of the group. |
Mr R.J Evans has provided personal guarantees in respect of some of the bank borrowings of the group and in respect of the group's stock financing liabilities. The total liabilities subject to guarantee at 30 June 2024 were £5,301,571 (2023 £4,987,861). |
26. | RELATED PARTY DISCLOSURES |
The directors of the group are also directors and shareholders of another company. During the year the company made a management charge of £590,000 (2023 £420,000) to Grantham Caravans Limited. At 30 June 2024 the group was owed £230,493 (2023 £422,005) by the company. The balance is unsecured, free of interest and is repayable upon demand |
The director, R Greenacre provided accountancy services to the group with an aggregate value of £33,063 (2023 £29,729). |
The group has given a guarantee in respect of the amounts due to the director, R J Evans. The amount due and subject to the guarantee was £675,000 (2023 £1,000.000). |
In addition, the amount due to R J Evans is secured by a legal charge over the assets of the group. |
27. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling parties are the directors, L Connolly and P Connolly. |