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Company Registration Number
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WANDAHOME (SOUTH CAVE) LIMITED
COMPANY INFORMATION
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WANDAHOME (SOUTH CAVE) LIMITED
CONTENTS
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WANDAHOME (SOUTH CAVE) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
The Directors have pleasure in presenting their report and the financial statements of the Company for the year ended 31 October 2024.
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 written in the context of the risks and uncertainties faced.
Wandahome South Cave Ltd’s primary sources of income and expenditure are leisure vehicle sales, principally touring caravans, motorhomes and, more recently, campervan conversions. Manufacturer-supplied modifications, dealer-fitted extras and a variety of accessories are also offered at point-of-sale or thereafter. To support vehicles sales, we provide additional services including an aftersales team who manage the workload of workshop engineers and cleaning staff who provide vehicle servicing, process warranty claims, order parts, submit insurance claims and provide other retail work. There is an onsite and online accessory shop who supply thousands of common parts and accessories to customers. The shop also manages our onsite holiday park where customers can enjoy a brief vacation to enable them to become familiar with their new vehicle. In terms of trading performance, we can clearly see a pattern developing both pre and post the pandemic. People recognise that our products are now the ‘must have’ holiday experience and sales on all sectors of Camper vans, Caravans and Motorhomes are increasing rapidly. Because of the demand products are becoming increasingly harder to purchase. Our Directors have worked hard to secure supply of vehicles in various price sectors and have agreements to supply products from new and existing suppliers. Our overhead is controlled and the vast majority of our staff members, giving us years of loyal service are firmly committed to the business.
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WANDAHOME (SOUTH CAVE) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
The impact of coronavirus and the cost of living crisis has been significant across the whole world, however, the impact on the UK tourism sector has been positive with many more people choosing to holiday in the UK rather than venture abroad.
Future developments Our business depends upon discretionary customer income for revenue as leisure vehicles are luxury purchases, however, market conditions across the sector are currently favourable. Supply issues continue to affect the sector, however, we are very confident of the ability to supply vehicles to our customers in 2024 and beyond. Currency Risk The Company does no business outside the UK other than buying-in a small number of products from Europe. Currency risk is therefore not a significant issue as any fluctuations in currencies can be easily absorbed. Fair Value Interest risk Banking arrangements are reviewed on an ongoing basis with our bank and key financial partners to ensure that that the business can plan for rate adjustments. Price Risk The Company uses a range of manufacturers and suppliers for each area of provision to ensure that market prices for purchases are achieved and constantly reviews supplier prices and margins. Credit Risk Vehicles cannot be dispatched to customers without confirmation monies have been received into our bank. The Company manages its credit risk using third parties like Black Horse to finance customer loans. Liquidity Risk The Board and Financial Director manage control and monitor the Company’s cash flow on a minimum of a monthly basis, including forecasting future cash flows.
The key performance indicators for the business are the number of vehicle sales along with the total net and average profits. There are a variety of income generating operations, however caravan and motorhome sales represent the vast majority of revenue for the business.
This report was approved by the board and signed on its behalf.
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WANDAHOME (SOUTH CAVE) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
The Directors present their report and the financial statements for the year ended 31 October 2024.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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.
The profit for the year, after taxation, amounted to £416,601 (2023 - £1,529,670).
The Directors have recommended a final dividend this year of £100,000 (2023 - £100,000).
The Directors who served during the year were:
Information is not shown in the Director's report because it is shown in the strategic report instead under s414C (11). The strategic report includes a business review, principal risks and uncertainties and fianncial key performance indicators.
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WANDAHOME (SOUTH CAVE) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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WANDAHOME (SOUTH CAVE) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WANDAHOME (SOUTH CAVE) LIMITED
We have audited the financial statements of Wandahome (South Cave) Limited (the 'Company') for the year ended 31 October 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 United Kingdom, including the Financial Reporting Council'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.
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.
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 contained within the Annual Report. 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. 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 course of 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.
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WANDAHOME (SOUTH CAVE) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WANDAHOME (SOUTH CAVE) LIMITED (CONTINUED)
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.
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.
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WANDAHOME (SOUTH CAVE) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WANDAHOME (SOUTH CAVE) LIMITED (CONTINUED)
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 obtained an understanding of laws and regulations that affect the Company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation, FCA regulations and occupational health and employment legislation. • We gained an understanding of the controls that the Directors have in place to prevent and detect fraud. We enquired of the Directors about any incidences of fraud that had taken place during the accounting period. • The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition and management override of controls. • We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above. • We enquired of the Directors about actual and potential litigation and claims. • We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud. • In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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WANDAHOME (SOUTH CAVE) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WANDAHOME (SOUTH CAVE) LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Leeds
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WANDAHOME (SOUTH CAVE) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
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WANDAHOME (SOUTH CAVE) LIMITED
REGISTERED NUMBER: 03995919
STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 29 form part of these financial statements.
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WANDAHOME (SOUTH CAVE) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
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WANDAHOME (SOUTH CAVE) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
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WANDAHOME (SOUTH CAVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
The Company is a private company limited by shares, incorporated and domiciled in the United Kingdom. The Company is tax resident in the United Kingdom. It trades from its registered office address at Brough Road, South Cave, Brough, HU15 2DB.
The principal activity of the Company is that of the sale of motorhomes, caravans and related products.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Directors have considered their cash flow for a period of 12 months from the date of sign off. The prudent, sensitised cash flow forecasts prepared by the Directors show a strong working capital over the 12 months from the date of signing the audit report and forecast a positive cash position throughout.
After consideration of all factors, the Directors continue to adopt the going concern basis in preparing the financial statements.
Functional and presentation currency
Transactions and balances
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WANDAHOME (SOUTH CAVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
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WANDAHOME (SOUTH CAVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
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WANDAHOME (SOUTH CAVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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WANDAHOME (SOUTH CAVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
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WANDAHOME (SOUTH CAVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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WANDAHOME (SOUTH CAVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will be, by definition, seldom equal to the related actual results. The Directors consider the key accounting estimates to be the valuation of investment property, provision for trade debtors and slow moving stock. Fair value of investment property The Directors use available market information to benchmark the fair value recognised within the financial statements and compare and contrast this information to their own knowledge and experience of the market and investment property in question in assessing the adequacy of the judgement they have applied. Stock provision In assessing whether a stock provision is required against a specific stock item the Directors have considered both internal and external sources of information including quantity of stock item held, current orders of the stock item, historic saleability of the stock item and wider market conditions.
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WANDAHOME (SOUTH CAVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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WANDAHOME (SOUTH CAVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Page 21
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WANDAHOME (SOUTH CAVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Enter details here
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WANDAHOME (SOUTH CAVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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WANDAHOME (SOUTH CAVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
The 2024 valuations were made by the Directors who consider the market value to be not materially different to the above value as at 31 October 2022, on an open market value for existing use basis.
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WANDAHOME (SOUTH CAVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
The bank loans are secured by fixed and floating charges on all assets of the Company.
Certain bank loans are secured over personal assets of S D Burnley.
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WANDAHOME (SOUTH CAVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
The bank loans are secured by fixed and floating charges on all assets of the Company.
Certain bank loans are secured over personal assets of S D Burnley.
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WANDAHOME (SOUTH CAVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Page 27
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WANDAHOME (SOUTH CAVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Share premium account
Profit and loss account
Page 28
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WANDAHOME (SOUTH CAVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund amounted to £38,749 (2023: £41,746). Contributions totalling £9,025 (2023 - £10,974) were payable to the fund at the reporting date and are included in creditors.
The Company is controlled by S D Burnley, by virtue of his majority shareholding.
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