Registration number:
Southdowns Motor Caravans & Horseboxes Limited
for the Year Ended 31 December 2024
Southdowns Motor Caravans & Horseboxes Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account and Statement of Retained Earnings |
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Balance Sheet |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Southdowns Motor Caravans & Horseboxes Limited
Company Information
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Directors |
Mr M J Ayling Mrs M K Ayling Mr R L Ayling Mr A Ayling |
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Company secretary |
Mrs M K Ayling |
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Registered office |
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Auditors |
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Southdowns Motor Caravans & Horseboxes Limited
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is sale, repair and servicing of motor caravans
Fair review of the business
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2024 |
2023 |
|
Turnover |
£ |
20,078,406 |
20,798,075 |
|
Increase/decrease in turnover |
% |
(4) |
(5) |
|
GPM |
% |
14 |
14 |
Principal risks and uncertainties
Currency risk is restricted to the short term settlement of the trading balances with customers and suppliers.
The directors manage the companys' exposure to the financial risk by researching the credit worthiness of customer by seeking advice from the company's providers of finance and its other financial advisors.
The credit risk is managed by using an approved bank overdraft facility where required.
The company does not trade speculatively in deriivatives or similar instruments.
Section 172(1) statement
The Board of Directors believe that they have acted in the way they consider to be both in good faith and would most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the act) in the decisions taken during the year end 31 December 2024: and in so having regard, amongst the matters to:
(a) the likely consequences of any decisions in the long term
(b) the interests of the Company's employees
(c) the need to foster the Company's business relationships with suppliers, customers and others
(d) the impact of the Company's operations on the community and the environment
(e) the desirability fo the Company maintaining a reputation for high standards of business conduct, and
(f) the need to act fairly as between members of the Company.
The Board understands the importance of engaging with all its stakeholders and regularly discusses issues concerning employees, clients, suppliers, community and environment, regulators and shareholders which inform its decision making processes.
Inherently, this is an inter-dependency on the success of the company and the success of the stakeholders.
Approved and authorised by the
Southdowns Motor Caravans & Horseboxes Limited
Strategic Report for the Year Ended 31 December 2024
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Southdowns Motor Caravans & Horseboxes Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Directors Statement
End of Year Accounts December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
2024 represented a milestone in the Company's history, our twenty-fifth year of trading. Southdowns remained profitable in 2024, though once again the year was marked by the challenging market conditions seen across the wider industry. Turnover for the year was £20.07m, compared with £20.79m the previous year, and the year showed both ongoing margin pressure and a continued imbalance in vehicle stock availability.
As with many of our peers, we have contended with high stock levels and a marketplace that has shifted decisively toward smaller, lower-cost vehicles and campervans, while demand in certain premium segments has remained greatly subdued. Profitability has been further impacted by the high retail prices imposed by some manufacturers, which have limited consumer appetite in a cost-conscious environment.
In response, the company has taken deliberate steps to strengthen its long-term position. During the year, we have geared up parts of our sales team to target market share gains and have restructured elements of our aftersales operation to enhance customer experience. These changes, while increasing staff costs in the short term, reflect our confidence that customer service and brand reputation will be central to recovery when demand improves.
Towards the end of the year, we began implementing a new Dealer Management System, which went live in January 2025. This investment will improve operational efficiency, strengthen reporting, and enhance customer service across both the Showroom and Service Centre sites.
Our Parts & Accessories business has once again provided a contribution, both in-store and online, helping diversify revenues at a time when the new vehicle market remains under pressure.
Wholesale funding costs have continued to weigh heavily on margins, as sustained interest rates keep stocking charges elevated. However, the company remains disciplined in its approach to stock management and overhead control. Further investment in IT systems and property maintenance ensuring that both sites are maintained to a high standard.
The directors are clear that 2024 represents part of a reset period for the industry as the post-Covid stock backlog clears, consumer demand adjusts to increasingly higher prices, and stock mixes realign. With 2025 expected to follow in a similar pattern, we believe 2026 should mark the beginning of a more significant recovery.
Southdowns Motor Caravans & Horseboxes Limited
Directors' Report for the Year Ended 31 December 2024
The directors would like to thank all staff for their hard work, resilience, and commitment during another difficult year. Their efforts have ensured that Southdowns continues to trade profitably, maintain its reputation for service, and prepare for the opportunities of the next industry cycle.
Andrew & Russell Ayling
Southdowns Motor Caravans & Horseboxes Limited
Directors' Report for the Year Ended 31 December 2024
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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Southdowns Motor Caravans & Horseboxes Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
Southdowns Motor Caravans & Horseboxes Limited
Independent Auditor's Report to the Members of Southdowns Motor Caravans & Horseboxes Limited
Opinion
We have audited the financial statements of Southdowns Motor Caravans & Horseboxes Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
Southdowns Motor Caravans & Horseboxes Limited
Independent Auditor's Report to the Members of Southdowns Motor Caravans & Horseboxes Limited
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 7], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Southdowns Motor Caravans & Horseboxes Limited
Independent Auditor's Report to the Members of Southdowns Motor Caravans & Horseboxes Limited
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we 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. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
• Reviewing minutes of meetings of those charged with governance;
• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of 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 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Southdowns Motor Caravans & Horseboxes Limited
Independent Auditor's Report to the Members of Southdowns Motor Caravans & Horseboxes Limited
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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.
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For and on behalf of
Wellesley House
204 London Road
Hampshire
PO7 7AN
Southdowns Motor Caravans & Horseboxes Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
|
|
Turnover |
|
|
|
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Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Distribution costs |
( |
( |
|
|
Administrative expenses |
( |
( |
|
|
Operating profit |
|
|
|
|
Interest payable and similar charges |
( |
( |
|
|
(371,378) |
(134,932) |
||
|
Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
Profit for the financial year |
|
|
|
|
Retained earnings brought forward |
3,625,210 |
3,817,592 |
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|
Dividends paid |
( |
( |
|
|
Retained earnings carried forward |
3,498,985 |
3,625,210 |
Southdowns Motor Caravans & Horseboxes Limited
(Registration number: 3959693)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
|
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Fixed assets |
|||
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Tangible assets |
|
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Current assets |
|||
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Stocks |
|
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Debtors |
|
|
|
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Cash at bank and in hand |
|
|
|
|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
|
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Net current assets |
|
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Total assets less current liabilities |
|
|
|
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Provisions for liabilities |
( |
|
|
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Net assets |
|
|
|
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Capital and reserves |
|||
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Called up share capital |
|
|
|
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Revaluation reserve |
|
|
|
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Retained earnings |
|
|
|
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Shareholders' funds |
|
|
Approved and authorised by the
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Southdowns Motor Caravans & Horseboxes Limited
Statement of Cash Flows for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
|
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Cash flows from operating activities |
|||
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Profit for the year |
|
|
|
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
|
|
|
Loss/(profit) on disposal of tangible assets |
|
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
|
|
|
Foreign exchange gains/losses |
( |
( |
|
|
|
|
||
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Working capital adjustments |
|||
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Increase in stocks |
( |
( |
|
|
(Increase)/decrease in trade debtors |
( |
|
|
|
(Decrease)/increase in trade creditors |
( |
|
|
|
Cash generated from operations |
( |
( |
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
( |
( |
|
|
Cash flows from investing activities |
|||
|
Acquisitions of tangible assets |
( |
( |
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|
Proceeds from sale of tangible assets |
|
|
|
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Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
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Interest paid |
( |
( |
|
|
Proceeds from bank borrowing draw downs |
- |
( |
|
|
Repayment of other borrowing |
|
|
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
|
|
|
|
Net decrease in cash and cash equivalents |
( |
( |
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Effect of exchange rate fluctuations on cash held |
|
|
|
|
Cash and cash equivalents at 31 December |
(219,873) |
533,517 |
|
Southdowns Motor Caravans & Horseboxes Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England .
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
All figures are presented in British Sterling, which is the functional currency of the company, and are rounded to the nearest £1.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Southdowns Motor Caravans & Horseboxes Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
|
Freehold buildings |
2% Straight Line |
|
Long leasehold properties |
1% Straight Line |
|
Plant, fixtures and other equipment |
25% Reducing Balance |
|
Motor vehicles |
25% Reducing Balance |
|
Office equipment |
25% Reducing Balance |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Website |
20% Straight Line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Southdowns Motor Caravans & Horseboxes Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods for vehicles comprises direct materials and, where applicable, direct labour costs incurred in bringing them to their present location and condition.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Southdowns Motor Caravans & Horseboxes Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Sale of goods |
|
|
|
Other revenue |
|
- |
|
|
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2024 |
2023 |
|
|
(Loss)/gain on disposal of Tangible assets |
( |
|
Southdowns Motor Caravans & Horseboxes Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
- |
|
|
Foreign exchange gains |
( |
( |
|
Loss/(profit) on disposal of property, plant and equipment |
|
( |
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
- |
|
|
Interest expense on other finance liabilities |
|
|
|
|
|
Southdowns Motor Caravans & Horseboxes Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
1,361,059 |
1,157,278 |
|
Social security costs |
132,803 |
110,096 |
|
Pension costs, defined contribution scheme |
177,394 |
136,442 |
|
Other employee expense |
50,919 |
41,193 |
|
1,722,175 |
1,445,009 |
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
189,776 |
157,106 |
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
Southdowns Motor Caravans & Horseboxes Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Tax expense in the income statement |
|
|
|
Intangible assets |
|
Other intangible assets |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
Amortisation |
||
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
Carrying amount |
||
|
At 31 December 2024 |
- |
- |
Southdowns Motor Caravans & Horseboxes Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Tangible assets |
|
Land and buildings |
Long leasehold land and buildings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||||
|
At 1 January 2024 |
|
|
|
- |
|
|
|
Additions |
- |
- |
- |
|
|
|
|
Disposals |
- |
- |
- |
- |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
|
Depreciation |
||||||
|
At 1 January 2024 |
|
|
|
- |
|
|
|
Charge for the year |
|
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
- |
- |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
|
Carrying amount |
||||||
|
At 31 December 2024 |
|
|
|
|
|
|
|
At 31 December 2023 |
|
|
|
- |
|
|
Included within the net book value of land and buildings above is £1,840,000 (2023 - £1,880,000) in respect of freehold land and buildings and £960,000 (2023 - £970,000) in respect of long leasehold land and buildings.
Southdowns Motor Caravans & Horseboxes Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Stocks |
|
2024 |
2023 |
|
|
Other inventories |
|
|
|
Debtors |
|
Current |
2024 |
2023 |
|
Trade debtors |
|
|
|
Other debtors |
|
- |
|
Prepayments |
|
|
|
|
|
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash on hand |
|
( |
|
Cash at bank |
|
|
|
|
|
|
|
Bank overdrafts |
( |
- |
|
Cash and cash equivalents in statement of cash flows |
(219,873) |
533,517 |
Southdowns Motor Caravans & Horseboxes Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
- |
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
- |
|
|
Other payables |
|
|
|
|
Accruals |
|
|
|
|
Corporation tax liability |
67,145 |
160,721 |
|
|
|
|
|
Deferred tax and other provisions |
|
Deferred tax |
Total |
|
|
At 1 January 2024 |
( |
( |
|
Increase (decrease) in existing provisions |
|
|
|
At 31 December 2024 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Southdowns Motor Caravans & Horseboxes Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |
|
|
|
100 |
|
100 |
|
|
|
100 |
|
100 |
|
|
|
|
|
|
Rights, preferences and restrictions
|
Ordinary have the following rights, preferences and restrictions: |
|
Ordinary A have the following rights, preferences and restrictions: |
|
Ordinary B have the following rights, preferences and restrictions: |
Southdowns Motor Caravans & Horseboxes Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Loans and borrowings |
Current loans and borrowings
|
2024 |
2023 |
|
|
Bank overdrafts |
|
- |
|
Other borrowings |
|
|
|
|
|
|