Company No: 07615443 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	100,506		118,216
		100,506		118,216
Current assets
Stocks	4	1,254,116		616,762
Debtors	5	172,925		163,031
Cash at bank and in hand	6	46,595		69,023
		1,473,636		848,816
Creditors: amounts falling due within one year	7	( 1,309,423)		( 691,297)
Net current assets		164,213		157,519
Total assets less current liabilities		264,719		275,735
Creditors: amounts falling due after more than one year	8	( 135,109)		( 210,112)
Provision for liabilities		( 543)		16,070
Net assets		129,067		81,693
Capital and reserves
Called-up share capital		100		100
Profit and loss account		128,967		81,593
Total shareholders' funds		129,067		81,693

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Vanworx-Leisure Vehicle Specialists Ltd (registered number: 07615443) were approved and authorised for issue by the Board of Directors on 26 September 2025. They were signed on its behalf by:

D J Garnsworthy Director		J L Garnsworthy Director
D Gillam Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Vanworx-Leisure Vehicle Specialists Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Units 33 And 35 Mereside, Osprey Quay, Portland, DT5 1PY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

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

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	20 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	20 % reducing balance
Office equipment	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	14		16

3. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Office equipment		Total
	£		£		£		£		£
Cost
At 01 January 2024	69,974		109,711		36,377		13,531		229,593
Additions	8,277		0		1,050		2,140		11,467
At 31 December 2024	78,251		109,711		37,427		15,671		241,060
Accumulated depreciation
At 01 January 2024	43,285		27,428		29,924		10,740		111,377
Charge for the financial year	6,064		20,571		1,500		1,042		29,177
At 31 December 2024	49,349		47,999		31,424		11,782		140,554
Net book value
At 31 December 2024	28,902		61,712		6,003		3,889		100,506
At 31 December 2023	26,689		82,283		6,453		2,791		118,216

4. Stocks

	2024		2023
	£		£
Stocks	1,015,392		583,338
Work in progress	238,724		33,424
	1,254,116		616,762

5. Debtors

	2024		2023
	£		£
Trade debtors	9,617		46,828
Amounts owed by directors	30,831		48,238
Prepayments	30,301		13,072
Other debtors	102,176		54,893
	172,925		163,031

6. Cash and cash equivalents

	2024		2023
	£		£
Cash at bank and in hand	410		12,341
Short-term deposits	46,185		56,682
	46,595		69,023
Less: Bank overdrafts	( 18,455)		( 19,565)
	28,140		49,458

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans and overdrafts	71,338		154,952
Trade creditors	96,674		157,292
Amounts owed to directors	30,020		0
Accruals	5,017		3,750
Other taxation and social security	56,544		47,985
Obligations under finance leases and hire purchase contracts	117,390		25,250
Other creditors	932,440		302,068
	1,309,423		691,297

8. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	9,334		39,667
Obligations under finance leases and hire purchase contracts	125,775		170,445
	135,109		210,112

There are no amounts included above in respect of which any security has been given by the small entity.

9. Related party transactions

Transactions with the entity's directors

The Directors' loan accounts are repayable on demand, and interest has been charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

Director 1 loan account

At 1st January 2024 the balance owed from the director was £43,367. During the year, the company made advances to the director amounting to £46,142 and received repayments of £58,678 leaving a balance due from the director of £30,831.
At 1st January 2023 the balance owed from the director was £nil. During the year, the company made advances to the director amounting to £109,109 and received repayments of £65,814 leaving a balance due from the director of £43,367.

Director 2 loan account

At 1st January 2024 the balance owed from the director was £nil. During the year, the company made advances to the director amounting to £3,542 and received repayments of £3,542 leaving a balance due from the director of £nil.

Director 3 loan account

At 1st January 2024 the balance owed from the director was £4,871. During the year, the company received repayments amounting to £4,871 leaving a balance due from the director of £nil.
At 1 January 2023, there was no balance owed to the director. During the year, £5,000 was advanced and £129 was repaid. At 31 December 2023, the director owed £4,871.