STEWART LONGTON CARAVANS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
Company Registration No. 01563648 (England and Wales)
STEWART LONGTON CARAVANS LIMITED
COMPANY INFORMATION
Directors
Mr G D Hall
Mr D Hall
Mr J T Hall
Secretary
G M Whittle
Company number
01563648
Registered office
Friday Street
Off Stump Lane
Chorley
Lancashire
PR6 0AH
Auditor
Champion Accountants LLP
Unit 2 Olympic Court
Whitehills Business Park
Blackpool
Lancashire
FY4 5GU
Business address
Friday Street
Off Stump Lane
Chorley
Lancashire
PR6 0AH
Bankers
Virgin Money
Syminton House
7-8 North Avenue
Clydebank
G81 2NT
STEWART LONGTON CARAVANS LIMITED
CONTENTS
Page
Directors' report
1 - 2
Strategic report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 27
STEWART LONGTON CARAVANS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
- 1 -

The directors present their annual report and financial statements for the year ended 31 January 2025.

Principal activities
The principal activity of the company continued to be that of retailing and distributing caravans and caravan equipment.
The principal activity of its subsidiary was as follows:
Halson Services Limited : Dormant
Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £169,773. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr G D Hall
Mr D Hall
Mr J T Hall
Fixed assets

In the opinion of the directors there is no material difference between the book value and the current open market value of the company’s interests in land and buildings.

Auditor

In accordance with the company's Articles, a resolution proposing that Champion Accountants LLPbe reappointed as auditors of the company will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible 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:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- 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.

STEWART LONGTON CARAVANS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 2 -
Statement of disclosure to auditor
(a) so far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware, and
(b) they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr G D Hall
Director
23 October 2025
STEWART LONGTON CARAVANS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -

The directors present the strategic report for the year ended 31 January 2025.

Review of the business

The company has suffered a decrease in turnover this year due mainly to reduced demand for new vehicles as its customer base continues to face general uncertainty over cost of living rises and inflation. Gross profit margins have seen a modest increase as the directors focus on the used vehicle market which can achieve higher margins. They are satisfied with the results for the year given the competitive market. Administrative expenses have been controlled and reduced where possible. The key performance indicators are detailed below.

The company operates from three sites in the North West and is constantly looking to maintain and improve standards of service to valued customers. This is provided through the core activities of trade in new and used caravans, campervans and motorhomes, together with service and repair of these vehicles, and an accessory shop. Whilst the company is always looking to expand its customer base, it relies of its long standing good reputation in welcoming back loyal customers over many years.

Principal risks and uncertainties

The principal risks affecting the company going forward are seen to be continued general cost of living rises for its customer base and inflation which create challenging trading conditions. These issues have impacted customer personal disposable income and therefore company profits over the last few years.

The cost of borrowing, with interest rates being higher since early 2022, means that in some cases, it is no longer viable for consumers to obtain finance to fund the purchase of a caravan or motorhome.

The Board monitors cash flow requirement and results against budget on a monthly basis and ensures that the facilities available are sufficient for their working capital needs. They aim to maintain and build on a healthy Balance Sheet and increase reserves and liquidity.

Development and performance

At the year end the company was in a sound financial position with a n increased level of net current assets and reserves available. The aim is to maintain and hopefully increase market share and net assets over the next financial year, whilst recognising the economic challenges faced.

Key performance indicators

The Board monitors the business on a daily, weekly and monthly basis, with emphasis on monthly management accounts showing both financial results and volume of sales for the company as a whole, and by each department and branch in detail. This enables them to react in a timely manner to any problems which occur.

Key financial performance indicators utilised by the company are as follows:

Turnover £12,162,735 (20 24 : £15,170,015) Movement (19.82%)

Gross margin £2,252,779 (20 24: £2,645,818) Movement (14.86%)

Gross Margin % 18.52% (20 24 : 17.44%)

Overheads £1,804,866 (20 24: £1,872,413) Movement (3.61%)

% of sales 14.84% (20 24: 12.3%)

People costs £1,316,931 (20 24: £1,353,012) Movement (2.67%)

% sales 10.83 % (20 24 8.92%)

Profit before taxation £462,164 (20 24: £780,793)

STEWART LONGTON CARAVANS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 4 -

On behalf of the board

.............................................
Mr G D Hall
Director
Date: .............................................
STEWART LONGTON CARAVANS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STEWART LONGTON CARAVANS LIMITED
- 5 -
Opinion

We have audited the financial statements of Stewart Longton Caravans Limited (the 'company') for the year ended 31 January 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 January 2025 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's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport 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.

STEWART LONGTON CARAVANS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STEWART LONGTON CARAVANS LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. Management did not inform us of any known, suspected or alleged fraud.

- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS102, Companies Act 2006 and compliance with Financial Conduct Authority (FCA) regulations in relation to Consumer Credit.

- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetrated, and tailored our risk assessment accordingly.

- Using our knowledge of the company, together with the discussions held with management at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

STEWART LONGTON CARAVANS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STEWART LONGTON CARAVANS LIMITED (CONTINUED)
- 7 -

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries in the accounting records, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to stock provision write downs, bad debt provisions and depreciation methods.

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.

- Testing key revenue lines, in particular relating to cut off of van sales, for evidence of management bias.

- Obtaining third-party confirmation of material bank balances.

- Documenting and verifying all significant related party balances and transactions.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Deborah Thorn FCA (Senior Statutory Auditor)
For and on behalf of Champion Accountants LLP, Statutory Auditor
Chartered Accountants
Unit 2 Olympic Court
Whitehills Business Park
Blackpool
Lancashire
FY4 5GU
23 October 2025
STEWART LONGTON CARAVANS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
12,162,735
15,170,015
Cost of sales
(9,909,956)
(12,524,197)
Gross profit
2,252,779
2,645,818
Administrative expenses
(1,804,866)
(1,872,413)
Other operating income
15,635
10,240
Operating profit
4
463,548
783,645
Interest receivable and similar income
8
11,308
16,358
Interest payable and similar expenses
7
(12,692)
(19,210)
Profit before taxation
462,164
780,793
Tax on profit
9
(119,601)
(274,777)
Profit for the financial year
342,563
506,016

The profit and loss account has been prepared on the basis that all operations are continuing operations.

STEWART LONGTON CARAVANS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2025
- 9 -
2025
2024
£
£
Profit for the year
342,563
506,016
Other comprehensive income
Revaluation of tangible fixed assets
-
0
420,731
Total comprehensive income for the year
342,563
926,747
STEWART LONGTON CARAVANS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,262,786
1,298,263
Current assets
Stocks
12
2,633,139
3,735,347
Debtors
13
89,510
401,206
Cash at bank and in hand
427,032
775
3,149,681
4,137,328
Creditors: amounts falling due within one year
15
(1,799,513)
(2,976,246)
Net current assets
1,350,168
1,161,082
Total assets less current liabilities
2,612,954
2,459,345
Creditors: amounts falling due after more than one year
16
(2,223)
(15,557)
Provisions for liabilities
Deferred tax liability
19
93,789
99,636
(93,789)
(99,636)
Net assets
2,516,942
2,344,152
Capital and reserves
Called up share capital
21
2,500
2,500
Revaluation reserve
793,005
800,675
Capital redemption reserve
7,500
7,500
Profit and loss reserves
1,713,937
1,533,477
Total equity
2,516,942
2,344,152

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 23 October 2025 and are signed on its behalf by:
Mr G D Hall
Director
Company registration number 01563648 (England and Wales)
STEWART LONGTON CARAVANS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
- 11 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 February 2023
5,000
387,614
5,000
2,832,349
3,229,963
Year ended 31 January 2024:
Profit
-
-
-
506,016
506,016
Other comprehensive income:
Revaluation of tangible fixed assets
-
420,731
-
-
420,731
Total comprehensive income
-
420,731
-
506,016
926,747
Dividends
10
-
-
-
(110,058)
(110,058)
Redemption of shares
21
(2,500)
-
2,500
(1,702,500)
(1,702,500)
Transfers
-
(7,670)
-
7,670
-
Balance at 31 January 2024
2,500
800,675
7,500
1,533,477
2,344,152
Year ended 31 January 2025:
Profit and total comprehensive income
-
-
-
342,563
342,563
Dividends
10
-
-
-
(169,773)
(169,773)
Transfers
-
(7,670)
-
7,670
-
Balance at 31 January 2025
2,500
793,005
7,500
1,713,937
2,516,942
STEWART LONGTON CARAVANS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
984,639
1,401,896
Interest paid
(12,692)
(19,210)
Income taxes paid
(187,237)
(218,798)
Net cash inflow from operating activities
784,710
1,163,888
Investing activities
Purchase of tangible fixed assets
(480)
(78,214)
Proceeds from disposal of tangible fixed assets
-
0
37,605
Interest received
11,308
16,358
Net cash generated from/(used in) investing activities
10,828
(24,251)
Financing activities
Redemption of shares
(1,702,500)
Payment of finance leases obligations
(13,334)
28,890
Dividends paid
(169,773)
(110,058)
Net cash used in financing activities
(183,107)
(1,783,668)
Net increase/(decrease) in cash and cash equivalents
612,431
(644,031)
Cash and cash equivalents at beginning of year
(185,399)
458,632
Cash and cash equivalents at end of year
427,032
(185,399)
Relating to:
Cash at bank and in hand
427,032
775
Bank overdrafts included in creditors payable within one year
-
0
(186,174)
STEWART LONGTON CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 13 -
1
Accounting policies
Company information

Stewart Longton Caravans Limited is a private company limited by shares incorporated in England and Wales. The registered office is Friday Street, Off Stump Lane, Chorley, Lancashire PR6 0AH.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.

In the opinion of the directors, the company and its subsidiary undertaking comprise a medium sized group. The subsidiary, Halson Services Limited, is a dormant company and has share capital and reserves of only £10,000. The company has taken advantage of the exemption provided by Section 405 (2) of the Companies Act 2006 not to prepare group accounts on the grounds that exclusion of the subsidiary is not material for the purpose of giving a true and fair view.

The financial statements present information about the company and not the group.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

STEWART LONGTON CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 14 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
over 100 years from date of purchase
Leasehold property improvements
10 years straight-line from inception of lease
Fixtures, fittings & equipment
15% on net book value
Motor vehicles
25% on net book value

Freehold land is not depreciated.

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

STEWART LONGTON CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 15 -
1.7
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 current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

STEWART LONGTON CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 16 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
STEWART LONGTON CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 17 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received, where material.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.14
Trading subject to reservation of title
Certain purchases are made through a finance company, accordingly title does not pass until payment has been made. The financial statements are, however, prepared on the basis that such ownership will be established in the normal course of trading.
STEWART LONGTON CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 18 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Useful economic life of tangible fixed assets

The useful economic life of tangible fixed assets is judged at the point of purchase and reviewed at each financial reporting date. This judgement is based upon the directors' extensive knowledge of the industry in which the company operates and of the individual assets.

As standard, motor vehicles have a useful economic life of between 4 and 10 years, land and buildings have a 100 year useful life from date of purchase and fixtures and fittings having a useful life of between 6 and 20 years.

Impairment of tangible fixed assets

At each balance sheet date, the directors undertake an assessment of the carrying amounts of its tangible fixed assets, based upon their knowledge of each item, to determine whether there is any indication that the assets have suffered an impairment loss. Where necessary, an impairment charge is recognised within the Profit and Loss Account.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Impairment of trade debtors

At each Balance Sheet date, the directors and their finance team undertake a review of outstanding debtor balances and estimate which, if any, should either be impaired or provided against. Deposits received in advance, which are shown in creditors, are also reviewed and released to sales where the deposit has been forfeited within the relevant period adopted by the company.

Stock provision

Following each Balance Sheet date, the directors and the finance team undertake a review of the caravan stock sold since the accounting period end to confirm realised market value. This is done on an ongoing basis as near as practicable to the date of signing the financial statements. Where the actual sale price of a vehicle is lower than cost, a stock provision is put in place where material, to ensure the appropriate accounting policy is adhered to.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
12,162,735
15,170,015
STEWART LONGTON CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
3
Turnover and other revenue
(Continued)
- 19 -
2025
2024
£
£
Other revenue
Interest income
11,308
16,358
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
10,400
9,000
Depreciation of tangible fixed assets
35,957
36,999
Profit on disposal of tangible fixed assets
-
(19,614)
Operating lease charges
98,771
102,582
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Directors
3
4
Admin & finance
4
4
Shop
3
3
Sales & service
28
30
Total
38
41

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,141,934
1,192,342
Social security costs
108,336
110,054
Pension costs
66,661
50,616
1,316,931
1,353,012

Pension costs in the prior year were incorrectly stated and have been updated accordingly, having been partly included in wages and salary costs.

STEWART LONGTON CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 20 -
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
87,226
110,073
Company pension contributions to defined contribution schemes
38,125
22,417
125,351
132,490

The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 2 (2024 - 2).

7
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
10,860
17,829
Other finance costs:
Interest on finance leases and hire purchase contracts
1,832
1,526
Other interest
-
0
(145)
12,692
19,210
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
11,308
16,358
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
11,308
16,358
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
125,448
189,317
STEWART LONGTON CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
9
Taxation
2025
2024
£
£
(Continued)
- 21 -
Deferred tax
Origination and reversal of timing differences
(5,847)
80,982
Changes in tax rates
-
0
4,478
Total deferred tax
(5,847)
85,460
Total tax charge
119,601
274,777

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
462,164
780,793
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 24.00.%)
115,541
187,390
Tax effect of expenses that are not deductible in determining taxable profit
10,108
12,707
Change in unrecognised deferred tax assets
(5,847)
85,460
Tax relief in respect of gift aid
-
0
(101)
Capital allowances
(201)
(10,679)
Taxation charge for the year
119,601
274,777
10
Dividends
2025
2024
£
£
Final paid
169,773
110,058
STEWART LONGTON CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 22 -
11
Tangible fixed assets
Freehold buildings
Leasehold property improvements
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 February 2024
1,200,000
20,545
314,121
137,695
1,672,361
Additions
-
0
-
0
480
-
0
480
At 31 January 2025
1,200,000
20,545
314,601
137,695
1,672,841
Depreciation and impairment
At 1 February 2024
11,765
20,545
280,252
61,536
374,098
Depreciation charged in the year
11,765
-
0
5,152
19,040
35,957
At 31 January 2025
23,530
20,545
285,404
80,576
410,055
Carrying amount
At 31 January 2025
1,176,470
-
0
29,197
57,119
1,262,786
At 31 January 2024
1,188,235
-
0
33,869
76,159
1,298,263

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2025
2024
£
£
Motor vehicles
44,510
59,346

The freehold land and buildings were valued on an open market existing use basis by Eckersley Commercial Property Solutions, Chartered Surveyors in April 2023. In the directors opinion the value has not changed materially since that date.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

Land & Buildings
2025
2024
£
£
Cost
456,301
456,301
Accumulated depreciation
(8,190)
(4,095)
Carrying value
448,111
452,206
STEWART LONGTON CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 23 -
12
Stocks
2025
2024
£
£
Finished goods and goods for resale
2,633,139
3,735,347

The company finances the purchase of caravan stock with a stocking facility. The amount of stock pledged as security for this borrowing amounted to £1,132,657 (2024: £1,861,087).

13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
28,575
4,709
Other debtors
39,349
249,123
Prepayments and accrued income
21,586
147,374
89,510
401,206
14
Subsidiaries

Details of the company's subsidiaries at 31 January 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Halson Services Limited
England & Wales
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Halson Services Limited
10,000
-

Investment in the subsidiary is stated at cost of £10,000 less provision for permanent diminution in value of £10,000 and is therefore included in the Balance Sheet at £Nil (2024: £Nil).

The subsidiary is dormant and the registered office is Stewart Longton Caravans Ltd, Friday Street, Off Stump Lane, Chorley, Lancashire PR6 0AH.

STEWART LONGTON CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 24 -
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
-
0
186,174
Obligations under finance leases
18
13,333
13,333
Payments received on account
193,730
270,197
Trade creditors
1,178,493
1,924,006
Amounts owed to group undertakings
10,000
10,000
Corporation tax
127,528
189,317
Other taxation and social security
24,177
15,669
Other creditors
175,000
275,000
Accruals and deferred income
77,252
92,550
1,799,513
2,976,246

The bank overdraft facility and credit card limit are secured by:

1. A legal first charge over the site at Friday Street, Chorley.

2. A debenture creating a fixed and floating charge over the assets of the company.

The total secured creditors due within one year at the Balance Sheet date amounted to £1,145,990 (2024: £2,060,594).

The company has caravan stocking facilities with Lombard Finance and Wells Fargo, which are secured against caravan stock. The creditor at the Balance Sheet date amounted to £1,132,657 (2024: £1,861,087 and is included in the total secured creditors figure.

16
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
18
2,223
15,557

Total secured creditors due more than one year amount to £2,223 (2024 : £15,557)

17
Loans and overdrafts
2025
2024
£
£
Bank overdrafts
-
0
186,174
Payable within one year
-
0
186,174

STEWART LONGTON CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 25 -
18
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
13,333
13,333
In two to five years
2,223
15,557
15,556
28,890
19
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
20,317
23,100
Revaluations
73,472
72,058
Change in tax rate
-
4,478
93,789
99,636
2025
Movements in the year:
£
Liability at 1 February 2024
99,636
Credit to profit or loss
(5,847)
Liability at 31 January 2025
93,789

20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
66,661
50,616

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

STEWART LONGTON CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 26 -
21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
2,496
2,498
2,496
2,498
B Ordinary shares of £1 each
1
1
1
1
C Ordinary shares of £1 each
1
1
1
1
D Ordinary shares of £1 each
1
0
1
-
0
E Ordinary shares of £1 each
1
-
1
-
2,500
2,500
2,500
2,500

During the year 2 A Ordinary shares were converted into 1 D Ordinary share and 1 E Ordinary share.

22
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
74,000
74,000
Years 2-5
12,333
86,333
86,333
160,333
23
Related party transactions
Transactions with related parties

During the year the company employed family members of the directors. The total gross salaries plus benefits in kind paid to these related parties amounted to £55,494 (2024: £78,475).

The company paid rent of £74,000 (2024: £74,000) for premises owned by the directors pension scheme.

At the balance sheet date, the company owed a director £175,000 (2024 : £275,000). This loan is interest free and repayable on demand.

24
Directors' transactions

Dividends totalling £169,773 (2024 - £110,058) were paid in the year in respect of shares held by the company's directors.

25
Ultimate controlling party

The company is under the control of Mr Gary Hall, who is majority shareholder and director.

STEWART LONGTON CARAVANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 27 -
26
Analysis of changes in net funds/(debt)
1 February 2024
Cash flows
31 January 2025
£
£
£
Cash at bank and in hand
775
426,257
427,032
Bank overdrafts
(186,174)
186,174
-
0
(185,399)
612,431
427,032
Lease liabilities
(28,890)
13,334
(15,556)
(214,289)
625,765
411,476
27
Cash generated from operations
2025
2024
£
£
Profit for the year after tax
342,563
506,017
Adjustments for:
Taxation charged
119,601
274,777
Finance costs
12,692
19,210
Investment income
(11,308)
(16,358)
Gain on disposal of tangible fixed assets
-
(19,614)
Depreciation and impairment of tangible fixed assets
35,957
36,999
Movements in working capital:
Decrease in stocks
1,102,208
84,123
Decrease/(increase) in debtors
311,696
(39,659)
(Decrease)/increase in creditors
(928,770)
556,401
Cash generated from operations
984,639
1,401,896
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