ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 08140073

PREMIUM MOTORHOMES LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

PREMIUM MOTORHOMES LIMITED

COMPANY INFORMATION

Directors	M R Herzberg
	J S Watson (appointed 13 June 2025)


Company secretary	J S Watson


Registered number	08140073


Registered office	Plum Tree Trading Estate
	Plumtree Farm Industrial Estate
	Bawtry Road, Bawtry
	Doncaster
	South Yorkshire
	DN11 8EW


Independent auditors	Barnes Roffe Audit Limited
	Chartered Accountants & Statutory Auditor
	Charles Lake House
	Claire Causeway
	Crossways Business Park
	Dartford
	Kent
	DA2 6QA

PREMIUM MOTORHOMES LIMITED

CONTENTS

	Page
Strategic report	1 - 3
Directors' report	4 - 5
Independent auditors' report	6 - 10
Statement of comprehensive income	11
Balance sheet	12 - 13
Statement of changes in equity	14
Notes to the financial statements	15 - 30

PREMIUM MOTORHOMES LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The directors present their strategic report for the year ended 31 December 2024. The principal activity of the company in the year under review was that of sale and servicing of new and used motorhomes.

The results for the year and financial position of the company are as shown in the annexed financial statements.

The directors would like to thank the loyal and hardworking staff who deliver value and service to our customers.

Business review

Turnover for the year is £19.1m (2023: £17.44m) representing an increase from the previous period. This is predominately due to two factors, firstly, continued overall strong demand for motorhomes and secondly, determination and tenacity of the sales function to exploit the demand in used motorhomes.

The industry continues to feel the effects of the COVID-19 pandemic as manufacturers continue to struggle to deliver motorhomes on time due to the wider supply chain issues in Europe.

The cost-of-living crisis caused partly by a rise in inflation, economic impact of issues such as COVID-19, Brexit and the Government Election on the horizon has seen a slow-down in customers making the decision to change their motorhome since the last quarter of 2023.

The directors anticipate maintaining a similar turnover level next year due to continuing effort to promote the business. The directors will continue to monitor overheads closely and reduce wherever possible.

Overall, the directors are confident that with a strong management team, the company will maintain and hopefully increase its market share.

Page 1

PREMIUM MOTORHOMES LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties

Financial risk management objective and policies

The company uses various financial instruments in the financing of its operations. These include cash, trade debtors and external stocking finance. The main purpose of these financial instruments is to raise finance for the company's operations.

Existence of these financial instruments exposes the company to a number of financial risks, which, are described in more detail below.

The main risks arising from the company's financial instruments are liquidity risk, cashflow interest rate risk and credit risk. The directors review and agree policies for managing each of these risks and they are summarised below.

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest in cash assets safely and profitability.

The company policy throughout the period has been to utilise is stocking finance facilities whenever possible and to utilise the credit terms provided.

Interest rate risk

The company finances its operations mainly through stocking finance facilities and exposure to interest rate fluctuations is restricted to finance terms agreed. These risks are managed by agreed interest levels set by suppliers.

Credit risk

The company's principal current assets are cash, stock and trade debtors. The principal credit risk arises from its trade debtors. In order to manage credit risk, the directors set limits for customers based on a combination of payment history and third-party credit reference agencies.

Competition risk

The company's USP is industry best customer services. The directors manage competition risk by benchmarking company's services with the competition by customer satisfaction surveys and feedback through Google Reviews. Premium Motorhomes take pride in selling quality motorhomes manufactured in Germany.

People

The success of the company is ultimately driven by its people. The company's recruitment and retention policies are embedded with its values to promote a friendly and flexible working environment and to recognise and reward colleagues that make the company thrive through their passion in what they do, demonstrating great work ethics, striving to be best in class and supporting their colleagues to grow.

Financial key performance indicators

The directors have monitored the progress of overall company strategy and individual strategic elements by reference to certain key performance indicators:

Turnover for the year amounted to £19,053,184 (2023 - £17,442,955)

Gross profit margin was 13% (2023 – 20.7%)

Operating profit for the year was £531,041 (2023 - £836,311)

Profit for the year before tax was £196,758 (2023 - £581,541)

Page 2

PREMIUM MOTORHOMES LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

This report was approved by the board on 15 December 2025 and signed on its behalf.

M K Herzberg

Director

Page 3

PREMIUM MOTORHOMES 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' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £195,474 (2023 - £436,972).

Dividends paid during the year amounted to £2,372,376 (2023: £Nil).

Directors

The directors who served during the year were:

M K Herzberg (resigned 13 June 2025)

J M Clay (resigned 13 June 2025)

M R Herzberg

M Miah (resigned 28 February 2024)

N P Seabridge (resigned 25 May 2024)

Dr S P J Smith (resigned 25 May 2024)

Page 4

PREMIUM MOTORHOMES LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.

This report was approved by the board on 15 December 2025 and signed on its behalf.

M K Herzberg

Director

Page 5

PREMIUM MOTORHOMES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREMIUM MOTORHOMES LIMITED

Opinion

We have audited the financial statements of Premium Motorhomes Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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.

Page 6

PREMIUM MOTORHOMES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREMIUM MOTORHOMES LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

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 identified material misstatements in the Strategic report or the Directors' report.

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' responsibilities statement set out on page 4, 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.

Page 7

PREMIUM MOTORHOMES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREMIUM MOTORHOMES LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:

•The engagement partner ensured that the engagement team collectively had the appropriate

competence, capabilities and skills to identify or recognise non-compliance with applicable laws and

regulations;

•We identified the laws and regulations applicable to the company through discussion with directors and

other management, and from our commercial knowledge and experience of the relevant sector;

•The specific laws and regulations which we considered may have a direct material effect on the financial

statements or the operations of the company, are as follows;

o Companies Act 2006

o FRS 102

o Financial Conduct Authority

o Health and Safety legislation

o Employment legislation

o Tax legislation

•We assessed the extent of compliance with the laws and regulations identified above through making

enquiries of management, reviewing board minutes and inspecting legal correspondence;

•Laws and regulations were communicated within the audit team at the planning meeting, and during the

audit as any further laws and regulation were identified. The audit team remained alert to instances of

non-compliance throughout the audit; and

Page 8

PREMIUM MOTORHOMES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREMIUM MOTORHOMES LIMITED (CONTINUED)

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

•Making enquires of management as to where they consider there was susceptibility to fraud and their

knowledge of actual suspected and alleged fraud;

•Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and

regulations;

•Reviewing the financial statements and testing the disclosures against supporting documentation;

•Performing analytical procedures to identify any unusual or unexpected trends or anomalies;

•Inspecting and testing journal entries to identify unusual or unexpected transactions;

•Assessing whether judgement and assumptions made in determining significant accounting estimates,

were indicative of management bias; and

•Investigating the rationale behind significant transactions, or transactions that are unusual or outside the

company’s usual course of business.

The areas that we identified as being susceptible to misstatement through fraud were:

•Management bias in the estimates and judgements made;

•Management override of controls; and

•Posting of unusual journals or transactions.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 9

PREMIUM MOTORHOMES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREMIUM MOTORHOMES LIMITED (CONTINUED)

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 Auditors' 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.

Mario Cientanni (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants

Statutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA

Date: 16 December 2025

Page 10

PREMIUM MOTORHOMES LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	19,053,184	17,442,955
Cost of sales		(16,582,914)	(13,826,145)
Gross profit		2,470,270	3,616,810
Administrative expenses		(1,947,753)	(3,009,398)
Other operating income	5	8,524	228,899
Operating profit	6	531,041	836,311
Interest receivable and similar income	10	-	198
Interest payable and similar expenses	11	(334,283)	(254,995)
Profit before tax		196,758	581,514
Tax on profit	12	(1,284)	(144,542)
Profit for the financial year		195,474	436,972

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 15 to 30 form part of these financial statements.

Page 11

PREMIUM MOTORHOMES LIMITED

REGISTERED NUMBER: 08140073

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	14		5,133		68,268
Tangible assets	15		298,880		184,606
			304,013		252,874
Current assets
Stocks	16	8,079,567		5,979,457
Debtors: amounts falling due within one year	17	558,110		2,329,273
Cash at bank and in hand	18	907,012		460,301
		9,544,689		8,769,031
Creditors: amounts falling due within one year	19	(9,263,495)		(6,140,540)
Net current assets			281,194		2,628,491
Total assets less current liabilities			585,207		2,881,365
Creditors: amounts falling due after more than one year	20		(493,966)		(601,884)
Provisions for liabilities
Deferred tax	23	(17,287)		(28,625)
			(17,287)		(28,625)
Net assets			73,954		2,250,856

Capital and reserves
Called up share capital	24	100	100
Profit and loss account		73,854	2,250,756
		73,954	2,250,856

Page 12

PREMIUM MOTORHOMES LIMITED

REGISTERED NUMBER: 08140073

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

M K Herzberg

Director

Date: 15 December 2025

The notes on pages 15 to 30 form part of these financial statements.

Page 13

PREMIUM MOTORHOMES LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	100	2,250,756	2,250,856

Profit for the year	-	195,474	195,474
Dividends	-	(2,372,376)	(2,372,376)
At 31 December 2024	100	73,854	73,954

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2023	100	1,813,784	1,813,884

Profit for the year	-	436,972	436,972
At 31 December 2023	100	2,250,756	2,250,856

The notes on pages 15 to 30 form part of these financial statements.

Page 14

PREMIUM MOTORHOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Premium Motorhomes Limited is a private company, limited by shares, registered in England and Wales. The company's registered office address is Plum Tree Trading Estate, Plumtree Farm Industrial Estate, Bawtry Road, Bawtry, Doncaster, South Yorkshire, DN11 8EW. The principal activity of the company during the period continued to be that of the sale and servicing of new and used motorhomes.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Luxury Motorhomes SPV Ltd as at 31 December 2024 and these financial statements may be obtained from Companies House.

Page 15

PREMIUM MOTORHOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the company has transferred the significant risks and rewards of ownership to the buyer;

∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 16

PREMIUM MOTORHOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.9

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 17

PREMIUM MOTORHOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases.

Leasehold property	-	10%	straight line
Plant and machinery	-	10%	straight line
Motor vehicles	-	15%	straight line
Fixtures and fittings	-	10%	straight line
Office equipment	-	10%	straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase plus any directly attributable overheads. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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PREMIUM MOTORHOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.18

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 19

PREMIUM MOTORHOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make estimates and assumptions that affect the amounts reported in the financial statements. The directors believe that the critical accounting policies where judgement or estimates are necessarily applied are summarised below.

a) Critical judgements in applying the company's accounting policies:

There were no significant judgments exercised by management in the preparation of the financial
statements.

b) Key accounting estimates and assumptions:

The company made key assumptions regarding:

- the useful economic life of intangible fixed assets and this is further described in note 2.11 of accounting
policies.

- the useful economic life of tangible fixed assets and this is further described in note 2.12 of accounting
policies.

Sales	18,342,372	15,716,299
Operating costs recharged	404,349	861,448
Licence fees	306,463	865,208
	19,053,184	17,442,955

All turnover arose within the United Kingdom.

5.	Other operating income
		2024	2023
		£	£

Other operating income	8,524	228,899
	8,524	228,899

Page 20

PREMIUM MOTORHOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

	Exchange differences	(11,623)	(4,156)
	Other operating lease rentals	50,430	38,439

7.	Auditors' remuneration
		2024	2023
		£	£

Fees payable to the company's auditors for the audit of the company's financial statements

16,975

10,225

8.	Employees
		2024	2023
		£	£

Wages and salaries	652,515	316,410
Social security costs	68,159	36,820
Cost of defined contribution scheme	13,571	3,576
	734,245	356,806

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Staff	17	9

Page 21

PREMIUM MOTORHOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	140,000	109,861
Company contributions to defined contribution pension schemes	991	-
	140,991	109,861

During the year retirement benefits were accruing to 2 directors (2023 - NIL) in respect of defined contribution pension schemes.

10.	Interest receivable
		2024	2023
		£	£

	Other interest receivable	-	198
		-	198

11.	Interest payable and similar expenses
		2024	2023
		£	£

Bank interest payable	65,615	74,399
Other loan interest payable	268,668	180,596
	334,283	254,995

Page 22

PREMIUM MOTORHOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Corporation tax
Current tax on profits for the year	12,622	144,328
Adjustments in respect of previous periods	-	649

Total current tax	12,622	144,977

Deferred tax
Origination and reversal of timing differences	(11,338)	(435)
Total deferred tax	(11,338)	(435)


		1,284	144,542

Profit on ordinary activities before tax

196,758

581,514

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)	49,190	145,379
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	-	6,440
Capital allowances for year in excess of depreciation	(35,139)	5,752
Adjustments to tax charge in respect of prior periods	-	649
Short-term timing difference leading to an increase (decrease) in taxation	(145)	145
Non-taxable income	(229)	(4,310)
Deferred tax movement	(11,338)	(435)
Change in tax rates	-	(9,078)
Marginal relief	(1,055)	-
Total tax charge for the year	1,284	144,542

Page 23

PREMIUM MOTORHOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.Taxation (continued)

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

13.	Dividends
		2024	2023
		£	£

	Dividends	2,372,376	-
		2,372,376	-

14.	Intangible assets

	Website Development	Intellectual Property	Total
	£	£	£
Cost
At 1 January 2024	19,310	103,068	122,378
Additions	495	-	495
At 31 December 2024	19,805	103,068	122,873
Amortisation
At 1 January 2024	8,204	45,906	54,110
Charge for the year	6,468	57,162	63,630
At 31 December 2024	14,672	103,068	117,740
Net book value
At 31 December 2024	5,133	-	5,133
At 31 December 2023	11,106	57,162	68,268

Page 24

PREMIUM MOTORHOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Tangible fixed assets

	Leasehold improvements	Plant and machinery	Motor vehicles	Fixtures and fittings	Office equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 1 January 2024	14,618	13,552	266,910	2,609	3,337	301,026
Additions	-	1,103	237,617	6,780	5,000	250,500
Disposals	-	-	(169,901)	-	-	(169,901)
At 31 December 2024	14,618	14,655	334,626	9,389	8,337	381,625
Depreciation
At 1 January 2024	1,438	3,464	109,032	1,900	586	116,420
Charge for the year on owned assets	1,462	1,236	40,473	564	910	44,645
Disposals	-	-	(78,320)	-	-	(78,320)
At 31 December 2024	2,900	4,700	71,185	2,464	1,496	82,745
Net book value
At 31 December 2024	11,718	9,955	263,441	6,925	6,841	298,880
At 31 December 2023	13,180	10,088	157,878	709	2,751	184,606

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2024	2023
	£	£


Motor vehicles	263,441	157,878
	263,441	157,878

Page 25

PREMIUM MOTORHOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16.	Stocks
		2024	2023
		£	£

Finished goods and goods for resale	8,079,567	5,979,457
	8,079,567	5,979,457

17.

Debtors

					2024	2023
					£	£


Trade debtors	78,866	30,296
Amounts owed by group undertakings	359,995	2,222,376
Other debtors	20,339	20,976
Prepayments and accrued income	98,910	55,625
	558,110	2,329,273

18.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	907,012	460,301
	907,012	460,301

Page 26

PREMIUM MOTORHOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

19.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank loans	6,218,457	3,485,978
Trade creditors	924,359	630,164
Corporation tax	12,622	144,328
Other taxation and social security	944,218	333,034
Obligations under finance lease and hire purchase contracts	69,535	54,834
Other creditors	1,070,039	1,468,607
Accruals and deferred income	24,265	23,595
	9,263,495	6,140,540

Bank loans due within one year include £6,218,457 which is secured against new caravan stock held (2023: £3,485,978).

Hire purchase creditors totalling £186,376 (2023: £136,237) are secured against the assets to which they relate.

20.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Bank loans	377,125	520,481
Net obligations under finance leases and hire purchase contracts	116,841	81,403
	493,966	601,884

Page 27

PREMIUM MOTORHOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Amounts falling due within one year
Bank loans	6,218,457	3,485,978
Amounts falling due 1-2 years
Bank loans	154,867	141,080
Amounts falling due 2-5 years
Bank loans	222,258	379,401

	6,595,582	4,006,459

Within one year	69,535	54,834
Between 1-5 years	116,841	81,403
	186,376	136,237

Page 28

PREMIUM MOTORHOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

23.	Deferred taxation

	2024	2023
	£	£

At beginning of year	(28,625)	(29,060)
Utilised in year	11,338	435
At end of year	(17,287)	(28,625)

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

	Accelerated capital allowances	(17,287)	(28,625)
		(17,287)	(28,625)

24.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

4,000 (2023 - 4,000) A ordinary share shares of £0.01 each	40.00	40.00
2,900 (2023 - 2,900) B ordinary share shares of £0.01 each	29.00	29.00
1,450 (2023 - 1,450) C ordinary share shares of £0.01 each	14.50	14.50
1,450 (2023 - 1,450) D ordinary share shares of £0.01 each	14.50	14.50
100 (2023 - 100) E ordinary share shares of £0.01 each	1.00	1.00
100 (2023 - 100) F ordinary share shares of £0.01 each	1.00	1.00

	100.00	100.00

25.	Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £13,571 (2023 - £3,576). Contributions totalling £Nil (2023 - £578) were payable to the fund at the balance sheet date and are included in creditors.

Page 29

PREMIUM MOTORHOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Not later than 1 year	5,544	27,366
Later than 1 year and not later than 5 years	8,778	7,500
	14,322	34,866

27.

Related party transactions

Included within other creditors due within one year is an amount of £139,018 (2023: £134,557) owed to a connected LLP. During the year the company recharged operating costs and licence fees to the LLP amounting to £710,812 (2023: £1,726,656) and the LLP charged the company an amount of £894,825 (2023: £1,922,684) for services rendered.

At the year end, amounts of £300,000 (2023: £Nil) were included within other creditors due within one year, representing amounts owed by the company to the directors. These loans are provided interest free and are repayable on demand.

28.	Ultimate parent company and controlling party

During the year, 100% of the company's share capital was acquired by Luxury Motorhomes SPV Ltd, a company registered in England and Wales. The immediate parent company is Luxury Motorhomes SPV Ltd. There is no one ultimate controlling party.

Page 30