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Registered number:
FOR THE PERIOD ENDED 31 DECEMBER 2024
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LUXURY MOTORHOMES SPV LTD
COMPANY INFORMATION
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LUXURY MOTORHOMES SPV LTD
CONTENTS
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LUXURY MOTORHOMES SPV LTD
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
The directors present their strategic report for the period ended 31 December 2024.
The directors would like to thank the loyal and hardworking staff who deliver value and service to our customers.
On 25 May 2024, the company acquired 100% of the share capital of Premium Motorhomes Limited. Turnover for the period since acquisition is £10.2m.
The directors anticipate maintaining turnover levels 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 group will maintain and hopefully increase its market share.
Financial risk management objective and policies
The group 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 group's operations.
Existence of these financial instruments exposes the group to a number of financial risks, which are described in more detail below.
The main risks arising from the group'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 group 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 group 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 group 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 group'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 group's USP is industry best customer services. The directors manage competition risk by benchmarking group'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.
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LUXURY MOTORHOMES SPV LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
People
The success of the group is ultimately driven by its people. The group'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 group thrive through their passion in what they do, demonstrating great work ethics, striving to be best in class and supporting their colleagues to grow.
The directors have monitored the progress of overall group strategy and individual strategic elements by reference to certain key performance indicators inclduing turnover, gross profit margin and net profit for the year.
This report was approved by the board and signed on its behalf.
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LUXURY MOTORHOMES SPV LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the period ended 31 December 2024.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the group'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 group 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 the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the period, after taxation, amounted to £17,519.
No dividends were proposed during the period.
The directors who served during the period were:
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LUXURY MOTORHOMES SPV LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
The auditors, Barnes Roffe Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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LUXURY MOTORHOMES SPV LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUXURY MOTORHOMES SPV LTD
We have audited the financial statements of Luxury Motorhomes SPV Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated analysis of net debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent 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.
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LUXURY MOTORHOMES SPV LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUXURY MOTORHOMES SPV LTD (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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LUXURY MOTORHOMES SPV LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUXURY MOTORHOMES SPV LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 Group 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 group 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 group, 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
We assessed the susceptibility of the group’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;
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LUXURY MOTORHOMES SPV LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUXURY MOTORHOMES SPV LTD (CONTINUED)
• 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
group’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.
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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Charles Lake House
Claire Causeway
Crossways Business Park
Kent
DA2 6QA
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LUXURY MOTORHOMES SPV LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024
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LUXURY MOTORHOMES SPV LTD
REGISTERED NUMBER: 15470546
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 34 form part of these financial statements.
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LUXURY MOTORHOMES SPV LTD
REGISTERED NUMBER: 15470546
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 34 form part of these financial statements.
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LUXURY MOTORHOMES SPV LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
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LUXURY MOTORHOMES SPV LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
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LUXURY MOTORHOMES SPV LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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LUXURY MOTORHOMES SPV LTD
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 DECEMBER 2024
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LUXURY MOTORHOMES SPV LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Luxury Motorhomes SPV Ltd 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 was that of a holding company. The principal activity of the group during the period is that of the sale and servicing of new and used motorhomes.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgment in applying the group's accounting policies (see note 3).
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 25 May 2024.
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LUXURY MOTORHOMES SPV LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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LUXURY MOTORHOMES SPV LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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LUXURY MOTORHOMES SPV LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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LUXURY MOTORHOMES SPV LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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LUXURY MOTORHOMES SPV LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
a) Critical judgements in applying the group'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 group made key assumptions regarding: - the useful economic life of intangible fixed assets and this is further described in note 2.10 of accounting policies. - the useful economic life of tangible fixed assets and this is further described in note 2.11 of accounting policies.
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LUXURY MOTORHOMES SPV LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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LUXURY MOTORHOMES SPV LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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LUXURY MOTORHOMES SPV LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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LUXURY MOTORHOMES SPV LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent company for the period was £Nil.
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LUXURY MOTORHOMES SPV LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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LUXURY MOTORHOMES SPV LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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LUXURY MOTORHOMES SPV LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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LUXURY MOTORHOMES SPV LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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LUXURY MOTORHOMES SPV LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Bank loans due within one year include £6,218,457 which is secured against caravan stock.
Hire purchase creditors totalling £186,376 are secured against the assets to which they relate.
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LUXURY MOTORHOMES SPV LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
23.Deferred taxation (continued)
On incorporation 2 Ordinary £1 shares were issued at par.
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LUXURY MOTORHOMES SPV LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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LUXURY MOTORHOMES SPV LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
25.Business combinations (continued)
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £13,571. Contributions totalling £Nil were payable to the fund at the balance sheet date and are included in creditors.
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LUXURY MOTORHOMES SPV LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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