REGISTERED NUMBER: 04063748 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 September 2025

for

Peter Roberts Caravans Limited

Page

Company information

1

Strategic report

2

Report of the directors

4

Report of the independent auditors

5

Statement of income and retained earnings

8

Balance sheet

9

Cash flow statement

10

Notes to the cash flow statement

11

Notes to the financial statements

13

Directors:

Mr P J Roberts

Mr A Roberts

Secretary:

Mr A Roberts

Registered office:

Steps Industrial Park

Unit 5 Magdale

Honley

Huddersfield

HD9 6RA

Registered number:

04063748 (England and Wales)

Auditors:

Langricks (Holmfirth) Limited, Statutory Auditors

4 Greenfield Road

Holmfirth

West Yorkshire

HD9 2JT

The directors present their strategic report for the year ended 30 September 2025.

Review of business

The principal activity of the company during the year continued to be that of the sale, hire and servicing of motorhomes. On 25 October 2024, the company expanded its operations by purchasing the trade and assets of Richard Baldwin Motorhomes LLP as a going concern. This acquisition has significantly increased the company's distribution footprint, dealership network, and market share within the new and used motorhome sectors.

The financial performance for the year reflects substantial growth in operations following the acquisition at the start of the financial year. Turnover increased by approximately 50% to £21,855,631 (2024: £14,640,915), driven by the integration of the acquired business and the resulting expansion in customer base and trading activity. Gross profit rose to £3,050,476 (2024: £2,165,485). However, the gross profit margin reduced slightly to 13.96% (2024: 14.79%). This decrease is attributable to the incorporation of the acquired business, which operates at comparatively lower margins, combined with cost pressures within the supply chain. Administrative expenses increased significantly to £2,371,801 (2024: £1,332,466), reflecting the enlarged scale of the business. Consequently, profit before tax for the year reduced to £648,369 (2024: £867,776). Despite this reduction, the directors consider the underlying performance to be robust given the scale of growth and successful integration achieved during the year.

Principal risks and uncertainties

The directors have identified the following principal risks and uncertainties facing the business:

Integration Risk

The company completed a significant acquisition at the start of the financial year. There remains a risk associated with the ongoing integration of systems, processes, and personnel. The directors continue to closely monitor progress to ensure the anticipated benefits are realised.

Interest Rate Risk

With higher levels of borrowing, the company is more exposed to changes in interest rates. Increases in borrowing costs could impact profitability and cash flow.

The directors continue to monitor and mitigate these risks through effective internal controls and management oversight.

Future developments

Following a year of significant expansion, the focus for the forthcoming period is on consolidation and optimisation of the combined business.

The directors remain confident that the steps taken during the year have positioned the company for long-term success.

Key performance indicators (kpis)

The directors use the following KPIs to assess performance:

2025

2024

2023

£   's

£   's

£   's

Revenue

21,856

14,641

13,126

Gross Margin Profit

13.96%

14.79%

16.96%

Profit Before Tax

648

868

1,225

The directors consider the above to be appropriate to the size of the company and supplement the KPIs with additional information as required.

On behalf of the board:

Mr A Roberts - Director

19 June 2026

The directors present their report with the financial statements of the company for the year ended 30 September 2025.

Dividends

The company paid interim dividends amounting to £124,000, the directors do not recommend a final dividend for the year under review.

Directors

The directors shown below have held office during the whole of the period from 1 October 2024 to the date of this report.

Mr P J Roberts

Mr A Roberts

Statement of directors' responsibilities

The directors are responsible for preparing the Strategic report, the Report of the directors 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;

-	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.

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditors, Langricks (Holmfirth) Limited, Statutory Auditors, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

Mr A Roberts - Director

19 June 2026

Opinion

We have audited the financial statements of Peter Roberts Caravans Limited (the 'company') for the year ended 30 September 2025 which comprise the Statement of income and retained earnings, Balance sheet, Cash flow statement and Notes to the cash flow statement, Notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 September 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 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic report and the Report of the directors, but does not include the financial statements and our Report of the auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 the audit:

-	the information given in the Strategic report and the Report of the directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic report and the Report of the directors 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 Report of the directors.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of directors' responsibilities set out on page four, 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 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.

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 a Report of the auditors 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:

The risk of detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentation, or override of internal controls.

Our procedures included:

- Enquiry of management, those charged with governance around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances or non-compliance with laws and regulations.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

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 Report of the auditors.

Other Matter

The corresponding figures for the year ended 30 September 2024 are unaudited. Our opinion on the current period's financial statements does not cover the corresponding figures, and accordingly, we do not express an audit opinion on them. However, we have performed the necessary procedures required under ISA (UK) 510 regarding opening balances to ensure they do not contain material misstatements that would affect the current year's financial statements.

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 a Report of the auditors 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.

Mr Christopher Langrick (Senior Statutory Auditor)

for and on behalf of Langricks (Holmfirth) Limited, Statutory Auditors

4 Greenfield Road

Holmfirth

West Yorkshire

HD9 2JT

19 June 2026

Turnover

21,855,631

14,640,915

Cost of sales

18,805,155

12,475,430

Gross profit

3,050,476

2,165,485

Administrative expenses

2,371,801

1,332,466

Operating profit

5

678,675

833,019

Interest receivable and similar income

13,227

49,085

691,902

882,104

Interest payable and similar expenses

6

43,533

14,328

Profit before taxation

648,369

867,776

Tax on profit

7

191,998

191,894

Profit for the financial year

456,371

675,882

Retained earnings at beginning of year

3,651,001

3,129,119

Dividends

8

(124,000

)

(154,000

)

Retained earnings at end of year

3,983,372

3,651,001

Fixed assets

Intangible assets

9

656,996

1,512

Tangible assets

10

1,543,660

1,118,881

2,200,656

1,120,393

Current assets

Stocks

11

4,841,655

2,093,112

Debtors

12

773,124

86,886

Cash at bank and in hand

1,609,667

2,768,188

7,224,446

4,948,186

Creditors

Amounts falling due within one year

13

4,254,035

1,779,246

Net current assets

2,970,411

3,168,940

Total assets less current liabilities

5,171,067

4,289,333

Creditors

Amounts falling due after more than one year

14

(805,382

)

(363,330

)

Provisions for liabilities

18

(382,213

)

(274,902

)

Net assets

3,983,472

3,651,101

Capital and reserves

Called up share capital

19

100

100

Retained earnings

20

3,983,372

3,651,001

Shareholders' funds

3,983,472

3,651,101

The financial statements were approved by the Board of Directors and authorised for issue on 19 June 2026 and were signed on its behalf by:

Mr P J Roberts - Director

Mr A Roberts - Director

Cash flows from operating activities

Cash generated from operations

1

13,506,773

8,628,025

Interest paid

(43,533

)

(14,328

)

Tax paid

(202,876

)

(188,551

)

Net cash from operating activities

13,260,364

8,425,146

Cash flows from investing activities

Purchase of tangible fixed assets

(660,265

)

(244,770

)

Sale of tangible fixed assets

692,705

1,300,287

Interest received

13,227

49,085

Net cash from investing activities

45,667

1,104,602

Cash flows from financing activities

New loans in year

807,205

243,982

Loan repayments in year

(14,534,136

)

(9,226,296

)

Loan to a connected company

(613,556

)

-

Equity dividends paid

(124,000

)

(154,000

)

Net cash from financing activities

(14,464,487

)

(9,136,314

)

(Decrease)/increase in cash and cash equivalents

(1,158,456

)

393,434

Cash and cash equivalents at beginning of year

2

2,768,066

2,374,632

Cash and cash equivalents at end of year

2

1,609,610

2,768,066

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.9.25

30.9.24

£

£

Profit before taxation

648,369

867,776

Depreciation charges

108,998

18,936

Loss/(profit) on disposal of fixed assets

46,453

(34,147

)

Finance costs

43,533

14,328

Finance income

(13,227

)

(49,085

)

834,126

817,808

Decrease in stocks

12,262,557

7,738,403

Increase in trade and other debtors

(72,682

)

(8,884

)

Increase in trade and other creditors

482,772

80,698

Cash generated from operations

13,506,773

8,628,025

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash flow statement in respect of cash and cash equivalents are in respect of these Balance sheet amounts:

Year ended 30 September 2025

30.9.25

1.10.24

£

£

Cash and cash equivalents

1,609,667

2,768,188

Bank overdrafts

(57

)

(122

)

1,609,610

2,768,066

Year ended 30 September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

2,768,188

2,374,951

Bank overdrafts

(122

)

(319

)

2,768,066

2,374,632

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

Other

non-cash

At 1.10.24

Cash flow

changes

At 30.9.25

£

£

£

£

Net cash

Cash at bank

and in hand

2,768,188

(1,158,521

)

1,609,667

Bank overdrafts

(122

)

65

(57

)

2,768,066

(1,158,456

)

1,609,610

Debt

Debts falling due

within 1 year

(700,448

)

13,868,983

(15,979,254

)

(2,810,719

)

Debts falling due

after 1 year

(363,330

)

(442,052

)

-

(805,382

)

(1,063,778

)

13,426,931

(15,979,254

)

(3,616,101

)

Total

1,704,288

12,268,475

(15,979,254

)

(2,006,491

)

4.	MAJOR NON-CASH TRANSACTIONS

During the year, the Company acquired inventory and fixed assets totalling £15,979,254 through supplier financing arrangements, under which suppliers were paid directly by third-party finance providers. As no cash was paid by the Company at the date of acquisition, these transactions have been excluded from the statement of cash flows. Accordingly, movements in inventory and fixed assets have been adjusted to exclude these non-cash transactions. Cash repayments of the related financing liabilities are presented within financing activities.

1.	STATUTORY INFORMATION

Peter Roberts Caravans Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Key sources of estimation uncertainty

The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. Actual results may differ from those estimates. The key sources of estimation uncertainty are set out below.

Stock Valuation and Obsolescence

Stocks are stated at the lower of cost and net realizable value. Management reviews stock at each reporting date and makes provisions where items are considered, obsolete or where their estimated selling price less costs to sell is below cost.

Impairment of Goodwill

Goodwill is reviewed for impairment where events or changes in circumstances indicate that its carrying value may not be recoverable. Where such indicators exist, management estimates the recoverable amount of the relevant cash-generating unit.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of caravans is recognised at the point in time when the significant risks and rewards of ownership are transferred to the buyer. This condition is satisfied upon handover of the caravan to the customer, following the receipt of full payment and the issuance of a sales invoice.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of ten years.

The directors consider a useful economic life of 10 years appropriate due to the established reputation, customer relationships and expected longevity of the acquired business.

Intangible assets

Other intangible assets are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

10% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

Straight line over 8 years

Motor vehicles

-

25% on reducing balance and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future paymentsdiscounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Functional and presentation currency

The financial statements are presented in Pounds Sterling (£), which is also the functional currency of the company. Unless otherwise stated, all financial information has been rounded to the nearest whole pound.

4.	EMPLOYEES AND DIRECTORS

30.9.25

30.9.24

£

£

Wages and salaries

1,134,627

627,089

Social security costs

103,900

51,343

Other pension costs

165,078

136,313

1,403,605

814,745

The average number of employees during the year was as follows:

30.9.25

30.9.24

Directors

2

2

Sales

12

5

Workshop

12

6

Administration

11

10

Valeting/Cleaning

10

5

47

28

30.9.25

30.9.24

£

£

Directors' remuneration

22,570

20,000

Directors' pension contributions to money purchase schemes

120,000

99,996

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.9.25

30.9.24

£

£

Other operating leases

197,050

74,900

Depreciation - owned assets

34,486

17,425

Loss/(profit) on disposal of fixed assets

46,453

(34,147

)

Goodwill amortisation

70,500

-

Development costs amortisation

4,012

1,512

Auditors' remuneration

15,000

-

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

30.9.25

30.9.24

£

£

Bank interest

43,533

14,328

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

30.9.25

30.9.24

£

£

Current tax:

UK corporation tax

84,687

202,876

Deferred tax

107,311

(10,982

)

Tax on profit

191,998

191,894

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.9.25

30.9.24

£

£

Profit before tax

648,369

867,776

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

162,092

216,944

Effects of:

Expenses not deductible for tax purposes

11,457

2,661

Capital allowances in excess of depreciation

(100,475

)

-

Depreciation in excess of capital allowances

-

5,227

(Profit)/loss on disposal

11,613

(8,537

)

Deferred tax movement

107,311

(10,982

)

Enhanced expenditure

-

(13,419

)

Total tax charge

191,998

191,894

8.

DIVIDENDS

30.9.25

30.9.24

£

£

Ordinary shares of £1 each

Interim

124,000

154,000

9.	INTANGIBLE FIXED ASSETS

Development

Goodwill

costs

Totals

£

£

£

COST

At 1 October 2024

-

7,558

7,558

Additions

704,996

25,000

729,996

At 30 September 2025

704,996

32,558

737,554

AMORTISATION

At 1 October 2024

-

6,046

6,046

Amortisation for year

70,500

4,012

74,512

At 30 September 2025

70,500

10,058

80,558

NET BOOK VALUE

At 30 September 2025

634,496

22,500

656,996

At 30 September 2024

-

1,512

1,512