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REGISTERED NUMBER: 06651531 (England and Wales)

Newport Caravans Limited

Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 30 November 2025

Newport Caravans Limited (Registered number: 06651531)

Contents of the Financial Statements

for the Year Ended 30 November 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 6 |

Statement of Comprehensive Income | 10 |

Statement of Financial Position | 11 |

Statement of Changes in Equity | 12 |

Statement of Cash Flows | 13 |

Notes to the Statement of Cash Flows | 14 |

Notes to the Financial Statements | 16 |

Newport Caravans Limited

Company Information

for the Year Ended 30 November 2025

| DIRECTORS: | R W Lynch

| M K Massey

| REGISTERED OFFICE: | Kings Parade

| Off Frederick Street

| NEWPORT

| Gwent

| NP20 2DU

| REGISTERED NUMBER: | 06651531 (England and Wales)

| AUDITORS: | Maxwells

| Chartered Accountants

| and Statutory Auditor

| 4 King Square

| Bridgwater

| Somerset

| TA6 3YF

| BANKERS: | National Westminster Bank plc

| 89 High Street

| Weston-super-Mare

| Somerset

| BS23 1JW

Newport Caravans Limited (Registered number: 06651531)

Strategic Report

for the Year Ended 30 November 2025

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

REVIEW OF BUSINESS

The results reflect an increased level of activity during the year, although the company was under pressure to take high numbers of new caravans and motor homes from the manufacturers. The directors remain convinced that we are continuing to build a company that has a firm base from which we can deliver future expansion and profits. All employees and management have worked hard during the year to generate the profit, and a great deal of credit is due to them all for their continuing support.

Financial Performance

| 2025 £'000 |  | 2024 £'000 |  | Change £'000 |  | % |

Turnover |  | 17,980 |  | 17,455 |  | 525 |  | 3% |

Gross Profit |  | 2,528 |  | 2,584 |  | (56) |  | (2)% |

Profit/(loss) before tax |  | (170) |  | 31 |  | (201) |  |

Strategy

Going forward we will continue with our plans to increase the number of customers for all of our departments.

The directors are confident that the company has an excellent range of caravans, motor-homes and associated products, although we are always looking to review and strengthen the product base.

Turnover

The increase in turnover reflects increased market share and an increase in motor home sales from prior years.

Gross profit

The decrease in gross profit is a consequence of reduced margins on the sale of caravans and motor homes reflecting the need for the company to reduce stock levels to manage its cash flow.

Operating costs

Our operating costs increased during the year reflecting the higher level of activity and inflationary pressures. .The directors are continually reviewing the overheads and monitoring the current economic climate. The company did not benefit from any government grants during the year,

Capital expenditure

We continue to invest to improve the company. Our main expenditure during the year was the acquisition of new vehicles.

Performance indicators

The directors monitor key performance indicators in addition to the more traditional financial statements and sales pipeline information that is provided to the board each month.

Our underlying sales performance shows an increase in motor home sales, shop sales and service income, while caravan sales were fairly static compared to the previous year.

Newport Caravans Limited (Registered number: 06651531)

Strategic Report

for the Year Ended 30 November 2025

PRINCIPAL RISKS AND UNCERTAINTIES

Principal risks

We recognise that stock valuation and stock turnover are the key to our profitability and management monitors these areas on a regular basis. Our fixed overheads and staffing levels are under constant review to enable us to respond to any downturn or upturn in the market that may require an overhead adjustment. All areas of our business review stock values on a regular basis, and adjustments are and will be made for slow moving and obsolete items.

PRINCIPAL RISKS AND UNCERTAINTIES

The company uses various financial instruments. These include loans, cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.

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

The main risks arising are cash flow interest rate risk, credit risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years.

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The maturity of any borrowings is set out in the notes to the financial statements.

Climate sustainability

As a business supplying and servicing goods for use in the leisure industry we feel a need to take actions where possible to reduce our impact on the climate and work towards being a sustainable business. We are using energy efficient boilers for areas where heating is required, and these are regularly serviced. Additionally we have made the business decision that where possible for all packaging and paper materials we will try and purchase recyclable products to reduce the amount of waste going to landfill.The directors are constantly working to reduce the company's carbon emissions where possible and this also has an impact on reducing costs which directly affect the companys profitability.

Interest rate risk

The company finances its operations through a mixture of retained profits and asset finance. The exposure to interest rate fluctuations on borrowings is managed by the use of fixed facilities.

Credit risk

The company's principal financial assets are cash and trade debtors. The credit risk associated with cash is limited. The principal credit risk arises therefore from its trade debtors which are widely spread and again the risk is limited.

At 30 November 2025 and 2024 there was no concentration of credit risk with exposure being spread over a large number of customers.

ON BEHALF OF THE BOARD:

R W Lynch - Director

4 June 2026

Newport Caravans Limited (Registered number: 06651531)

Report of the Directors

for the Year Ended 30 November 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the sale of caravans, motor-homes and accessories.

DIVIDENDS

The total distribution of dividends for the year end 30 November 2025 will be £320,000.

DIRECTORS

The directors during the year under review were:

R W Lynch

M K Massey

The beneficial interests of the directors holding office on 30 November 2025 in the issued share capital of the company were as follows:

| 30.11.25 |  | 1.12.24

'A' Ordinary £1 shares |

R W Lynch | - |  | - |  |

M K Massey | 5,000 |  | 5,000 |  |

'B' Ordinary £1 shares |

R W Lynch | 4,000 |  | 4,000 |  |

M K Massey | - |  | - |  |

'C ' Ordinary £1 shares |

R W Lynch | 1,000 |  | 1,000 |  |

M K Massey | - |  | - |  |

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), 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 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.

Newport Caravans Limited (Registered number: 06651531)

Report of the Directors

for the Year Ended 30 November 2025

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, Maxwells, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R W Lynch - Director

4 June 2026

Report of the Independent Auditors to the Members of

Newport Caravans Limited

Opinion

We have audited the financial statements of Newport Caravans Limited (the 'company') for the year ended 30 November 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 November 2025 and of its loss 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.

Report of the Independent Auditors to the Members of

Newport Caravans Limited

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.

Report of the Independent Auditors to the Members of

Newport Caravans Limited

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:

Identifying and assessing potential risks to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- Obtaining an understanding of the nature of the industry and sector in which the business operates and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company.

- Enquiring of management, including reviewing supporting documentation concerning the company's policies and procedures relating to:

a) Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance.

b) Detecting and responding to the risks of fraud and whether they have knowledge of any factual, suspected or alleged fraud.

c) The internal controls established to mitigate risks related to fraud or non- compliance with laws and regulations

- Discussing with the audit engagement team regarding how and where fraud might occur in the financial statements and potential indications of fraud.

Audit response to risks identified

As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or non-compliance with laws and regulations.

Our procedures to respond to risks identified included the following:

- Enquiring of management and those charged with governance concerning actual and potential litigation and claims.

- Reviewing minutes of meetings of those charged with governance and reviewing correspondence with HMRC.

- Performing analytical review procedures to identify and unusual or unexpected transactions that may indicate risks of material misstatement due to fraud.

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

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.

There are inherent limitations in our audit procedures described above. The more removed those laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities 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.

Report of the Independent Auditors to the Members of

Newport Caravans Limited

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.

Nigel Blannin (Senior Statutory Auditor)

for and on behalf of Maxwells

Chartered Accountants

and Statutory Auditor

4 King Square

Bridgwater

Somerset

TA6 3YF

4 June 2026

Newport Caravans Limited (Registered number: 06651531)

Statement of Comprehensive Income

for the Year Ended 30 November 2025

| 30.11.25 |  | 30.11.24

| Notes | £ | £ |

TURNOVER | 17,979,645 |  | 17,455,001 |  |

Cost of sales | 15,451,562 |  | 14,871,330 |  |

GROSS PROFIT | 2,528,083 |  | 2,583,671 |  |

Administrative expenses | 2,629,596 |  | 2,525,257 |  |

OPERATING (LOSS)/PROFIT | 5 | (101,513 | ) | 58,414 |  |

Interest receivable and similar income | 258 |  | 2,260 |  |

(101,255 | ) | 60,674 |  |

Interest payable and similar expenses | 6 | 68,711 |  | 29,858 |  |

(LOSS)/PROFIT BEFORE TAXATION | (169,966 | ) | 30,816 |  |

Tax on (loss)/profit | 7 | (29,384 | ) | 5,534 |  |

(LOSS)/PROFIT FOR THE FINANCIAL YEAR | (140,582 | ) | 25,282 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR | (140,582 | ) | 25,282 |  |

Newport Caravans Limited (Registered number: 06651531)

Statement of Financial Position

30 November 2025

| 30.11.25 | 30.11.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 188,545 |  | 273,251 |  |

CURRENT ASSETS

Stocks | 10 | 4,956,096 |  | 6,428,340 |  |

Debtors | 11 | 141,395 |  | 195,143 |  |

Cash at bank | 355,391 |  | 421,012 |  |

5,452,882 |  | 7,044,495 |  |

CREDITORS

Amounts falling due within one year | 12 | 4,931,403 |  | 6,244,544 |  |

NET CURRENT ASSETS | 521,479 |  | 799,951 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 710,024 |  | 1,073,202 |  |

CREDITORS

Amounts falling due after more than one year | 13 | (329,755 | ) | (220,851 | ) |

PROVISIONS FOR LIABILITIES | 17 | (37,000 | ) | (48,500 | ) |

NET ASSETS | 343,269 |  | 803,851 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 10,000 |  | 10,000 |  |

Capital redemption reserve | 19 | 90,000 |  | 90,000 |  |

Retained earnings | 19 | 243,269 |  | 703,851 |  |

SHAREHOLDERS' FUNDS | 343,269 |  | 803,851 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 4 June 2026 and were signed on its behalf by:

R W Lynch - Director

M K Massey - Director

Newport Caravans Limited (Registered number: 06651531)

Statement of Changes in Equity

for the Year Ended 30 November 2025

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 December 2023 | 10,000 |  | 1,138,569 |  | 90,000 |  | 1,238,569 |  |

Changes in equity

Dividends | - |  | (460,000 | ) | - |  | (460,000 | ) |

Total comprehensive income | - |  | 25,282 |  | - |  | 25,282 |  |

Balance at 30 November 2024 | 10,000 |  | 703,851 |  | 90,000 |  | 803,851 |  |

Changes in equity

Dividends | - |  | (320,000 | ) | - |  | (320,000 | ) |

Total comprehensive loss | - |  | (140,582 | ) | - |  | (140,582 | ) |

Balance at 30 November 2025 | 10,000 |  | 243,269 |  | 90,000 |  | 343,269 |  |

Newport Caravans Limited (Registered number: 06651531)

Statement of Cash Flows

for the Year Ended 30 November 2025

| 30.11.25 |  | 30.11.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 362,442 |  | (152,724 | ) |

Interest paid | (54,977 | ) | (23,577 | ) |

Interest element of hire purchase payments paid | (13,734 | ) | (6,281 | ) |

Tax paid | (73,159 | ) | 156,513 |  |

Net cash from operating activities | 220,572 |  | (26,069 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (2,671 | ) | (11,086 | ) |

Sale of tangible fixed assets | 29,117 |  | 12,000 |  |

Interest received | 258 |  | 2,260 |  |

Net cash from investing activities | 26,704 |  | 3,174 |  |

Cash flows from financing activities

Capital repayments in year | (83,604 | ) | (17,333 | ) |

Amount introduced by directors | 142,000 |  | 240,820 |  |

Amount withdrawn by directors | (51,766 | ) | (172,000 | ) |

Equity dividends paid | (320,000 | ) | (460,000 | ) |

Net cash from financing activities | (313,370 | ) | (408,513 | ) |

Decrease in cash and cash equivalents | (66,094 | ) | (431,408 | ) |

Cash and cash equivalents at beginning of year | 2 | 414,843 |  | 846,251 |  |

Cash and cash equivalents at end of year | 2 | 348,749 |  | 414,843 |  |

Newport Caravans Limited (Registered number: 06651531)

Notes to the Statement of Cash Flows

for the Year Ended 30 November 2025

1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 30.11.25 |  | 30.11.24

£ | £ |

| (Loss)/profit before taxation | (169,966 | ) | 30,816 |  |

| Depreciation charges | 70,619 |  | 73,084 |  |

| Profit on disposal of fixed assets | (10,752 | ) | (2,244 | ) |

| Finance costs | 68,711 |  | 29,858 |  |

| Finance income | (258 | ) | (2,260 | ) |

(41,646 | ) | 129,254 |  |

| Decrease/(increase) in stocks | 1,472,244 |  | (1,323,713 | ) |

| Decrease in trade and other debtors | 27,750 |  | 185,538 |  |

| (Decrease)/increase in trade and other creditors | (1,095,906 | ) | 856,197 |  |

| Cash generated from operations | 362,442 |  | (152,724 | ) |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 30 November 2025

| 30.11.25 |  | 1.12.24

£ | £ |

| Cash and cash equivalents | 355,391 |  | 421,012 |  |

| Bank overdrafts | (6,642 | ) | (6,169 | ) |

348,749 |  | 414,843 |  |

| Year ended 30 November 2024

| 30.11.24 |  | 1.12.23

£ | £ |

| Cash and cash equivalents | 421,012 |  | 852,931 |  |

| Bank overdrafts | (6,169 | ) | (6,680 | ) |

414,843 |  | 846,251 |  |

Newport Caravans Limited (Registered number: 06651531)

Notes to the Statement of Cash Flows

for the Year Ended 30 November 2025

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

| At 1.12.24 | Cash flow | At 30.11.25

£ | £ | £ |

| Net cash |

| Cash at bank | 421,012 |  | (65,621 | ) | 355,391 |  |

| Bank overdrafts | (6,169 | ) | (473 | ) | (6,642 | ) |

414,843 |  | (66,094 | ) | 348,749 |  |

| Debt

| Finance leases | (200,127 | ) | 83,604 |  | (116,523 | ) |

| Debts falling due within 1 year | (100,000 | ) | (59,981 | ) | (159,981 | ) |

| Debts falling due after 1 year | (80,000 | ) | (186,063 | ) | (266,063 | ) |

(380,127 | ) | (162,440 | ) | (542,567 | ) |

| Total | 34,716 |  | (228,534 | ) | (193,818 | ) |

Newport Caravans Limited (Registered number: 06651531)

Notes to the Financial Statements

for the Year Ended 30 November 2025

1. | STATUTORY INFORMATION

| Newport 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.

| The financial statements have been prepared in accordance with applicable Accounting Standards and estimation techniques, and on a going concern basis.

| Critical accounting judgements and key sources of estimation uncertainty

| In applying the company's accounting policies, which are described in note 3, management is required to make:

| - judgements (other than those involving estimations) that have a significant impact on the amounts recognised; and

| - estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods

| Turnover

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

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Plant and machinery | - | 25% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 25% on cost

| Stocks

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

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

Newport Caravans Limited (Registered number: 06651531)

Notes to the Financial Statements - continued

for the Year Ended 30 November 2025

3. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| 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.

4. | EMPLOYEES AND DIRECTORS

| 30.11.25 |  | 30.11.24

£ | £ |

| Wages and salaries | 1,377,111 |  | 1,295,970 |  |

| Social security costs | 149,286 |  | 120,957 |  |

| Other pension costs | 25,667 |  | 24,966 |  |

1,552,064 |  | 1,441,893 |  |

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

| 30.11.25 |  | 30.11.24

| Management and administration | 13 |  | 13 |  |

| Other staff | 36 |  | 37 |  |

49 |  | 50 |  |

| 30.11.25 |  | 30.11.24

£ | £ |

| Directors' remuneration | 40,000 |  | 40,000 |  |

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

| Money purchase schemes | 2 |  | 2 |  |

Newport Caravans Limited (Registered number: 06651531)

Notes to the Financial Statements - continued

for the Year Ended 30 November 2025

5. | OPERATING (LOSS)/PROFIT

| The operating loss (2024 - operating profit) is stated after charging/(crediting):

| 30.11.25 |  | 30.11.24

£ | £ |

| Other operating leases | 190,513 |  | 185,112 |  |

| Depreciation - owned assets | 18,166 |  | 26,258 |  |

| Depreciation - assets on hire purchase contracts | 50,846 |  | 46,826 |  |

| Profit on disposal of fixed assets | (10,752 | ) | (2,244 | ) |

| Auditors' remuneration | 9,500 |  | 9,000 |  |

| Auditors' remuneration for non audit work | 9,775 |  | 9,250 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 30.11.25 |  | 30.11.24

£ | £ |

| Bank interest | 17,616 |  | 2,601 |  |

| Bank loan interest | 35,094 |  | 20,976 |  |

| Interest paid on Corporation

| Tax | 2,267 |  | - |  |

| Hire purchase | 13,734 |  | 6,281 |  |

68,711 |  | 29,858 |  |

7. | TAXATION

| Analysis of the tax (credit)/charge

| The tax (credit)/charge on the loss for the year was as follows:

| 30.11.25 |  | 30.11.24

£ | £ |

| Current tax:

| UK corporation tax | (17,884 | ) | 17,884 |  |

| Deferred tax | (11,500 | ) | (12,350 | ) |

| Tax on (loss)/profit | (29,384 | ) | 5,534 |  |

| UK corporation tax has been charged at 25% (2024 - 25%).

Newport Caravans Limited (Registered number: 06651531)

Notes to the Financial Statements - continued

for the Year Ended 30 November 2025

7. | TAXATION - continued

| Reconciliation of total tax (credit)/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:

| 30.11.25 |  | 30.11.24

£ | £ |

| (Loss)/profit before tax | (169,966 | ) | 30,816 |  |

| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | (42,492 | ) | 7,704 |  |

| Effects of:

| Expenses not deductible for tax purposes | 1,027 |  | 239 |  |

| Capital allowances in excess of depreciation | - |  | (2,409 | ) |

| Depreciation in excess of capital allowances | 12,081 |  | - |  |

| Total tax (credit)/charge | (29,384 | ) | 5,534 |  |

8. | DIVIDENDS

| 30.11.25 |  | 30.11.24

£ | £ |

| 'A' Ordinary shares of £1 each

| Interim | 160,000 |  | 230,000 |  |

| 'B' Ordinary shares of £1 each

| Interim | 80,000 |  | 115,000 |  |

| 'C ' Ordinary shares of £1 each

| Interim | 80,000 |  | 115,000 |  |

320,000 |  | 460,000 |  |

9. | TANGIBLE FIXED ASSETS

| Plant and |  | Motor |  | Computer |

| machinery |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 December 2024 | 381,268 |  | 384,521 |  | 123,399 |  | 889,188 |  |

| Additions | - |  | - |  | 2,671 |  | 2,671 |  |

| Disposals | - |  | (66,394 | ) | - |  | (66,394 | ) |

| At 30 November 2025 | 381,268 |  | 318,127 |  | 126,070 |  | 825,465 |  |

| DEPRECIATION

| At 1 December 2024 | 342,067 |  | 171,581 |  | 102,289 |  | 615,937 |  |

| Charge for year | 10,109 |  | 52,957 |  | 5,946 |  | 69,012 |  |

| Eliminated on disposal | - |  | (48,029 | ) | - |  | (48,029 | ) |

| At 30 November 2025 | 352,176 |  | 176,509 |  | 108,235 |  | 636,920 |  |

| NET BOOK VALUE

| At 30 November 2025 | 29,092 |  | 141,618 |  | 17,835 |  | 188,545 |  |

| At 30 November 2024 | 39,201 |  | 212,940 |  | 21,110 |  | 273,251 |  |

Newport Caravans Limited (Registered number: 06651531)

Notes to the Financial Statements - continued

for the Year Ended 30 November 2025

9. | TANGIBLE FIXED ASSETS - continued

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Motor

| vehicles

£ |

| COST

| At 1 December 2024 | 314,146 |  |

| Disposals | (66,394 | ) |

| At 30 November 2025 | 247,752 |  |

| DEPRECIATION

| At 1 December 2024 | 108,668 |  |

| Charge for year | 50,846 |  |

| Eliminated on disposal | (48,029 | ) |

| At 30 November 2025 | 111,485 |  |

| NET BOOK VALUE

| At 30 November 2025 | 136,267 |  |

| At 30 November 2024 | 205,478 |  |

10. | STOCKS

| 30.11.25 |  | 30.11.24

£ | £ |

| Caravan stocks | 1,835,857 |  | 3,047,616 |  |

| Shop & workshop stock | 127,618 |  | 131,537 |  |

| Motorhome stocks | 2,992,621 |  | 3,249,187 |  |

4,956,096 |  | 6,428,340 |  |

| New caravans and motorhomes purchased with stocking loans are recognised as stock by the company upon delivery, along with a corresponding liability. The purchase agreement enables the company to receive stock with payment becoming due on the earlier of adoption or 180 days. The amount of stock held on stocking loans in the above amounts to £4,316,775 (2024: £5,073,849), net of VAT.

11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 30.11.25 |  | 30.11.24

£ | £ |

| Trade debtors | 43,380 |  | 74,682 |  |

| Directors' current accounts | 53,488 |  | 97,371 |  |

| Tax | 17,884 |  | - |  |

| Prepayments and accrued income | 26,643 |  | 23,090 |  |

141,395 |  | 195,143 |  |

Newport Caravans Limited (Registered number: 06651531)

Notes to the Financial Statements - continued

for the Year Ended 30 November 2025

12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 30.11.25 |  | 30.11.24

£ | £ |

| Bank loans and overdrafts (see note 14) | 166,623 |  | 106,169 |  |

| Hire purchase contracts (see note 15) | 52,831 |  | 59,276 |  |

| Stocking loans | 3,678,528 |  | 5,425,982 |  |

| Trade creditors | 339,465 |  | 254,766 |  |

| Corporation Tax | - |  | 73,159 |  |

| Social security and other taxes | 541,919 |  | 228,592 |  |

| Other creditors | 5,218 |  | 4,967 |  |

| Directors' current accounts | 105,461 |  | 59,110 |  |

| Accruals and deferred income | 41,358 |  | 32,523 |  |

4,931,403 |  | 6,244,544 |  |

13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 30.11.25 |  | 30.11.24

£ | £ |

| Bank loans (see note 14) | 266,063 |  | 80,000 |  |

| Hire purchase contracts (see note 15) | 63,692 |  | 140,851 |  |

329,755 |  | 220,851 |  |

14. | LOANS

| An analysis of the maturity of loans is given below:

| 30.11.25 |  | 30.11.24

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 6,642 |  | 6,169 |  |

| Bank loans | 159,981 |  | 100,000 |  |

166,623 |  | 106,169 |  |

| Amounts falling due between one and two years:

| Bank loans | 99,981 |  | 80,000 |  |

| Amounts falling due between two and five years:

| Bank loans | 166,082 |  | - |  |

Newport Caravans Limited (Registered number: 06651531)

Notes to the Financial Statements - continued

for the Year Ended 30 November 2025

15. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

| 30.11.25 |  | 30.11.24 |

£ | £ |

| Net obligations repayable:

| Within one year | 52,831 |  | 59,276 |  |

| Between one and five years | 63,692 |  | 140,851 |  |

116,523 |  | 200,127 |  |

| Non-cancellable |

| operating leases |

| 30.11.25 |  | 30.11.24

£ | £ |

| Within one year | 38,068 |  | 9,858 |  |

| Between one and five years | 291,014 |  | 399,328 |  |

| In more than five years | 777,300 |  | 906,850 |  |

1,106,382 |  | 1,316,036 |  |

16. | SECURED DEBTS

| The following secured debts are included within creditors:

| 30.11.25 |  | 30.11.24

£ | £ |

| Bank loans | 426,044 |  | 180,000 |  |

| Hire purchase contracts | 116,523 |  | 200,127 |  |

| Stocking loans | 3,678,528 |  | 5,425,982 |  |

4,221,095 |  | 5,806,109 |  |

| Amounts due under hire purchase contracts are secured over the specific financed assets.

| Stocking loans are secured against the specific caravan stocks financed.

| Bank loans of £60,000 relate to a CBIL loan of which 70% of this is backed by HM Government.

| Bank loans of £366,063 are secured by a charge over the assets of the company, and by a joint personal guarantee granted by the directors amounting to £100,000.

17. | PROVISIONS FOR LIABILITIES

| 30.11.25 |  | 30.11.24

£ | £ |

| Deferred tax | 37,000 |  | 48,500 |  |

Newport Caravans Limited (Registered number: 06651531)

Notes to the Financial Statements - continued

for the Year Ended 30 November 2025

17. | PROVISIONS FOR LIABILITIES - continued

| Deferred |

| tax |

£ |

| Balance at 1 December 2024 | 48,500 |  |

| Credit to Statement of Comprehensive Income during year | (11,500 | ) |

| Balance at 30 November 2025 | 37,000 |  |

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 30.11.25 |  | 30.11.24

| value: | £ | £ |

| 5,000 | 'A' Ordinary | £1 | 5,000 |  | 5,000 |  |

| 4,000 | 'B' Ordinary | £1 | 4,000 |  | 4,000 |  |

| 1,000 | 'C ' Ordinary | £1 | 1,000 |  | 1,000 |  |

10,000 |  | 10,000 |  |

| The classes of ordinary shares rank equally in all respects.

19. | RESERVES

| Capital |

| Retained |  | redemption |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 December 2024 | 703,851 |  | 90,000 |  | 793,851 |  |

| Deficit for the year | (140,582 | ) | (140,582 | ) |

| Dividends | (320,000 | ) | (320,000 | ) |

| At 30 November 2025 | 243,269 |  | 90,000 |  | 333,269 |  |

20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 30 November 2025 and 30 November 2024:

| 30.11.25 |  | 30.11.24

£ | £ |

| M K Massey

| Balance outstanding at start of year | 97,370 |  | 117,479 |  |

| Amounts advanced | 27,118 |  | 209,891 |  |

| Amounts repaid | (71,000 | ) | (230,000 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 53,488 |  | 97,370 |  |

21. | RELATED PARTY DISCLOSURES

| The company pays rent to Newport Caravans Limited Directors Pension Scheme, a scheme controlled by the directors, amounting to £65,000 per year. This rent is at arms length and current market value.

Newport Caravans Limited (Registered number: 06651531)

Notes to the Financial Statements - continued

for the Year Ended 30 November 2025

22. | ULTIMATE CONTROLLING PARTY

| The company is controlled by the directors.