Newport Caravans Limited - Limited company accounts 20.1
Newport Caravans Limited - Limited company accounts 20.1
REGISTERED NUMBER: |
Newport Caravans Limited |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 30 November 2019 |
Newport Caravans Limited (Registered number: 06651531) |
Contents of the Financial Statements |
for the Year Ended 30 November 2019 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Statement of Comprehensive Income | 8 |
Statement of Financial Position | 9 |
Statement of Changes in Equity | 10 |
Statement of Cash Flows | 11 |
Notes to the Statement of Cash Flows | 12 |
Notes to the Financial Statements | 13 |
Newport Caravans Limited |
Company Information |
for the Year Ended 30 November 2019 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditor |
4 King Square |
Bridgwater |
Somerset |
TA6 3YF |
BANKERS: |
89 High Street |
Weston-super-Mare |
Somerset |
BS23 1JW |
Newport Caravans Limited (Registered number: 06651531) |
Strategic Report |
for the Year Ended 30 November 2019 |
The directors present their strategic report for the year ended 30 November 2019. |
REVIEW OF BUSINESS |
The results reflect the controlled expansion of the company despite the uncertain economic and political climate during |
the year. 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 a |
reasonable profit, and a great deal of credit is due to them all for their continuing support. |
Financial Performance |
2019 £'000 |
2018 £'000 |
Change £'000 |
% |
Turnover | 21,514 | 19,086 | 2,428 | 13% |
Gross Profit | 2,710 | 2,559 | 151 | 6% |
Profit/(loss) before tax | 283 | 295 | (12) | (4%) |
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. |
COVID-19 implications and going concern |
Like all companies in this sector, Newport Caravans Limited after the balance sheet date has been impacted by the |
corona-virus restrictions imposed by the government resulting in a virtual cessation of trade for a number of months in |
2020. However the company has received furlough and other grants where available, and agreed bank funding to |
provide working capital to support the company through the restrictions and their aftermath. The directors consider that |
the company continues to be viable and in a stable position to return to profitability when trading returns to more normal |
levels. |
Turnover |
The increase in turnover reflects increasing demand for all product sales. All areas showed a reasonable increase in |
turnover. |
Gross profit |
The increase in gross profit reflects higher trade volumes and turnover. The overall margin during the year was slightly |
down on the previous year. |
Operating costs |
Our operating costs increased during the year reflecting the higher level of activity and the directors are continually |
reviewing the overheads and monitoring the current economic climate. |
Capital expenditure |
We continue to invest to improve the company. Our main expenditure during the year was on the acquisition of |
commercial vehicles and computer equipment. |
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 both new and second hand motor-homes while caravan sales also |
improved. The service and warranty department saw an increase in turnover while the turnover of our shop decreased |
slightly. |
Newport Caravans Limited (Registered number: 06651531) |
Strategic Report |
for the Year Ended 30 November 2019 |
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. |
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 2019 and 2018 there was no concentration of credit risk with exposure being spread over a large |
number of customers. |
ON BEHALF OF THE BOARD: |
Newport Caravans Limited (Registered number: 06651531) |
Report of the Directors |
for the Year Ended 30 November 2019 |
The directors present their report with the financial statements of the company for the year ended 30 November 2019. |
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 |
During the year dividends of £32/share were paid on the 'A' Ordinary shares, £38.13/share on the 'B' Ordinary shares, |
and £7.50/share on the 'C' Ordinary shares. |
The total distribution of dividends for the year end 30 November 2019 will be £320,000. |
DIRECTORS |
The directors during the year under review were: |
The beneficial interests of the directors holding office on 30 November 2019 in the issued share capital of the company |
were as follows: |
30.11.19 | 1.12.18 |
'A' Ordinary £1 shares |
- | - |
5,000 | 5,000 |
'B' Ordinary £1 shares |
4,000 | 4,000 |
- | - |
'C ' Ordinary £1 shares |
- | 1,000 |
- | - |
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 2019 |
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: |
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 2019 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 2019 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 |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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 there is a material misstatement in the financial |
statements or a material misstatement of the other information. 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. |
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. |
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. |
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. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditor |
4 King Square |
Bridgwater |
Somerset |
TA6 3YF |
Newport Caravans Limited (Registered number: 06651531) |
Statement of Comprehensive Income |
for the Year Ended 30 November 2019 |
30.11.19 | 30.11.18 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
286,105 | 300,789 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Newport Caravans Limited (Registered number: 06651531) |
Statement of Financial Position |
30 November 2019 |
30.11.19 | 30.11.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Capital redemption reserve | 19 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on signed on its behalf by: |
Newport Caravans Limited (Registered number: 06651531) |
Statement of Changes in Equity |
for the Year Ended 30 November 2019 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 December 2017 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 November 2018 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 November 2019 |
Newport Caravans Limited (Registered number: 06651531) |
Statement of Cash Flows |
for the Year Ended 30 November 2019 |
30.11.19 | 30.11.18 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Capital repayments in year | ( |
) | ( |
) |
Amount introduced by directors | 188,000 | 108,000 |
Amount withdrawn by directors | (94,910 | ) | (151,759 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
351,269 |
256,558 |
Cash and cash equivalents at end of year | 2 |
Newport Caravans Limited (Registered number: 06651531) |
Notes to the Statement of Cash Flows |
for the Year Ended 30 November 2019 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.11.19 | 30.11.18 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance costs | 2,834 | 5,805 |
Finance income | (53 | ) | - |
352,970 | 379,154 |
Increase in stocks | ( |
) | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
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 2019 |
30.11.19 | 1.12.18 |
£ | £ |
Cash and cash equivalents | 421,832 | 356,089 |
Bank overdrafts | ( |
) | ( |
) |
416,511 | 351,269 |
Year ended 30 November 2018 |
30.11.18 | 1.12.17 |
£ | £ |
Cash and cash equivalents | 356,089 | 263,641 |
Bank overdrafts | ( |
) | ( |
) |
351,269 | 256,558 |
Newport Caravans Limited (Registered number: 06651531) |
Notes to the Financial Statements |
for the Year Ended 30 November 2019 |
1. | STATUTORY INFORMATION |
Newport Caravans Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with applicable Accounting Standards and estimation |
techniques, and on a going concern basis - see notes in the Strategic Report regarding the COVID-19 effect on |
future trading and viability. |
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 |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
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. |
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. |
Newport Caravans Limited (Registered number: 06651531) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2019 |
3. | ACCOUNTING POLICIES - continued |
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 |
30.11.19 | 30.11.18 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
30.11.19 | 30.11.18 |
Management and administration | 14 | 14 |
Other staff | 46 | 43 |
30.11.19 | 30.11.18 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Newport Caravans Limited (Registered number: 06651531) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2019 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
30.11.19 | 30.11.18 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Auditors' remuneration |
Auditors' remuneration for non audit work |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.11.19 | 30.11.18 |
£ | £ |
Bank loan interest |
Hire purchase |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.11.19 | 30.11.18 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) | ( |
) |
Tax on profit |
UK corporation tax has been charged at 19% (2018 - 19%). |
8. | DIVIDENDS |
30.11.19 | 30.11.18 |
£ | £ |
'A' Ordinary shares of £1 each |
Interim |
'B' Ordinary shares of £1 each |
Interim |
'C ' Ordinary shares of £1 each |
Interim |
Newport Caravans Limited (Registered number: 06651531) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2019 |
9. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 December 2018 |
Additions |
At 30 November 2019 |
DEPRECIATION |
At 1 December 2018 |
Charge for year |
At 30 November 2019 |
NET BOOK VALUE |
At 30 November 2019 |
At 30 November 2018 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 December 2018 |
Additions |
At 30 November 2019 |
DEPRECIATION |
At 1 December 2018 |
Charge for year |
At 30 November 2019 |
NET BOOK VALUE |
At 30 November 2019 |
At 30 November 2018 |
10. | STOCKS |
30.11.19 | 30.11.18 |
£ | £ |
Caravan stocks |
Shop & workshop stock |
Motorhome stocks | 2,711,008 | 1,908,805 |
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 £3,898,604 (2018: £3,409,409), net of VAT. |
Newport Caravans Limited (Registered number: 06651531) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2019 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.19 | 30.11.18 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 41,408 | 131,536 |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.19 | 30.11.18 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Hire purchase contracts (see note 15) |
Stocking loans |
Trade creditors |
Corporation Tax |
Social security and other taxes |
Directors' current accounts | 2,962 | - |
Accruals and deferred income |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.11.19 | 30.11.18 |
£ | £ |
Bank loans (see note 14) |
Hire purchase contracts (see note 15) |
14. | LOANS |
An analysis of the maturity of loans is given below: |
30.11.19 | 30.11.18 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between one and two years: |
Bank loans |
Newport Caravans Limited (Registered number: 06651531) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2019 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
30.11.19 | 30.11.18 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable |
operating leases |
30.11.19 | 30.11.18 |
£ | £ |
In more than five years |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.11.19 | 30.11.18 |
£ | £ |
Bank loans |
Hire purchase contracts | 64,177 | 33,283 |
Stocking loans | 4,999,823 | 3,651,586 |
Bank loans are secured by a charge over the assets of the company. |
Amounts due under hire purchase contracts are secured over the specific financed assets. |
Stocking loans are secured against the specific caravan stock financed. |
17. | PROVISIONS FOR LIABILITIES |
30.11.19 | 30.11.18 |
£ | £ |
Deferred tax | 45,500 | 46,500 |
Deferred |
tax |
£ |
Balance at 1 December 2018 |
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 30 November 2019 |
Newport Caravans Limited (Registered number: 06651531) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2019 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.19 | 30.11.18 |
value: | £ | £ |
'A' Ordinary | £1 | 5,000 | 5,000 |
'B' Ordinary | £1 | 4,000 | 4,000 |
'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 2018 | 819,385 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 November 2019 | 728,139 |
20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 November 2019 and |
30 November 2018: |
30.11.19 | 30.11.18 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
21. | ULTIMATE CONTROLLING PARTY |
The company is controlled by the directors. |