Orchard Caravans (Norfolk) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03045841 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

Orchard Caravans (Norfolk) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

Mr H E Collins

Mr B Reynolds

Secretary:

Mr H E Collins

Registered office:

Great Eastern Way

Wells-Next-the-Sea

Norfolk

NR23 1LY

Registered number:

03045841 (England and Wales)

Accountants:

Stephenson Smart (East Anglia) Limited

10 Oak Street

Fakenham

Norfolk

NR21 9DY

Fixed assets

Tangible assets

5

426,872

425,194

Investments

6

130,000

130,000

556,872

555,194

Current assets

Stocks

133,289

197,978

Debtors

7

272,087

271,727

Cash at bank and in hand

123,504

311,976

528,880

781,681

Creditors

Amounts falling due within one year

8

(370,656

)

(470,023

)

Net current assets

158,224

311,658

Total assets less current liabilities

715,096

866,852

Creditors

Amounts falling due after more than one year

9

(188,419

)

(269,937

)

Provisions for liabilities

(33,764

)

(31,856

)

Net assets

492,913

565,059

Capital and reserves

Called up share capital

51,000

51,000

Capital redemption reserve

25,500

25,500

Retained earnings

416,413

488,559

492,913

565,059

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 August 2022 and were signed on its behalf by:

Mr H E Collins - Director

1.	Statutory information

Orchard Caravans (Norfolk) 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" including the provisions of Section 1A "Small Entities" 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.

Preparation of consolidated financial statements

The financial statements contain information about Orchard Caravans (Norfolk) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Given the straightforward operations and financial position of the company, there are not considered to be any key sources of judgement or estimation uncertainty within these financial statements.

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.

Land and buildings

-

2% on cost

Plant and machinery etc

-

33% on cost, 20% - 25% on reducing balance, 25% on reducing balance and 20% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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

The average number of employees during the year was 14 (2020 - 15 ) .

5.	Tangible fixed assets

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Cost

At 1 January 2021

273,010

785,839

1,058,849

Additions

-

55,467

55,467

At 31 December 2021

273,010

841,306

1,114,316

Depreciation

At 1 January 2021

50,056

583,599

633,655

Charge for year

5,073

48,716

53,789

At 31 December 2021

55,129

632,315

687,444

Net book value

At 31 December 2021

217,881

208,991

426,872

At 31 December 2020

222,954

202,240

425,194

6.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 January 2021

and 31 December 2021

130,000

Net book value

At 31 December 2021

130,000

At 31 December 2020

130,000

7.

Debtors: amounts falling due within one year

31.12.21

31.12.20

£

£

Trade debtors

141,738

197,296

Amounts owed by group undertakings

101,063

60,888

Other debtors

29,286

13,543

272,087

271,727

8.

Creditors: amounts falling due within one year

31.12.21

31.12.20

£

£

Bank loans and overdrafts

62,500

10,417

Hire purchase contracts

19,017

21,101

Trade creditors

43,847

74,107

Taxation and social security

32,871

81,234

Other creditors

212,421

283,164

370,656

470,023

The bank borrowings are secured.

Finance lease and hire purchase creditors are secured on the assets concerned.

9.

Creditors: amounts falling due after more than one year

31.12.21

31.12.20

£

£

Bank loans

177,083

239,583

Hire purchase contracts

11,336

30,354

188,419

269,937

The bank borrowings are secured.

Finance lease and hire purchase creditors are secured on the assets concerned.

10.	Other financial commitments

At 31 December 2021, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £547,020 (2020: £600,380).