SAMBECK CARAVANS LIMITED 31/03/2022 iXBRL

SAMBECK CARAVANS LTD - Company Information

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Company registration number: 03723190

(England and Wales)

SAMBECK CARAVANS LIMITED

Unaudited filleted financial statements

for the year ended

31 March 2022

SAMBECK CARAVANS LIMITED

Contents

Directors and other information

Accountants report

Statement of financial position

Notes to the financial statements

SAMBECK CARAVANS LIMITED

Directors and other information


	Directors	Mr S R Turner
		Mrs C A Turner
		Mr S P Turner


	Secretary	Mrs C A Turner


	Company number	03723190


	Registered office	4 & 5 The Cedars
		Apex 12, Old Ipswich Road
		Colchester
		Essex
		CO7 7QR


	Business address	Woodlands Business Park
		Tenpenny Hill, Thorrington
		Colchester
		Essex
		CO7 8JD


	Accountants	Griffin Chapman
		4 & 5 The Cedars
		Apex 12, Old Ipswich Road
		Colchester
		Essex
		CO7 7QR

SAMBECK CARAVANS LIMITED

Chartered accountants report to the board of directors on the preparation of the

unaudited statutory financial statements of SAMBECK CARAVANS LIMITED

Year ended 31 March 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SAMBECK CARAVANS LIMITED for the year ended 31 March 2022 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.

This report is made solely to the board of directors of SAMBECK CARAVANS LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of SAMBECK CARAVANS LIMITED and state those matters that we have agreed to state to the board of directors of SAMBECK CARAVANS LIMITED as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SAMBECK CARAVANS LIMITED and its board of directors as a body for our work or for this report.

It is your duty to ensure that SAMBECK CARAVANS LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of SAMBECK CARAVANS LIMITED. You consider that SAMBECK CARAVANS LIMITED is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of SAMBECK CARAVANS LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Griffin Chapman

Chartered Accountants

4 & 5 The Cedars

Apex 12, Old Ipswich Road

Colchester

Essex

CO7 7QR

1 September 2022

SAMBECK CARAVANS LIMITED

Statement of financial position

31 March 2022

		2022		2021
	Note	£	£	£	£

Fixed assets
Tangible assets	5	177,837		223,212
Investments	6	1,005,023		1,005,023
		_______		_______
			1,182,860		1,228,235

Current assets
Stocks		670,586		320,317
Debtors	7	990,121		970,611
Cash at bank and in hand		846,112		918,776
		_______		_______
		2,506,819		2,209,704
Creditors: amounts falling due
within one year	8	( 584,572)		( 639,086)
		_______		_______
Net current assets			1,922,247		1,570,618
			_______		_______
Total assets less current liabilities			3,105,107		2,798,853

Creditors: amounts falling due
after more than one year	9		( 935,417)		( 1,093,581)

Provisions for liabilities			( 34,465)		( 34,330)

			_______		_______
Net assets			2,135,225		1,670,942
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			2,135,125		1,670,842
			_______		_______
Shareholders funds			2,135,225		1,670,942
			_______		_______

For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 01 September 2022 , and are signed on behalf of the board by:

Mr S R Turner

Director

Company registration number: 03723190

SAMBECK CARAVANS LIMITED

Notes to the financial statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 & 5 The Cedars, Apex 12, Old Ipswich Road, Colchester, Essex, CO7 7QR.

The principal activity of the company continues to be that of caravan sales.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Plant and machinery	-	20 %	straight line
Fittings fixtures and equipment	-	33.3 %	straight line
Motor vehicles	-	20 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company 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 or 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 14 (2021: 16 ).

5. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2021	36,442	8,717	441,101	486,260
Additions	6,197	96	28,266	34,559
Disposals	-	( 5,868)	( 51,800)	( 57,668)
	_______	_______	_______	_______
At 31 March 2022	42,639	2,945	417,567	463,151
	_______	_______	_______	_______
Depreciation
At 1 April 2021	12,527	7,756	242,765	263,048
Charge for the year	5,998	729	53,797	60,524
Disposals	-	( 5,868)	( 32,390)	( 38,258)
	_______	_______	_______	_______
At 31 March 2022	18,525	2,617	264,172	285,314
	_______	_______	_______	_______
Carrying amount
At 31 March 2022	24,114	328	153,395	177,837
	_______	_______	_______	_______
At 31 March 2021	23,915	961	198,336	223,212
	_______	_______	_______	_______

6. Investments

	Shares in group undertakings and participating interests	Total
	£	£
Cost
At 1 April 2021 and 31 March 2022	1,005,023	1,005,023
	_______	_______
Impairment
At 1 April 2021 and 31 March 2022	-	-
	_______	_______
Carrying amount
At 31 March 2022	1,005,023	1,005,023
	_______	_______
At 31 March 2021	1,005,023	1,005,023
	_______	_______

7. Debtors

	2022	2021
	£	£
Trade debtors	242,566	199,851
Amounts owed by group undertakings and undertakings in which the company has a participating interest	700,722	422,863
Other debtors	46,833	347,897
	_______	_______
	990,121	970,611
	_______	_______

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	109,809	96,955
Trade creditors	169,142	180,567
Corporation tax	180,556	235,492
Taxation and social security	7,136	7,082
Other creditors	117,929	118,990
	_______	_______
	584,572	639,086
	_______	_______

The bank loans are secured on land owned by Sambeck Business Park Limited, of which Sambeck Caravans Limited is a 100% shareholder.

9. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	858,021	966,148
Other creditors	77,396	127,433
	_______	_______
	935,417	1,093,581
	_______	_______

The bank loans are secured on land owned by Sambeck Business Park Limited, of which Sambeck Caravans Limited is a 100% shareholder.

Included within creditors: amounts falling due after more than one year is an amount of £ 448,963 (2021 £ 531,464 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Full repayment of the CBILS loan is due in May 2026 and a further business loan is due to be repaid in February 2037.

10. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	18,185	43,518
Later than 1 year and not later than 5 years	1,839	20,024
	_______	_______
	20,024	63,542
	_______	_______

11. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2022
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr S R Turner	23,734	40,102	( 24,600)	39,236
	Mrs C A Turner	283,505	30,653	( 323,400)	( 9,242)
		_______	_______	_______	_______
		307,239	70,755	( 348,000)	29,994
		_______	_______	_______	_______

2021
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr S R Turner	( 12,865)	105,479	( 68,880)	23,734
	Mrs C A Turner	( 1,003)	350,028	( 65,520)	283,505
		_______	_______	_______	_______
		( 13,868)	455,507	( 134,400)	307,239
		_______	_______	_______	_______

12. Related party transactions

At the year end an amount of £ 700,722 (2021:£ 422,863 ) was owed by Sambeck Business Park Limited , a subsidiary of Sambeck Caravans Limited. This balance is repayable on demand.Any other related party transactions have been concluded under normal market conditions.