Orchard Caravans (Norfolk) Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03045841 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

Orchard Caravans (Norfolk) Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

Fixed assets

Tangible assets

4

469,498

426,872

Investments

5

130,000

130,000

599,498

556,872

Current assets

Stocks

197,056

133,289

Debtors

6

181,668

272,087

Cash at bank and in hand

58,879

123,504

437,603

528,880

Creditors

Amounts falling due within one year

7

(392,977

)

(370,656

)

Net current assets

44,626

158,224

Total assets less current liabilities

644,124

715,096

Creditors

Amounts falling due after more than one year

8

(131,925

)

(188,419

)

Provisions for liabilities

(49,036

)

(33,764

)

Net assets

463,163

492,913

Capital and reserves

Called up share capital

51,000

51,000

Capital redemption reserve

25,500

25,500

Retained earnings

386,663

416,413

463,163

492,913

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 14 August 2023 and were signed on its behalf by:

Mr H E Collins - Director

1.	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.

2.	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 the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

2% straight line

Plant and machinery

-

20% - 25% on reducing balance

Fixtures and fittings

-

20% p.a. reducing balance

Motor vehicles

-

25% p.a. reducing balance

Computer equipment

-

33% on cost

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.

3.	Employees and directors

The average number of employees during the year was 13 (2021 - 14 ) .

4.	Tangible fixed assets

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

Cost

At 1 January 2022

273,010

388,905

61,760

Additions

33,617

11,844

5,364

Disposals

-

-

(4,695

)

At 31 December 2022

306,627

400,749

62,429

Depreciation

At 1 January 2022

55,129

283,783

46,943

Charge for year

5,746

14,893

2,613

Eliminated on disposal

-

-

(3,977

)

At 31 December 2022

60,875

298,676

45,579

Net book value

At 31 December 2022

245,752

102,073

16,850

At 31 December 2021

217,881

105,122

14,817

Motor

Computer

vehicles

equipment

Totals

£

£

£

Cost

At 1 January 2022

369,555

21,086

1,114,316

Additions

43,882

979

95,686

Disposals

(14,962

)

(14,159

)

(33,816

)

At 31 December 2022

398,475

7,906

1,176,186

Depreciation

At 1 January 2022

282,841

18,748

687,444

Charge for year

25,832

1,843

50,927

Eliminated on disposal

(13,547

)

(14,159

)

(31,683

)

At 31 December 2022

295,126

6,432

706,688

Net book value

At 31 December 2022

103,349

1,474

469,498

At 31 December 2021

86,714

2,338

426,872

5.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 January 2022

and 31 December 2022

130,000

Net book value

At 31 December 2022

130,000

At 31 December 2021

130,000

6.

Debtors: amounts falling due within one year

31.12.22

31.12.21

£

£

Trade debtors

120,173

141,738

Amounts owed by group undertakings

25,479

101,063

Other debtors

36,016

29,286

181,668

272,087

7.

Creditors: amounts falling due within one year

31.12.22

31.12.21

£

£

Bank loans and overdrafts

62,500

62,500

Hire purchase contracts

17,245

19,017

Trade creditors

41,797

43,847

Amounts owed to group undertakings

17,475

-

Taxation and social security

37,234

32,871

Other creditors

216,726

212,421

392,977

370,656

The bank borrowings are secured by HSBC who hold a legal charge and a fixed and floating charge over all assets.

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

8.

Creditors: amounts falling due after more than one year

31.12.22

31.12.21

£

£

Bank loans

114,583

177,083

Hire purchase contracts

17,342

11,336

131,925

188,419

The bank borrowings are secured by HSBC who hold a legal charge and a fixed and floating charge over all assets.

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

9.	Other financial commitments

At 31 December 2022, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £494,000 (2021: £547,020).