| Cross Country Caravans Limited |
| Registered number: |
00984881 |
| Balance Sheet |
| as at 31 December 2016 |
|
| Notes |
|
|
2016 |
|
|
2015 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
2,175,867 |
|
|
2,175,764 |
| Investments |
4 |
|
|
100 |
|
|
100 |
|
|
|
|
2,175,967 |
|
|
2,175,864 |
|
| Current assets |
| Stocks |
|
|
436 |
|
|
13,070 |
| Debtors |
5 |
|
11,243 |
|
|
24,620 |
| Cash at bank and in hand |
|
|
791,906 |
|
|
880,244 |
|
|
|
803,585 |
|
|
917,934 |
|
| Creditors: amounts falling due within one year |
6 |
|
(62,069) |
|
|
(20,808) |
|
| Net current assets |
|
|
|
741,516 |
|
|
897,126 |
|
| Total assets less current liabilities |
|
|
|
2,917,483 |
|
|
3,072,990 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(44,679) |
|
|
(44,679) |
|
| Provisions for liabilities |
|
|
|
(309,301) |
|
|
(309,301) |
|
|
| Net assets |
|
|
|
2,563,503 |
|
|
2,719,010 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
13,370 |
|
|
13,369 |
| Share premium |
|
|
|
212 |
|
|
- |
| Revaluation reserve |
9 |
|
|
1,318,598 |
|
|
1,318,598 |
| Profit and loss account |
|
|
|
1,231,323 |
|
|
1,387,043 |
|
| Shareholders' funds |
|
|
|
2,563,503 |
|
|
2,719,010 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
| Mr Robert Hirst |
| Director |
| Approved by the board on 19 September 2017 |
|
| Cross Country Caravans Limited |
| Statement of Changes in Equity |
| for the year ended 31 December 2016 |
|
| Share |
Share |
Re- |
Profit |
Total |
| capital |
premium |
valuation |
and loss |
| reserve |
account |
| £ |
£ |
£ |
£ |
£ |
|
| At 1 January 2015 |
13,369 |
|
- |
|
1,627,899 |
|
1,403,282 |
|
3,044,550 |
|
| Loss for the financial year |
(12,413) |
|
(12,413) |
|
| Deferred taxation arising on the revaluation of land and buildings |
|
|
|
|
|
(309,301) |
|
|
|
(309,301) |
| Other comprehensive income for the financial year |
|
- |
|
- |
|
(309,301) |
|
- |
|
(309,301) |
| Total comprehensive income for the financial year |
|
- |
|
- |
|
(309,301) |
|
(12,413) |
|
(321,714) |
|
|
|
|
|
|
|
|
|
|
|
|
| At 31 December 2015 |
13,369 |
|
- |
|
1,318,598 |
|
1,390,869 |
|
2,722,836 |
| Effect of retrospective changes in accounting policies |
|
|
|
|
|
|
|
(3,826) |
|
(3,826) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| At 1 January 2016 |
13,369 |
|
- |
|
1,318,598 |
|
1,387,043 |
|
2,719,010 |
|
| Loss for the financial year |
(144,222) |
|
(144,222) |
|
|
|
|
|
|
|
|
|
|
|
| Dividends |
(11,498) |
|
(11,498) |
| Shares issued |
1 |
|
212 |
|
|
|
|
|
213 |
|
| At 31 December 2016 |
13,370 |
|
212 |
|
1,318,598 |
|
1,231,323 |
|
2,563,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Explanation of changes resulting from transition |
|
Short term compensated absences
Prior to the adoption of FRS 102 Section 1A Small Entities, Cross Country Caravans Limited did not make provision for holiday pay earned but not taken before the year end. FRS 102 requires the cost of short-term compensated absences to be recognised when employees render the service that increases their entitlement. Consequently an additional accrual of £3,826 at 31 December 2015 has been made to reflect this. The accrual for the cost of short-term compensated absences as at the end of December 2016 is £1,386, therefore a credit of £2,440 has been released to the profit and loss account in 2016.
Deferred tax
Prior to the adoption of FRS 102 Section 1A Small Entities, Cross Country Caravans Limited did not make provision for deferred tax on the revaluation of land and buildings. FRS102 requires that deferred tax is provided for in relation to assets that are measured using the revaluation model using the tax rates and allowances that apply to the sale of that asset. Therefore, a deferred tax liability of £309,301 has been included in the accounts as at 31 December 2015 and a deferred tax charge has been taken to the revaluation reserve. The deferred tax liability relating to the revalued land and building remains the same in December 2016, therefore there has been no further charge to the revaluation reserve.
|
|
| Cross Country Caravans Limited |
| Notes to the Accounts |
| for the year ended 31 December 2016 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). These financial statements for the year ended 31 December 2016 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 January 2015. The transition to FRS 102 Section 1A Small Entities has resulted in a number of small changes in accounting policies to those used previously. The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below. Income previously included in other operating income is now included in turnover. |
|
|
Presentation Currency |
|
The accounts are presented in £ sterling. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Leasehold land and buildings |
2% straight line |
|
Plant and machinery |
10 - 20 % straight line |
|
Motor vehicles |
35% reducing balance |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2016 |
|
2015 |
| Number |
Number |
|
|
Average number of persons employed by the company |
4 |
|
6 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Plant and machinery etc |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 January 2016 |
2,506,005 |
|
85,589 |
|
2,591,594 |
|
Additions |
- |
|
58,319 |
|
58,319 |
|
Disposals |
- |
|
(16,095) |
|
(16,095) |
|
At 31 December 2016 |
2,506,005 |
|
127,813 |
|
2,633,818 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2016 |
339,304 |
|
76,526 |
|
415,830 |
|
Charge for the year |
50,120 |
|
7,768 |
|
57,888 |
|
On disposals |
- |
|
(15,767) |
|
(15,767) |
|
At 31 December 2016 |
389,424 |
|
68,527 |
|
457,951 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2016 |
2,116,581 |
|
59,286 |
|
2,175,867 |
|
At 31 December 2015 |
2,166,701 |
|
9,063 |
|
2,175,764 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2016 |
|
2015 |
| £ |
£ |
|
Historical cost |
151,736 |
|
151,736 |
|
Cumulative depreciation based on historical cost |
33,586 |
|
30,551 |
|
|
|
|
|
|
118,150 |
|
121,185 |
|
The freehold property was valued in March 2009. |
|
|
| 4 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
|
Cost |
|
At 1 January 2016 |
100 |
|
|
At 31 December 2016 |
100 |
|
|
| 5 |
Debtors |
2016 |
|
2015 |
| £ |
£ |
|
|
Trade debtors |
950 |
|
1,107 |
|
Other debtors |
10,293 |
|
23,513 |
|
|
|
|
|
|
11,243 |
|
24,620 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2016 |
|
2015 |
| £ |
£ |
|
|
Trade creditors |
19,011 |
|
9,893 |
|
Corporation tax |
- |
|
81 |
|
Other taxes and social security costs |
36,162 |
|
3,758 |
|
Other creditors |
6,896 |
|
7,076 |
|
|
|
|
|
|
62,069 |
|
20,808 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2016 |
|
2015 |
| £ |
£ |
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
44,679 |
|
44,679 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Short-term compensated absences |
|
|
Prior to the adoption of FRS102, Cross Country Caravans Limited did not make provision for holiday pay earned but not taken before the year end. FRS102 requires the cost of short term compensated absences to be recognised when emplpyees render the service that increases their entitlement. |
|
|
| 9 |
Revaluation reserve |
2016 |
|
2015 |
| £ |
£ |
|
|
At 1 January 2016 |
1,318,598 |
|
1,627,899 |
|
Deferred taxation arising on the revaluation of land and buildings |
- |
|
(309,301) |
|
|
At 31 December 2016 |
1,318,598 |
|
1,318,598 |
|
|
|
|
|
|
|
|
|
|
| 10 |
Pension commitments |
|
|
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in profit and loss account when due. |
|
|
| 11 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
|
Mr R J Hirst |
|
Interest free loan repayable on demand |
11,635 |
|
2,441 |
|
(11,744) |
|
2,332 |
|
|
Mr M E Hirst |
|
Interest free loan repayable on demand |
5,740 |
|
3,678 |
|
(5,749) |
|
3,669 |
|
|
|
17,375 |
|
6,119 |
|
(17,493) |
|
6,001 |
|
|
|
|
|
|
|
|
|
|
| 12 |
Controlling party |
|
|
The company is under the control of Mr RJ Hirst and Mr ME Hirst by virtue of their shareholding. |
|
|
| 13 |
Other information |
|
|
Cross Country Caravans Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Cross Country Caravans |
|
Shillingford Road |
|
Shillingford Hill |
|
OXON |
|
OX10 8LN |
