REGISTERED NUMBER: 06941155 (England and Wales) |
BASSETT PROPERTY HOLDINGS LTD |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
REGISTERED NUMBER: 06941155 (England and Wales) |
BASSETT PROPERTY HOLDINGS LTD |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 6 |
Report of the Independent Auditors | 8 |
Consolidated Income Statement | 12 |
Consolidated Other Comprehensive Income | 13 |
Consolidated Balance Sheet | 14 |
Company Balance Sheet | 15 |
Consolidated Statement of Changes in Equity | 16 |
Company Statement of Changes in Equity | 17 |
Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Cash Flow Statement | 19 |
Notes to the Consolidated Financial Statements | 20 |
BASSETT PROPERTY HOLDINGS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountant & Registered Auditor |
Oystermouth House |
Charter Court, Phoenix Way |
Swansea Enterprise Park |
Swansea |
SA7 9FS |
BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
The director presents his strategic report of the company and the group for the year ended 31 December 2021. |
REVIEW OF BUSINESS |
The principal activity of the Group during the year was that of a motor dealership. The Group has grown to be one of the top motor dealers in South Wales today, representing motor manufacturers Citroen, DS, Honda, Nissan and Ssangyong with dealerships across the region. |
During the year the Group also continued to operate its Parts Centre which is an official Partslink24 partner. |
In a very difficult new car market the Group enjoys a number of competitive advantages including strong local brand recognition in its heartland trading region and market share of the vehicle franchises it represents. Turnover increased by 16.2% during the year to £77 million and Gross Proft margin increased from 9.8% to 10.8%. |
Coming out of lockdown and the restricitions imposed by the UK Government to stem the spread of Covid-19, the Group experienced increased revenues and improved margins in relation to used vehicle sales. Whislt trading is still recovering to pre-pandemic levels, the Group continues to mitigate impact on margins by taking strategic steps to reduce expenses wherever possible and as a result recorded a profit before tax of £1.5 million an increase of £1 million over 2020. |
The net assets of the Group increased from £10.1 million to £11.4 million and the liquidity ratio improved further to 1.97 (2020: 1.57). The Group continues to be in strong position financially, capable of funding further acquisitions should such opportunities arise. |
The focus for the future is to develop the culture of continuous development to the benefit of our customers, our company and our employees. |
Key performance indicators |
2021 | 2020 |
Revenue | £77,175,602 | £66,392,984 |
Gross Profit | £68,864,978 | £6,479,695 |
Gross Profit % | 10.8% | 9.8% |
Operating Profit | £1,490,302 | £501,294 |
Operating Profit % | 1.93% | 0.75% |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principle risk facing the Group is the strength of the UK economy affected by the coronavirus outbreak and ramifications of the UK decision to leave the EU, the repercussions of both remain relatively unknown and the effect they will have on the demand for the new and used vehicles. The industry saw new car registrations decline in 2021 and the society of Motor Manufactures and Traders considers that a continued decline should be expected in 2022. With a decline in new car registrations, the industry is forecasting used car sales to remain strong. New vehicle technologies and government legislations in relation to emissions and environmental concerns will ensure that new vehicles will remain relevant in contributing to turnover. However to mitigate the economic risk and potential price increases in new vehicles, the Company will look to capitalise on current consumer demands for used vehicles, while also focusing further on aftermarket services. |
BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
STAKEHOLDER ENGAGEMENT |
Statement by the director in performance of their statutory duties in accordance with section 172(1) Companies Act 2006. |
The director considers he has acted in good faith and made decisions in the way that we (as a Group) believe would be most likely to promote the success of the company and its subsidiaries for the benefit of its members as a whole, noting the matters set out in Section 172(1)(a)-(f) of the Act. Our plans were intended to have a positive, beneficial impact on the company over the mid to long term and to contribute to its continued success in our delivery of a high quality or service across all of our retail, leasing and finance divisions. In order to facilitate this approach we have identified each of our key stakeholder groups, evaluated their interests and considered how we have engaged with and responded to each group during the year. |
Employees |
Our senior management and wider team members are critical to the delivery of our plan. We are fortunate in that we have a proven track record of finding, training and retraining an outstanding workforce, with the majority of both our Board and senior management being long standing representatives of the company. This ensures a continuity of delivery and an inherent understanding by the team of the companies desire for excellence in all that we do. Our people wish to work for an organisation with strong commitment to ethical practices and compliance, whilst our approach to the pay and benefits our team members receive while the health, safety and well-being of our team is a key consideration in how we operate. The Group has a regular board meetings and board communications with employees. There are regular team meetings and a full and comprehensive appraisal system for all staff members. We have developed over the years group values and policies in respect of workplace conduct to produce a supportive, respectful and friendly working environment. We invest heavily in learning and development to ensure that staff are equipped with the skills they need to do their roles. A rigorous health, safety and environment policy is adopted to promote staff working practices as well as monitoring trends and making changes to procedures in response to those trends. |
Customers |
Customers have more choice now than ever before in terms of both who they purchase goods and services from and how these transactions are carried out. In order to ensure we continue to maintain and provide the trusted sales support that our customers have come to expect from our team we continually seek to improve our sales processes. We have therefore continued with our programme of training and development for all of our Sales Executives, to ensure they deliver a high quality experience for all customers on a consistent basis. Regular feedback is provided through customer satisfaction surveys or Franchise led 'mystery shopper' visits, and manufacturer assessments with such feedback contributing to continual improvements where opportunities arise. Complaints are closely monitored and remedial actions are taken quickly where appropriate to retain customer goodwill. Our aim is to develop a strong relationship with our customers over the long term and we understand that the nature in which our team provides balanced advice on both vehicle purchases and aftersales services is critical in retaining such relationships. Our good relationships with our Franchised brands also enable us to deliver value for our customers. |
Funders and financial insitutions |
We are fortunate to enjoy strong, well established links with each of our funding partners and maintain these relationships through regular meetings and other communications. The provision of reliable, timely management information to each funder further enables these trusted partners to monitor our financial position, and provides comfort of the financial headroom available within the group at any time. |
BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
Suppliers |
Engagement with our suppliers is also key to our success , and we seek to develop trusted long term, collaborative partnerships in order to facilitate improved performance, in particular with each of our Franchise manufacturers. Communications with all suppliers are intended to be prompt, clear and responsive. We meet with our key strategic suppliers, including our major manufacturing partners, regularly throughout the year and involving our senior management team within these meetings ensures that any issues or opportunities can be effectively considered in an open forum, while continuing to develop the relationship between us. |
Shareholders |
As the Board of Directors, our intention is to behave responsibly towards our shareholders and treat them fairly and equally, so they too may benefit from the successful delivery of our plan. |
Local community |
Our plans and strategies further consider the impact of our operations on the community and environment, as well as our wider social responsibilities, and in particular how we comply with environmental legislation and react promptly to local community concerns. Our intention is to behave responsibly and to ensure that the management operate the business in a responsible manner, recognising the high standards of business conduct and good governance expected for a business such as ours. We will also seek to continue to offer high quality employment opportunities for local residents, which as a Group, employs over 150 people across the regions. Our plans involve continuing to invest in our dealership property portfolio, ensuring all sites are well maintained and take advantage of improvements to energy consumption to reduce our environmental footprint. We also plan to continue to support local community causes through regular fundraising and charitable events. We would hope that this approach will nurture our reputation in the local communities in which we operate. |
ENERGY AND CARBON REPORTING |
The Group recognises the importance of its environmental responsibilities and accepts that concern for the environment and all its employees is an integral and fundamental part of its corporate strategy. The Group monitors its impact on the environment and endeavours to design and implement policies and processes to reduce any damage that might be caused by the companies activities. Initiatives include the safe disposal of commercial waste, the minimisation of waste going to landfill, reducing energy consumption and the use of renewable natural resources where possible. |
Greenhouse gas emissions and energy usage data |
2021 | 2020 |
Energy use from electricity - kWh | 475,480 | 450,403 |
Energy use from gas - kWh | 1,197,415 | 1,141,597 |
Total UK energy use - kWh | 1,672,895 | 1,592,000 |
2021 | 2020 |
Associated greenhouse gas emissionsFrom electricity - Tonnes CO2 equivalent |
110 |
104 |
Assocatied greenhouse gas emissionsFrom gas- Tonnes CO2 equivalent |
219 |
209 |
Total UK Associated greenhouse gas Emissions - Tonnes CO2 equivalent |
329 |
313 |
We have used the GHG Protocol Corporate Accounting and Reporting Standard (revised edition) and emissions factors from the UK Governments GHG Conversation Factors for Company Reporting 2021 to calculate the above disclosures. |
BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
The Group operates a number of risk management policies designed to minimise its exposure to financial risk. |
LIQUIDITY RISK |
The Group produces detailed management accounts and forecasts, which enable the directors to monitor the cash position and to ensure that there is sufficient liquidity and cash flow to minimise the risk of the company being unable to pay its debts as they fall due. |
INTEREST RATE RISK |
The Group utilises a number of financial instruments including bank overdrafts in order to finance its operations. The primary risk faced by the company as a result of its use of these financial instruments is interest rate risk. |
The bank overdraft borrowings at variable rates expose the company to cash-flow interest rate risk, however the directors actively manage risk by maintaining sufficient cash reserves within the Group to avoid using its overdraft facility wherever possible. |
CREDIT RISK |
The Group operates a number of policies and controls to minimise credit risk. All customers are subject to a detailed credit review prior to any terms being agrees directors must authorise any larger value contracts and the company will only conduct business with customers deemed to be credit-worthy. |
PRICE RISK |
The Group actively manages price risk by agreeing terms with suppliers prior to entering into any transactions with customers. |
ON BEHALF OF THE BOARD: |
BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
The director presents his report with the financial statements of the company and the group for the year ended 31 December 2021. |
DIVIDENDS |
Final ordinary dividends of £15,000 were paid out during the year. |
DIRECTOR |
FUTURE DEVELOPMENTS AND GOING CONCERN |
The group will continue to focus on sustained profitability and growth. The group's primary aim will be to continue to concentrate on delivering a consistently high level of service to all of its customers. |
The financial statements have been prepared on a going concern basis which assumes that the group will continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely future cash flows of the business and have considered the facilities that are in place at the date of signing the report. |
The group meets its day to day working capital requirements from its cash reserves and overdraft |
facilities, the group's forecasts and projections show that the company will be able to comfortably operate within those facilities. |
The directors have a reasonable expectation that with the continued support of its bankers and funders in the form of facility levels which it has historically been provided with, in the scenarios reviewed the group will be able to continue to operate within those facilities. At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group's auditors are aware of that information. |
AUDITORS |
Carr, Jenkins & Hood were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BASSETT PROPERTY HOLDINGS LTD |
Opinion |
We have audited the financial statements of Bassett Property Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2021 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2021 and of the group's 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 group 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 |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 this gives rise to a material misstatement in the financial statements themselves. 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BASSETT PROPERTY HOLDINGS LTD |
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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page six, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BASSETT PROPERTY HOLDINGS LTD |
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. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud. |
We obtain an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included UK Companies Act and relevant tax legislation. |
Audit procedures performed by the engagement team to respond to the risk of irregularities and non-compliance with laws and regulations, including fraud, include the following: |
- | discussions with management to enquire of any known instances of non-compliance with laws and regulations, including fraud; |
- | discussions with management in respect of any actual or potential litigation claims; |
- | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- | testing the appropriateness of journal entries and other adjustments to address the risk of fraud through management override of controls; |
- | review of accounting estimates and challenging assumptions made by management in respect of significant estimates; |
- | review of the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations; and |
- | evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
There are inherent limitations in the audit procedures which means we are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. The risk of not detecting material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BASSETT PROPERTY HOLDINGS LTD |
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 Accountant & Registered Auditor |
Oystermouth House |
Charter Court, Phoenix Way |
Swansea Enterprise Park |
Swansea |
SA7 9FS |
BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
2021 | 2020 |
Notes | £ | £ |
TURNOVER | 3 | 77,175,602 | 66,392,984 |
Cost of sales | 68,864,978 | 59,913,289 |
GROSS PROFIT | 8,310,624 | 6,479,695 |
Administrative expenses | 7,119,386 | 7,609,509 |
1,191,238 | (1,129,814 | ) |
Other operating income | 4 | 299,064 | 1,631,108 |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION | 1,490,302 | 501,294 |
Tax on profit | 7 | 279,600 | 92,978 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,210,702 | 408,316 |
BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
2021 | 2020 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,210,702 | 408,316 |
OTHER COMPREHENSIVE INCOME |
Property revaluation | 154,443 | - |
Deferred tax on property revaluation | (40,000 | ) | - |
Income tax relating to components of other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
114,443 |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,325,145 |
408,316 |
Total comprehensive income attributable to: |
Owners of the parent | 1,325,145 | 408,316 |
BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 | 7,109,086 | 6,867,055 |
Investments | 11 | 98,000 | 98,000 |
7,207,086 | 6,965,055 |
CURRENT ASSETS |
Stocks | 12 | 10,898,400 | 13,210,048 |
Debtors | 13 | 2,282,931 | 1,730,003 |
Cash at bank and in hand | 90,596 | 1,527,200 |
13,271,927 | 16,467,251 |
CREDITORS |
Amounts falling due within one year | 14 | 6,739,878 | 10,468,316 |
NET CURRENT ASSETS | 6,532,049 | 5,998,935 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 13,739,135 | 12,963,990 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(1,800,000 |
) |
(2,375,000 |
) |
PROVISIONS FOR LIABILITIES | 17 | (556,500 | ) | (516,500 | ) |
NET ASSETS | 11,382,635 | 10,072,490 |
CAPITAL AND RESERVES |
Called up share capital | 18 | 130,000 | 130,000 |
Revaluation reserve | 19 | 1,487,338 | 1,422,498 |
Retained earnings | 19 | 9,765,297 | 8,519,992 |
SHAREHOLDERS' FUNDS | 11,382,635 | 10,072,490 |
The financial statements were approved by the director and authorised for issue on 31 May 2022 and were signed by: |
E H Francis - Director |
BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155) |
COMPANY BALANCE SHEET |
31 DECEMBER 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 17 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Revaluation reserve | 19 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 490,677 | 226,406 |
The financial statements were approved by the director and authorised for issue on |
BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 January 2020 | 130,000 | 8,134,676 | 1,422,498 | 9,687,174 |
Changes in equity |
Dividends | - | (23,000 | ) | - | (23,000 | ) |
Total comprehensive income | - | 408,316 | - | 408,316 |
Balance at 31 December 2020 | 130,000 | 8,519,992 | 1,422,498 | 10,072,490 |
Changes in equity |
Dividends | - | (15,000 | ) | - | (15,000 | ) |
Total comprehensive income | - | 1,210,702 | 114,443 | 1,325,145 |
Balance at 31 December 2021 | 130,000 | 9,715,694 | 1,536,941 | 11,382,635 |
BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 January 2020 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2020 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2021 |
BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
2021 | 2020 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (566,396 | ) | 2,236,889 |
Tax paid | (93,036 | ) | (31,848 | ) |
Net cash from operating activities | (659,432 | ) | 2,205,041 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (187,172 | ) | (111,529 | ) |
Net cash from investing activities | (187,172 | ) | (111,529 | ) |
Cash flows from financing activities |
Loan repayments in year | (575,000 | ) | (100,000 | ) |
Equity dividends paid | (15,000 | ) | (23,000 | ) |
Net cash from financing activities | (590,000 | ) | (123,000 | ) |
(Decrease)/increase in cash and cash equivalents | (1,436,604 | ) | 1,970,512 |
Cash and cash equivalents at beginning of year |
2 |
1,527,200 |
(443,312 |
) |
Cash and cash equivalents at end of year | 2 | 90,596 | 1,527,200 |
BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
2021 | 2020 |
£ | £ |
Profit for the financial year | 1,210,702 | 408,316 |
Depreciation charges | 99,583 | 104,012 |
Taxation | 279,600 | 92,978 |
1,589,885 | 605,306 |
Decrease in stocks | 2,311,648 | 2,165,530 |
(Increase)/decrease in trade and other debtors | (552,928 | ) | 291,641 |
Decrease in trade and other creditors | (3,915,001 | ) | (825,588 | ) |
Cash generated from operations | (566,396 | ) | 2,236,889 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2021 |
31.12.21 | 1.1.21 |
£ | £ |
Cash and cash equivalents | 90,596 | 1,527,200 |
Year ended 31 December 2020 |
31.12.20 | 1.1.20 |
£ | £ |
Cash and cash equivalents | 1,527,200 | 409,890 |
Bank overdrafts | - | (853,202 | ) |
1,527,200 | (443,312 | ) |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.1.21 | Cash flow | At 31.12.21 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,527,200 | (1,436,604 | ) | 90,596 |
1,527,200 | (1,436,604 | ) | 90,596 |
Debt |
Debts falling due after 1 year | (2,375,000 | ) | 575,000 | (1,800,000 | ) |
(2,375,000 | ) | 575,000 | (1,800,000 | ) |
Total | (847,800 | ) | (861,604 | ) | (1,709,404 | ) |
BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
1. | STATUTORY INFORMATION |
Bassett Property Holdings Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
This company is a qualifying entity for the purposes of FRS 102, being te parent of a group that prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss o the group. The company has therefore taken advantage of exemptions from the following disclosure requirements: |
- Section 4 'Statement of financial position' - Reconciliation of the opening and closing number of shares; |
- Section 7 'Statement of Cash flows' - Presentation of a statement of cash flow and related notes and disclosures; |
- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss nd in other comprehensive income; |
- Section 33 'Related Party Disclosures'. |
Basis of consolidation |
The consolidated group financial statements consist of the financial statements of the parent company Bassett Property Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group's share of its interests in joint ventures and associates. |
All financial statements are made up to 31 December 2021. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. |
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The financial statements have been prepared on a going concern basis which assumes that the group will continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely future cash flows of the business and have considered the facilities that are in place at the date of signing the report. |
The group meets its day to day working capital requirements from its cash reserves and overdraft |
facilities, the group's forecasts and projections show that the company will be able to comfortably operate within those facilities. |
The directors have a reasonable expectation that with the continued support of its bankers and funders in the form of facility levels which it has historically been provided with, in the scenarios reviewed the group will be able to continue to operate within those facilities. At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Such estimates and assumptions are as follows: |
Inventory provisioning |
Stocks are valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. The market value of motor vehicles varies constantly and therefore the company attempts to mitigate any risk by frequently using guidance from independent industry valuation tools. Calculation of these provisions requires judgements to be made, which include forecast customer demand, the economic environment and guidance from independent industry valuation tools. |
Property carrying values |
The directors appointed independent chartered surveyors to value freehold and leasehold property and the carrying values in the accounts reflect the change in valuation accordingly. Please notes to the accounts for further information. |
Turnover |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on supply of vehicles and parts or when mechanical services have been completed), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Land and buildings Freehold | 1% straight line |
Land and buildings Leasehold | 1% straight line |
Leasehold improvements | 1% straight line |
Plant and machinery | 10% to 33% straight line |
Fixtures, fittings and equipment | 10% straight line |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss. |
Depreciation is not charged during the year where impairment adjustments exist. |
Fixed asset investment |
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available. |
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. |
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating activities of the entity so as to obtain benefits from its activities. |
Impairment of fixed assets |
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of impairment loss is treated as a revaluation increase. |
BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. |
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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. |
Hire purchase and leasing commitments |
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Government grants |
Government grants are recognised at the fair value of the assets received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. |
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
Related party transactions |
The wholly owned companies within the group entered into several transactions with each other, where such transactions are eliminated upon consolidation in the consolidated accounts of Bassett Property Holdings Ltd. The company has taken advantage of the exemption under FRS102 not to disclose such transactions. |
BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2021 | 2020 |
£ | £ |
Vehicles, Parts and Servicing | 77,175,602 | 66,392,984 |
77,175,602 | 66,392,984 |
4. | OTHER OPERATING INCOME |
2021 | 2020 |
£ | £ |
Rents received | 46,230 | 178,300 |
Sundry receipts | - | 50,000 |
Government grants | 252,834 | 1,402,808 |
299,064 | 1,631,108 |
5. | EMPLOYEES AND DIRECTORS |
2021 | 2020 |
£ | £ |
Wages and salaries | 4,754,589 | 4,984,106 |
Social security costs | 439,003 | 436,466 |
Other pension costs | 113,925 | 95,936 |
5,307,517 | 5,516,508 |
The average number of employees during the year was as follows: |
2021 | 2020 |
Staff |
The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2020 - NIL). |
2021 | 2020 |
£ | £ |
Director's remuneration | 76,941 | 79,191 |
Director's pension contributions to money purchase schemes | 8,464 | 8,711 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 2 |
BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
2021 | 2020 |
£ | £ |
Other operating leases | 201,673 | 331,096 |
Depreciation - owned assets | 99,584 | 104,013 |
Auditors' remuneration | 26,900 | 26,100 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2021 | 2020 |
£ | £ |
Current tax: |
UK corporation tax | 279,600 | 92,978 |
Tax on profit | 279,600 | 92,978 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2021 | 2020 |
£ | £ |
Profit before tax | 1,490,302 | 501,294 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2020 - 19 %) |
283,157 |
95,246 |
Effects of: |
Expenses not deductible for tax purposes | 840 | 132 |
Capital allowances in excess of depreciation | (4,397 | ) | (2,400 | ) |
Total tax charge | 279,600 | 92,978 |
Tax effects relating to effects of other comprehensive income |
2021 |
Gross | Tax | Net |
£ | £ | £ |
Property revaluation | 154,443 | - | 154,443 |
Deferred tax on property revaluation | (40,000 | ) | - | (40,000 | ) |
114,443 | - | 114,443 |
BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2021 | 2020 |
£ | £ |
Ordinary shares of £1 each |
Final | 15,000 | 23,000 |
10. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | Long | to |
property | leasehold | property |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2021 | 1,695,557 | 4,145,000 | 499,323 |
Additions | - | - | 175,989 |
Revaluations | (120,557 | ) | 275,000 | - |
At 31 December 2021 | 1,575,000 | 4,420,000 | 675,312 |
DEPRECIATION |
At 1 January 2021 | - | - | 42,494 |
Charge for year | - | - | 5,110 |
At 31 December 2021 | - | - | 47,604 |
NET BOOK VALUE |
At 31 December 2021 | 1,575,000 | 4,420,000 | 627,708 |
At 31 December 2020 | 1,695,557 | 4,145,000 | 456,829 |
BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2021 | 263,962 | 960,810 | 7,564,652 |
Additions | - | 11,183 | 187,172 |
Revaluations | - | - | 154,443 |
At 31 December 2021 | 263,962 | 971,993 | 7,906,267 |
DEPRECIATION |
At 1 January 2021 | 208,850 | 446,253 | 697,597 |
Charge for year | 19,092 | 75,382 | 99,584 |
At 31 December 2021 | 227,942 | 521,635 | 797,181 |
NET BOOK VALUE |
At 31 December 2021 | 36,020 | 450,358 | 7,109,086 |
At 31 December 2020 | 55,112 | 514,557 | 6,867,055 |
Cost or valuation at 31 December 2021 is represented by: |
Improvements |
Freehold | Long | to |
property | leasehold | property |
£ | £ | £ |
Valuation in 2015 | 1,695,557 | 4,145,000 | - |
Valuation in 2021 | (120,557 | ) | 275,000 | - |
Cost | - | - | 675,312 |
1,575,000 | 4,420,000 | 675,312 |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
Valuation in 2015 | - | - | 5,840,557 |
Valuation in 2021 | - | - | 154,443 |
Cost | 263,962 | 971,993 | 1,911,267 |
263,962 | 971,993 | 7,906,267 |
BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Freehold and leasehold land and buildings were revalued at 31 December 2021 by Lambert Smith Hampton, independent valuers not connected with the company on the basis of market value. Included within leasehold land and buildings are investment properties where the valuation at 31 December 2021 has remained unchanged. The carrying value of this is £400,000 (2020: £400,000) and comprise of buildings leased to third parties. The valuations conform to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. |
Company |
Freehold | Long |
property | leasehold | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2021 |
Revaluations | ( |
) |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
All Freehold property and leasehold property are held as investment properties. The last valuation was undertaken on 31 December 2021 by external valuers Lambert Smith Hampton and included as follows: |
Cost or valuation at 31 December 2021 is represented by: |
Freehold | Long |
property | leasehold | Totals |
£ | £ | £ |
Valuation in 2015 | 1,695,557 | 4,145,000 | 5,840,557 |
Valuation in 2021 | (120,557 | ) | 275,000 | 154,443 |
1,575,000 | 4,420,000 | 5,995,000 |
BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
11. | FIXED ASSET INVESTMENTS |
Group |
Unlisted |
investments |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 | 98,000 |
NET BOOK VALUE |
At 31 December 2021 | 98,000 |
At 31 December 2020 | 98,000 |
Company |
Unlisted |
investments |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: c/o Bassetts Honda Ltd, Valley Way, Enterprise Park, Swansea. SA6 8QX |
Nature of business: |
% |
Class of shares: | holding |
Registered office: c/o Bassetts Honda Ltd, Valley Way, Enterprise Park, Swansea. SA6 8QX |
Nature of business: |
% |
Class of shares: | holding |
BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
11. | FIXED ASSET INVESTMENTS - continued |
Registered office: c/o Bassetts Honda Ltd, Valley Way, Enterprise Park, Swansea. SA6 8QX |
Nature of business: |
% |
Class of shares: | holding |
12. | STOCKS |
Group |
2021 | 2020 |
£ | £ |
Motor vehicles & parts | 9,665,554 | 9,731,313 |
Consignment stock | 1,232,846 | 3,478,735 |
10,898,400 | 13,210,048 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2021 | 2020 | 2021 | 2020 |
£ | £ | £ | £ |
Trade debtors | 1,927,060 | 1,201,245 |
Amounts owed by group undertakings | - | - |
Other debtors | 348,500 | 431,616 |
Prepayments and accrued income | 7,371 | 97,142 |
2,282,931 | 1,730,003 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2021 | 2020 | 2021 | 2020 |
£ | £ | £ | £ |
Trade creditors | 3,465,301 | 5,023,153 |
Tax | 280,782 | 94,218 |
Social security and other taxes | 134,317 | 618,037 |
VAT | 150,250 | 72,545 | - | - |
Other creditors | 1,322,923 | 3,548,329 |
Directors' loan accounts | 617 | - | - | - |
Accruals and deferred income | 1,385,688 | 1,112,034 |
6,739,878 | 10,468,316 |
Other creditors includes consignment stock of £1,232,846 (2020: £3,478,735). |
BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2021 | 2020 |
£ | £ |
Other loans (see note 16) | 1,800,000 | 2,375,000 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2021 | 2020 |
£ | £ |
Amounts falling due between one and two | years: |
Other loans - 1-2 years | 1,800,000 | 2,375,000 |
Bank overdrafts are secured by fixed and floating charges over assets of the company. |
PSA Wholesale Limited hold a legal charge in respect of liabilities included in Other loans amounted to £1,800,000 (2020: £2,375,000) which are secured against the property held at Atlantic Close, Swansea. Interest on the loan is 3.3% and has flexible repayment terms. |
17. | PROVISIONS FOR LIABILITIES |
Group | Company |
2021 | 2020 | 2021 | 2020 |
£ | £ | £ | £ |
Deferred tax | 556,500 | 516,500 | 494,000 | 454,000 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2021 | 516,500 |
Tax on revaluation gain | 40,000 |
Balance at 31 December 2021 | 556,500 |
Company |
Deferred |
tax |
£ |
Balance at 1 January 2021 |
Revaluation gain | 40,000 |
Balance at 31 December 2021 |
BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
Ordinary | £1 | 130,000 | 130,000 |
19. | RESERVES |
Group |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2021 | 8,569,595 | 1,372,895 | 9,942,490 |
Profit for the year | 1,210,702 | 1,210,702 |
Dividends | (15,000 | ) | (15,000 | ) |
No description | - | 114,443 | 114,443 |
At 31 December 2021 | 9,765,297 | 1,487,338 | 11,252,635 |
Company |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2021 | 5,696,661 |
Profit for the year |
Dividends | ( |
) | ( |
) |
No description | (114,443 | ) | 114,443 | - |
At 31 December 2021 | 6,172,338 |
20. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is E H Francis. |