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REGISTERED NUMBER: 01407612 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022

FOR

CAR GIANT LIMITED

CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31st December 2022










Page

Company Information 1

Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 10

Profit and Loss Account 14

Balance Sheet 15

Statement of Changes in Equity 17

Cash Flow Statement 18

Notes to the Cash Flow Statement 19

Notes to the Financial Statements 21


CAR GIANT LIMITED

COMPANY INFORMATION
for the Year Ended 31st December 2022







DIRECTORS: Mr M E Holahan
Mr J A Forsdyke
Mr A M R Mendes



REGISTERED OFFICE: 44 Hythe Road
London
NW10 6RS



REGISTERED NUMBER: 01407612 (England and Wales)



AUDITORS: Xeinadin Audit Limited
100 Barbirolli Square
Manchester
M2 3BD



BANKERS: Royal Bank of Scotland Plc
36 St Andrew Square
Edinburgh
Scotland
EH2 2YB

CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

STRATEGIC REPORT
for the Year Ended 31st December 2022


The Company operates as a motor vehicle dealer enhanced by the provision of finance and accessory sales. The Company also operates a property rental business and undertakes property trading and development activities.

REVIEW OF BUSINESS
The results of the Company are shown on page 14 of the financial statements and show a pre-tax profit of £42.3 million (2021: £29.0 million) and total turnover of £397.9 million (2021: £362.6 million). The Company has net assets of £440.1 million (2021: £410.4 million). The directors do not propose the payment of a final dividend.

The Company continues to focus on customer service and product quality. We continue to offer the most comprehensive range of cars in the UK with up to 5,000 cars in stock, of which 1,800 cars are on display at our showroom in North West London. The Company partners leading high street brands to provide our customers with a range of finance products to the highest of professional standards.

Our staff are key to delivering the customer service we expect and during the year we employed and average of 511 staff (2021: 562) many of whom are from the local community. The professional development of our staff is paramount to the service we offer and we continue to develop and train our existing staff where appropriate. Many of our staff are trained in numerous areas of the business, which provides excellent flexibility for business resourcing but also increases staff satisfaction.

The land owned by Car Giant but not in operation by the business is tenanted out to small local business and some national chains. The demand for space continues to be strong and as a result occupancy is 96% (2021: 96%).


CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

STRATEGIC REPORT
for the Year Ended 31st December 2022

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have an open-door policy and hold regular formal and informal meetings with senior managers to ascertain how risks are being mitigated and others capitalised upon. The Company's systems provide information which is adequate to permit the identification of key risks to its business and the proper assessment and mitigation of those risks.

The principal risks and uncertainties facing the business and how they are managed are set out below.

Principal risk Impact before mitigation Strategy

Failure to adopt the right strategy
or failure of our adopted strategy
to deliver the desired result.
We miss our profit and unit growth
targets and are unable to invest
adequately in our business.
We invest appropriately in the
technological, physical and human
resources to deliver our strategy,
closely monitor performance and
adjust our actions in order to meet
our objectives.
Finance
Availability of debt funding. Unable to meet debt obligations. Our business model produces strong
cash flow generation
whilstmaintaining adequate
committedfacilities. Our debt to
earnings ratiois manageable and
therefore this isa limited risk.
Legal and regulatory
Regulatory action against the
Company.
Reputation is damaged by
regulatory censure or punitive
action.
Our compliance department design
processes that support our business
and minimise the risk of
non-compliance. As a leader in the
field, the team is continually
reviewing potential regulatory shifts
so that if a change did occur it could
be addressed in a timely manner.
Information systems
Failure of system. Data loss interrupts business,
incurs cost, and impairs
operational control and loss of
business opportunities.
We adopt and regularly update our
business continuity measures.
People and the environment
Failure to attract, develop,
motivate and retain good quality
team members and leaders
Poor decision making and inability
to deliver our strategy and meet
our objectives.
We review and adapt for the market
conditions our employment terms,
salaries and performance related pay
elements at all levels. We offer
comprehensive trainingprogrammes
to provide opportunities for
individuals to expand their skills base.
We do not employ on zero hours
contract terms.
Failure to provide safe working and
retail environments.
Loss of custom owing to poor
quality customer experience.
Our health and safety department
ensures the delivery of safe places to
work and shop and has ongoing
training courses which include self
assessment, fire prevention and
driver awareness.

CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

STRATEGIC REPORT
for the Year Ended 31st December 2022


SECTION 172(1) STATEMENT
Section 172 of the Companies Act 2006 requires a director of a company to act in the way he or she considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole.

In doing this, section 172 requires a director to have regard, amongst other matters, to the:
- likely consequences of any decisions in the long-term;
- interests of the company’s employees;
- need to foster the company’s business relationships with suppliers, customers and others;
- impact of the company’s operations on the community and environment;
- desirability of the company maintaining a reputation for high standards of business conduct; and
- need to act fairly as between members of the company.

The directors confirm that in discharging their duties under section 172, they have had regard to the factors set out above. The Company delegates authority for day-to-day management to key management who are responsible for setting, approving and overseeing the execution of the business strategy and related policies.

The Company delegates to key management to review the Company’s financial and operational performance, risk and compliance, and health and safety matters.

Customer service is a key area of focus for the Company and the Company is committed to maintaining or improving its online customer satisfaction survey rating. Customer satisfaction is maintained through training and development of the Company’s employees, offering a comprehensive range of stock, and a hassle free purchase experience.

Managing good relationships with suppliers is key to facilitating the offering of a wide range of stock at high quality. To this end, the Company engages with its suppliers to ensure that they are consulted and informed.

The Company also has regard to the local community in all of its activities and acknowledges its role as a major employer in the local area.


CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

STRATEGIC REPORT
for the Year Ended 31st December 2022

KEY PERFORMANCE INDICATORS
KPI Definition Performance
Financial KPIs
Underlying PBT Underlying profit before tax
excludes items that have
nontrading attributes due to their
size, nature or incidence
2022: underlying PBT £22.4m
2021: underlying PBT £29.0m
Operational margin Underlying operating profit divided
by underlying revenue
2022: operating margin 6.0%
2021: operating margin 8.2%
Non-financial KPIs
Used car sales All used car sales 2022: used volume 27,500
2021: used volume 30,000
Customer service Customer service is measured via
online customer surveys with
response rating of 0-10, 10 being
excellent
2022: average rating 8.26
2021: average rating 8.23

ON BEHALF OF THE BOARD:



Director


30th September 2023

CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

REPORT OF THE DIRECTORS
for the Year Ended 31st December 2022


The directors present their report with the financial statements of the company for the year ended 31st December 2022.

DIVIDENDS
The profit for the year, after taxation, amounted to £29.7 million (2021: £23.5 million).

The directors do not propose the payment of a final dividend.

FUTURE DEVELOPMENTS
The supply shortages experienced within the motor industry because of the Covid pandemic in 2020/21 continued into 2022 which impacted volumes of vehicles sold and profitability. 2023 has seen an improvement in supply enabling the business to increase sales volumes by 20% to September and significantly improve profitability.

Car Giant is located within the very large catchment area of North West London and we enjoy a competitive advantage by having our entire processing and retail operations within one giant location. Our centralised operations enable us to maximise efficiencies to deliver excellent quality cars at market leading prices.

Digital development remains of significant importance as we invest in our online platforms, both to enhance and streamline the customer experience and to drive efficiency internally. We continue to invest in staff training and employing of apprentices.

Car Giant has extensive development plans to further modernise and expand our factories and facilities. The 45 acre Car Giant site has been designated in the new local plan as strategic industrial land with emphasis on expansion due to its immediate proximity to the new HS2 interchange at Old Oak Common and property values reflected within the financial statements are significantly lower than current market valuations as a result.This designation will however allow our long-awaited expansion to take place.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2022 to the date of this report.

Mr M E Holahan
Mr J A Forsdyke
Mr A M R Mendes


CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

REPORT OF THE DIRECTORS
for the Year Ended 31st December 2022

FINANCIAL INSTRUMENTS
Borrowings
The Company has a stocking facility with Lombard North Central Plc. The maximum amount available to be drawn down by the Company is £70 million and it is secured by a charge over the stock of the company. The facility is repayable on demand. At the reporting date, £7.0 million (2021: £40.0 million) was due to Lombard North Central Plc.

The Company also has an unsecured loan from its ultimate controlling party. At the reporting date this was £0.5 million (2021: £9.6 million).


Liquidity management
The Company finances its operation through a mix of equity and borrowings. The Company's objective is to provide funding for future growth and achieve a balance between continuity and flexibility of funding. At the reporting date the Company had bank balances of £8.5 million (2021: £4.9 million).


Treasury management
The Company's treasury function is controlled centrally to ensure the availability and flexibility of funding in order to meet the Company's ongoing requirements.


Price risk
The Company is exposed to price risk as a result of its operations in a competitive market. The Company monitors this using Key Performance Indicators (KPIs) and acts accordingly.


Credit risk
The Company is exposed to the risk of claw back on finance commissions, if the customer fails the standards set out in the terms and conditions of the finance companies. The risk is limited to the value of the commission received.


Interest rate risk
The Company's borrowings are denominated in Sterling. The Company's objective is to manage the degree of interest hedging such that exposure to interest fluctuations are balanced against cost and flexibility. Borrowings
are not hedged against and are subject to base rate movements.

ENGAGEMENT WITH EMPLOYEES
Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the Company's performance.


ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
Details of engagement with suppliers, customers and others can be found under the Section 172(1) statement in the Strategic Report. These details form part of this report.


DISABLED EMPLOYEES
It is the policy of the Company to give full and fair consideration to applications for employment from disabled persons, to continue wherever possible the employment of members of staff who may become disabled and to ensure that suitable training, career development and promotion are offered to such persons.

GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY ACTION

CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

REPORT OF THE DIRECTORS
for the Year Ended 31st December 2022

The Company's greenhouse gas emissions and energy consumption are as follows:

2022
Emissions resulting from activities for which the Company is responsible involving the combustion of gas
or consumption of fuel for its own use, including the purposes of transport (in tonnes of CO2 equivalent)

924
Emissions resulting from the purchase of the electricity by the Company for its own use, including the
purposes of transport (in tonnes of CO2 equivalent)

1,137
Energy consumed from activities for which the Company is responsible involving the combustion of gas,
or the consumption of fuel for the purposes of transport, and the annual quantity of energy consumed
resulting from the purchase of electricity by the Company for its own use, including for the purposes of
transport, in mWh



7,997

The Company quantifies and reports its organisational greenhouse gas emissions using UK Government conversion factors.

Intensity ratio (energy efficiency) 13.35

The intensity ratio used is number of cars sold per tonne of CO2, this is a simple measure of energy efficiency which will allow for fair comparison over time.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director 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 company's auditors are aware of that information.

CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

REPORT OF THE DIRECTORS
for the Year Ended 31st December 2022


AUDITORS
Under section 487(2) of the Companies Act 2006 Xeinadin Audit Limited, will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

ON BEHALF OF THE BOARD:





Mr M E Holahan - Director


30th September 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CAR GIANT LIMITED


Opinion
We have audited the financial statements of Car Giant Limited (the 'company') for the year ended 31st December 2022 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31st December 2022 and of its 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 company 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 directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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
CAR GIANT LIMITED


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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page eight, the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CAR GIANT LIMITED


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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations we have considered the following:
- the nature of the industry and sector, control environment and business performance;
- results of the enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we have identified having obtained and reviewed the company's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of income and value of stocks. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified
Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CAR GIANT LIMITED

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.

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.




Richard Lloyd (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
100 Barbirolli Square
Manchester
M2 3BD

30th September 2023

CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

PROFIT AND LOSS ACCOUNT
for the Year Ended 31st December 2022

2022 2021
Notes £    £   

TURNOVER 4 397,946,173 362,626,566

Cost of sales (355,252,043 ) (320,832,999 )
GROSS PROFIT 42,694,130 41,793,567

Distribution costs (2,714,941 ) (2,123,703 )
Administrative expenses (16,513,119 ) (14,031,416 )
23,466,070 25,638,448

Other operating income 5 1,537,341 4,190,137
OPERATING PROFIT 8 25,003,411 29,828,585

Interest receivable and similar income 10 84,684 1,953
25,088,095 29,830,538
Gain/loss on revaluation of investments 18,621,615 -
43,709,710 29,830,538

Interest payable and similar expenses 11 (1,385,893 ) (824,759 )
PROFIT BEFORE TAXATION 42,323,817 29,005,779

Tax on profit 12 (12,624,960 ) (5,511,098 )
PROFIT FOR THE FINANCIAL YEAR 29,698,857 23,494,681

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

29,698,857

23,494,681

CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

BALANCE SHEET
31st December 2022

2022 2021
Notes £    £   
FIXED ASSETS
Tangible assets 13 122,234,416 116,549,601
Investments 14 138 138
Investment property 15 348,115,220 311,879,852
470,349,774 428,429,591

CURRENT ASSETS
Stocks 16 40,623,378 93,851,891
Debtors 17 9,425,531 5,049,761
Cash at bank and in hand 18 8,471,068 4,905,182
58,519,977 103,806,834
CREDITORS
Amounts falling due within one year 19 (61,918,290 ) (63,223,264 )
NET CURRENT (LIABILITIES)/ASSETS (3,398,313 ) 40,583,570
TOTAL ASSETS LESS CURRENT LIABILITIES 466,951,461 469,013,161

CREDITORS
Amounts falling due after more than one
year

20

(4,856,055

)

(44,854,320

)

PROVISIONS FOR LIABILITIES 23 (21,953,216 ) (13,715,508 )
NET ASSETS 440,142,190 410,443,333

CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

BALANCE SHEET - continued
31st December 2022

2022 2021
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 24 539 539
Share premium 25 1,499,792 1,499,792
Other reserves 25 (131 ) (131 )
Fair value reserve 25 69,922,198 59,219,665
Retained earnings 25 368,719,792 349,723,468
SHAREHOLDERS' FUNDS 440,142,190 410,443,333


The financial statements were approved by the Board of Directors and authorised for issue on 30th September 2023 and were signed on its behalf by:




Mr M E Holahan - Director



Mr J A Forsdyke - Director


CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31st December 2022

Called up
share Retained Share
capital earnings premium
£    £    £   

Balance at 1st January 2021 539 326,228,787 1,499,792
Profit for the year - 23,494,681 -
Total comprehensive income - 23,494,681 -
Balance at 31st December 2021 539 349,723,468 1,499,792
Profit for the year - 29,698,857 -
Other comprehensive income - (10,702,533 ) -
Total comprehensive income - 18,996,324 -
Balance at 31st December 2022 539 368,719,792 1,499,792
Fair
Other value Total
reserves reserve equity
£    £    £   

Balance at 1st January 2021 (131 ) 59,219,665 386,948,652
Profit for the year - - 23,494,681
Total comprehensive income - - 23,494,681
Balance at 31st December 2021 (131 ) 59,219,665 410,443,333
Profit for the year - - 29,698,857
Other comprehensive income - 10,702,533 -
Total comprehensive income - 10,702,533 29,698,857
Balance at 31st December 2022 (131 ) 69,922,198 440,142,190

CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

CASH FLOW STATEMENT
for the Year Ended 31st December 2022

2022 2021
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 79,019,072 5,783,481
Tax paid (3,800,000 ) (7,685,183 )
Net cash from operating activities 75,219,072 (1,901,702 )

Cash flows from investing activities
Purchase of tangible fixed assets (6,502,261 ) (2,179,580 )
Purchase of investment property (17,613,753 ) -
Interest received 84,684 1,953
Net cash from investing activities (24,031,330 ) (2,177,627 )

Cash flows from financing activities
New loans in year (3,700,015 ) -
Loan repayments in year (9,550,000 ) (13,350,000 )
Movement in stocking loan (32,980,605 ) 14,980,018
Interest paid (1,391,236 ) (819,416 )
Net cash from financing activities (47,621,856 ) 810,602

Increase/(decrease) in cash and cash equivalents 3,565,886 (3,268,727 )
Cash and cash equivalents at beginning of
year

2

4,905,182

8,173,909

Cash and cash equivalents at end of year 2 8,471,068 4,905,182

CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 31st December 2022


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2022 2021
£    £   
Profit before taxation 42,323,817 29,005,779
Depreciation charges 817,446 556,778
Gain on revaluation of fixed assets (18,621,615 ) -
Decrease in provisions (614,630 ) (1,374,200 )
Finance costs 1,385,893 824,759
Finance income (84,684 ) (1,953 )
25,206,227 29,011,163
Decrease/(increase) in stocks 53,228,513 (24,991,992 )
(Increase)/decrease in trade and other debtors (675,755 ) 277,452
Increase in trade and other creditors 1,260,087 1,486,858
Cash generated from operations 79,019,072 5,783,481

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 31st December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 8,471,068 4,905,182
Year ended 31st December 2021
31/12/21 1/1/21
£    £   
Cash and cash equivalents 4,905,182 8,173,909


CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 31st December 2022


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/1/22 Cash flow At 31/12/22
£    £    £   
Net cash
Cash at bank and in hand 4,905,182 3,565,886 8,471,068
4,905,182 3,565,886 8,471,068
Debt
Debts falling due within 1 year (49,525,380 ) 2,530,605 (46,994,775 )
Debts falling due after 1 year (40,000,000 ) 40,000,000 -
(89,525,380 ) 42,530,605 (46,994,775 )
Total (84,620,198 ) 46,096,491 (38,523,707 )

CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31st December 2022


1. STATUTORY INFORMATION

Car Giant Limited ("the Company") operates as a motor vehicle dealer enhanced by the provision of finance and accessory sales. The Company also operates a property rental business and undertakes property trading and development activities, all within the UK.

The Company is a private company limited by shares and is incorporated in England. The Company's registered office is located at 44-45 Hythe Road, London, NW10 6RS.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

Going concern
The Company meets its day to day working capital requirements through banking, stocking and loan facilities and a loan from its ultimate controlling party.

The directors' projections confirm that these facilities will be sufficient to meet its operating and expansion requirements and that the Company will continue to be able to meet the banks' required covenants.

On this basis the directors consider that the Company has adequate financial resources in place and continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Exemption from preparing consolidated financial statements
The Company is exempt from the requirement to prepare consolidated financial statements on the basis that its subsdiaries are not material for the purposes of giving a true and fair view, and hence have been excluded from consolidation.

CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2022


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of discounts and rebates allowed by the Company and value added taxes.

The Company recognises revenue when: (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the Company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; and (d) it is probable that future economic benefits will flow to the entity.

The Company operates a retail used car supermarket selling a broad range of makes and models to the general public. Sales of cars are recognised at point of delivery to the customer. Retail sales are funded through payment from either a finance company or direct payment from the customer via cash, cheque, or debit card. Financing agreements are between the customer and the finance company.

The Company also holds properties that are leased to tenants under operating leases. The rental income receivable under these leases is recognised through profit or loss on a straight-line basis over the term of the lease. Since the risks and rewards of ownership have not been transferred to the lessee, the assets held under the leases continue to be recognised in the Company's financial statements.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property-over the period of the lease
Plant and machinery -25% on cost
Computer equipment-25% on cost

In the case of freehold property where residual value exceeds cost, no depreciation is charged.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Investments in subsidiaries
Investments in subsidiaries are measured at cost less accumulated impairment.

CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2022


2. ACCOUNTING POLICIES - continued

Investment property
Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and Loss Account.

Stocks
Stocks are stated at the lower of invoiced cost and net realisable value on an individual asset basis. Cost includes all direct expenditure in bringing the stock to its present condition and location. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation. Where necessary, provisions are made for impairments arising from obsolete, slow moving and defective stocks.

Stock relating to property trading and development activities is recognised on completion and as costs are incurred. Cost consists of direct costs excluding interest.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.

CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2022


2. ACCOUNTING POLICIES - continued

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand.

CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2022


2. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Functional and presentational currency
The Company's functional and presentational currency is GBP.

Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Interest income
Interest income is recognised in profit or loss using the effective interest method.

CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2022


2. ACCOUNTING POLICIES - continued

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Comparative figures
Following a review of the allocation of wage costs between departments, the comparative figures for wages included in cost of sales have been increased by £3,045,233 with a corresponding decrease in those included within administrative expenses. There is no impact on the result for the year.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting dates as well as the amounts reported for revenues and expenses during the year. The resulting accounting estimates will, by definition, seldom equal the related actual results.

The following are the Company's key accounting estimates and assumptions:

- Investment properties are valued at fair value, with changes in fair value being recognised in the Profit and Loss Account. The valuation method is based on a discounted cash flow model based on comparable market data. The determined fair value is sensitive to the estimated yield as well as to vacancy rates;

- Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual useful lives of the assets and residual values may vary depending upon a number of factors, including technological innovation and maintenance programmes;

- Vehicles for resale are valued at the lower of cost and net realisable value. Net realisable values are assessed using market data which is based upon recent industry activity. At the end of each reporting period vehicles are assessed for impairment against post year end activity and fair values. Where impairment is identified the value is reduced and the impairment charge is recognised through profit or loss; and

- Finance commissions are subject to claw back dependent upon the agreements made with finance providers. When calculating the provision management utilises the historical claw back profile to determine the provisions required.

CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2022


4. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

2022 2021
£    £   
Motor vehicle dealer 377,912,225 346,660,082
Property rental business 20,033,948 15,966,484
397,946,173 362,626,566

All turnover arose within the United Kingdom.

5. OTHER OPERATING INCOME
2022 2021
£    £   
Management charge receivable 1,537,341 1,518,991
Government grants receivable - 2,671,146
1,537,341 4,190,137

6. EMPLOYEES AND DIRECTORS
2022 2021
£    £   
Wages and salaries 20,316,953 19,719,816
Social security costs 2,102,513 1,927,686
Other pension costs 348,998 331,153
22,768,464 21,978,655

The average number of employees during the year was as follows:
2022 2021

Workshop, repairs and inspection 185 180
Sales and customer service 157 210
Management, administration and other 169 172
511 562

Key Management Compensation
Key management comprises the directors and members of senior management. The compensation paid or payable to key management for employee services was £2,832,000 (2021: £2,946,000).

CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2022


7. DIRECTORS' EMOLUMENTS

2022 2021
£ £
Directors' remuneration 767,085 734,436
Directors' pension contributions to defined contribution pension schemes 2,635 2,639

During the year retirement benefits were accruing to 2 directors (2021: 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £259,000 (2021: £250,000).

The value of the company's contributions paid to a defined contribution scheme in respect of the highest paid director amounted to £Nil (2021: £1,000).

8. OPERATING PROFIT

The operating profit is stated after charging:

2022 2021
£    £   
Depreciation - owned assets 817,446 556,778

9. AUDITORS' REMUNERATION
2022 2021
£    £   
Fees payable to the company's auditors and their associates for the audit
of the company's financial statements

60,000

60,000
Auditors' remuneration for non audit work 9,672 3,750

10. INTEREST RECEIVABLE AND SIMILAR INCOME
2022 2021
£    £   
Bank interest receivable 7,190 553
Other interest receivable 77,494 1,400
84,684 1,953

11. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
£    £   
Stocking loan interest payable 253,888 181,414
Bank loan interest payable 1,063,115 536,245
Other loan interest payable 68,890 107,100
1,385,893 824,759

CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2022


12. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2022 2021
£    £   
Current tax:
UK corporation tax 3,736,362 5,511,098
Corporation tax prior years 36,260 -
Total current tax 3,772,622 5,511,098

Deferred tax 8,852,338 -
Tax on profit 12,624,960 5,511,098

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2022 2021
£    £   
Profit before tax 42,323,817 29,005,779
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2021 - 19%)

8,041,525

5,511,098

Effects of:
Expenses not deductible for tax purposes 44,315 -
Depreciation in excess of capital allowances 7,936 -
Adjustments to tax charge in respect of previous periods 36,260 -
Change in tax rate 4,321,509 -
Superdeductions claimed 173,415 -
Total tax charge 12,624,960 5,511,098

CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2022


13. TANGIBLE FIXED ASSETS
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
At 1st January 2022 111,151,213 4,884,915 2,124,231
Additions (117 ) - 479,983
Eliminations - - (276,003 )
At 31st December 2022 111,151,096 4,884,915 2,328,211
DEPRECIATION
At 1st January 2022 - 555,696 1,177,164
Charge for year - 41,767 507,650
Eliminations - - (276,003 )
At 31st December 2022 - 597,463 1,408,811
NET BOOK VALUE
At 31st December 2022 111,151,096 4,287,452 919,400
At 31st December 2021 111,151,213 4,329,219 947,067

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1st January 2022 - 340,102 118,500,461
Additions 6,000,000 22,395 6,502,261
Eliminations - (96,066 ) (372,069 )
At 31st December 2022 6,000,000 266,431 124,630,653
DEPRECIATION
At 1st January 2022 - 218,000 1,950,860
Charge for year 220,144 47,885 817,446
Eliminations - (96,066 ) (372,069 )
At 31st December 2022 220,144 169,819 2,396,237
NET BOOK VALUE
At 31st December 2022 5,779,856 96,612 122,234,416
At 31st December 2021 - 122,102 116,549,601

CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2022


14. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st January 2022
and 31st December 2022 138
NET BOOK VALUE
At 31st December 2022 138
At 31st December 2021 138

Subsidiary undertakings
The following were subsidiary undertakings of the Company:

Name
Class of
shares


Holding
Old Oak Park Limited A Ordinary 100%
Acredart Limited Ordinary 100%

The aggregate of the share capital and reserves as at 31 December 2021 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:


Name
Aggregate of
share capital
and reserves




Profit/(Loss


)
£    £   
Old Oak Park Limited 100 -
Acredart Limited 39 -

15. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st January 2022 311,879,852
Additions 17,613,753
Revaluations 18,621,615
At 31st December 2022 348,115,220
NET BOOK VALUE
At 31st December 2022 348,115,220
At 31st December 2021 311,879,852

CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2022


15. INVESTMENT PROPERTY - continued

Investment properties are stated at fair value as at 31 December 2022. Valuation are carried out in accordance with guidance issued by the Royal Institution of Chartered Surveyors. Fair value represents the estimated amount that should be received for selling an investment property in an orderly transaction between market participants at the valuation date.

For one investment property, a fair value of £63,750,000 as at 31 December 2022 (2021: £61,250,000) has been determined on the basis of a valuation carried out by CBRE Limited using a special assumption of vacant possession for alternative use, which the Directors consider to be a more appropriate basis for recognition of redevelopment potential for this investment property at the reporting date.

As a result of the level of judgement and estimates used in arriving at the market valuations, the amounts which may ultimately be realised in respect of any given property may differ from valuations reported at the balance sheet date.

16. STOCKS
2022 2021
£    £   
Property trading and
development stock 1,088,649 937,517
Vehicles for resale 39,534,729 92,914,374
40,623,378 93,851,891

The carrying value of vehicles for resale is stated net of impairment losses totalling £683,000 (2021: £1,371,000). Impairment losses in respect of vehicle stock totalling £nil (2021: £335,000) were recognised in profit and loss.

The carrying value of property trading and development stock is stated net of impairment losses totalling £8,522,000 (2021: £8,522,000). An impairment loss in respect of property trading and development stock totalling £nil (2021: £nil) was recognised in profit or loss.

17. DEBTORS
2022 2021
£    £   
Amounts falling due within one year:
Trade debtors 431,931 23,561
Amounts owed by group undertakings 24,915 24,900
Other debtors 1,824,576 3,452,418
VAT 136,490 -
Prepayments and accrued income 2,126,347 1,548,882
4,544,259 5,049,761

CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2022


17. DEBTORS - continued
2022 2021
£    £   
Amounts falling due after more than one year:
Other debtors 4,881,272 -

Aggregate amounts 9,425,531 5,049,761

18. CASH AT BANK AND IN HAND
2022 2021
£    £   
Cash in bank 8,448,195 4,871,422
Cash in hand 22,873 33,760
8,471,068 4,905,182

19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts (see note 21) 40,000,000 -
Other loans (see note 21) 6,994,775 49,525,380
Trade creditors 2,937,607 2,009,482
Amounts owed to group undertakings 39 39
Corporation tax 383,719 411,097
Social security and other taxes 594,629 504,295
VAT - 10,901
Other creditors 1,204,617 333,877
Accruals and deferred income 9,802,904 10,428,193
61,918,290 63,223,264

The stocking loan is secured by a fixed and floating charge over the vehicle stock of the Company.

Included in accruals and deferred income are advanced commissions of £5,000 (2021: £1,245,000) which are secured by a fixed and floating charge over the assets of the Company.

20. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans (see note 21) - 40,000,000
Accruals and deferred income 4,856,055 4,854,320
4,856,055 44,854,320

CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2022


20. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

Secured loans
The total amount of loan falling due and not repayable by instalments is £40,000,000. This amount is repayable in one amount in 2023. The loan is secured by a fixed charge over certain investment properties of the Company.

21. LOANS

Analysis of the maturity of loans is given below:
20222021
£   £   
Amounts falling due within one year
Other loans-9,550,000
Bank loans40,000,000-
Stocking loans6,994,77539,975,380
46,994,77549,525,380

Amounts falling due after one year
Bank loans-40,000,000
-40,000,000

46,994,77589,525,380
Other loans in the prior year comprise entirely of unsecured loans from the ultimate controlling party.

22. FINANCIAL INSTRUMENTS

Financial assets
2022 2021
£    £   
Financial assets that are debt instruments measured at amortised cost 2,793,073 4,033,357

Financial liabilities
Other financial liabilities measured at fair value through profit or loss 50,773,726 93,105,531

Financial assets measured at fair value through profit or loss comprise trade debtors, amounts owed by group undertakings and certain other debtors.

Financial liabilities measured at amortised cost comprise loans, trade creditors, amounts owed to group undertakings and certain other creditors.

CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2022


23. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax
Accelerated capital allowances 933,256 -
Deferred tax 18,254,066 10,334,984
19,187,322 10,334,984

Other provisions 2,765,894 3,380,524

Aggregate amounts 21,953,216 13,715,508

Deferred Other
tax provisions
£    £   
Balance at 1st January 2022 10,334,984 3,380,524
Charge/(credit) to Profit and Loss Account during year 8,852,338 (1,257,464 )
Balance at 31st December 2022 19,187,322 2,123,060

Other provisions
The Company earns commission from a number of finance companies. Under the terms of business, the commission, or an element of it, is repayable if certain conditions are met. The provision reflects the expected claw back liability at the reporting date.

24. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
539 Ordinary £1.00 539 539

25. RESERVES

Fair value reserve
This reserve comprises the unrealised surplus on revaluation of land and buildings net of deferred taxation.

CAR GIANT LIMITED (REGISTERED NUMBER: 01407612)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2022


26. PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund.

At the reporting date, there was an amount of £94,000 (2021: £75,000) outstanding in respect of pension
contributions payable by the company. This amount is included in creditors.

The pension cost charge represents contributions payable by the Company to the fund and amounted to
£349,000 (2021: £331,000).

27. RELATED PARTY DISCLOSURES

The Company has taken advantage of the exemption allowed by FRS 102 paragraph 33.1A not to disclose any transactions with wholly owned subsidiary undertakings.

At the reporting date £nil (2021: £9,550,000) was due to Mr G M Warren by way of unsecured loans on which the company pays interest. The interest payable in respect of these loans was £69,000 (2021: £107,000).

During the year, the company has made temporary loans to and received temporary loans from Mr G M Warren. The company charged interest on amounts owed by Mr G M Warren during the year at 2% - 2.25%. No interest is charged by Mr G M Warren on temporary loans made to the company.

During the year the company has made a loan of £3,700,000 to Bullgate Limited, a company under common control. At the reporting date, £3,700,000 was due from Bullgate Limited by way of long term loan and £377,000 (2021: £179,000) by way of current account. The Company charged £439,000 (2021: £496,000) in respect of management and payroll fees in the year, together with interest of £51,000.

28. ULTIMATE CONTROLLING PARTY

The Group is under the control of Mr G M Warren.