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REGISTERED NUMBER: 05361106 (England and Wales)

















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2022

for

Belgrave Motor Company Limited

Belgrave Motor Company Limited (Registered number: 05361106)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


Belgrave Motor Company Limited

Company Information
for the Year Ended 31 December 2022







DIRECTORS: Mr A J Snook
Mrs P L Snook
Mr N A Snook





SECRETARY: Mrs P L Snook





REGISTERED OFFICE: Unit 3-4
Tinsley Industrial Estate
Shepcote Way
Sheffield
South Yorkshire
S9 1TH





REGISTERED NUMBER: 05361106 (England and Wales)





AUDITORS: Sutton McGrath Hartley
5 Westbrook Court
Sharrowvale Road
Sheffield
South Yorkshire
S11 8YZ

Belgrave Motor Company Limited (Registered number: 05361106)

Strategic Report
for the Year Ended 31 December 2022

The directors present the strategic report for the year ended 31 December 2022.

REVIEW OF BUSINESS
During the year ended 31 December 2022 the company generated sales of £17.8m which were 9.5% lower than the £19.7m in the previous financial year. Profit before taxation was £290,806 compared to £1,301,815 in the previous financial year.

The company monitors its financial performance through key performance indicators, which are a follows:


2022 2021
£    £   
Turnover 17,835,502 19,708,677
Operating profit 286,771 1,304,572
Profit before taxation 290,806 1,301,815

Gross profit (%) 6.66 8.3
Net profit (%) 1.63 6.61
Current ratio 9.12 5.19
Acid test ratio 2.47 2.41

The directors are happy with the results for the year. The company has experienced a strong yearly performance despite remaining economic pressures on the used car industry.

PRINCIPAL RISKS AND UNCERTAINTIES
As for many businesses of similar size, the business environment in which we operate continues to be
challenging. The markets in which we operate are highly competitive and margins remain tight.
We believe that the high value car market in which we have placed ourselves differentiates us from many of our
competitors, giving a more tailored and personal service.

SUBSEQUENT EVENTS AND FUTURE DEVELOPMENTS
There have been no events to the date of this report which have materially affect the company.

ON BEHALF OF THE BOARD:





Mr N A Snook - Director


30 September 2023

Belgrave Motor Company Limited (Registered number: 05361106)

Report of the Directors
for the Year Ended 31 December 2022

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of used car sales.

DIVIDENDS
An interim dividend of £7600 per share was paid on 31 October 2022. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2022 will be £ 152,000 .

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

Mr A J Snook
Mrs P L Snook
Mr N A Snook

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). 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;
-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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Belgrave Motor Company Limited (Registered number: 05361106)

Report of the Directors
for the Year Ended 31 December 2022


AUDITORS
The auditors, Sutton McGrath Hartley, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr N A Snook - Director


30 September 2023

Report of the Independent Auditors to the Members of
Belgrave Motor Company Limited

Opinion
We have audited the financial statements of Belgrave Motor Company Limited (the 'company') for the year ended 31 December 2022 which comprise the Income Statement, Other Comprehensive Income, 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 31 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.

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.

Report of the Independent Auditors to the Members of
Belgrave Motor Company Limited


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 three, 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.

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:

Our assessment of the susceptibility to material misstatement, whether by fraud or error, is made in a risk based
approach.

In this approach, laws and regulations applicable to the entity, such as the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice including Financial Reporting Standard 102, the relevant tax compliance regulations within the UK, employment law, and Health and Safety law is considered, and the policies and controls the entity has in place to comply with these laws are reviewed, by discussion, reviews of correspondence and registrations monitored by external bodies. The engagement team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Policies and controls relating to the risk of material misstatement as a result of fraud are also considered. These are
assessed by obtaining an understanding of the company's operations and control environment. The policies and
controls have been reviewed by discussion, review and sample testing of accounting entries, challenging assumptions and judgements, reviewing and evaluating related parties transactions, and wider background searches.Testing of recoverability of stock, cut off and provisions is also completed.

We have ensured that the engagement team have appropriate levels of competence and experience to effectively
monitor these risks and carry out work relevant to our assessment of each risk, including consideration of the industry the company operates in and its size and complexity.

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
Belgrave Motor Company Limited


Other matters which we are required to address
The comparative figures have not been audited as the audit exemption was taken. As far as we are aware there is no material misstatement in those figures.

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.




Jonathon Dickens ACA (Senior Statutory Auditor)
for and on behalf of Sutton McGrath Hartley
5 Westbrook Court
Sharrowvale Road
Sheffield
South Yorkshire
S11 8YZ

30 September 2023

Belgrave Motor Company Limited (Registered number: 05361106)

Income Statement
for the Year Ended 31 December 2022

2022 2021
Notes £    £   

TURNOVER 3 17,835,502 19,708,677

Cost of sales (16,647,886 ) (18,073,828 )
GROSS PROFIT 1,187,616 1,634,849

Administrative expenses (900,845 ) (355,016 )
286,771 1,279,833

Other operating income - 24,739
OPERATING PROFIT 5 286,771 1,304,572

Interest receivable and similar income 5,985 79
292,756 1,304,651

Interest payable and similar expenses 7 (1,950 ) (2,836 )
PROFIT BEFORE TAXATION 290,806 1,301,815

Tax on profit 8 (180,883 ) (247,180 )
PROFIT FOR THE FINANCIAL YEAR 109,923 1,054,635

Belgrave Motor Company Limited (Registered number: 05361106)

Other Comprehensive Income
for the Year Ended 31 December 2022

2022 2021
Notes £    £   

PROFIT FOR THE YEAR 109,923 1,054,635


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

109,923

1,054,635

Belgrave Motor Company Limited (Registered number: 05361106)

Balance Sheet
31 December 2022

2022 2021
Notes £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 62,611 69,848
62,611 69,848

CURRENT ASSETS
Stocks 12 3,856,734 3,137,677
Debtors 13 444,173 633,816
Cash at bank and in hand 986,863 2,091,053
5,287,770 5,862,546
CREDITORS
Amounts falling due within one year 14 (589,927 ) (1,128,488 )
NET CURRENT ASSETS 4,697,843 4,734,058
TOTAL ASSETS LESS CURRENT LIABILITIES 4,760,454 4,803,906

PROVISIONS FOR LIABILITIES 16 (11,895 ) (13,270 )
NET ASSETS 4,748,559 4,790,636

CAPITAL AND RESERVES
Called up share capital 17 20 20
Retained earnings 4,748,539 4,790,616
SHAREHOLDERS' FUNDS 4,748,559 4,790,636

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





Mr N A Snook - Director


Belgrave Motor Company Limited (Registered number: 05361106)

Statement of Changes in Equity
for the Year Ended 31 December 2022

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 January 2021 20 3,887,981 3,888,001

Changes in equity
Dividends - (152,000 ) (152,000 )
Total comprehensive income - 1,054,635 1,054,635
Balance at 31 December 2021 20 4,790,616 4,790,636

Changes in equity
Dividends - (152,000 ) (152,000 )
Total comprehensive income - 109,923 109,923
Balance at 31 December 2022 20 4,748,539 4,748,559

Belgrave Motor Company Limited (Registered number: 05361106)

Cash Flow Statement
for the Year Ended 31 December 2022

2022 2021
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 293,669 2,071,303
Interest paid (1,950 ) (2,836 )
Tax paid (459,687 ) -
Net cash from operating activities (167,968 ) 2,068,467

Cash flows from investing activities
Purchase of tangible fixed assets (27,916 ) (6,727 )
Sale of tangible fixed assets 16,233 -
Interest received 5,985 79
Net cash from investing activities (5,698 ) (6,648 )

Cash flows from financing activities
Amount introduced by directors 152,000 152,000
Amount withdrawn by directors (925,524 ) (134,756 )
Loan to associate (5,000 ) (145,480 )
Equity dividends paid (152,000 ) (152,000 )
Net cash from financing activities (930,524 ) (280,236 )

(Decrease)/increase in cash and cash equivalents (1,104,190 ) 1,781,583
Cash and cash equivalents at beginning of
year

2

2,091,053

309,470

Cash and cash equivalents at end of year 2 986,863 2,091,053

Belgrave Motor Company Limited (Registered number: 05361106)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2022

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2022 2021
£    £   
Profit before taxation 290,806 1,301,815
Depreciation charges 20,605 23,288
(Profit)/loss on disposal of fixed assets (1,685 ) 58
Amounts written off loan to associate 499,589 -
Finance costs 1,950 2,836
Finance income (5,985 ) (79 )
805,280 1,327,918
(Increase)/decrease in stocks (719,057 ) 785,312
Decrease in trade and other debtors 82,663 122,948
Increase/(decrease) in trade and other creditors 124,783 (164,875 )
Cash generated from operations 293,669 2,071,303

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 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 986,863 2,091,053
Year ended 31 December 2021
31/12/21 1/1/21
£    £   
Cash and cash equivalents 2,091,053 309,470


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/22 Cash flow At 31/12/22
£    £    £   
Net cash
Cash at bank and in hand 2,091,053 (1,104,190 ) 986,863
2,091,053 (1,104,190 ) 986,863
Total 2,091,053 (1,104,190 ) 986,863

Belgrave Motor Company Limited (Registered number: 05361106)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Belgrave Motor Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Belgrave Motor Company Limited (Registered number: 05361106)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

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

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

2022 2021
£    £   
Vehicle Sales 17,241,584 19,066,976
Finance Commission 374,419 347,646
Extra Sales 219,499 294,055
17,835,502 19,708,677

An analysis of turnover by geographical market is given below:

2022 2021
£    £   
United Kingdom 17,835,502 19,708,677
17,835,502 19,708,677

4. EMPLOYEES AND DIRECTORS
2022 2021
£    £   
Wages and salaries 355,262 406,826
Social security costs 29,933 35,789
Other pension costs 165,532 86,945
550,727 529,560

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

Management 3 3
Sales 8 9
Administrative 2 2
13 14

Belgrave Motor Company Limited (Registered number: 05361106)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

4. EMPLOYEES AND DIRECTORS - continued

2022 2021
£    £   
Directors' remuneration 94,992 103,992

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2022 2021
£    £   
Other operating leases 82,641 82,082
Depreciation - owned assets 20,605 23,288
(Profit)/loss on disposal of fixed assets (1,685 ) 58
Auditors' remuneration 10,000 -

6. EXCEPTIONAL ITEMS
2022 2021
£    £   
Loan written off (499,589 ) -

The exceptional item relates to the write off of a loan to a company controlled by 2 of the directors.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
£    £   
Bank interest 1 1,813
Interest on overdue taxation 1,949 1,023
1,950 2,836

8. 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 182,258 250,338

Deferred tax (1,375 ) (3,158 )
Tax on profit 180,883 247,180

UK corporation tax has been charged at 19% .

Belgrave Motor Company Limited (Registered number: 05361106)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

8. TAXATION - continued

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 290,806 1,301,815
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2021 - 19%)

55,253

247,345

Effects of:
Expenses not deductible for tax purposes 127,222 193
Superdeduction (1,592 ) (358 )
Total tax charge 180,883 247,180

9. DIVIDENDS
2022 2021
£    £   
Interim 152,000 152,000

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2022
and 31 December 2022 30,000
AMORTISATION
At 1 January 2022
and 31 December 2022 30,000
NET BOOK VALUE
At 31 December 2022 -
At 31 December 2021 -

Belgrave Motor Company Limited (Registered number: 05361106)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

11. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 January 2022 29,637 94,973 93,305 217,915
Additions - 25,350 2,566 27,916
Disposals - (25,946 ) (28,272 ) (54,218 )
At 31 December 2022 29,637 94,377 67,599 191,613
DEPRECIATION
At 1 January 2022 29,636 49,332 69,099 148,067
Charge for year - 14,396 6,209 20,605
Eliminated on disposal - (12,533 ) (27,137 ) (39,670 )
At 31 December 2022 29,636 51,195 48,171 129,002
NET BOOK VALUE
At 31 December 2022 1 43,182 19,428 62,611
At 31 December 2021 1 45,641 24,206 69,848

12. STOCKS
2022 2021
£    £   
Stocks 3,856,734 3,137,677

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 17,833 123,772
Amounts owed by associates - 494,589
Other debtors 1,404 1,404
Directors' current accounts 387,609 -
Prepayments 37,327 14,051
444,173 633,816

Belgrave Motor Company Limited (Registered number: 05361106)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 122,881 203,056
Deposit received 5,000 12,333
Tax 182,258 459,687
Social security and other taxes - 7,092
VAT 62,415 17,985
Net wages - 15,938
Pension control 1,273 848
Directors' current accounts 6,315 392,230
Accruals and deferred income 200,144 14,625
Company credit card 9,641 4,694
589,927 1,128,488

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2022 2021
£    £   
Within one year 77,972 77,972
Between one and five years 129,953 207,925
207,925 285,897

16. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax 11,895 13,270

Deferred
tax
£   
Balance at 1 January 2022 13,270
Credit to Income Statement during year (1,375 )
Balance at 31 December 2022 11,895

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
20 Ordinary £1 20 20

Belgrave Motor Company Limited (Registered number: 05361106)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

18. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2022 and 31 December 2021:

2022 2021
£    £   
Mr A J Snook and Mrs P L Snook
Balance outstanding at start of year - -
Amounts advanced 387,609 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 387,609 -

Interest is charged on the director's loan at the official rate.

19. RELATED PARTY DISCLOSURES

The company has written off a loan in the sum of £499,589 due from a company controlled by 2 of the directors. The balance owed at the balance sheet date was £nil (2021 - £494,589).

20. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr A J Snook.