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REGISTERED NUMBER: 05770051 (England and Wales)















Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 March 2023

for

Ideal Commercials Limited

Ideal Commercials Limited (Registered number: 05770051)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Ideal Commercials Limited

Company Information
for the Year Ended 31 March 2023







DIRECTOR: A R Lane





REGISTERED OFFICE: Warnford Road
West Meon
Petersfield
Hampshire
GU32 1JN





REGISTERED NUMBER: 05770051 (England and Wales)





AUDITORS: JWR Audit Limited
Statutory Auditor
24 Picton House
Hussar Court
Waterlooville
Hampshire
PO7 7SQ

Ideal Commercials Limited (Registered number: 05770051)

Strategic Report
for the Year Ended 31 March 2023

The director presents his strategic report for the year ended 31 March 2023.

The director present the strategic report for Ideal Commercials Limited for the year ended 31 March 2022.

Principal activity
The company's principal activity during the year continued to be that of the sales of commercial vehicles.

The company is a private company limited by shares, incorporated in the United Kingdom. It is a subsidiary of Ideal Commercial Group Limited.

REVIEW OF BUSINESS
In the year to 31 March 2023, the business achieved a profit from continuing operations of £741,932 (2022 - £981,822) and had a net asset position as at 31 March 2023 of £3,658,882 (2022 - £2,984,781

During the year the company has seen sales return to a more normal level, after the increased demand in the prior couple of years. The company has experienced a slight reduction in gross profit margins due to increased reconditioning costs. Overhead costs have also increased in the year. especially with regards to increased finance charges.

Given the nature of the business, the company's director is of the opinion that further analysis of performance using KPI's is not necessary for an improved understanding of the financial statements. The director is however satisfied with the trading in the year.

PRINCIPAL RISKS AND UNCERTAINTIES
The director takes overall responsibility for risk management with a particular focus on determining the nature and extent of significant risks it is willing to take in achieving it's strategic objectives.

The principal risks for the company are generally outside the direct control of the company and include the economy, changing consumer behaviours, demand and availability of new and used commericial vehicles, and regulatory changes in response to climate change. The company manages these risks by monitoring market conditions and adjusting sales prices where necessary to remain competitive.

FUTURE DEVELOPMENTS
There are no plans that will significantly change the activities and risks of the company. Despite wider economic uncertainty the director remains confident in the company's long-term prospects.

ON BEHALF OF THE BOARD:





A R Lane - Director


28 November 2023

Ideal Commercials Limited (Registered number: 05770051)

Report of the Director
for the Year Ended 31 March 2023

The director presents his report with the financial statements of the company for the year ended 31 March 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2023 will be £ 550,000 .

DIRECTOR
A R Lane held office during the whole of the period from 1 April 2022 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE
No political donations were made in the year (2022 - £nil).

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, JWR Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A R Lane - Director


28 November 2023

Report of the Independent Auditors to the Members of
Ideal Commercials Limited

Opinion
We have audited the financial statements of Ideal Commercials Limited (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 March 2023 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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 Director 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 Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Ideal Commercials 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 Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, 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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations.

We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

Procedures performed by the audit team included:

- Discussions with management regarding known or suspected instances of non-compliance with laws and regulations;
- Evaluation of controls designed to prevent and detect irregularities; and
- Assessing journals entries as part of our planned audit approach.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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
Ideal Commercials Limited


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.




K S Wood (Senior Statutory Auditor)
for and on behalf of JWR Audit Limited
Statutory Auditor
24 Picton House
Hussar Court
Waterlooville
Hampshire
PO7 7SQ

28 November 2023

Ideal Commercials Limited (Registered number: 05770051)

Income Statement
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   

TURNOVER 14,962,939 16,922,869

Cost of sales 13,218,450 14,855,003
GROSS PROFIT 1,744,489 2,067,866

Administrative expenses 1,045,114 1,014,278
699,375 1,053,588

Other operating income 171,230 166,469
OPERATING PROFIT 4 870,605 1,220,057

Interest receivable and similar income 1,052 99
871,657 1,220,156

Interest payable and similar expenses 5 5,937 5,408
PROFIT BEFORE TAXATION 865,720 1,214,748

Tax on profit 6 162,916 232,926
PROFIT FOR THE FINANCIAL YEAR 702,804 981,822

Ideal Commercials Limited (Registered number: 05770051)

Other Comprehensive Income
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   

PROFIT FOR THE YEAR 702,804 981,822


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

702,804

981,822

Ideal Commercials Limited (Registered number: 05770051)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 62,785 77,547

CURRENT ASSETS
Stocks 9 5,180,477 4,061,397
Debtors 10 235,579 308,079
Cash at bank 1,150,224 1,745,320
6,566,280 6,114,796
CREDITORS
Amounts falling due within one year 11 3,401,591 3,088,035
NET CURRENT ASSETS 3,164,689 3,026,761
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,227,474

3,104,308

CREDITORS
Amounts falling due after more than one
year

12

(78,916

)

(105,808

)

PROVISIONS FOR LIABILITIES 15 (12,050 ) (14,796 )
NET ASSETS 3,136,508 2,983,704

CAPITAL AND RESERVES
Called up share capital 16 100 100
Retained earnings 17 3,136,408 2,983,604
SHAREHOLDERS' FUNDS 3,136,508 2,983,704

The financial statements were approved by the director and authorised for issue on 28 November 2023 and were signed by:





A R Lane - Director


Ideal Commercials Limited (Registered number: 05770051)

Statement of Changes in Equity
for the Year Ended 31 March 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 April 2021 1 2,121,782 2,121,783

Changes in equity
Issue of share capital 99 - 99
Dividends - (120,000 ) (120,000 )
Total comprehensive income - 981,822 981,822
Balance at 31 March 2022 100 2,983,604 2,983,704

Changes in equity
Dividends - (550,000 ) (550,000 )
Total comprehensive income - 702,804 702,804
Balance at 31 March 2023 100 3,136,408 3,136,508

Ideal Commercials Limited (Registered number: 05770051)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Ideal Commercials 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.

The presentation currency of the financial statements is the Pound Sterling (£).


Accounts are rounded to the nearest pound.

These accounts represent the company as an individual entity.

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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial
statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv);
- the requirements of Section 7 Statement of Cash Flows
- the requirement of Section 3 Financial Statement Presentation paragraph 3.17(d);
- the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f),
11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
- the requirement of Section 33 Related Party Disclosures paragraph 33.7.


This information is included in the consolidated financial statements of Ideal Commercials Group Limited as at 31 March 2022 and these financial statements may be obtained from Warnford Road, West Meon, Petersfield, Hampshire, GU32 1JN.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 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.


Ideal Commercials Limited (Registered number: 05770051)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
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.

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. EMPLOYEES AND DIRECTORS
31.3.23 31.3.22
£    £   
Wages and salaries 424,729 460,906
Social security costs 44,766 48,701
Other pension costs 8,386 8,000
477,881 517,607

The average number of employees during the year was as follows:
31.3.23 31.3.22

Sales 1 1
Valet and servicing 3 4
Administration 5 5
9 10

31.3.23 31.3.22
£    £   
Director's remuneration 9,096 8,844

Ideal Commercials Limited (Registered number: 05770051)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. OPERATING PROFIT

The operating profit is stated after charging:

31.3.23 31.3.22
£    £   
Other operating leases 47,031 50,000
Depreciation - owned assets 15,761 19,869
Loss on disposal of fixed assets - 862

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.23 31.3.22
£    £   
Bank loan interest 5,937 5,408

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.23 31.3.22
£    £   
Current tax:
UK corporation tax 165,662 233,395

Deferred tax (2,746 ) (469 )
Tax on profit 162,916 232,926

7. DIVIDENDS
31.3.23 31.3.22
£    £   
Interim 550,000 120,000

8. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 14,587 157,365 9,844 37,885 219,681
Additions - - - 999 999
At 31 March 2023 14,587 157,365 9,844 38,884 220,680
DEPRECIATION
At 1 April 2022 - 106,959 9,745 25,430 142,134
Charge for year - 12,601 25 3,135 15,761
At 31 March 2023 - 119,560 9,770 28,565 157,895
NET BOOK VALUE
At 31 March 2023 14,587 37,805 74 10,319 62,785
At 31 March 2022 14,587 50,406 99 12,455 77,547

Ideal Commercials Limited (Registered number: 05770051)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

9. STOCKS
31.3.23 31.3.22
£    £   
Stocks 5,180,477 4,061,397

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 209,707 193,312
Other debtors 83 -
Directors' current accounts - 86,005
Prepayments and accrued income 25,789 28,762
235,579 308,079

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts (see note 13) 26,917 26,917
Trade creditors 2,765,031 2,623,275
Amounts owed to group undertakings 264,074 4,755
Tax 165,592 233,395
Social security and other taxes 14,850 14,539
VAT 33,252 129,473
Other creditors 3,840 7,206
Pension liability - (110 )
Accrued expenses 128,035 48,585
3,401,591 3,088,035

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans (see note 13) 78,916 105,808

13. LOANS

An analysis of the maturity of loans is given below:

31.3.23 31.3.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 26,917 26,917

Amounts falling due between one and two years:
Bank loans - 1-2 years 26,925 26,917

Amounts falling due between two and five years:
Bank loans - 2-5 years 51,991 73,250

Amounts falling due in more than five years:

Ideal Commercials Limited (Registered number: 05770051)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

13. LOANS - continued
31.3.23 31.3.22
£    £   
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal - 5,641

At 31 March 2023 there are two bank loans, the first a bounceback loan repayable by 60 monthly instalments until June 2026. Interest is fixed at 2.5%.

The second loan is repayable by 72 monthly installments until July 2027. Interest is fixed 4.05% above base rate.

14. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 105,833 132,725

The bank loan is secured by way of fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.

15. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax
Accelerated capital allowances 12,050 14,796

Deferred
tax
£   
Balance at 1 April 2022 14,796
Credit to Income Statement during year (2,746 )
Balance at 31 March 2023 12,050

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
100 Ordinary £1 100 100

Ideal Commercials Limited (Registered number: 05770051)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

17. RESERVES
Retained
earnings
£   

At 1 April 2022 2,983,604
Profit for the year 702,804
Dividends (550,000 )
At 31 March 2023 3,136,408

18. ULTIMATE PARENT COMPANY

Ideal Commercial Group Limited is regarded by the director as being the company's ultimate parent company.

19. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the year end, the director owed the company £nil (2022 - £86,005)