IRIS Accounts Production v23.3.0.418 02806293 Board of Directors 1.4.22 31.3.23 31.3.23 1.11.23 false true false false true false Auditors Opinion Ordinary A 1.00000 Ordinary B 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure028062932022-03-31028062932023-03-31028062932022-04-012023-03-31028062932021-03-31028062932021-04-012022-03-31028062932022-03-3102806293ns16:EnglandWales2022-04-012023-03-3102806293ns15:PoundSterling2022-04-012023-03-3102806293ns11:Director12022-04-012023-03-3102806293ns11:PrivateLimitedCompanyLtd2022-04-012023-03-3102806293ns11:SmallEntities2022-04-012023-03-3102806293ns11:Audited2022-04-012023-03-3102806293ns11:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3102806293ns11:SmallCompaniesRegimeForAccounts2022-04-012023-03-3102806293ns11:FullAccounts2022-04-012023-03-3102806293ns11:OrdinaryShareClass12022-04-012023-03-3102806293ns11:OrdinaryShareClass22022-04-012023-03-3102806293ns11:Director22022-04-012023-03-3102806293ns11:CompanySecretary12022-04-012023-03-3102806293ns11:RegisteredOffice2022-04-012023-03-3102806293ns6:CurrentFinancialInstruments2023-03-3102806293ns6:CurrentFinancialInstruments2022-03-3102806293ns6:ShareCapital2023-03-3102806293ns6:ShareCapital2022-03-3102806293ns6:RetainedEarningsAccumulatedLosses2023-03-3102806293ns6:RetainedEarningsAccumulatedLosses2022-03-3102806293ns6:LeaseholdImprovements2022-04-012023-03-3102806293ns6:PlantMachinery2022-04-012023-03-3102806293ns6:FurnitureFittings2022-04-012023-03-3102806293ns6:ComputerEquipment2022-04-012023-03-3102806293ns6:PlantMachinery2022-03-3102806293ns6:PlantMachinery2023-03-3102806293ns6:PlantMachinery2022-03-3102806293ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-3102806293ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-3102806293ns6:CurrentFinancialInstruments2022-04-012023-03-3102806293ns6:WithinOneYear2023-03-3102806293ns6:WithinOneYear2022-03-3102806293ns6:BetweenOneFiveYears2023-03-3102806293ns6:BetweenOneFiveYears2022-03-3102806293ns6:AllPeriods2023-03-3102806293ns6:AllPeriods2022-03-3102806293ns11:OrdinaryShareClass12023-03-3102806293ns11:OrdinaryShareClass22023-03-31
REGISTERED NUMBER: 02806293 (England and Wales)











Financial Statements

for the Year Ended 31 March 2023

for

Ames Nissan Limited
Trading as
Ames Ford

Ames Nissan Limited (Registered number: 02806293)
Trading as Ames Ford






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 8


Ames Nissan Limited
Trading as Ames Ford

Company Information
for the Year Ended 31 March 2023







DIRECTORS: G J Balaam
R C Ames



SECRETARY: G J Balaam



REGISTERED OFFICE: 2 Fison Way
Thetford
Norfolk
IP24 1HT



REGISTERED NUMBER: 02806293 (England and Wales)



SENIOR STATUTORY AUDITOR: James Knights FCA



AUDITORS: Knights Lowe Limited
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

Ames Nissan Limited (Registered number: 02806293)
Trading as Ames Ford

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 198,558 220,409

CURRENT ASSETS
Stocks 5 288,572 234,926
Debtors 6 153,590 186,528
Cash in hand 1,705 568
443,867 422,022
CREDITORS
Amounts falling due within one year 7 1,552,283 1,501,381
NET CURRENT LIABILITIES (1,108,416 ) (1,079,359 )
TOTAL ASSETS LESS CURRENT LIABILITIES (909,858 ) (858,950 )

CAPITAL AND RESERVES
Called up share capital 9 500,000 500,000
Retained earnings (1,409,858 ) (1,358,950 )
SHAREHOLDERS' FUNDS (909,858 ) (858,950 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 November 2023 and were signed on its behalf by:





G J Balaam - Director


Ames Nissan Limited (Registered number: 02806293)
Trading as Ames Ford

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

1. STATUTORY INFORMATION

Ames Nissan 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 (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The company has continued to make a loss this financial year. However the parent company, Sema Lease UK Limited, remains committed to supporting the business and has the necessary resources to do so. On this basis the directors do not consider there to be any material uncertainty with regards to the company continuing as a going concern.

Revenue recognition
The turnover shown in the profit and loss account represents the sale of motor vehicles, and the provision of servicing and repair work done during the year, exclusive of VAT.

Revenue from rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

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 - 5% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 5% on reducing balance
Computer equipment - 10% straight line

Stocks
Vehicle stocks are valued at the lower of original cost, plus repair or improvement costs, and net realisable value.

Parts stocks are valued at the lower of cost and net realisable value, with net realisable value taking into account its value within the business. An allowance is made 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.


Ames Nissan Limited (Registered number: 02806293)
Trading as Ames Ford

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

2. ACCOUNTING POLICIES - continued
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.

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.

Impairment
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in profit and loss.

Ames Nissan Limited (Registered number: 02806293)
Trading as Ames Ford

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

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 accounts receivable and payable, and loans from banks or other related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. 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. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

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 Statement of Comprehensive Income.

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, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet 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.

Financial instruments
Financial assets and financial liabilities are recognised in accordance with FRS 102 when the company becomes a party to the contractual provisions of the instrument.

Currently all financial liabilities are basic financial instruments as defined by section 11 of FRS 102 which are recognised at amortised cost.

Where relevant, derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the profit or loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 22 ) .

Ames Nissan Limited (Registered number: 02806293)
Trading as Ames Ford

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 680,942
Additions 4,536
Disposals (71,025 )
At 31 March 2023 614,453
DEPRECIATION
At 1 April 2022 460,533
Charge for year 17,426
Eliminated on disposal (62,064 )
At 31 March 2023 415,895
NET BOOK VALUE
At 31 March 2023 198,558
At 31 March 2022 220,409

5. STOCKS
2023 2022
£    £   
Parts and consumables 96,487 81,525
New, used and demonstrator vehicles 192,085 153,401
288,572 234,926

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 106,826 126,920
Amounts owed by connected companies - 14,475
Other debtors 46,764 45,133
153,590 186,528

Included in other debtors is a directors loan of £31,369 (2022: £30,604) and interest has been charged at the official HMRC rate.

Ames Nissan Limited (Registered number: 02806293)
Trading as Ames Ford

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loan and overdraft 139,399 120,673
Trade creditors 112,559 145,222
Amounts owed to group undertakings 1,194,668 1,119,092
Taxation and social security 38,279 38,685
Other creditors 67,378 77,709
1,552,283 1,501,381

The bank loans and overdraft are secured by way of a fixed and floating charge over all assets and trade of the company.

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 797 797
Between one and five years 797 1,595
1,594 2,392

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary A £1 1,000 1,000
499,000 Ordinary B £1 499,000 499,000
500,000 500,000

The ordinary A shares contain the normal rights associated with ordinary shares.

The ordinary B shares contain no voting rights. No dividend rights, there is a right to capital in the event of a company sale or winding-up.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

James Knights FCA (Senior Statutory Auditor)
for and on behalf of Knights Lowe Limited

Ames Nissan Limited (Registered number: 02806293)
Trading as Ames Ford

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

11. RELATED PARTY DISCLOSURES

During the year the company entered into transactions, in the ordinary course of business, with other related parties. Transactions entered into and balances outstanding at the year end were as follows:

Parent company - Sema Lease UK Limited

2023 2022
£    £   
Balance owed to 1,194,668 1,119,092
Sales 33,340 36,201
Purchases 773,747 813,902

Interest is chargeable on the balance owed to the parent company. The parent company has waived the charge in the current and prior year.

Other related parties

R C Ames - Director

2022 2022
£    £   
Balances owed from 31,369 30,604

Other related companies
2023 2022
£    £   

Balances owed from - 14,152

R C Ames has given a personal guarantee to the company's bankers amounting to £100,000 in respect of the facilities provided to the company. The company's bankers also hold a legal charge over 2 Fison Way, Thetford which is owned by R C Ames. No rent has been charged by R C Ames on the property used by the company in the current year or prior year.

Other related companies are companies in which R C Ames both owns and controls. Loans made to these companies have no set repayment terms and no interest charged. The loans are repayable upon demand.