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REGISTERED NUMBER: 02463364 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2023

FOR

BEN GREIG MOTORS LIMITED

BEN GREIG MOTORS LIMITED (REGISTERED NUMBER: 02463364)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


BEN GREIG MOTORS LIMITED (REGISTERED NUMBER: 02463364)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 37,283 51,416
Investment property 6 380,000 380,000
417,283 431,416

CURRENT ASSETS
Stocks 7 54,520 89,251
Debtors 8 180,062 121,108
Cash at bank and in hand 138,332 174,819
372,914 385,178
CREDITORS
Amounts falling due within one year 9 34,872 57,668
NET CURRENT ASSETS 338,042 327,510
TOTAL ASSETS LESS CURRENT
LIABILITIES

755,325

758,926

PROVISIONS FOR LIABILITIES 10 40,056 33,579
NET ASSETS 715,269 725,347

CAPITAL AND RESERVES
Called up share capital 11 100 100
Non-distributable reserve 12 203,315 212,104
Retained earnings 511,854 513,143
SHAREHOLDERS' FUNDS 715,269 725,347

BEN GREIG MOTORS LIMITED (REGISTERED NUMBER: 02463364)

BALANCE SHEET - continued
31 DECEMBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Profit and Loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2024 and were signed on its behalf by:





Mr M B Greig - Director


BEN GREIG MOTORS LIMITED (REGISTERED NUMBER: 02463364)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Ben Greig Motors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02463364

Registered office: 1 Sparrows Green Road
Sparrows Green
Wadhurst
East Sussex
TN5 6ST

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover 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.
Garage development - 33% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

All fixed assets are initially recorded at cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

BEN GREIG MOTORS LIMITED (REGISTERED NUMBER: 02463364)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains and losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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.

BEN GREIG MOTORS LIMITED (REGISTERED NUMBER: 02463364)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 9 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Garage Plant and and Motor
development machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 98,291 53,809 10,315 72,636 235,051
Additions - 548 - - 548
At 31 December 2023 98,291 54,357 10,315 72,636 235,599
DEPRECIATION
At 1 January 2023 98,291 46,358 8,772 30,214 183,635
Charge for year - 3,689 386 10,606 14,681
At 31 December 2023 98,291 50,047 9,158 40,820 198,316
NET BOOK VALUE
At 31 December 2023 - 4,310 1,157 31,816 37,283
At 31 December 2022 - 7,451 1,543 42,422 51,416

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 380,000
NET BOOK VALUE
At 31 December 2023 380,000
At 31 December 2022 380,000

BEN GREIG MOTORS LIMITED (REGISTERED NUMBER: 02463364)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. INVESTMENT PROPERTY - continued

Fair value at 31 December 2023 is represented by:
£   
Valuation in 1996 4,753
Valuation in 1998 10,000
Valuation in 1999 15,000
Valuation in 2000 15,000
Valuation in 2001 10,492
Valuation in 2003 48,000
Valuation in 2015 2,751
Valuation in 2019 52,940
Valuation in 2020 51,000
Valuation in 2021 30,000
Cost 140,064
380,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 140,064 140,064

The investment property was valued on a fair market basis on 31 December 2023 by the Directors .

7. STOCKS
2023 2022
£    £   
Used cars 39,431 74,698
Parts 12,661 11,854
Work-in-progress 2,428 2,699
54,520 89,251

BEN GREIG MOTORS LIMITED (REGISTERED NUMBER: 02463364)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,058 9,717
Other debtors 165,423 100,474
Tax recoverable 3,250 3,250
Prepayments and accrued income 7,331 7,667
180,062 121,108

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 11,704 30,184
Corporation tax 2,110 640
PAYE and social security 7,299 6,854
VAT 10,546 14,168
Other creditors 776 824
Directors' current accounts 456 144
Accrued expenses 1,981 4,854
34,872 57,668

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 3,435 5,747
Other timing differences 36,621 27,832
40,056 33,579

Deferred
tax
£   
Balance at 1 January 2023 33,579
Provided during year 6,477
Balance at 31 December 2023 40,056

BEN GREIG MOTORS LIMITED (REGISTERED NUMBER: 02463364)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

12. RESERVES
Non-distributable
reserve
£   
At 1 January 2023 212,104
Transfer from reserve (8,789 )

At 31 December 2023 203,315

13. RELATED PARTY DISCLOSURES

Included in other debtors is a loan to CMR Jackdaw Ltd, with whom the company has shared members. The loan interest is charged at 3% at 31 March each year, commencing in 2023. At 31 December 2023 the balance on this loan was £165,423 (2022: £100,474).