Caseware UK (AP4) 2023.0.135 2023.0.135 2023-06-302023-06-302022-07-01falsefalse4542falsefalse 01880557 2022-07-01 2023-06-30 01880557 2021-07-01 2022-06-30 01880557 2023-06-30 01880557 2022-06-30 01880557 2021-07-01 01880557 c:Director1 2022-07-01 2023-06-30 01880557 c:Director2 2022-07-01 2023-06-30 01880557 c:RegisteredOffice 2022-07-01 2023-06-30 01880557 d:PlantMachinery 2022-07-01 2023-06-30 01880557 d:PlantMachinery 2023-06-30 01880557 d:PlantMachinery 2022-06-30 01880557 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 01880557 d:MotorVehicles 2022-07-01 2023-06-30 01880557 d:MotorVehicles 2023-06-30 01880557 d:MotorVehicles 2022-06-30 01880557 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 01880557 d:FurnitureFittings 2022-07-01 2023-06-30 01880557 d:FurnitureFittings 2023-06-30 01880557 d:FurnitureFittings 2022-06-30 01880557 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 01880557 d:OtherPropertyPlantEquipment 2022-07-01 2023-06-30 01880557 d:OtherPropertyPlantEquipment 2023-06-30 01880557 d:OtherPropertyPlantEquipment 2022-06-30 01880557 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 01880557 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 01880557 d:CurrentFinancialInstruments 2023-06-30 01880557 d:CurrentFinancialInstruments 2022-06-30 01880557 d:Non-currentFinancialInstruments 2023-06-30 01880557 d:Non-currentFinancialInstruments 2022-06-30 01880557 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 01880557 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 01880557 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 01880557 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 01880557 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 01880557 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-06-30 01880557 d:ReportableOperatingSegment1 2022-07-01 2023-06-30 01880557 d:ReportableOperatingSegment1 2021-07-01 2022-06-30 01880557 d:ReportableOperatingSegment2 2022-07-01 2023-06-30 01880557 d:ReportableOperatingSegment2 2021-07-01 2022-06-30 01880557 d:ReportableOperatingSegment3 2022-07-01 2023-06-30 01880557 d:ReportableOperatingSegment3 2021-07-01 2022-06-30 01880557 d:UKTax 2022-07-01 2023-06-30 01880557 d:UKTax 2021-07-01 2022-06-30 01880557 d:ShareCapital 2023-06-30 01880557 d:ShareCapital 2022-06-30 01880557 d:ShareCapital 2021-07-01 01880557 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 01880557 d:RetainedEarningsAccumulatedLosses 2023-06-30 01880557 d:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 01880557 d:RetainedEarningsAccumulatedLosses 2022-06-30 01880557 d:RetainedEarningsAccumulatedLosses 2021-07-01 01880557 c:OrdinaryShareClass1 2022-07-01 2023-06-30 01880557 c:OrdinaryShareClass1 2023-06-30 01880557 c:OrdinaryShareClass1 2022-06-30 01880557 c:FRS102 2022-07-01 2023-06-30 01880557 c:Audited 2022-07-01 2023-06-30 01880557 c:FullAccounts 2022-07-01 2023-06-30 01880557 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 01880557 e:PoundSterling 2022-07-01 2023-06-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 01880557










C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC)










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

 
C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC)
 
 
COMPANY INFORMATION


Directors
G A Humphries 
P A Humphries 




Registered number
01880557



Registered office
Corner Park Garage Llantrisant Road
Mwyndy

Pontyclun

R C T

CF72 8YR




Independent auditors
MHA

Statutory Auditor

MHA House
Charter Court
Swansea Enterprise Park
Swansea
SA7 9FS





 
C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC)
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Balance Sheet
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 24


 
C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC)
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their strategic report for the year ended 30 June 2023.

Business review
 
The key financial highlights are as follows ; Turnover £25,945k (2022 - £26,722), Gross profit margin 9.1% (2022 - 5.2%), Operating profit £623k (2022- £77k loss) and Net assets £1,132k (2022 - £1,239k). 

Gross profit percentage is the company's key performance indicator. The gross profit margin has increased from 5.2% to 9.1% in the current period. This is primarily due to the volatility and competitiveness in the current market. Vehicle preparation costs also continue to be closely monitored and the buying process being more focused on vehicles that require the minimum of preparation costs.
The directors believe that paying down debt and retaining cash within the business will leave the company well placed to take advantage of new opportunities as they arise.
The directors continue to be pleased with the improvements and efficiencies being implemented within the business and look forward to these contributing to improved financial performance in the forthcoming year.

Principal risks and uncertainties
 
The company is subject to certain risks which are monitored closely by the directors.

Price risk

The company is exposed to price risk as a result of its operations, in particular in relation to fluctuations in the price of used cars. The directors manage this risk by continuously monitoring the movements in pricing as well as agreeing a vehicle stocking facility arrangement. The arrangements will be continually monitored by the directors.

Credit risk

The company's principal financial assets are cash at bank and trade debtors. The company's credit risk is primarily attributable to its trade debtors. The directors actively monitor and manage the credit risk associated with the company's customers.

Liquidity risk

The company actively maintains a mixture of long-term and short-term debt finance that is designed to ensure the company has sufficient available funds for its operations.

Cash flow risk

Exposure to adverse movements in interest rates is not considered by the directors as a significant risk to the company. The company's trading activities are all within the United Kingdom and therefore is not exposed to the risks of fluctuations in exchange rates during the year.

Page 1

 
C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC)
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Financial instruments

The company's principal financial instruments comprise bank balances, loans, trade debtors and creditors and finance lease agreements. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations.
In respect of loans, these comprise related party companies and loans from financial institutions. The interest rate on the loans from financial institutions is variable, but the monthly repayments are fixed. The company manages liquidity risk by ensuring there are sufficient funds to meet the repayments. Loans to and from related party companies are not interest bearing and are repayable on demand.
The company is a lessee in respect of financed leased assets. The liquidity risk in respect of these is managed in the same way as loans.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit risk. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Future developments

The directors are confident that the company will continue to achieve strong trading levels in future periods, and will respond to any challenges that arise when required.

Going concern

In preparing the financial statements, the directors have considered the current financial position of the company and its likely future cashflows.
The company has reported a profit for the year, and has both net current assets and net assets at the balance sheet date.
Having assessed its current financial position and future outlook, the directors consider that the company will have sufficient resources to continue trading as a going concern over the next 12 months.


This report was approved by the board on 15 April 2024 and signed on its behalf.



G A Humphries
Director

Page 2

 
C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC)
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their report and the financial statements for the year ended 30 June 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activities of the company in the year under review were those of the buying and selling of motor vehicles and the sale of fuel, oil and forecourt sales.

Dividends

Dividends of £400,000 have been distributed during the year ending 30 June 2023.

Directors

The directors who served during the year were:

G A Humphries 
P A Humphries 

Disclosure in the strategic report

Included in the company's strategic report is a review of the business performance, a description of the principal risks and uncertainties facing the company, a description of the financial instruments of the company and details of important events affecting the company since the year end.

Page 3

 
C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC)
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Following a rebranding exercise on 15 May 2023, the trading name of the company's independent auditor changed from MHA MacIntyre Hudson to MHA. The auditors, MHA, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report was approved by the board on 15 April 2024 and signed on its behalf.
 





G A Humphries
Director

Page 4

 
C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC)
 

Opinion


We have audited the financial statements of C.P.G. (Wales) Limited (Formerly C.P.G (Wales) PLC) (the 'Company') for the year ended 30 June 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 30 June 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 United Kingdom, including the Financial Reporting Council'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.


Page 5

 
C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC) (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report 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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 3, 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 is 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.


Page 6

 
C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC) (CONTINUED)


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 an Auditors' Report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud.
- Review of legal and professional fees for evidence of legal work undertaken or fines/penalties incurred.
- Enquiry of entity staff to identify any instances of non-compliance with laws and regulations. 
- Reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' Report.


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 2006Our 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 an Auditors' Report 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.


Page 7

 
C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC) (CONTINUED)





Brian Garland BA ACA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
Statutory Auditor
Swansea, United Kingdom 

22 April 2024

.



MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).  

Page 8

 
C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC)
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
Note
£
£

  

Turnover
 4 
25,945,405
26,722,069

Cost of sales
  
(23,595,875)
(25,337,836)

Gross profit
  
2,349,530
1,384,233

Administrative expenses
  
(2,220,677)
(2,177,228)

Other operating income
 5 
493,648
715,955

Operating profit/(loss)
 6 
622,501
(77,040)

Interest payable and similar expenses
 9 
(292,400)
(397,511)

Profit/(loss) before tax
  
330,101
(474,551)

Tax on profit/(loss)
 10 
(36,759)
54,258

Profit/(loss) for the financial year
  
293,342
(420,293)

Other comprehensive income for the year
  

Total comprehensive income for the year
  
293,342
(420,293)

The notes on pages 12 to 24 form part of these financial statements.

Page 9

 
C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC)
REGISTERED NUMBER: 01880557

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
228,312
208,257

  
228,312
208,257

Current assets
  

Stocks
 13 
3,674,286
5,152,227

Debtors
 14 
2,342,927
2,774,961

Cash at bank and in hand
  
168,553
617,063

  
6,185,766
8,544,251

Creditors: amounts falling due within one year
 15 
(5,192,469)
(7,374,739)

Net current assets
  
 
 
993,297
 
 
1,169,512

Total assets less current liabilities
  
1,221,609
1,377,769

Creditors: amounts falling due after more than one year
 16 
(89,270)
(138,772)

  

Net assets
  
1,132,339
1,238,997


Capital and reserves
  

Called up share capital 
 20 
1,126,500
1,126,500

Profit and loss account
 21 
5,839
112,497

  
1,132,339
1,238,997


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 April 2024.




G A Humphries
Director

The notes on pages 12 to 24 form part of these financial statements.

Page 10

 
C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC)
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2021
1,126,500
532,790
1,659,290


Comprehensive income for the year

Loss for the year
-
(420,293)
(420,293)



At 1 July 2022
1,126,500
112,497
1,238,997


Comprehensive income for the year

Profit for the year
-
293,342
293,342


Contributions by and distributions to owners

Dividends: Equity capital
-
(400,000)
(400,000)


At 30 June 2023
1,126,500
5,839
1,132,339


The notes on pages 12 to 24 form part of these financial statements.

Page 11

 
C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

C.P.G. (Wales) Limited is a private company, limited by shares, incorporated in England and Wales. C.P.G. (Wales) PLC re-registered from a public limited company to a private limited company by the name of C.P.G. (Wales) Limited on 24 January 2024. The company's registered number is 01880557 and registered office address is Corner Park Garage Llantrisant Road, Mwyndy, Pontyclun, R C T, CF72 8YR.
The presentational currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to nearest £. 


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" and the Companies Act 2006. 

3.Accounting policies

  
3.1

Basis of preparing the financial statements

The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for certain fixed assets, as stated in the accounting policies below.

  
3.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements.
• Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures.
The financial statements of the company are consolidated in the financial statements of Mainshare limited. These consolidated financial statements are available from its registered office, Corner Park Garage, Llantrisant Road, Mwyndy, Pontyclun, R C T, CF72 8YR.

  
3.3

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects that period or in the period of the revision and future periods if the revision affects both current and future periods.

Page 12

 
C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

3.Accounting policies (continued)

  
3.4

Recoverability of related party debtors

The directors assess the recoverability of related party debtor balances at the reporting date and make provisions against balances where deemed necessary. The directors review the financial position of related party companies to assess their ability to repay the debt. At the balance sheet date related party debtors totalled £2,223,430 (2022 : £2,662,621) and no provision has been made.

  
3.5

Revenue recognition

Revenue from shop sales and sales of fuel and oil are recognised at the point of sale of goods to the customer.
Revenue from the sale of motor vehicles is recognised when the significant risks and rewards of ownership have been transferred to the buyer.
Commissions are recognised when they are payable to the company. Rents received are recognised in the period to which they relate.

 
3.6

Going concern

In preparing the financial statements, the directors have considered the current financial position of the company and its likely future cashflows.
The company has reported a profit for the year, and has both net current assets and net assets at the balance sheet date.
Although the current economic position remains uncertain, the directors are confident that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

  
3.7

Taxation

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.

 
3.8

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.

Page 13

 
C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

3.Accounting policies (continued)


3.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and on a reducing balance basis..

Depreciation is provided on the following basis:

Plant and machinery
-
10% to 25% on cost
Motor vehicles
-
25% on reducing balance
Fixtures and fittings
-
20% on cost
Property improvements
-
10% to 33% on cost

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.

  
3.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

  
3.10

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
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.

Page 14

 
C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

3.Accounting policies (continued)

  
3.11

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and depreciated over their estimated useful lives.
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

  
3.12

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.
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 company after deducting all of its liabilities.

  
3.13

Financial assets and liabilities

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. 
Debt instruments that are classified as payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the company, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

  
3.14

Provisions and contingent liabilities

Provisions are recognised when the company has a present obligation as a result of a past event, it is probable that the company will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Otherwise, material contingent liabilities are disclosed unless the transfer of economic benefits is remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.

Page 15

 
C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

3.Accounting policies (continued)

  
3.15

Fixed asset investments

Investments in the shares of subsidiary companies, joint ventures and minority interests are stated at cost, less any provision for permanent diminution in value. Market value cannot reliably be ascertained, as the shares are unlisted.

  
3.16

Grants

Grants received relating to tangible fixed assets are treated as deferred income and released to the income statement over the estimated useful lives of the assets concerned. Revenue grants are credited to the profit or loss account on a received basis when the conditions of entitlement have been met.

 
3.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


4.


Turnover

The turnover and profit (2022 - loss) before taxation are attributable to the principal activities of the company.


An analysis of turnover by class of business is as follows:


2023
2022
£
£

Motor vehicle sales
21,701,577
23,679,953

Fuel and oil sales
4,010,781
2,814,595

Shop sales
233,048
227,520

25,945,406
26,722,068


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Government grants
-
11,799

Commissions received
493,648
704,156

493,648
715,955


Page 16

 
C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Operating profit/(loss)

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

2023
2022
£
£

Hire of plant and machinery
6,311
10,037

Depreciation - owned assets
54,483
47,107

Auditors' remuneration
14,000
14,000

Non audit fees - tax compliance
1,000
1,000

Non audit fees - other
1,500
1,500


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
1,159,824
1,100,559

Social security costs
112,595
107,528

Other pension costs
26,020
23,593

1,298,439
1,231,680


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administration
6
6



Operations
37
34



Directors
2
2

45
42

Page 17

 
C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
20,175
24,525

Company contributions to defined contribution pension schemes
119
299

20,294
24,824


During the year retirement benefits were accruing to 1 directors (2022 - 1) in respect of defined contribution pension schemes.


9.


Interest payable and similar expenses

2023
2022
£
£


Other interest
10,456
17,280

Stocking finance interest
281,944
380,231

292,400
397,511


10.


Taxation


2023
2022
£
£



Current tax on profits for the year
36,759
-

Adjustments in respect of previous periods and Deferred tax
-
(54,258)


36,759
(54,258)


Total current tax and deferred tax
36,759
(54,258)


Tax on profit/(loss)
36,759
(54,258)
Page 18

 
C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 20.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£




Profit/(loss) on ordinary activities before tax
330,101
(474,551)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 20.5% (2022 - 19%)
67,671
(90,165)

Effects of:


Expenses not deductible for tax purposes
2,771
68

Depreciation in excess of capital allowances
5,540
2,860

Other differences leading to an increase (decrease) in the tax charge
(42,134)
-

Tax adjustments, relief and transfers
8,306
-

Deferred tax asset not recognised
(5,395)
32,979

Total tax charge for the year
36,759
(54,258)

A deferred tax asset of £5,395 (2022: £41,290) in relation to the following has not been recognised as there is insufficient evidence to suggest that the asset will be recovered. The asset would be recovered if the group made sufficient profits to utilise the losses in the future.


11.


Dividends

2023
2022
£
£


Dividends
400,000
-

400,000
-

Page 19

 
C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

12.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Improve-ments to property
Total

£
£
£
£
£



Cost or valuation


At 1 July 2022
90,898
41,931
656,229
362,724
1,151,782


Additions
4,500
7,850
-
62,186
74,536



At 30 June 2023

95,398
49,781
656,229
424,910
1,226,318



Depreciation


At 1 July 2022
51,450
27,753
654,793
209,528
943,524


Charge for the year on owned assets
11,366
3,544
516
39,056
54,482



At 30 June 2023

62,816
31,297
655,309
248,584
998,006



Net book value



At 30 June 2023
32,582
18,484
920
176,326
228,312



At 30 June 2022
39,448
14,177
1,436
153,196
208,257


13.


Stocks

2023
2022
£
£

Stocks
3,674,286
5,152,227

3,674,286
5,152,227



14.


Debtors

2023
2022
£
£



Trade debtors
71,258
64,101

Amounts owed by group undertakings
2,223,430
2,662,621

Tax recoverable
48,239
48,239
Page 20

 
C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

14.Debtors (continued)


2,342,927
2,774,961


Amounts owed by group undertakings are interest-free and repayable on demand. 


15.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
49,502
119,024

Stocking finance facility
3,421,963
5,325,090

Trade creditors
1,416,769
1,441,021

Corporation tax
36,759
-

Other taxation and social security
173,476
334,604

Other creditors
-
1,000

Accruals and deferred income
94,000
154,000

5,192,469
7,374,739


The balances above are repayable within one year and are not interest bearing with the exception of the loans.
Stocking finance facilities are provided by independent third parties. At 30 June 2023, the company had drawn down £3.4m (2022: £5.3m), which are secured by legal charges over property held by a company director and a personal guarantee provided by a director.


16.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
89,270
138,772

89,270
138,772


Page 21

 
C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

17.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
49,502
119,024


Amounts falling due 2-5 years

Other loans
89,270
138,772



18.

Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023
2022
        £
        £
Within one year

4,674

4,621
 
Between one and five years

1,818

-
 

6,492

4,621
 


19.

Secured debts

The following secured debts are included within creditors:

2023
2022
        £
        £
Other loans

132,036

173,601
 

Included in other loans is a loan totalling £132,036 (2022: £173,601) repayable in instalments by May 2026. The loan is secured by a debenture which constitutes a fixed charge on all property, plant and equipment, shares and debts from the company and a floating charge on all other property and assets. A personal guarantee from the directors of £25,000 was also provided.


20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,126,500 (2022 - 1,126,500) Ordinary shares shares of £1.00 each
1,126,500
1,126,500

Page 22

 
C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

20.Share capital (continued)

Called-up share capital represents the nominal value of shares that have been issued.
The Ordinary shares carry voting rights, rights on winding up, and an entitlement to receive dividends at the discretion of the company's directors.



21.


Reserves

Retained earnings
        £
At 1 July 2022

110,964

Profit for the year

331,634

At 30 June 2023

442,598



22.


Pension commitments

The company operates a defined contribution pension scheme for its staff. The pension cost charge represents contributions payable by the company and amounted to £26,020 (2022 - £23,294) for the year. Contributions totalling £4,630 (2022 - £3,677) were payable at the year end.


23.


Contingent liabilities

At the balance sheet date the company had a contingent liability in respect of a cross guarantee with Finance-U-Limited and Mainshare Limited dated 8 July 2019. 
The company also had a contingent liability in relation to a debenture dated 7 May 2020, the maximum amount of the guarantee at the balance sheet date was £834,507 (2022 - £923,705). The company would be liable for this amount should Mainshare Limited default. 


24.

Related party transactions

Entities with control, joint control or significant influence over the entity

2023
2022
        £
        £
Rent

300,000

216,000
 
Amount due from parent company

2,223,430

2,662,620
 



Page 23

 
C.P.G. (WALES) LIMITED (FORMERLY C.P.G (WALES) PLC)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

25.


Ultimate controlling party

Mainshare Limited is considered the ultimate parent company of C.P.G. (Wales) Limited (formerly C.P.G. (Wales) PLC). as it holds 100% of the issued share capital of C.P.G. (Wales) Limited (formerly C.P.G. Wales PLC).
The parent company prepares consolidated group accounts in which this company is included, copies of which are available to the public and can be obtained from the registered office at Corner Park Garage, Llantrisant Road, Mwyndy, Pontyclun, R C T, CF72 8YR.
The ultimate controlling party is Mr G A Humphries and Mrs A E Humphries by virtue of holding 100% of the issued share capital of the parent company, Mainshare Limited.

 
Page 24