Registered number:
for the year ended
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AEW PADDOCK MOTORS LIMITED
Company Information
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AEW PADDOCK MOTORS LIMITED
Contents
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AEW PADDOCK MOTORS LIMITED
Group strategic report
for the year ended 31 December 2022
We aim to present a balanced and comprehensive review of the performance and development of the business during and at the end of the year, consistent with its size and complexity; and in the context of risks and uncertainties that we face.
Despite the increase in competition, the Group is reporting a strong profit margin. Market conditions including the impact of Brexit and Covid-19 have resulted in a decrease in turnover.
We continue to maintain and improve our web presence in order to better service our extensive customer base. The Group continues to have a strong financial footing which we look forward to maintaining long into the future.
The key risk areas of the Group are:
Economic Maintaining profitability despite changes in disposable income due to the economic cycle and also managing the impact of foreign exchange fluctuations. Operational Ensuring that suppliers are able to supply the quality and levels of products that the Group requires in a timely fashion. Finance Maintaining and improving the assets of the Group, whilst not having a detrimental effect on cash flows and profitability. Competition New competitors entering the industry or existing competitors changing their objectives. The Group seeks to manage as far as possible the key risks it faces by continually investing in the assets of the group while improving the products it offers. Having considered the above risks and uncertainties, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The company has invested a substantial amount of cash resources to support a subsidiary company’s business developments. As a result, the cash position for the company and the Group has reduced significantly in recent years. Post-year end trading continues to be profitable with consistent levels of turnover, however, the current cash position creates uncertainty surrounding the Group’s ability to settle potential future liabilities as they fall due. Therefore, a material uncertainty exists in relation to going concern.
We consider that our key financial performance indicators are those that communicate the financial performance and position of the Group as a whole, these being pre-tax profit and return on capital employed.
Pre-tax profit for the period was £122,348 (2021: £558,197 profit). Return on capital employed, defined as earnings before interest and tax divided by total assets less current liabilities, is 0% (2021: 4%).
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AEW PADDOCK MOTORS LIMITED
Group strategic report (continued)
for the year ended 31 December 2022
This report was approved by the board on 7 March 2024 and signed on its behalf.
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AEW PADDOCK MOTORS LIMITED
Directors' report
for the year ended 31 December 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group'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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation and minority interests, amounted to £93,545 (2021 - £440,440).
No dividends will be distributed for the year ended 31 December 2022.
The directors who served during the year were:
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AEW PADDOCK MOTORS LIMITED
Directors' report (continued)
for the year ended 31 December 2022
There have been no significant events affecting the Group since the year end.
The auditors, PKF Smith Cooper Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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AEW PADDOCK MOTORS LIMITED
Independent auditors' report to the members of AEW Paddock Motors Limited
We have audited the financial statements of AEW Paddock Motors Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2022, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, 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).
We have been unable to obtain sufficient appropriate audit evidence to provide adequate assurance in respect of physical stock quantities and stock valuations within the Group, which are included in the balance sheet at £1,768k. Consequently, we were unable to determine whether any adjustment to this amount was necessary. In addition, were any adjustment to this balance to be required, the strategic report would also need to be amended.
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 Group 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 qualified opinion.
We draw attention to note 2.3 in the financial statements, which indicates that the Group continues to have reduced cash resources post year-end. As stated in note 2.3, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Group's and the parent Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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AEW PADDOCK MOTORS LIMITED
Independent auditors' report to the members of AEW Paddock Motors Limited (continued)
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 Report. 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. 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.
As described in the basis for qualifed opinion section of our report, we were unable to satisfy ourselves concerning the stock of £1,768k held at 31 December 2022. We have concluded that where the other information refers to this balance or related balances such as cost of sales, it may be materially misstated for the same reason.
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
Arising solely from the limitation on the scope of our work relating to stock, referred to above: • we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and • we were unable to determine whether adequate accounting records have been kept.
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AEW PADDOCK MOTORS LIMITED
Independent auditors' report to the members of AEW Paddock Motors Limited (continued)
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 Group 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:
Based on our understanding of the Group and industry, we identify the key laws and regulations affecting the Group. We identified that the principal risk of fraud or non-compliance with laws and regulations related to: • management bias in respect of accounting estimates and judgements made; • management override of control; • posting of unusual journals or transactions. We focussed on those areas that could give rise to a material misstatement in the Group financial statements. Our procedures included, but were not limited to: • Enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud; • Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud; • Reviewing financial statement 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. It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
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.
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AEW PADDOCK MOTORS LIMITED
Independent auditors' report to the members of AEW Paddock Motors Limited (continued)
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 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.
for and on behalf of
Statutory Auditors
2 Lace Market Square
Nottingham
NG1 1PB
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AEW PADDOCK MOTORS LIMITED
Consolidated statement of comprehensive income
for the year ended 31 December 2022
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AEW PADDOCK MOTORS LIMITED
Registered number: 01237098
Consolidated balance sheet
as at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 March 2024.
The notes on pages 16 to 34 form part of these financial statements.
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AEW PADDOCK MOTORS LIMITED
Registered number: 01237098
Company balance sheet
as at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 34 form part of these financial statements.
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AEW PADDOCK MOTORS LIMITED
Consolidated statement of changes in equity
for the year ended 31 December 2022
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AEW PADDOCK MOTORS LIMITED
Company statement of changes in equity
for the year ended 31 December 2022
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AEW PADDOCK MOTORS LIMITED
Consolidated statement of cash flows
for the year ended 31 December 2022
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AEW PADDOCK MOTORS LIMITED
Consolidated Analysis of Net Debt
for the year ended 31 December 2022
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AEW PADDOCK MOTORS LIMITED
Notes to the financial statements
for the year ended 31 December 2022
AEW Paddock Motors Limited is a private company limited by shares incorporated in England, United Kingdom. The address of the registered office is given in the company information page of these financial statements. The company's registration number is 01237098. The company's place of business is located at The Showground, The Cliff, Matlock, Derbyshire, DE4 5EW. The nature of the company’s operations and principal activities are given in the Directors' Report.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in Sterling which is the functional currency of the company and are rounded to the nearest £1. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The following principal accounting policies have been applied:
The Group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December each year.
Subsidiary undertakings are included using the acquisition method of accounting. Under this method the Group profit and loss account and statement of cashflows include the results and cashflows of subsidiaries from the date of acquisition to the date of sale outside the Group in the case of disposals of subsidiaries. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.
The company has invested a substantial amount of cash resources to support a subsidiary company’s business developments. As a result, the cash position for the company and the group has reduced significantly. Post year end trading continues to be profitable with consistent levels of turnover, however, the current cash position creates uncertainty surrounding the group’s ability to settle potential future liabilities as they fall due. Therefore, a material uncertainty exists in relation to going concern.
The directors continue to review the Group position and have concluded that the reduced cash levels will improve once subsidiary developments are complete and therefore the directors believe that the Group can continue to adopt the going concern basis in preparing the financial statements.
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AEW PADDOCK MOTORS LIMITED
Notes to the financial statements
for the year ended 31 December 2022
2.Accounting policies (continued)
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.
Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate. Sale of goods Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on despatch of the goods. Lease incentives are recognised over the lease term on a straight line basis.
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AEW PADDOCK MOTORS LIMITED
Notes to the financial statements
for the year ended 31 December 2022
2.Accounting policies (continued)
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the profit and loss account over its estimated economic life. In the light of the continued growth of the acquired company and future plans, the directors are satisfied that the goodwill has durability beyond five years. This matter is being considered on an annual basis.
Goodwill is amortised on a straight line basis over 10 years and is fully amortised. Intangible assets are recognised when future economic benefits are probable and the cost or value fo the asset can be measured reliably. Intangible assets are initially recognised at cost and are subsequently measured at cost, net of amortisation and any impairment provision. Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight line basis over its expected useful life. Website development costs are amortised on a straight line basis over 10 years.
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AEW PADDOCK MOTORS LIMITED
Notes to the financial statements
for the year ended 31 December 2022
2.Accounting policies (continued)
Tangible fixed assets are stated at 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.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life. The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may be affected.
Depreciation is provided on the following basis:
In the Consolidated statement of cash flows, cash and cash equivalents are as above net of bank overdrafts.
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AEW PADDOCK MOTORS LIMITED
Notes to the financial statements
for the year ended 31 December 2022
Investment property - under FRS 102 investment property must be held at fair value. All properties are considered to be held at market value following a benchmarking exercise and therefore no further valuation consideration has been applied. Stock provision - where stock lines have not sold within the past two years, the stock is fully written down. Loyalty points - judgment is required when estimating the value of unused loyalty points at the year end by using available information on expected accrued points and in year usage.
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AEW PADDOCK MOTORS LIMITED
Notes to the financial statements
for the year ended 31 December 2022
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AEW PADDOCK MOTORS LIMITED
Notes to the financial statements
for the year ended 31 December 2022
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AEW PADDOCK MOTORS LIMITED
Notes to the financial statements
for the year ended 31 December 2022
12.Taxation (continued)
In April 2023, the rate of corporation tax increased to 25%, a 6% increase from the current 19%.
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AEW PADDOCK MOTORS LIMITED
Notes to the financial statements
for the year ended 31 December 2022
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AEW PADDOCK MOTORS LIMITED
Notes to the financial statements
for the year ended 31 December 2022
13.Intangible assets (continued)
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AEW PADDOCK MOTORS LIMITED
Notes to the financial statements
for the year ended 31 December 2022
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AEW PADDOCK MOTORS LIMITED
Notes to the financial statements
for the year ended 31 December 2022
14.Tangible fixed assets (continued)
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AEW PADDOCK MOTORS LIMITED
Notes to the financial statements
for the year ended 31 December 2022
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AEW PADDOCK MOTORS LIMITED
Notes to the financial statements
for the year ended 31 December 2022
The 2022 valuations were made by the directors, on an open market value for existing use basis.
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AEW PADDOCK MOTORS LIMITED
Notes to the financial statements
for the year ended 31 December 2022
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AEW PADDOCK MOTORS LIMITED
Notes to the financial statements
for the year ended 31 December 2022
The loan is repayable in full in 2024. It is secured against the property held within subsidiary work in progress by way of a fixed and floating charge. Interest is payable at 7.8% per annum.
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AEW PADDOCK MOTORS LIMITED
Notes to the financial statements
for the year ended 31 December 2022
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AEW PADDOCK MOTORS LIMITED
Notes to the financial statements
for the year ended 31 December 2022
Share premium account
Investment property revaluation reserve
Profit and loss account
The other taxation and social security creditor has decreased and profit and loss reserves increased by £281,940 after reversing historic errors in relation to creditors for VAT in foreign jurisdictions.
The group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the group to the scheme and amounted to £18,631 (2021: £17,855).
Contributions totalling £3,407 (2021: £3,844) were payable to the scheme at the end of the year and are included in other creditors.
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AEW PADDOCK MOTORS LIMITED
Notes to the financial statements
for the year ended 31 December 2022
The company is jointly controlled by the directors.
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