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Registered number: 04172342
















MURRAY (PLYMOUTH) LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


































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MURRAY (PLYMOUTH) LIMITED

 
COMPANY INFORMATION


DIRECTOR
Mr K Murray 




COMPANY SECRETARY
Mrs A Willman



REGISTERED NUMBER
04172342



REGISTERED OFFICE
44 Millbay Road

Plymouth

Devon

PL1 3FQ




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

2nd Floor Stratus House

Emperor Way

Exeter Business Park

Exeter

EX1 3QS






MURRAY (PLYMOUTH) LIMITED


CONTENTS



Page
Strategic Report
 
1 - 3
Director's Report
 
4 - 5
Director's Responsibilities Statement
 
6
Independent Auditors' Report
 
7 - 10
Statement of Comprehensive Income
 
11
Statement of Financial Position
 
12
Statement of Changes in Equity
 
13 - 14
Notes to the Financial Statements
 
15 - 29



MURRAY (PLYMOUTH) LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

INTRODUCTION
 
Murray (Plymouth) Ltd has pleasure in presenting its accounts for the year ended 31 December 2023.
 

BUSINESS REVIEW
 
The principal activity of the Company is trading as a motor dealer in Southwest of England.
The company has been trading now for 23 years established in 2001.
 
During the year the Group predominantly operated in the following Motor retail sectors:
Brand      Locations
Volkswagen Passenger Cars   Plymouth and Newton Abbot
Skoda      Plymouth and Newton Abbot 
VWG Trade Parts Specialists  Plymouth/Devon
Kia                 Plymouth 
Hyundai               Plymouth
MG                Plymouth
Mitsubishi               Plymouth
The Managing Director is happy with the reported turnover figure for 2023 of £79m. 
The previous 3 years company turnover figures are highlighted below:
31 December 2022 £71m
31 December 2021 £68m
31 December 2020 £57m
2023 has seen an increase in turnover for the business of 11%. Vehicle sales volumes remained consistent in the year around circa 3,000 as the reduction in used volume was picked up by the increase in supply for new vehicles. Overall, in used there was a 13% or £457k decrease in gross profit due to the reduction in volume as well as the profitability per unit achievable.
Sales of retail new car volumes increased by 16% in 2023. Which in turn represents an increase of 28% in retail new vehicle turnover due to the change of products within the range offered now moving heavily towards SUV and Electric vehicles. The average sale price of new cars due to this change in vehicle profile is £24,000 pre-VAT compared with the average in 2022 of £21,500. However, at this stage the demand for electric vehicles has seen a more recent decline as UK policy to phase out ICE (Internal Combustion Engine) vehicles has been delayed until post 2030. More models will be launched next year in 2025 which will see the increase of Electric vehicles in the UK market again along with the continuous investment in electric charging infrastructure in the UK to support this growth.
 
After-sales turnover performance has remained consistently strong with an increase of 10% across the Group. Continuous growth in aftersales for the VW & Skoda brands remains strong and again so far in 2023 up again by another 10% on 2023 sales year to date April 2023. Cost of labour (staff) has been a challenge in 2023 with an average increase in technician wages of 20% during the year.
The Group reported profit after tax of £773k for 2023 which was a decrease of £227k from the prior year. However, throughout the whole period our Ivybridge site was unoccupied creating an £100k loss to the Group. Post year end it has been re-opened with a wheel repair centre as well as representing a new franchise. Therefore, we believe the site will return to a breakeven position for 2024. 
The company also felt the effects of the increased interest rates within the year, leading to an increase of interest payable in the year of £253k. The group have put policies in place around overage stock and demonstrator funding in 2024 to mitigate the high interest rates and give us cost savings against the prior year. Given the above reasoning we expect the group to return to healthy profits of circa £1m in 2024. 

Page 1


MURRAY (PLYMOUTH) LIMITED


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
 
The principal risks to the company are:
Maintaining the brand franchises at each of the 4 franchise sites for the Murray Group and 3 franchises in the Group from Rodgers of Plymouth. Throughout 2023 the company continues to have extremely strong long-term manufacturer relationships. The business has a strong and loyal customer base within the local area and this can be evidenced by the continued high level customer satisfaction scores. The lengthy experience of the Management team ensures the company can make decisions promptly where required within the retail market.
The retail automotive market in which the business operates is highly competitive. Constant pressure on margins due to increased costs within the market and customers affordability mean the business is constantly reviewing its pricing to ensure it has a competitive edge in the market.

FINANCIAL RISK MANAGEMENT

Credit risk
Credit risk is managed by closely controlling trading activity and regularly monitoring counterparty positions. The Director does not see this is a significant risk.
Foreign exchange risk
The Company’s activities are carried out in pound sterling and thus the Directors do not see this as a significant risk.
Interest rate risk
The Company holds stocking loans as well as loans for consignment stock and is therefore exposed to interest rate fluctations. However consignment stock loans only incurr interest after 90 days and therefore the Directors do not see this as a significant risk.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Company mitigates risk through daily monitoring of the bank balances as well as weekly production of management reports which show business activity levels including future sales orders and specifically close monitoring of stock levels. We also have excellent relationships with our funders.

Page 2


MURRAY (PLYMOUTH) LIMITED


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

FINANCIAL KEY PERFORMANCE INDICATORS
 
The financial key performance indicators are, Turnover as indicated above.
Profitability
Net profitability before tax for the company in 2023 was £981k. A summary of the previous 3 years profit before tax is shown below:
31 December 2022 £1,222k
31 December 2021 £1,878k
31 December 2020 £1,237k

Assets and balance sheet
As of 31 December 2023, the Balance Sheet stands at £3.7m
Stock levels
Stock levels as of 31 December 2023 are £8.7m. This compares to a level of £9.3m for the previous year. 
Stock items are subject to stringent policies of depreciation and provisioning and hence the Group Managing Director feels that all stock items reflect their true value to the business as at the Balance Sheet date.
The Director has reviewed the forecasts for the next 18 months from the April 2024 performance and believe the company is a going concern.




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



Mr K Murray
Director

Date: 8 July 2024

Page 3


MURRAY (PLYMOUTH) LIMITED

 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

The principal activity of the Company is trading as a motor dealer in South West of England.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £773,107 (2022: £999,658).

Dividends have been declared in the year amounting to £360,000 (2022: £300,000).
Following the year end, dividends of £120,000 were declared.

DIRECTOR

The director who served during the year was:

Mr K Murray 

FUTURE DEVELOPMENTS

The director aims to maintain the management policies which have resulted in the Company's substantial growth in recent years. Recent supply chain and other economic issues have impacted the industry and have presented a number of challenges. However, in the longer term, the directors is confident that the Company will  achieve further growth in sales from continuing operations.

DISCLOSURE OF INFORMATION TO AUDITORS

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

he 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.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 4


MURRAY (PLYMOUTH) LIMITED
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
This report was approved by the board and signed on its behalf.
 






Mr K Murray
Director

Date: 8 July 2024

44 Millbay Road
Plymouth
Devon
PL1 3FQ

Page 5


MURRAY (PLYMOUTH) LIMITED

 
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 6


MURRAY (PLYMOUTH) LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MURRAY (PLYMOUTH) LIMITED
OPINION


We have audited the financial statements of Murray (Plymouth) Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, 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 31 December 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


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


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


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The director is 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.


We have nothing to report in this regard.


Page 7


MURRAY (PLYMOUTH) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MURRAY (PLYMOUTH) LIMITED (CONTINUED)

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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's 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 Director's 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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Director's Responsibilities Statement set out on page 6, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines 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 director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 8


MURRAY (PLYMOUTH) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MURRAY (PLYMOUTH) LIMITED (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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
• the nature of the sector, control environment and the Company’s performance;
• results of our enquiries of management and the Director, about his own identification and assessment of   the risks of irregularities;
• any matters we identified having obtained and reviewed the Company’s documentation of their policies    and procedures relating to: identifying, evaluating and complying with laws and regulations and whether   they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and    whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established   to mitigate risks of fraud or non-compliance with laws and regulations;
• the matters discussed among the audit engagement team regarding how and where fraud might occur in   the financial statements and any potential indicators of fraud. As a result of these procedures, we     considered the opportunities and incentives that may exist within the organisation for fraud, which included  incorrect recognition of revenue, management override of controls using manual journal entries, and    identified the greatest potential for fraud as incorrect recognition of revenue and management override    using manual journal entries.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, FRS 102 and tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included brand standards, consumer credit regulations, occupational health and safety regulations, and employment legislation.
Our procedures to respond to risks identified included the following:
• reviewing the financial statement disclosures and testing to supporting documentation to assess     compliance with provisions of relevant laws and regulations described as having a direct effect on the    financial statements; 
• reviewing the financial statement disclosures and testing to supporting documentation to assess the    recognition of revenue;
• enquiring of the Director and management concerning actual and potential litigation and claims;
• performing procedures to confirm material compliance with the requirements of the above regulations;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate    risks of material misstatement due to fraud;
• reading minutes of director meetings; and
• in addressing the risk of fraud through management override of controls, testing the appropriateness of    journal entries and other adjustments; and assessing whether the judgements made in making accounting  estimates are indicative of a potential bias.
 
Page 9


MURRAY (PLYMOUTH) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MURRAY (PLYMOUTH) LIMITED (CONTINUED)


We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.


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.






Fleur Lewis FCA (Senior Statutory Auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
2nd Floor Stratus House
Emperor Way
Exeter Business Park
Exeter
EX1 3QS

10 July 2024
Page 10


MURRAY (PLYMOUTH) LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
78,560,081
70,765,257

Cost of sales
  
(74,442,584)
(66,814,040)

GROSS PROFIT
  
4,117,497
3,951,217

Administrative expenses
  
(2,671,670)
(2,608,192)

Other operating income
 5 
152,062
242,982

OPERATING PROFIT
 6 
1,597,889
1,586,007

Interest payable and similar expenses
 9 
(616,930)
(364,172)

PROFIT BEFORE TAX
  
980,959
1,221,835

Tax on profit
 10 
(207,852)
(222,177)

PROFIT FOR THE FINANCIAL YEAR
  
773,107
999,658

OTHER COMPREHENSIVE INCOME FOR THE YEAR
  

  

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
773,107
999,658

The notes on pages 15 to 29 form part of these financial statements.

Page 11


MURRAY (PLYMOUTH) LIMITED
REGISTERED NUMBER:04172342

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 12 
655,527
775,808

Investments
 13 
3,400,678
3,400,679

  
4,056,205
4,176,487

CURRENT ASSETS
  

Stocks
 14 
8,778,049
9,336,149

Debtors: amounts falling due within one year
 15 
2,759,146
2,237,385

Cash at bank and in hand
 16 
671,779
961,421

  
12,208,974
12,534,955

Creditors: amounts falling due within one year
 17 
(10,984,909)
(11,572,080)

NET CURRENT ASSETS
  
 
 
1,224,065
 
 
962,875

TOTAL ASSETS LESS CURRENT LIABILITIES
  
5,280,270
5,139,362

Creditors: amounts falling due after more than one year
 18 
(1,537,499)
(1,767,918)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 20 
(75,873)
(117,653)

  
 
 
(75,873)
 
 
(117,653)

NET ASSETS
  
3,666,898
3,253,791


CAPITAL AND RESERVES
  

Called up share capital 
 21 
75,000
75,000

Profit and loss account
 22 
3,591,898
3,178,791

  
3,666,898
3,253,791


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





Mr K Murray
Director

Date: 8 July 2024

Page 12


MURRAY (PLYMOUTH) LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
75,000
3,178,791
3,253,791


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year

-
773,107
773,107

Dividends: Equity capital
-
(360,000)
(360,000)


TOTAL TRANSACTIONS WITH OWNERS
-
(360,000)
(360,000)


AT 31 DECEMBER 2023
75,000
3,591,898
3,666,898


The notes on pages 15 to 29 form part of these financial statements.

Page 13


MURRAY (PLYMOUTH) LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
75,000
2,479,133
2,554,133


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year

-
999,658
999,658

Dividends: Equity capital
-
(300,000)
(300,000)


TOTAL TRANSACTIONS WITH OWNERS
-
(300,000)
(300,000)


AT 31 DECEMBER 2022
75,000
3,178,791
3,253,791


The notes on pages 15 to 29 form part of these financial statements.

Page 14


MURRAY (PLYMOUTH) LIMITED

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

1.


GENERAL INFORMATION

Murray (Plymouth) Limited is a private company, limited by shares, incorporated in England, United Kingdom. The address of its registered office is 44 Millbay Road, Plymouth, Devon, PL1 3FQ.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv);
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.

This information is included in the consolidated financial statements of Murray Holdings (SW) Limited as at 31 December 2023 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

 
2.3

GOING CONCERN

After reviewing the Company’s forecasts and projections, which cover at least a 12-month period from the date of signing the financial statements, the directors have a reasonable expectation that
the Company has adequate resources to continue in operational existence for the foreseeable future.
These forecasts and projections have considered a downside scenario in sales levels; however, management have also identified mitigating actions that could be taken to ensure that the Company has sufficient funds to meet liabilities as they fall due over the next 12 months. 
The Company therefore continues to adopt the going concern basis in preparing its financial statements.

Page 15


MURRAY (PLYMOUTH) LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.4

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.5

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 16


MURRAY (PLYMOUTH) LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.6

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.

Depreciation is charged so as to allocate the cost of assets less their residual value of their estimated useful lives, using the straight line method. 

Depreciation is provided on the following basis:

Short-term leasehold property
-
10% straight line
Plant and machinery
-
10% - 40% straight line

 
2.7

OPERATING LEASES: LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.8

OPERATING LEASES: THE COMPANY AS LESSOR

Rental income from operating leases is credited to profit or loss on a straight line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.9

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment. 

 
2.10

STOCKS

Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
At each reporting 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. 

 
2.11

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 
2.12

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 17


MURRAY (PLYMOUTH) LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.13

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

FINANCE COSTS

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.16

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.

 
2.17

PENSIONS

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.18

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 18


MURRAY (PLYMOUTH) LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.19

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However the nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had the most significant effect on amounts recognised in the financial statements.
Stock write down provisions:
Included in the financial statements are provisions against used car stock to align the book value to the net realisable value. These provisions are created by used car managers based on their assumptions of the local market with consideration also given to national used car values supplied by VW (UK) Limited.
Consignment stock:
The company reviews the terms and conditions governing the purchase of new vehicle stocks on a supplier by supplier basis. Where the director judges that risk and reward have transferred, the company recognises the associated stock and creditor balances. Indicators that the company bears the risks and reward of ownership include:
 
the company is exposed to asset price risk since the transfer price from supplier to company is fixed;
the company has a right to use the inventory in its business;
the company is compelled to retain the inventory or is unable to return it after a fixed period of time; or
the company is paying the manufacturer a finance charge for the deemed cost of financing inventory.
 

Page 19


MURRAY (PLYMOUTH) LIMITED

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

4.


TURNOVER

The whole of the turnover is attributable to the sale and servicing of new and used motor vehicles as a Volkswagen and Skoda retailer.

All turnover arose within the United Kingdom.


5.


OTHER OPERATING INCOME

2023
2022
£
£

Other operating income
152,062
242,982

152,062
242,982



6.


OPERATING PROFIT

The operating profit is stated after charging:

2023
2022
£
£

Depreciation on tangible fixed assets
293,380
321,897

Other operating lease rentals
478,836
487,900

Defined contribution pension cost
96,342
95,084


7.


AUDITORS' REMUNERATION

2023
2022
£
£


Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements
17,400
16,400


The Company has taken advantage of the exemption not to disclose amounts paid for non audit services as these are disclosed in the group accounts of the parent Company.

Page 20


MURRAY (PLYMOUTH) LIMITED

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

8.


EMPLOYEES

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
3,933,806
3,900,141

Social security costs
462,984
487,437

Cost of defined contribution scheme
96,342
95,084

4,493,132
4,482,662


Senior Employees who have authority and responsibility for planning, directing, and controlling activities of the entity are considered to be key management personnel. Total costs incurred in respect of these individuals is £173,502 (2022: £463,646). During the year the Group recategorised those considered to
be key management personnel and the 2023 balance disclosed reflects this.
During the year director's remuneration of £Nil (2022: £Nil) was paid on behalf of the parent company.

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


        2023
        2022
            No.
            No.







Production staff
132
142



Administrative staff
36
38

168
180


9.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
£
£


Bank interest payable
-
92

Other loan interest payable
616,844
364,080

Other interest payable
86
-

616,930
364,172

Page 21


MURRAY (PLYMOUTH) LIMITED

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

10.


TAXATION


2023
2022
£
£

CORPORATION TAX


Current tax on profits for the year
264,594
247,721

Adjustments in respect of previous periods
(14,962)
-


249,632
247,721


TOTAL CURRENT TAX
249,632
247,721

DEFERRED TAX


Origination and reversal of timing differences
(41,780)
(25,544)

TOTAL DEFERRED TAX
(41,780)
(25,544)


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
207,852
222,177

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 23.52% (2022: 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
980,959
1,221,835


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022: 19%)
230,747
232,149

EFFECTS OF:


Expenses not deductible for tax purposes
32
-

Capital allowances for year in excess of depreciation
605
712

Group relief claimed
(6,098)
(4,554)

Prior year adjustment in respect of enquiry
(14,962)
-

Deferred tax movement
(2,472)
(6,130)

TOTAL TAX CHARGE FOR THE YEAR
207,852
222,177

Page 22


MURRAY (PLYMOUTH) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.TAXATION (CONTINUED)


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

Legislation has been substantively enacted which will increase the main rate of corporation tax from 19% to 25% from 1 April 2023. This increase has been reflected in the calculation of the companies deferred tax assets and liabilities. 
Following the balance sheet date legislation has been proposed to reverse the corporation tax increase. However this has not been substantively enacted prior to the balance sheet date. 


11.


DIVIDENDS AND OTHER DISTRIBUTIONS

2023
2022
£
£



Dividends paid on equity capital
360,000
300,000

360,000
300,000


12.


TANGIBLE FIXED ASSETS





Short-term leasehold property
Plant and machinery
Total

£
£
£



COST OR VALUATION


At 1 January 2023
1,759,706
1,662,648
3,422,354


Additions
-
185,994
185,994


Disposals
-
(16,378)
(16,378)



At 31 December 2023
1,759,706
1,832,264
3,591,970



DEPRECIATION


At 1 January 2023
1,448,343
1,198,203
2,646,546


Charge for the year on owned assets
123,472
169,908
293,380


Disposals
-
(3,483)
(3,483)



At 31 December 2023
1,571,815
1,364,628
2,936,443



NET BOOK VALUE



At 31 December 2023
187,891
467,636
655,527



At 31 December 2022
311,363
464,445
775,808

Page 23


MURRAY (PLYMOUTH) LIMITED

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

13.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



COST OR VALUATION


At 1 January 2023
3,400,679


Disposals
(1)



At 31 December 2023
3,400,678





SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Holding

Murray Plymouth TPS (Devon) LTD
44 Millbay Road, Plymouth, Devon, PL1 3FQ.
Purchase and sale of VW and Skoda parts
100%
Rodgers of Plymouth Limited
Brixton Road Garage Chittleburn Hill, Brixton, Plymouth, PL8 2BL
The sale and servicing of motor vehicles
100%


14.


STOCKS

2023
2022
£
£

Consignment stock
1,697,532
3,005,120

Finished goods and goods for resale
7,080,517
6,331,029

8,778,049
9,336,149


Included within stock is consignment stock amounting to £1,697,532 (2022: £3,005,120) and stocks financed under other loans amounting to £6,312,250 (2022: £5,762,994).
The company reviews the terms and conditions governing the purchase of new vehicle stocks on a supplier by supplier basis. Where the director judges that risk and reward have transferred, the company recognises the associated stock and creditor balances.

Page 24


MURRAY (PLYMOUTH) LIMITED

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

15.


DEBTORS

As restated
2023
2022
£
£


Trade debtors
818,783
547,028

Amounts owed by group undertakings
1,186,173
1,068,385

Other debtors
445,157
394,478

Prepayments and accrued income
309,033
227,494

2,759,146
2,237,385


Amounts owed by group undertakings have been restated in the prior year to show net balances due to individual entities.


16.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
671,779
961,421

671,779
961,421


Page 25


MURRAY (PLYMOUTH) LIMITED

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

17.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

As restated
2023
2022
£
£

Bank loans
-
70,357

Other loans
8,181,615
8,938,946

Trade creditors
1,335,359
1,179,974

Amounts owed to group undertakings
209,353
292,586

Corporation tax
37,152
22,163

Other taxation and social security
441,765
144,352

Other creditors
258,808
233,520

Accruals and deferred income
520,857
690,182

10,984,909
11,572,080


Secured loans
The Company's overdraft is secured by a fixed and floating charge over the Company's assets. The vehicle stocking loans are secured against the individual assets to which they relate.
Bank loans were made up of three loans for the development of dealerships; this loan was secured on the Group freehold property owned by Murray Enterprises Limited, and has been paid off in full in the year. Further details are included in note 19.
Hire purchase liabilities are secured against the assets in which they relate.
Amounts owed by group undertakings have been restated in the prior year to show net balances due to individual entities.


18.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
-
59,584

Other loans
1,537,499
1,708,334

1,537,499
1,767,918


Page 26


MURRAY (PLYMOUTH) LIMITED

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

19.


LOANS


Analysis of the maturity of loans is given below:


2023
2022
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
-
70,357

Other loans
8,181,615
8,938,946


8,181,615
9,009,303

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
-
59,584

Other loans
170,833
170,833


170,833
230,417

AMOUNTS FALLING DUE 2-5 YEARS

Other loans
683,333
683,333


683,333
683,333

AMOUNTS FALLING DUE AFTER MORE THAN 5 YEARS

Other loans
683,333
854,168

683,333
854,168

9,719,114
10,777,221


The bank loan balances are made up of three loans as follows:
There were two loans outstanding as at 31 December 2022 totalling £129,941. These have been paid off in full in the financial year and therefore there are no bank loans outstanding at the year end. 
Other loans are compiled of £1,708,333 (2022: £2,009,108) for the acquisition of Rodgers of Plymouth in 2021 and £8,010,781 (2022: £8,768,113) relating to vehicle funding. These loans are secured by a general charge over all assets of the company. 

Page 27


MURRAY (PLYMOUTH) LIMITED

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

20.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
(117,653)
(143,197)


Charged to profit or loss
41,780
25,544



AT END OF YEAR
(75,873)
(117,653)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(75,873)
(117,653)

(75,873)
(117,653)


21.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



75,000 (2022: 75,000) Ordinary shares of £1.00 each
75,000
75,000



22.


RESERVES

Profit and loss account

Includes all current and prior period retained profits and losses.


23.


PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the company in an independently administered fund. The pension cost charge
represents contributions payable by the company to the fund and amounted to £96,342 (2022: £95,084).
Contributions totalling £19,691 (2022: £18,483) were payable to the fund at the balance sheet date and are included in creditors.

Page 28


MURRAY (PLYMOUTH) LIMITED

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

24.


COMMITMENTS UNDER OPERATING LEASES

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
504,909
501,336

Later than 1 year and not later than 5 years
1,282,600
1,667,503

Later than 5 years
10,000
137,500

1,797,509
2,306,339


25.


RELATED PARTY TRANSACTIONS

As a wholly owned subsidiary undertaking of Murray Holdings (SW) Limited, the company has taken
advantage of the exemption in FRS102 in not disclosing intra group transactions where 100% of the voting rights are controlled within the group.
During the year two close family members (2022: one close family member) of a director were employed by the company and received remuneration of £18,811 (2022: £14,583).


26.


CONTROLLING PARTY

The company is a wholly owned subsidiary of Murray Holdings (SW) Limited Limited, a company incorporated in England and the ultimate controlling party is Mr K Murray.
The parent undertaking of the largest group to consolidate these financial statements is Murray Holdings (SW) Limited (registered in England & Wales - 06749035), the consolidated accounts of which are available at Companies House, Cardiff.

 
Page 29