FOR THE YEAR ENDED 31 DECEMBER 2023
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MURRAY (PLYMOUTH) LIMITED
COMPANY INFORMATION
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MURRAY (PLYMOUTH) LIMITED
CONTENTS
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MURRAY (PLYMOUTH) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
Murray (Plymouth) Ltd has pleasure in presenting its accounts for the year ended 31 December 2023.
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.
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MURRAY (PLYMOUTH) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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.
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MURRAY (PLYMOUTH) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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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.
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.
The director who served during the year was:
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.
There have been no significant events affecting the Company since the year end.
The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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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.
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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 2006. He 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.
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MURRAY (PLYMOUTH) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MURRAY (PLYMOUTH) LIMITED
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 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 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.
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.
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.
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MURRAY (PLYMOUTH) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MURRAY (PLYMOUTH) LIMITED (CONTINUED)
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.
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.
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MURRAY (PLYMOUTH) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MURRAY (PLYMOUTH) 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 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.
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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.
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
Chartered Accountants
Statutory Auditors
2nd Floor Stratus House
Emperor Way
Exeter Business Park
EX1 3QS
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MURRAY (PLYMOUTH) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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MURRAY (PLYMOUTH) LIMITED
REGISTERED NUMBER:04172342
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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MURRAY (PLYMOUTH) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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MURRAY (PLYMOUTH) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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MURRAY (PLYMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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
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:
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.
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.
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MURRAY (PLYMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (continued)
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.
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MURRAY (PLYMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (continued)
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:
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.
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MURRAY (PLYMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (continued)
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MURRAY (PLYMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (continued)
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:
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MURRAY (PLYMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The whole of the turnover is attributable to the sale and servicing of new and used motor vehicles as a Volkswagen and Skoda retailer.
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MURRAY (PLYMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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MURRAY (PLYMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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MURRAY (PLYMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
10.TAXATION (CONTINUED)
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.
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MURRAY (PLYMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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MURRAY (PLYMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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MURRAY (PLYMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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MURRAY (PLYMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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MURRAY (PLYMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Profit and loss account
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.
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MURRAY (PLYMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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