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Registered number: 01557586
















RODGERS OF PLYMOUTH LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


































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RODGERS OF PLYMOUTH LIMITED

 
COMPANY INFORMATION


DIRECTOR
Mr K Murray 




COMPANY SECRETARY
Mrs A Willman



REGISTERED NUMBER
01557586



REGISTERED OFFICE
Brixton Road Garage Chittleburn Hill
Brixton

Plymouth

Devon

PL8 2BL




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

2nd Floor Stratus House

Emperor Way

Exeter Business Park

Exeter

EX1 3QS






RODGERS OF PLYMOUTH LIMITED


CONTENTS



Page
Strategic Report
1 - 2
Director's Report
3
Director's Responsibilities Statement
4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10
Statement of Changes in Equity
11 - 12
Notes to the Financial Statements
13 - 28



RODGERS OF PLYMOUTH LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

INTRODUCTION
 
Rodgers of 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 Managing Director is happy with the reported turnover figure for 2023 of £52m. 
The previous 3 years company turnover figures are highlighted below:
31 December 2022 £44m
31 December 2021 £30m
31 December 2020 £22m
In 2023 turnover increased by £8.1m (16%) on the prior year. This increase was due to the business continuing to return to more usual levels post the COVID 19 pandemic. Also, the company is now fully immersed in the Murray Group policies, which has seen significant growth in certain areas over a short period. The director reviews non-financial Key Performance Indicators (KPIs) of sales volumes and targets, return custom and service levels. 

PRINCIPAL RISKS AND UNCERTAINTIES
 
The principal business risks facing the company are competition from other manufacturers and with the continued uncertain economic climate. The company is supported by its four franchise manufacturers and also mitigates this business risk through its proven high level Customer Service Index and loyal customer base. The lengthy experience of the Management team ensures the company can make decisions promptly where required within the retail 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 1


RODGERS OF 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
In 2023 the company recorded a net loss of £37k. This is largely due to a loss of £352k made at our MG dealership in the year, from 1st March 2024 we no longer represent this brand. The rest of the decrease from prior years is due to the large investment put into the business to upgrade IT systems, staff welfare and future proofing the business up to the Murray Group standard. A summary of the previous 3 years Profit is shown below:
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 £205k. 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.
31 December 2022 £143k
31 December 2021 £700k
31 December 2020 £344k
Assets and balance sheet
As of 31 December 2023, the Balance Sheet stands at £3.0m
Stock levels
Stock levels as of 31 December 2023 are £6.6m. This compares to a level of £5.5m 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 on 8 July 2024 and signed on its behalf.



Mr K Murray
Director

Page 2


RODGERS OF 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.

RESULTS AND DIVIDENDS

The loss for the year, after taxation, amounted to £36,911 (2022: profit £143,884).

No dividends have been declared in the year (2022: £Nil)

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. The acquisition and subsequent change in management has presented a number of challenges and impacted the profit in the current year. 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.

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






Mr K Murray
Director

Date: 8 July 2024

Brixton Road Garage Chittleburn Hill
Brixton
Plymouth
Devon
PL8 2BL

Page 3


RODGERS OF 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;


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 4


RODGERS OF PLYMOUTH LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RODGERS OF PLYMOUTH LIMITED
OPINION


We have audited the financial statements of Rodgers of 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 loss 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 ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5


RODGERS OF PLYMOUTH LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RODGERS OF 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 4, 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 6


RODGERS OF PLYMOUTH LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RODGERS OF 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 7


RODGERS OF PLYMOUTH LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RODGERS OF 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 8


RODGERS OF PLYMOUTH LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
52,049,111
44,113,718

Cost of sales
  
(50,735,400)
(42,618,543)

Gross profit
  
1,313,711
1,495,175

Administrative expenses
  
(1,000,069)
(1,186,513)

Other operating income
 5 
83,936
107,223

Operating profit
 6 
397,578
415,885

Interest payable and similar expenses
 9 
(437,664)
(233,000)

(Loss)/profit before tax
  
(40,086)
182,885

Tax on (loss)/profit
 10 
3,175
(39,001)

(Loss)/profit for the financial year
  
(36,911)
143,884

Other comprehensive income for the year
  

Total comprehensive income for the year
  
(36,911)
143,884

The notes on pages 13 to 28 form part of these financial statements.

Page 9


RODGERS OF PLYMOUTH LIMITED
REGISTERED NUMBER:01557586

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
2,603,398
2,583,074

  
2,603,398
2,583,074

Current assets
  

Stocks
 12 
6,564,428
5,463,043

Debtors: amounts falling due within one year
 13 
590,274
652,788

Cash at bank and in hand
 14 
2,025
32,866

  
7,156,727
6,148,697

Creditors: amounts falling due within one year
 15 
(6,726,035)
(5,657,028)

Net current assets
  
 
 
430,692
 
 
491,669

Total assets less current liabilities
  
3,034,090
3,074,743

Provisions for liabilities
  

Deferred tax
 17 
(41,118)
(44,860)

  
 
 
(41,118)
 
 
(44,860)

Net assets
  
2,992,972
3,029,883


Capital and reserves
  

Called up share capital 
 18 
39,996
39,996

Revaluation reserve
 19 
917,580
917,580

Profit and loss account
 19 
2,035,396
2,072,307

  
2,992,972
3,029,883


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

The notes on pages 13 to 28 form part of these financial statements.

Page 10


RODGERS OF PLYMOUTH LIMITED


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


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
39,996
917,580
2,072,307
3,029,883



Loss for the year
-
-
(36,911)
(36,911)


At 31 December 2023
39,996
917,580
2,035,396
2,992,972


The notes on pages 13 to 28 form part of these financial statements.

Page 11


RODGERS OF PLYMOUTH LIMITED


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


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
39,996
917,580
1,928,423
2,885,999



Profit for the year
-
-
143,884
143,884


At 31 December 2022
39,996
917,580
2,072,307
3,029,883


The notes on pages 13 to 28 form part of these financial statements.

Page 12


RODGERS OF PLYMOUTH LIMITED

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

1.


GENERAL INFORMATION

Rodgers of Plymouth Limited is a private company, limited by shares, incorporated in England, United Kingdom. The address of its registered office is Brixton Road Garage Chittleburn Hill, Brixton, Plymouth, PL8 2BL.

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 judgment 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 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 11.42, 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

The Company has prepared forecasts to 31 December 2025.
The director has considered the current levels of working capital, particularly cash and is confident that the Company has sufficient resources to continue to operate for the foreseeable future. In light of this, the director considers it appropriate for the financial statements to be prepared on a going concern basis.

Page 13


RODGERS OF PLYMOUTH LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.4

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.

 
2.5

OPERATING LEASES: LESSEE

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

 
2.6

FINANCE COSTS

Finance costs are charged to profit or loss 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

BORROWING COSTS

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

Page 14


RODGERS OF PLYMOUTH LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.8

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.

 
2.9

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.

 
2.10

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 15


RODGERS OF PLYMOUTH LIMITED

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

2.ACCOUNTING POLICIES (continued)


2.10
TANGIBLE FIXED ASSETS (CONTINUED)

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

Depreciation is provided on the following basis:

Plant and machinery
-
10-40% straight line
Assets under construction
-
Not depreciated until brought into use

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

REVALUATION OF TANGIBLE FIXED ASSETS

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable 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.

 
2.14

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 16


RODGERS OF PLYMOUTH LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.15

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.

 
2.16

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.

 
2.17

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual
Page 17


RODGERS OF PLYMOUTH LIMITED

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

2.ACCOUNTING POLICIES (continued)


2.18
FINANCIAL INSTRUMENTS (CONTINUED)

arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 18


RODGERS OF PLYMOUTH LIMITED

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

3.



JUDGMENTS 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.
Valuation of freehold property: 
Freehold property is held at fair value. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Depreciation of freehold property:
No depreciation is provided on freehold properties. The director considers that the stringent building quality requirements of the vehicle manufacturers, which necessitate significant investment in maintenance and refurbishment, means that the lives of these assets and residual values are such that their depreciation is insignificant. 
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. 
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


4.


TURNOVER

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


2023
2022
£
£

Sale and servicing of motor vehicles
49,205,269
41,492,040

Fuel and shop sales
2,843,842
2,621,678

52,049,111
44,113,718


All turnover arose within the United Kingdom.

Page 19


RODGERS OF PLYMOUTH LIMITED

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

5.


OTHER OPERATING INCOME

2023
2022
£
£

Other operating income
83,936
107,223

83,936
107,223



6.


OPERATING PROFIT

The operating profit is stated after charging:

2023
2022
£
£

Depreciation on tangible fixed assets
73,817
40,087

Other operating lease rentals
48,946
51,543

Defined contribution pension cost
56,023
53,876


7.


AUDITORS' REMUNERATION

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's 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 consolidated accounts of the parent Company.

Page 20


RODGERS OF 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
2,189,506
2,132,539

Social security costs
223,161
203,123

Cost of defined contribution scheme
56,023
53,876

2,468,690
2,389,538


Senior Employees who have authority and responsibility for planning, directing, and controlling activities
of the entity are considered to be key management personnel. Key management personnel are remunerated through other group companies. Total costs incurred by this company in respect of these individuals is £Nil (2022: £Nil).
During the year director's remuneration of £Nil (2022: £Nil) was paid. 

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


        2023
        2022
            No.
            No.







Production staff
77
74



Administrative staff
18
15

95
89


9.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
£
£


Bank interest payable
45
954

Other loan interest payable
437,619
232,046

437,664
233,000

Page 21


RODGERS OF PLYMOUTH LIMITED

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

10.


TAXATION


2023
2022
£
£



Adjustments in respect of previous periods
567
(567)


567
(567)


TOTAL CURRENT TAX
567
(567)

DEFERRED TAX


Origination and reversal of timing differences
(3,742)
39,568

TOTAL DEFERRED TAX
(3,742)
39,568


TAX ON (LOSS)/PROFIT
(3,175)
39,001
Page 22


RODGERS OF PLYMOUTH LIMITED

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


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 23.52% (2022: 19%). The differences are explained below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(40,086)
182,885


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022: 19%)
(9,428)
34,748

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
16
-

Increase in UK and foreign current tax from adjustment for prior periods
(222)
9,496

Tax (decrease)/increase from effect of capital allowances and depreciation
(207)
(9,229)

Group relief surrendered
6,098
4,553

Adjustments to tax charge in respect of prior periods
567
(567)

Rounding
1
-

TOTAL TAX CHARGE FOR THE YEAR
(3,175)
39,001

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.

Page 23


RODGERS OF PLYMOUTH LIMITED

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

11.


TANGIBLE FIXED ASSETS





Freehold property
Plant and machinery
Assets under construction
Total

£
£
£
£



COST OR VALUATION


At 1 January 2023
2,360,000
510,065
-
2,870,065


Additions
-
68,213
25,928
94,141



At 31 December 2023

2,360,000
578,278
25,928
2,964,206



DEPRECIATION


At 1 January 2023
-
286,991
-
286,991


Charge for the year on owned assets
-
73,817
-
73,817



At 31 December 2023

-
360,808
-
360,808



NET BOOK VALUE



At 31 December 2023
2,360,000
217,470
25,928
2,603,398



At 31 December 2022
2,360,000
223,074
-
2,583,074

Cost or valuation at 31 December 2023 is as follows:

Land and buildings
£


AT COST
1,442,420
AT VALUATION:

Revaluation
917,580



2,360,000

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
1,442,420
1,442,420

NET BOOK VALUE
1,442,420
1,442,420

Page 24


RODGERS OF PLYMOUTH LIMITED

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

12.


STOCKS

2023
2022
£
£

Consignment stock
1,701,152
1,426,055

Finished goods and goods for resale
4,863,276
4,036,988

6,564,428
5,463,043


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.


13.


DEBTORS

2023
2022
£
£


Trade debtors
210,057
423,036

Other debtors
264,934
114,788

Prepayments and accrued income
115,283
114,964

590,274
652,788



14.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
2,025
32,866

Less: bank overdrafts
(75,987)
(80,093)

(73,962)
(47,227)


Page 25


RODGERS OF PLYMOUTH LIMITED

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

15.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank overdrafts
75,987
80,093

Other loans
5,252,969
4,147,949

Trade creditors
856,178
1,080,257

Amounts owed to group undertakings
278,315
22,833

Other taxation and social security
69,154
107,893

Other creditors
49,945
22,927

Accruals and deferred income
143,487
195,076

6,726,035
5,657,028



16.


LOANS


Analysis of the maturity of loans is given below:


2023
2022
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Other loans
5,252,969
4,147,949


5,252,969
4,147,949




5,252,969
4,147,949


Other loans of £4,338,053 (2022: £3,229,929) are secured by a general charge over all assets of the company. Interest is charged on these loans at between 5.5% and 6.0%. Repayment is over various terms up to 180 days. 
Bank overdrafts are secured by a fixed charge over book and other debts, goodwill, uncalled capital and intellectual property and a floating charge over all other assets.

Page 26


RODGERS OF PLYMOUTH LIMITED

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

17.


DEFERRED TAXATION




2023


£






At beginning of year
(44,860)


Charged to profit or loss
3,742



AT END OF YEAR
(41,118)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(41,118)
(44,860)

(41,118)
(44,860)


18.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



19,998 (2022: 19,998) 'A' Ordinary shares shares of £1.00 each
19,998
19,998
19,998 (2022: 19,998) 'B' Non voting ordinary shares shares of £1.00 each
19,998
19,998

39,996

39,996



19.


RESERVES

Revaluation reserve

Includes all current and prior period movements on revaluation of tangible fixed assets.

Profit and loss account

Includes all current and prior period retained profits and losses. 


20.


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 £56,023 (2022: £53,876). Contributions totalling £10,115 (2022: £9,895) were payable to the fund at the reporting date and are included in creditors.

Page 27


RODGERS OF PLYMOUTH LIMITED

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

21.


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
58,595
57,595

Later than 1 year and not later than 5 years
5,052
63,647

63,647
121,242


22.


RELATED PARTY TRANSACTIONS

As a wholly owned subsidiary undertaking of Murray (Plymouth) 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.


23.


CONTROLLING PARTY

The company is a wholly owned subsidiary of Murray (Plymouth) 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 28