FOR THE YEAR ENDED 31 DECEMBER 2023
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RODGERS OF PLYMOUTH LIMITED
COMPANY INFORMATION
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RODGERS OF PLYMOUTH LIMITED
CONTENTS
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RODGERS OF PLYMOUTH LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
Rodgers of 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 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.
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.
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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RODGERS OF PLYMOUTH LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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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.
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)
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. 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.
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.
This report was approved by the board and signed on its behalf.
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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 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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RODGERS OF PLYMOUTH LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RODGERS OF PLYMOUTH LIMITED
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 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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RODGERS OF PLYMOUTH LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RODGERS OF 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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RODGERS OF PLYMOUTH LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RODGERS OF 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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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.
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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RODGERS OF PLYMOUTH LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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RODGERS OF PLYMOUTH LIMITED
REGISTERED NUMBER:01557586
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:
The notes on pages 13 to 28 form part of these financial statements.
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RODGERS OF PLYMOUTH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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RODGERS OF PLYMOUTH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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RODGERS OF PLYMOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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
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:
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.
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.
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RODGERS OF PLYMOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (continued)
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RODGERS OF PLYMOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (continued)
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RODGERS OF PLYMOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (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:
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.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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RODGERS OF PLYMOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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
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RODGERS OF PLYMOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (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.
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RODGERS OF PLYMOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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 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
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RODGERS OF PLYMOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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RODGERS OF PLYMOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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RODGERS OF PLYMOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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RODGERS OF 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.
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RODGERS OF PLYMOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Cost or valuation at 31 December 2023 is as follows:
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RODGERS OF PLYMOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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RODGERS OF PLYMOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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RODGERS OF PLYMOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Revaluation reserve
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 £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.
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RODGERS OF PLYMOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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