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REGISTERED NUMBER: 01716544 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Sidegate Motors Limited

Sidegate Motors Limited (Registered number: 01716544)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


Sidegate Motors Limited (Registered number: 01716544)

Balance Sheet
31 December 2023

2023 2022
Notes £ £
Fixed assets
Tangible assets 5 1,435,005 1,353,312

Current assets
Stocks 1,610,421 1,209,619
Debtors 6 197,754 211,909
Cash at bank and in hand 94,204 7,524
1,902,379 1,429,052
Creditors
Amounts falling due within one year 7 (1,616,724 ) (862,329 )
Net current assets 285,655 566,723
Total assets less current liabilities 1,720,660 1,920,035

Creditors
Amounts falling due after more than one
year

8

(402,406

)

(513,713

)

Provisions for liabilities (97,565 ) (92,934 )
Net assets 1,220,689 1,313,388

Capital and reserves
Called up share capital 15,000 15,000
Revaluation reserve 9 557,899 559,916
Retained earnings 647,790 738,472
1,220,689 1,313,388

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Sidegate Motors Limited (Registered number: 01716544)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:




Mr G Ermini - Director Mrs S M Ermini - Director




Mrs K J Jones - Director


Sidegate Motors Limited (Registered number: 01716544)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. Statutory information

Sidegate Motors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01716544

Registered office: Gapton Hall Road
Gapton Hall Industrial Estate
Great Yarmouth
Norfolk
NR31 0NL

2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements 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. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sidegate Motors Limited (Registered number: 01716544)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. Accounting policies - continued

Tangible fixed assets
Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property - 2% straight line, land is not depreciated.
Plant and machinery etc.- 15% reducing balance or 20% straight line for vehicles.

Inventory
Inventories have been valued at the lower of cost and net estimated selling price, less costs to sell.

Sidegate Motors Limited (Registered number: 01716544)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Sidegate Motors Limited (Registered number: 01716544)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. Employees and directors

The average number of employees during the year was 30 (2022 - 31 ) .

Sidegate Motors Limited (Registered number: 01716544)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


5. Tangible fixed assets
Freehold Plant and
property machinery Totals
£ £ £
Cost
At 1 January 2023 1,227,503 500,250 1,727,753
Additions 9,647 149,949 159,596
Disposals - (30,826 ) (30,826 )
At 31 December 2023 1,237,150 619,373 1,856,523
Depreciation
At 1 January 2023 65,985 308,456 374,441
Charge for year 8,969 46,939 55,908
Eliminated on disposal - (8,831 ) (8,831 )
At 31 December 2023 74,954 346,564 421,518
Net book value
At 31 December 2023 1,162,196 272,809 1,435,005
At 31 December 2022 1,161,518 191,794 1,353,312

Included within land and buildings is freehold land at a valuation of £786,333 which is not depreciated.

6. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 118,079 133,099
Other debtors 79,675 78,810
197,754 211,909

7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 89,832 85,721
Trade creditors 1,199,090 466,199
Taxation and social security 37,329 22,582
Other creditors 290,473 287,827
1,616,724 862,329

Bank loans are secured by way of a debenture as security over the assets of the company.

Included within trade creditors are loan balances secured on specific vehicles totalling £1,001,124 (2022: £299,338).

Sidegate Motors Limited (Registered number: 01716544)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans 402,406 513,713

Bank loans are secured by way of a debenture as security over the assets of the company.

Bank loans are subject to interest charged at market rates.

9. Reserves
Revaluation
reserve
£
At 1 January 2023 559,916
Movement to profit and loss (2,017 )

At 31 December 2023 557,899

During the year the company transferred £2,016 (2022: £2,016) in relation to depreciation from the revaluation reserve to the profit and loss reserve.