REGISTERED NUMBER: |
PAGE AUTOMOTIVE GROUP LIMITED |
Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
PAGE AUTOMOTIVE GROUP LIMITED |
Financial Statements for the Year Ended 31 December 2023 |
PAGE AUTOMOTIVE GROUP LIMITED (REGISTERED NUMBER: 09808068) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PAGE AUTOMOTIVE GROUP LIMITED |
Company Information |
for the year ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Nightingale House |
46-48 East Street |
Epsom |
Surrey |
KT17 1HQ |
PAGE AUTOMOTIVE GROUP LIMITED (REGISTERED NUMBER: 09808068) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
PAGE AUTOMOTIVE GROUP LIMITED (REGISTERED NUMBER: 09808068) |
Balance Sheet - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PAGE AUTOMOTIVE GROUP LIMITED (REGISTERED NUMBER: 09808068) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Page Automotive Group Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The financial statements are presented in Sterling which is the functional currency of the company. |
PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS |
The financial statements contain information about Page Automotive Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Automotive Vision Limited, Nightingale House, 46-48 East Street, Epsom, Surrey, KT17 1HQ. |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover in respect of car lease income represents net invoiced sales for car hire, excluding value added tax an revenue is recognised on a straight line basis over the period of hire. |
TANGIBLE FIXED ASSETS |
Land and buildings | - |
Plant and machinery etc | - |
INVESTMENTS IN SUBSIDIARIES |
Investments in subsidiary undertakings are recognised at cost less provisions for impairment. |
STOCKS |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
All labour costs are recognised in the period incurred |
PAGE AUTOMOTIVE GROUP LIMITED (REGISTERED NUMBER: 09808068) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
DEFERRED TAXATION |
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 |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
FINANCIAL INSTRUMENTS |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. |
HIVE ACROSS |
On the 1st January 2023 the trade and assets of Car Assist Ltd, Darracott Ltd, Downton Engineering Ltd, GC South Ltd, Jesty Ltd, Page Hire & Leasing Ltd, Prestige Quality Repair Centre Ltd, Tudor Parts Ltd, Wedd & White Ltd and Wedd & White (Coachworks)Ltd were hived across to Page Automotive Group Limited. |
On the 1st January 2023 the assets of A&J Lawrence Ltd and D.K Autos Ltd were hived across to Page Automotive Group, the trade of A&J Lawrence Ltd and D.K Autos Ltd was hived across on 31st December 2023. |
The comparatives of these accounts therefore reflects only the performance of Page Automotive Group Ltd for the year ended 31st December 2022. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
PAGE AUTOMOTIVE GROUP LIMITED (REGISTERED NUMBER: 09808068) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Reclassification/transfer |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Reclassification/transfer |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
Additions |
At 31 December 2023 |
DEPRECIATION |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
PAGE AUTOMOTIVE GROUP LIMITED (REGISTERED NUMBER: 09808068) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
Disposals | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
The debt factoring liability is secured by a floating charge over the company's assets. The liability at 31st December 2023 amounted to £1,285,201 (2022: £Nil) |
PAGE AUTOMOTIVE GROUP LIMITED (REGISTERED NUMBER: 09808068) |
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 |
Hire purchase contracts (see note 9) |
Other creditors |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The bank loan is secured by fixed and floating charges over the whole of the company's assets. |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
PAGE AUTOMOTIVE GROUP LIMITED (REGISTERED NUMBER: 09808068) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
12. | CONTINGENT LIABILITIES |
After the period end, the company entered into an agreement with a supplier that could result in the repayment of previously recognised supplier discounts totalling £552,011 (2022: £nil), if the minimum spend as per the terms of the agreement is not maintained. |
13. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
During the year ended 31 December 2023 payments totalling £105,645 (2022: £47,500) were paid in respect of consultancy fees to Enodoc Limited, a company owned by M Pearce. |
14. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
15. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling company is Automotive Vision Ltd and the ultimate controlling party is Mr H S Nash. |