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REGISTERED NUMBER: 09808068 (England and Wales)















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: H S Nash
Mrs R C Laws
M A Pearce





REGISTERED OFFICE: Nightingale House
46-48 East Street
Epsom
Surrey
KT17 1HQ





REGISTERED NUMBER: 09808068 (England and Wales)





AUDITORS: Xeinadin Audit Limited
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 4 631,177 408,897
Investments 5 - 714,780
631,177 1,123,677

CURRENT ASSETS
Stocks 284,162 -
Debtors 6 4,540,740 3,352,496
Cash at bank 311,456 13,166
5,136,358 3,365,662
CREDITORS
Amounts falling due within one year 7 4,361,614 2,730,972
NET CURRENT ASSETS 774,744 634,690
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,405,921

1,758,367

CREDITORS
Amounts falling due after more than one year 8 (561,671 ) (750,001 )

PROVISIONS FOR LIABILITIES (6,741 ) -
NET ASSETS 837,509 1,008,366

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 837,409 1,008,266
SHAREHOLDERS' FUNDS 837,509 1,008,366

PAGE AUTOMOTIVE GROUP LIMITED (REGISTERED NUMBER: 09808068)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 August 2024 and were signed on its behalf by:




H S Nash - Director



M A Pearce - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
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. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - Straight line over 5 years, Straight line over 6 years, Straight line over 15 years and Straight line over 30 years
Plant and machinery etc - 25% on reducing balance, 15% on reducing balance, 6.67% on reducing balance, Straight line over 20 years and Straight line over 3 years

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 148 (2022 - 4 ) .

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 64,790 1,826,755 1,891,545
Additions 95,017 215,960 310,977
Reclassification/transfer 60,229 341,811 402,040
At 31 December 2023 220,036 2,384,526 2,604,562
DEPRECIATION
At 1 January 2023 45,864 1,436,784 1,482,648
Charge for year 12,273 94,490 106,763
Reclassification/transfer 51,344 332,630 383,974
At 31 December 2023 109,481 1,863,904 1,973,385
NET BOOK VALUE
At 31 December 2023 110,555 520,622 631,177
At 31 December 2022 18,926 389,971 408,897

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 116,850
At 31 December 2023 116,850
DEPRECIATION
Charge for year 9,738
At 31 December 2023 9,738
NET BOOK VALUE
At 31 December 2023 107,112

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 714,780
Disposals (714,780 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 714,780

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 2,309,790 -
Amounts owed by group undertakings 1,570,807 2,710,400
Other debtors 660,143 531,005
4,540,740 3,241,405

Amounts falling due after more than one year:
Other debtors - 111,091

Aggregate amounts 4,540,740 3,352,496

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 200,000 200,000
Hire purchase contracts (see note 9) 38,950 -
Trade creditors 1,730,285 21,671
Amounts owed to group undertakings - 1,914,202
Taxation and social security 631,922 212,305
Other creditors 1,760,457 382,794
4,361,614 2,730,972

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 383,333 583,334
Hire purchase contracts (see note 9) 61,671 -
Other creditors 116,667 166,667
561,671 750,001

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 38,950 -
Between one and five years 61,671 -
100,621 -

Non-cancellable operating leases
2023 2022
£    £   
Within one year 1,426,163 -
Between one and five years 1,209,047 -
In more than five years 3,280,402 -
5,915,612 -

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 583,333 783,334

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.

Donald Nelson, FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited

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.