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REGISTERED NUMBER: 11700797 (England and Wales)














Group Strategic Report,

Report of the Directors and

Audited

Consolidated Financial Statements

For The Year Ended 31st December 2023

for

Bowson Group Limited

Bowson Group Limited (Registered number: 11700797)






Contents of the Consolidated Financial Statements
For The Year Ended 31st December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Statement of Directors' Responsibilities 6

Report of the Independent Auditors 7

Consolidated Statement of Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


Bowson Group Limited

Company Information
For The Year Ended 31st December 2023







DIRECTORS: R Morgan
A Williams
M George
J Morgan





REGISTERED OFFICE: Forest Vale Road
Forest Vale Industrial Estate
Cinderford
Gloucestershire
GL14 2PH





REGISTERED NUMBER: 11700797 (England and Wales)





AUDITORS: Wildin (Auditors) Limited
Kings Buildings
Lydney
Gloucestershire
GL15 5HE

Bowson Group Limited (Registered number: 11700797)

Group Strategic Report
For The Year Ended 31st December 2023

The directors present their strategic report of the company and the group for the year ended 31st December 2023.

The results for the year and the financial position of the Company and Group are as shown in the annexed financial statements.

REVIEW OF BUSINESS
The group's distribution brands are Skoda, M G, and Maxus. This provides a good range of motor cars and also commercial vans.

The group sell to both retail to the general public and makes multi sales to commercial customers.

Bowson Group Limited's sales have increased in the year by 39% (2023 - £25.3; 2022- £18.1m) due to increased sales on electric cars. Due to the high incentives on businesses buying electric cars as fleet cars and general public looking ot save on fuel the sales of electric vehicles has increased across the market in general. The group offer a very good range of electric vehicles and these are pushed by the very experienced sales teams on saving that can be made as well as the adaptations that can be made to each vehicle.

Sales of Skodas increased by 26% when comparing the current sales to prior years ( 2023- £8.6M; 2022 £6.8M).

MG sales continued to improve as people turned to luxury all electric range from MG increasing sales by 68% up on last year ( 2023 £13.8M; 2022 £8.6M). This side of the business is growing steadily as the range of electric vehicles is improving for better customer experience.

Maxus van sales did decrease with sales decreasing by 33% in the period ( 2023- £1.5M; 2022 - £2.4M). The company hope this will increase over the coming years as there are advances in the electric van mileage range and businesses are given bigger tax breaks for purchasing electric vehicles.

The overall net profit before tax for the period was £314K (2022- £562K). At the end of the year the group had net current assets of £2.05M (2022 - £1.68M). The directors have forecast that there are sufficient resources in the group to continue with its current strategy and that the company is set to continue its growth within the sector over the next 12 months as new innovations take off in the electric field.

PRINCIPAL RISKS AND UNCERTAINTIES
The group is susceptible to adverse movements in the general demand for new vehicles although it also sells second hand vehicles and carried out vehicle repairs, including the sales of tyres and other associated products.

Vehicles are imported and their total cost is variable due to the fluctuations in international currency values and the inward transportation and import duty costs. The directors focus is to provide consistently good quality products to retain existing customers, as well as attract new one through positive customer reviews


Bowson Group Limited (Registered number: 11700797)

Group Strategic Report
For The Year Ended 31st December 2023

KEY PERFORMANCE INDICATORS
The motor industry has been hampered during this year by a worldwide shortage of "electronic chips", which has meant that vehicles could not be manufactured in the same quantities are they had been in previously years.

The M G sales have increased well in 2023 and many of the sales are now being made of it's electric vehicles. Maxus van sales have not gone as well in 2023 but orders in hand for 2024 show a good improvement.

During the year, the company reviewed all business through their KPIs. The directors use the following KPIs;


2023 2022





Gross Profit





7.94%





10.54%
This was as expected due
to the slight decrease in
sales on Maxus. This is
expected ot increase in the
current year based on
current orders.




Net profit before tax




1.25%




3.10%
This was slightly lower
than expected as the
general overheads
increased with the rise in
inflation.





Liquidity Ratio





150.89%





167.88%
This decreased as the bank
levels were lower due to
increased costs in
overheads and the
contribution of fall in sales
of Maxus.





Trading Ratio





19.70%





15.02%
This increased as the
company held more stock
at the year end due to
orders on the books for the
new year which were
placed before the year end.


The Directors appreciate the operation of business and the environment in which it trades. This is key to understanding the likely consequences of any long term decisions. There is a clear strategy which ensures the Group continues to sell and deliver quality vehicles in a timely manner, satisfying customer and shareholder needs, amongst other stakeholders. Continually improving efficiencies , operating methods and focusing on sustainability are integral and fundamental parts of the business strategy. This strategy is key to ensuring the Group and the Directors are delivering on their duty of care for the benefit of future generations.

In setting the strategic direction of the Group, Directors also take into account the principal risks facing the business.

The Group have invested a lot in new electric ranges to ensure they remain ahead of the game in the a competitive market, offering good quality new and used vehicles, plus servicing of those vehicles to the local community, while maintaining their reputation as a reliable family business.

ON BEHALF OF THE BOARD:





R Morgan - Director


6th August 2024

Bowson Group Limited (Registered number: 11700797)

Report of the Directors
For The Year Ended 31st December 2023

The directors present their report with the financial statements of the company and the group for the year ended 31st December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the sales and repairs of motor vehicles and vehicle accessories.

DIVIDENDS
The total distribution of dividends for the year ended 31st December 2023 will be £ 140,061 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report.

R Morgan
A Williams
M George
J Morgan

FINANCIAL INSTRUMENTS
The Group uses various financial instruments which include bank, financial institution and stocking loans, cash and various items, such as consignment stock, trade debtors and trade creditors that arise directly from operations. The main purpose of these financial instruments is to raise finance for the group company's operations. Their existence exposes the group to a number of financial risks.

The main risk arising from the groups financial instruments are interest rates risk, liquidity risk and credit risk. The directors review and agree policies for managing each of these risks which are summarised below. These policies have remained unchanged from previous years.

Interest rate risk
The group finances its operations through a mixture of bank and other external borrowings. The group's exposure to interest rate fluctuations on its borrowings is managed by the use of fixed and floating facilities. The balance sheet includes trade debtors and creditors which do not attract interest and are therefore subject to fair value interest rate risk.

The group policy throughout the year has been to achieve its objective of managing interest rate risk through day to day involvement of management in business decisions rather than through setting maximum and minimum levels for the level of fixed interest rate borrowings.

Liquidity risk
The group seeks to manage risk by ensuring sufficient liquidity is available to meet foreseeable needs to invest in cash assets safely and profitably.

The group's policy throughout the year has been to achieve this objective through the day to day involvement of management in business decisions rather than through setting maximum and minimum liquidity ratios.

CREDIT RISK
The group's principle financial assets are cash and trade debtors. The credit risk associated with the cash is limited as the counterparts have high credit ratings. The principle credit risk therefore arises from its trade debtors.

In order to manage credit risk, the directors set credit limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the finance director on a regular basis in conjunction with debt ageing and collection history.


Bowson Group Limited (Registered number: 11700797)

Report of the Directors
For The Year Ended 31st December 2023

PERSONNEL AND EQUAL OPPORTUNITIES
The group is committed to engaging with employees and holds communication meetings with staff to inform them of groups developments and company performance several times a year.

The group is committed to the principal of equal recruitment, training, development and treatment of all employees irrespective of race, ethnic origin, nationality, gender, sexual orientation, religious convictions, disability or age. All the company's policies, practices and procedures relating to recruitment, training, development and promotion are administered equally and in accordance with all applicable laws. Any engagement on progression within the company shall be determined solely by objective standards and personal merit.

Employment of disabled persons
The group gives full and fair consideration to applications for employment by the group made by disabled persons, having regard to their particular aptitudes and abilities. The group would arrange and continue the employment of, and arrange appropriate training for, employees who have become disabled during the year.

Employee involvement
The group holds communication meetings with staff every half year to give them an update on business performance, future plans and changes that have occurred in the year. Members of staff are encouraged to give feedback and suggestions in their quarterly reviews which are then discussed and actioned if deemed appropriate by management.

Future developments
The group have recently built and redeveloped a site the group operates out of, and as such the business is fully focused on the key areas of the business, people development/retention, the customer experience, process improvement and financial performance.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Wildin (Auditors) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R Morgan - Director


6th August 2024

Bowson Group Limited (Registered number: 11700797)

Statement of Directors' Responsibilities
For The Year Ended 31st December 2023

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Report of the Independent Auditors to the Members of
Bowson Group Limited

Opinion
We have audited the financial statements of Bowson Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31st December 2023 and of the group's profit 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 directors' 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 group's and the parent 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Bowson Group Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' 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 Statement of Directors' Responsibilities set out on page six, the directors are 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 directors determine 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 directors are responsible for assessing the group's and the parent 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Bowson Group Limited


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- obtain an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company complying with the legal and regulatory framework;
- inquired of management, those charged with governance, about their own identification and assessment of the risk of irregularities, including any known actual, suspected or alleged instances of fraud;
- inquired of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations by way of data submission report, and whether they are aware of any instances of non-compliance;
- reviewed financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations in direct relation to the company;
- performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
-discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud;

As a result of these procedures, we considered the most significant laws and regulations that have a direct impact on the financial statements are FRS 102 the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing financial statements disclosures, inspecting correspondence with local tax authorities and evaluating advice received from external tax advisors.

The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but, were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business. We tested a sample of revenue transactions recognised either side of the reporting date to determine whether revenue was recorded in the correct period.

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.


Report of the Independent Auditors to the Members of
Bowson Group Limited

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 Report of the Auditors.

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 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 a Report of the Auditors 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.




Graham Michael Wildin FCA, ACCA (Senior Statutory Auditor)
for and on behalf of Wildin (Auditors) Limited
Kings Buildings
Lydney
Gloucestershire
GL15 5HE

6th August 2024

Bowson Group Limited (Registered number: 11700797)

Consolidated
Statement of Comprehensive
Income
For The Year Ended 31st December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 25,223,365 18,121,329

Cost of sales 23,219,398 16,210,834
GROSS PROFIT 2,003,967 1,910,495

Administrative expenses 1,610,988 1,329,404
392,979 581,091

Other operating income - 9,511
OPERATING PROFIT 4 392,979 590,602

Interest receivable and similar income 1,364 5
394,343 590,607

Interest payable and similar expenses 5 79,937 28,028
PROFIT BEFORE TAXATION 314,406 562,579

Tax on profit 6 103,324 107,252
PROFIT FOR THE FINANCIAL YEAR 211,082 455,327

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

211,082

455,327

Profit attributable to:
Owners of the parent 211,082 455,327

Total comprehensive income attributable to:
Owners of the parent 211,082 455,327

Bowson Group Limited (Registered number: 11700797)

Consolidated Balance Sheet
31st December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 852,823 1,194,191
Investments 10 - -
852,823 1,194,191

CURRENT ASSETS
Stocks 11 4,574,783 2,434,686
Debtors 12 458,036 412,877
Cash at bank and in hand 1,046,857 1,318,279
6,079,676 4,165,842
CREDITORS
Amounts falling due within one year 13 4,029,304 2,481,394
NET CURRENT ASSETS 2,050,372 1,684,448
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,903,195

2,878,639

PROVISIONS FOR LIABILITIES 15 58,286 104,753
NET ASSETS 2,844,909 2,773,886

CAPITAL AND RESERVES
Called up share capital 16 10,000 10,000
Retained earnings 17 2,834,909 2,763,886
SHAREHOLDERS' FUNDS 2,844,909 2,773,886

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 6th August 2024 and were signed on its behalf by:





R Morgan - Director


Bowson Group Limited (Registered number: 11700797)

Company Balance Sheet
31st December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 - -
Investments 10 10,101 10,101
10,101 10,101

CURRENT ASSETS
Debtors 12 109,939 -

CREDITORS
Amounts falling due within one year 13 101 101
NET CURRENT ASSETS/(LIABILITIES) 109,838 (101 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

119,939

10,000

CAPITAL AND RESERVES
Called up share capital 16 10,000 10,000
Retained earnings 17 109,939 -
SHAREHOLDERS' FUNDS 119,939 10,000

Company's profit for the financial year 250,000 -

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 6th August 2024 and were signed on its behalf by:





R Morgan - Director


Bowson Group Limited (Registered number: 11700797)

Consolidated Statement of Changes in Equity
For The Year Ended 31st December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st January 2022 10,000 2,339,134 2,349,134

Changes in equity
Dividends - (30,575 ) (30,575 )
Total comprehensive income - 455,327 455,327
Balance at 31st December 2022 10,000 2,763,886 2,773,886

Changes in equity
Dividends - (140,061 ) (140,061 )
Total comprehensive income - 211,082 211,082
Balance at 31st December 2023 10,000 2,834,907 2,844,907

Bowson Group Limited (Registered number: 11700797)

Company Statement of Changes in Equity
For The Year Ended 31st December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st January 2022 10,000 - 10,000

Changes in equity
Balance at 31st December 2022 10,000 - 10,000

Changes in equity
Dividends - (140,061 ) (140,061 )
Total comprehensive income - 250,000 250,000
Balance at 31st December 2023 10,000 109,939 119,939

Bowson Group Limited (Registered number: 11700797)

Consolidated Cash Flow Statement
For The Year Ended 31st December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 21,540 237,021
Interest paid (1,737 ) (2,003 )
Interest element of hire purchase or finance
lease rental payments paid

(78,200

)

(26,025

)
Tax paid (93,193 ) 60,292
Net cash from operating activities (151,590 ) 269,285

Cash flows from investing activities
Purchase of tangible fixed assets (72,527 ) (134,455 )
Sale of tangible fixed assets 251,152 -
Interest received 1,364 5
Net cash from investing activities 179,989 (134,450 )

Cash flows from financing activities
Amount withdrawn by directors (159,760 ) 15,488
Equity dividends paid (140,061 ) (30,575 )
Net cash from financing activities (299,821 ) (15,087 )

(Decrease)/increase in cash and cash equivalents (271,422 ) 119,748
Cash and cash equivalents at beginning of
year

2

1,318,279

1,198,531

Cash and cash equivalents at end of year 2 1,046,857 1,318,279

Bowson Group Limited (Registered number: 11700797)

Notes to the Consolidated Cash Flow Statement
For The Year Ended 31st December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 314,406 562,579
Depreciation charges 97,749 85,986
Loss on disposal of fixed assets 64,993 -
Finance costs 79,937 28,028
Finance income (1,364 ) (5 )
555,721 676,588
(Increase)/decrease in stocks (2,140,097 ) 574,451
Increase in trade and other debtors (45,159 ) (49,084 )
Increase/(decrease) in trade and other creditors 1,651,075 (964,934 )
Cash generated from operations 21,540 237,021

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,046,857 1,318,279
Year ended 31st December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 1,318,279 1,198,531


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 1,318,279 (271,422 ) 1,046,857
1,318,279 (271,422 ) 1,046,857
Debt
Debts falling due within 1 year (78,333 ) 19,999 (58,334 )
(78,333 ) 19,999 (58,334 )
Total 1,239,946 (251,423 ) 988,523

Bowson Group Limited (Registered number: 11700797)

Notes to the Consolidated Financial Statements
For The Year Ended 31st December 2023

1. STATUTORY INFORMATION

Bowson 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principle accounting policies adopted are set out below.

Related party exemption
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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows;

Stock Valuation
Stock valuation is regularly monitored against age profile and market demand. Management use a number of market tools during the appraisal process including Glass' and CAP valuation guides. The directors maintain oversight of ageing stock profiles and a monthly review of any provision required is performed.

Bowson Group Limited (Registered number: 11700797)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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 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;
-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 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.

Commissions receivable
Revenue from the sale of Finance and Insurance products is recognised on the effective commencement of the policy sold.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 2% on cost
Plant and machinery - 25% on reducing balance, 25% on cost and 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of it tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Bowson Group Limited (Registered number: 11700797)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Consignment stock has been included within the company statement of financial position on the grounds that the company considerably bears the risk and rewards of ownership attached to theses vehicles. As such, the consignment stock is considered to be under the control of the company.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling prices less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments
Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecogniton of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.


Bowson Group Limited (Registered number: 11700797)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 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.

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

Retirement benefits
For define contribution schemes the amount charged to profit or loss is the contribution payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

Going concern
The accounts have been prepared on a going concern basis which the directors consider appropriate.

At the year end date the group had net current assets of £2.8m, the directors have considered the ability of the company to continue as a going concern and in doing so have reviewed the future trading forecasts up to December 2025 and the availability of working capital within the business. The forecasts have centred around the cash position and availability and ongoing provision of bank and manufacturer facilities to the company.

The business had performed ahead of budget for 2023. The business maintains a healthy liquidity position as well as continued strong relationship with the manufacturer who offer the company vehicle funding. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Bowson Group Limited (Registered number: 11700797)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2023

2. ACCOUNTING POLICIES - continued

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidence a residual interest in the assets of the company after deducting all of its liabilities.

Basic Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Employee benefits
The cost of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 932,479 821,627
Social security costs 33,856 29,324
Other pension costs 10,887 11,061
977,222 862,012

The average number of employees during the year was as follows:
31.12.23 31.12.22

Administrative and Directors 8 8
Sales & Repairs Staff 19 17
27 25

The average number of employees by undertakings that were proportionately consolidated during the year was 27 (2022 - 25 ) .

31.12.23 31.12.22
£    £   
Directors' remuneration 294,222 249,700

Information regarding the highest paid director is as follows:
31.12.23 31.12.22
£    £   
Emoluments etc 70,000 70,000

Bowson Group Limited (Registered number: 11700797)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2023

4. OPERATING PROFIT

The operating profit is stated after charging:

31.12.23 31.12.22
£    £   
Hire of plant and machinery 9,077 8,154
Depreciation - owned assets 97,750 85,986
Loss on disposal of fixed assets 64,993 -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank loan interest 1,737 2,003
Hire purchase 78,200 26,025
79,937 28,028

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 151,011 93,230
Prior Years & Interest (1,220 ) (93 )
Total current tax 149,791 93,137

Deferred tax (46,467 ) 14,115
Tax on profit 103,324 107,252

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
31.12.23 31.12.22
£    £   
Interim 140,061 30,575

Bowson Group Limited (Registered number: 11700797)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2023

9. TANGIBLE FIXED ASSETS

Group
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1st January 2023 344,410 361,815 201,035
Additions - 17,529 11,966
Disposals - - (3,500 )
At 31st December 2023 344,410 379,344 209,501
DEPRECIATION
At 1st January 2023 58,549 83,667 144,014
Charge for year 6,888 7,334 16,400
Eliminated on disposal - - -
At 31st December 2023 65,437 91,001 160,414
NET BOOK VALUE
At 31st December 2023 278,973 288,343 49,087
At 31st December 2022 285,861 278,148 57,021

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1st January 2023 91,428 851,581 1,850,269
Additions 5,354 37,678 72,527
Disposals - (506,945 ) (510,445 )
At 31st December 2023 96,782 382,314 1,412,351
DEPRECIATION
At 1st January 2023 78,774 291,074 656,078
Charge for year 5,509 61,619 97,750
Eliminated on disposal - (194,300 ) (194,300 )
At 31st December 2023 84,283 158,393 559,528
NET BOOK VALUE
At 31st December 2023 12,499 223,921 852,823
At 31st December 2022 12,654 560,507 1,194,191

Bowson Group Limited (Registered number: 11700797)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2023

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st January 2023
and 31st December 2023 10,101
NET BOOK VALUE
At 31st December 2023 10,101
At 31st December 2022 10,101

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Winner Garage Limited
Registered office: United Kingdom
Nature of business: Vehicle Sale & Repairs
%
Class of shares: holding
Ordinary 100.00

Cinderford M G Limited
Registered office: United Kingdom
Nature of business: Sales & Repair of Motor Vehicles
%
Class of shares: holding
Ordinary 100.00

Maxus Gloucestershire Limited
Registered office: United Kingdom
Nature of business: Sales & Repair of Motor Vehicles
%
Class of shares: holding
Ordinary 100.00


11. STOCKS

Group
31.12.23 31.12.22
£    £   
Stocks 4,574,783 2,434,686

Bowson Group Limited (Registered number: 11700797)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2023

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Trade debtors 271,028 384,727 - -
Amounts owed by group undertakings - - 109,939 -
VAT 143,081 1,360 - -
Prepayments 43,927 26,790 - -
458,036 412,877 109,939 -

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Bank loans and overdrafts (see note 14) 58,334 78,333 - -
Trade creditors 1,942,853 466,698 - -
Tax 151,011 94,413 - -
Social security and other taxes 27,810 31,044 - -
Other creditors 1,690,288 1,132,807 100 100
Directors' current accounts 1,585 161,345 1 1
Accrued expenses 157,423 516,754 - -
4,029,304 2,481,394 101 101

14. LOANS

An analysis of the maturity of loans is given below:

Group
31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 58,334 78,333

15. PROVISIONS FOR LIABILITIES

Group
31.12.23 31.12.22
£    £   
Deferred tax 58,286 104,753

Group
Deferred
tax
£   
Balance at 1st January 2023 104,753
Credit to Statement of Comprehensive Income during year (46,467 )
Balance at 31st December 2023 58,286

Bowson Group Limited (Registered number: 11700797)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2023

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
10,000 Ordinary £1 10,000 10,000

17. RESERVES

Group
Retained
earnings
£   

At 1st January 2023 2,763,888
Profit for the year 211,082
Dividends (140,061 )
At 31st December 2023 2,834,909

Company
Retained
earnings
£   

Profit for the year 250,000
Dividends (140,061 )
At 31st December 2023 109,939


18. ULTIMATE PARENT COMPANY

Bowson Group Limited is regarded by the directors as being the company's ultimate parent company.

The parent company is Bowson Group Ltd. The registered office address is Forest Vale Road, Forest Vale Industrial Estate, Cinderford, Gloucestershire, GL14 2PH.

19. RELATED PARTY DISCLOSURES

During the year, total dividends of £140,061 were paid to the directors .

20. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R Morgan.