REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
BOLTON CAR CENTRE LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
BOLTON CAR CENTRE LIMITED |
BOLTON CAR CENTRE LIMITED (REGISTERED NUMBER: 01560396) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
BOLTON CAR CENTRE LIMITED |
COMPANY INFORMATION |
for the Year Ended 31st December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
100 Barbirolli Square |
Manchester |
M2 3BD |
BOLTON CAR CENTRE LIMITED (REGISTERED NUMBER: 01560396) |
BALANCE SHEET |
31st December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
BOLTON CAR CENTRE LIMITED (REGISTERED NUMBER: 01560396) |
BALANCE SHEET - continued |
31st December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
BOLTON CAR CENTRE LIMITED (REGISTERED NUMBER: 01560396) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
In the following accounting policies any references to the profit and loss account refers to the Statement of Comprehensive Income prior to the inclusion of other comprehensive income. |
Going concern |
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and for this reason he continues to adopt the going concern basis in preparing the annual financial statements. |
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. |
Turnover |
Turnover from the sale of goods is recognised in the profit and loss account, net of discounts, when the significant risks and rewards of ownership have been transferred to the buyer. In general this occurs when vehicles or parts have been supplied or when service has been completed. Turnover from services rendered is recognised in the profit and loss account in proportion to the stage of completion of the transaction at the reporting date. The stage of completion is assessed by surveys of work performed or by reference to time expended on services that are charged on labour rate basis. |
Incentives received from manufacturers in respect of target achievements are recognised in the profit and loss account in the period to which the target was achieved. |
BOLTON CAR CENTRE LIMITED (REGISTERED NUMBER: 01560396) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2023 |
1. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. |
Where parts of an item of tangible fixed assets have different useful lives, they are accounted for as separate items of tangible fixed assets, for example land is treated separately from buildings. |
The company assesses at each reporting date whether tangible fixed assets are impaired. |
Depreciation is charged to the profit or loss account so as to write off each asset over the estimated useful lives of each part of an item of tangible fixed assets. Leased assets are depreciated over the shorter of the lease term and their useful lives. Land is not depreciated. The following rates are used: |
Short leasehold improvements | 6.89% Straight line |
Plant and machinery | 33% Reducing balance |
Fixtures and fittings | 33% Reducing balance |
Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since the last annual reporting date. |
Residual value is based on prices prevailing at the date of acquisition or subsequent valuation. Where, because of high estimated residual value, depreciation is immaterial, no depreciation is charged but an annual review for impairment is performed. Both residual values and useful lives are reviewed and adjusted, if appropriate, at each financial year end. |
The carrying amounts of the company's assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of the fixed asset may not be recoverable. If any such indication exists, the asset's recoverable amount is estimated. |
Stocks |
Motor vehicle stocks are stated at the lower of cost and selling price less selling costs. Fair values are assessed using market research data which is based upon recent industry activity. Whilst the data is deemed representative of current values it is possible that ultimate sales values can vary from those applied. |
Consignment vehicles are new unregistered vehicles owned by the manufacturers, mainly located at the company's premises, and insured by the company. New consignment vehicles in respect of which finance charges are levied are regarded as being effectively under the control of the company and are included within stocks on the balance sheet even though legal title has not yet passed to the company. The corresponding liability is included in creditors. |
Parts inventories are based on an average purchase cost principle and are written down to selling price less selling costs by providing for obsolescence on a time in stock based formula approach. |
BOLTON CAR CENTRE LIMITED (REGISTERED NUMBER: 01560396) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2023 |
1. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 that have been enacted or substantively enacted by the balance sheet date. |
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. |
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. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Operating leases |
Rental under operating leases are charged to the profit and loss account on a straight line basis over the lease term. |
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate. |
Related parties |
For the purposes of these financial statements, a party is considered to be related to the Company, if: |
(i) | the party has the ability, directly or indirectly, through one of more intermediaries, to control the Company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the Company; |
(ii) | the Company and the party are subject to common control; |
(iii) | the party is an associate of the Company or a joint venture in which the Company is a venturer; |
(iv) | the party is a member of key management personnel of the Company or the Company's parent or close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals; |
(v) | the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or |
(vi) | the party is a post-employment benefit plan which is for the benefit of employees of the Company or of any entity that is a related party of the Company. |
Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity. |
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. |
BOLTON CAR CENTRE LIMITED (REGISTERED NUMBER: 01560396) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2023 |
1. | ACCOUNTING POLICIES - continued |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand. Any bank overdrafts are shown within current liabilities. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
3. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1st January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
BOLTON CAR CENTRE LIMITED (REGISTERED NUMBER: 01560396) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2023 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
6. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Other loans < 1 year | 386,182 | 909,970 |
Stocking loans amounting to £386,182 (2022: £909,970) are included within other loans. These loans are secured against the vehicle stock which they relate to. |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 14,000 | 14,000 |
8. | RELATED PARTY DISCLOSURES |
During the period the company had the following balance and transactions with a company that is 100% owned by Mr M J Holt and registered in the Isle of Man: |
2023 | 2022 |
£ | £ |
Amounts due to/(from) related party | 214,395 | 48,339 |
Sales | 570,240 | 1,162,161 |
Purchases | (130,995 | ) | (619,978 | ) |
Management charge | (20,000 | ) | (50,000 | ) |
Expenses recharged | 80,317 | 50,344 |
Total | 499,562 | 542,527 |
At the year end, the company owed £70,000 to the parent company, Peakside Limited. The loan is on an interest free basis. |
During the period, the company paid dividends of £70,000 (2022: £475,000). |
At 31 December 2023, the company was owed £433 to its company director and sole shareholder Mr M J Holt (2022 - £14,209 owing from director). |
BOLTON CAR CENTRE LIMITED (REGISTERED NUMBER: 01560396) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2023 |
9. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr M J Holt, director and controlling shareholder of the ultimate parent company, Peakside Limited. |
The parent's company's registered office is 8 St. George's Street, Douglas, Isle of Man, IM1 1AH. |