Company registration number 02071765 (England and Wales)
J F & E HADWIN LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
J F & E HADWIN LIMITED
COMPANY INFORMATION
Directors
Mr E Hadwin
Mrs A Hadwin
Mr J D Hadwin
Mr T M Hadwin
Secretary
Mrs A Hadwin
Company number
02071765
Registered office
The Garage
Torver
Coniston
LA21 8BJ
Auditor
MHA
Kendal House
Murley Moss Business Village
Oxenholme Road
Kendal
LA9 7RL
J F & E HADWIN LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Profit and loss account
11
Statement of comprehensive income
12
Balance sheet
13
Statement of changes in equity
14
Notes to the financial statements
15 - 28
J F & E HADWIN LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -
The directors present the strategic report and financial statements for the year ended 30 November 2023.
Review of the business
As main Jaguar Land Rover fully franchised dealers at one site and Jaguar Land Rover service centres at the remaining two sites the Group continues to deal in new and used vehicles. We provide servicing and repairs at all sites as well as a spare parts operation. The Group operations are split geographically with two based in Cumbria, namely Torver and Kendal and one based in Settle, North Yorkshire. Each site has its business split into separate business units. - Sales of new units (Kentdale) - Sales of used units - Servicing and repair - Sales of genuine Jaguar Land Rover parts Ribblesdale Motors Limited transferred the business (comprising the assets) as a going concern on 30 September 2023 to J. F. & E Hadwin Limited. All employees of the company were transferred across as part of the agreement. Ribblesdale Motors Limited continues to be a trading name as a division of J. F. & E. Hadwin Limited. The financial statements show a leap in turnover compared with 2022, although volatile the car market continues to look robust and resilient. As the availability of new cars is now at pre-pandemic levels margins will fall. Economic conditions could be more favourable with interest rates at 15 year highs and inflation although falling still appear to be in the midst of a cost of living crisis. Further to a change of government and a small reduction in interest rates recently the ongoing impact of supply challenges and consumer sentiment is suppressing activity and profitability in the market. There are reports that there is improvement in the smaller car market values but the SUV, larger car market is not as favourable. Concerns regarding a rise in fuel duty in the impending budget may also affect buying appetites. Results in the year to 30 November 2024 will be less profitable than enjoyed in the year ended 30 November 2023. |
Our employees have continued to work hard throughout the year to deliver high standards of sales and after care, and our thanks go to them for their continued hard work in such challenging times. The outlook for the new car market continues to be buoyant but as manufacturers strive to meet their new car sales targets the profit margins are tighter. Demand for the Land Rover Defender also continues to be very high and again is a significant factor in our success this year. The used car market has stabilised but although supply has increased it is still not outstripping demand. There are wide ranging price fluctuations within the used car market. Nearly new cars less than 3 years old are seeing values fall because of an increased supply of younger vehicles and manufacturers offering very attractive terms on new product effectively discounting the price point. Automotive marketplace platforms are reporting heavy traffic on their website indicating that the used car market is still very resilient. |
J F & E HADWIN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
Principal risks and uncertainties
As in all businesses, the company is subject to a number of risks, which it seeks to mitigate. The principal risks and areas of uncertainty are as follows:
Franchise agreement
The company relies on the continuation of its franchise agreement with Jaguar Land Rover (JLR) and is dependent upon them for the manufacture and supply of quality new vehicle products. However, J. F. & E. Hadwin Limited has a strong working relationship with Jaguar Land Rover and the directors are confident that JLR will continue to produce competitively priced and high-end quality cars which meet customer expectations. Therefore, the directors consider that this "manufacturers risk" is minimal.
Competition risk
The new and used vehicle market is a competitive one and there is always the risk that customers will look to other suppliers or the internet. This risk is mitigated by building a strong reputation and ensuring that the company remains competitive and meets customer expectations. Customer satisfaction is constantly monitored and measured and we respond accordingly.
Having the right team
Any business is only as good as its team, and we are proud of the fact that we have low staff turnover. We strive to attract and retain the best people to ensure continuity for our customers. We invest heavily in training and communicate openly with staff. As a result, we have loyalty and longevity in our team with many knowledgeable and experienced staff who collaborate closely and have real empathy with our customers.
We are recognised by JLR for our dedication to customer service and the professionalism of our staff following strong performances across sales, service and most importantly customer satisfaction.
Economy
The UK economy is forecast to grow much more slowly than expected in the next 2 years as inflation take longer to fall. This weaker economy has affected consumer confidence in the new and used car market and there is high price volatility. Demand does still seem to be high but profitability not expected to be as high moving forwards.
Covid-19
The effects of the pandemic are now minimal in comparison to the height of the virus. The boosting of used car values in part due to the reduced car registrations through the pandemic has now subsided.
Stock value risk
Like all motor dealers, the company faces the risk that stock may fall in value due to specific industry/marque factors or a general downturn. We are experiencing high price volatility as used car prices did fall dramatically towards the end of 2023, cars were stocked at higher prices and as used car prices realign margins have been impacted.
Key performance indicators
We consider the key performance indicators to judge the business strengths and performance are as follows:
Turnover - £102,500,216 (2022: £79,743,108) Gross profit - 4.97% (2022: 5.90%) Net profit - 2.57% (2022: 4.72%) Return on capital employed - 16.88% (2022: 29.12%) Return on working capital - 17.84% (2022: 29.97%) |
These can be calculated from the information contained within the financial statements. Comparisons can be made with other Jaguar Land Rover dealers by use of manufacturers' composite report.
J F & E HADWIN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
Section 172(1) statement
The Directors of the Company have a legal responsibility under Section 172 of the Companies Act 2006 to conduct ourselves in the most effective manner to promote the group’s success for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
(a) The likely consequences of any decision in the long term
(b) The interests of the company’s employees
(c) The need to foster the company’s business relationships with suppliers, customers and others
(d) The impact of the company’s operations on the community and the environment,
(e) The desirability of the company maintaining a reputation for high standards of business conduct, and
(f) The need to act fairly between members of the company.
Promoting the company's success for its members
J F & E Hadwin Limited was founded in Torver near Coniston as a vehicle repair business in 1961. 61 years later the business consists of one Land Rover retailer, one Jaguar retailer, two Jaguar Land Rover service centres and a vehicle conversion and preparation centre.
Several family members are at the helm of the business and are committed to supporting all your Jaguar or Land Rover needs. From purchasing to servicing, we also have a dedicated team of specially trained staff to assist this.
Together the family have built up an enviable reputation with the philosophy being “we look after customers and their cars” and this philosophy still remains at the heart of the business today.
J F & E HADWIN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
Engagement with key stakeholder groups
Our people
The Directors place a high emphasis on continuing loyalty and longevity within our team. We are fortunate to have many knowledgeable and experienced staff who work closely and demonstrate true empathy to our customers.
We are a responsible employer and the well-being, health and safety of our team members is a primary consideration.
Our customers
As demonstrated, we are an award-winning retailer and now offer nationwide delivery so no matter where you live in the UK, you can feel the benefits of being a J F & E Hadwin Limited customer.
We are continuously striving to improve customer experience and this is paramount in maintaining our good reputation.
Our suppliers
Our success is aligned to that of our manufacturing and finance partners JLR whom we meet with regularly and communicate with our staff openly regarding the direction of the business. JLR use a variety of ways to measure the performance of our dealerships such as balanced scorecards and dealership audits. We engage actively and share best practice to improve the Group’s performance.
The group is regulated under the FCA as it acts as an introducer of business to finance companies.
Community and Environment
The Group actively engages with the local community in which it operates sponsoring various local initiatives and trying to make a positive impact. We offer an apprenticeship programme which creates routes into work for young people.
The Group acts in an environmentally friendly manner and is socially responsible. We recognise that the car industry will play an important part in reducing carbon emissions and we will be led by our manufacturing partner JLR.
Mr E Hadwin
Director
23 August 2024
J F & E HADWIN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
The directors present their annual report and financial statements for the year ended 30 November 2023.
Principal activities
The Company is principally engaged in operating Jaguar and Land Rover franchises and providing related garage services.
Results and dividends
The results for the year are set out on page 11.
Ordinary dividends were paid amounting to £257,201. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr E Hadwin
Mrs A Hadwin
Mr J D Hadwin
Mr T M Hadwin
Financial instruments
The company's operations expose it to a variety of financial risks that include the effects of changes in debt market prices, credit risk, liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and related finance costs. The company does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied.
Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub - committee of the board. The policies set by the board of directors are implemented by the company's finance department.
The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.
J F & E HADWIN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
Future developments
Demand for the JLR product remains high and our new car sales reflect this.
The business currently operates using a franchise model and was due to transition to an agency model at the end of this year however this has been abandoned by JLR in favour of revamping the current arrangement. The changeover to a new model would present challenges so to continue our relationship with Jaguar Land Rover with a tried and trusted way of working is welcomed.
Used vehicle prices continue to be volatile but the price falls experienced in the last quarter of 2023 and early 2024 are not expected to continue as the year progresses. As there is more supply in the less than 3 year old used cars the trading is more difficult but countered by a buoyant older car market
Electric vehicles (EV’s) are currently exposed to higher price volatility and as China become increasingly influential in the EV market downward pressure on the European EV market is expected. As manufacturers look to cut production costs Chinese rivals are expected to gain more market share. The impact of this on our sales is expected to be limited through the strength of the JLR brand.
Currently as a Group we are developing our site at Greenodd and hope to capitalise on the new opportunities this brings and also strengthen our ties with the local community.
The direction of the company and the Group is unchanged, we will continue to be guided by our claim to be the best place to buy your Jaguar or Land Rover.
Auditor
In accordance with the company's articles, a resolution proposing that MHA be reappointed as auditor of the company will be put at a General Meeting.
Energy and carbon report
As the company is the subsidiary in a large group, its emissions, energy consumption and energy efficiency activities are included within the report included in the accounts of the parent entity, Eriann Holdings Ltd.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr E Hadwin
Director
23 August 2024
J F & E HADWIN LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
The directors are responsible for preparing the annual report 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 of the profit or loss of the company 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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
J F & E HADWIN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J F & E HADWIN LIMITED
- 8 -
Opinion
We have audited the financial statements of J F & E Hadwin Limited (the 'company') for the year ended 30 November 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 company's affairs as at 30 November 2023 and of its 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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.
J F & E HADWIN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J F & E HADWIN LIMITED (CONTINUED)
- 9 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 directors' responsibilities statement, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor's report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:
J F & E HADWIN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J F & E HADWIN LIMITED (CONTINUED)
- 10 -
enquiring of management and those charged with governance of any actual and potential litigation and claims;
reviewing the financial statement disclosures and testing of supporting documentation to assess compliance with the relevant laws and regulations. For J F & E Hadwin Limited we consider these to be the Health and Safety Act 1974, FCA regulations and compliance with the UK Companies Act 2006;
assessing whether the judgements made in making accounting estimates are indicative of any potential bias;
auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; and
auditing the risk of fraud in revenue, including through the testing of the cut off of income at the year end and sales transaction testing to ensure revenue is complete in the financial statements and recognised in the correct accounting period.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 an auditor's report 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.
Jenny McCabe FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Kendal, United Kingdom
23 August 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
J F & E HADWIN LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 11 -
2023
2022
Notes
£
£
Turnover
3
102,500,216
79,743,108
Cost of sales
(97,401,963)
(75,041,233)
Gross profit
5,098,253
4,701,875
Administrative expenses
(2,791,582)
(1,825,278)
Other operating income
180,700
224,521
Exceptional item
4
651,501
Operating profit
5
2,487,371
3,752,619
Interest receivable and similar income
9
159,356
28,030
Interest payable and similar expenses
10
(14,441)
(16,005)
Profit before taxation
2,632,286
3,764,644
Tax on profit
11
(619,949)
(129,138)
Profit for the financial year
2,012,337
3,635,506
The profit and loss account has been prepared on the basis that all operations are continuing operations.
J F & E HADWIN LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 12 -
2023
2022
£
£
Profit for the year
2,012,337
3,635,506
Other comprehensive income
-
-
Total comprehensive income for the year
2,012,337
3,635,506
J F & E HADWIN LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
14
795,605
368,798
Current assets
Stocks
15
22,132,100
14,106,710
Debtors
16
6,214,396
8,308,611
Cash at bank and in hand
4,495,247
4,151,223
32,841,743
26,566,544
Creditors: amounts falling due within one year
17
(18,900,538)
(14,046,533)
Net current assets
13,941,205
12,520,011
Total assets less current liabilities
14,736,810
12,888,809
Provisions for liabilities
Deferred tax liability
19
92,865
(92,865)
-
Net assets
14,643,945
12,888,809
Capital and reserves
Called up share capital
21
1,000
1,000
Profit and loss reserves
14,642,945
12,887,809
Total equity
14,643,945
12,888,809
The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
Mr E Hadwin
Mr J D Hadwin
Director
Director
Company registration number 02071765 (England and Wales)
J F & E HADWIN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 December 2021
1,000
11,508,254
11,509,254
Year ended 30 November 2022:
Profit and total comprehensive income
-
3,635,506
3,635,506
Dividends
12
-
(2,255,951)
(2,255,951)
Balance at 30 November 2022
1,000
12,887,809
12,888,809
Year ended 30 November 2023:
Profit and total comprehensive income
-
2,012,337
2,012,337
Dividends
12
-
(257,201)
(257,201)
Balance at 30 November 2023
1,000
14,642,945
14,643,945
J F & E HADWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 15 -
1
Accounting policies
Company information
J F & E Hadwin Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Garage, Torver, Coniston, LA21 8BJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
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 principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: The disclosure requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b), and 12.29A;
Section 26 ‘Share based Payment’: Share based payment arrangements required under FRS 102 paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Eriann Holdings Ltd. These consolidated financial statements are available from its registered office.
J F & E HADWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.2
Going concern
The company has enjoyed another successful years’ trading and strengthened its balance sheet. The limitations on trading both from a Covid 19 and production interruptions due to component shortages in the previous 2 years and part of 2022 have impacted far less this year. true
We have an excellent relationship with our franchisor, Jaguar Land Rover who are committed to working with us as franchisees, their key business partners. The group is relatively small in comparison to others in the JLR network and because of that is better placed to adapt and quickly adjust to realities which present themselves
We are strongly committed to the future of Jaguar Land Rover and intend to take the necessary steps to ensure the company continues to trade profitably . Our internal measures in place to manage the process are outlined as follows:
• Access support measures available and cut costs where necessary.
• Ensure the cash reserves are maintained to a healthy level and monitor the vehicle stock profile constantly to manage effectively.
• As a Group the management team meet regularly and tailor our response to adapt to any new economic and encompassing business circumstances presented.
• Liaise with our banking partners and discuss access to funding should it be required.
• Maintain an online presence and monitor website traffic to communicate successfully with our target market. This is continually developing in response to the increasing popularity of our website.
The UK economy has only shown small growth in the current year and the car industry’s latest figures show the new car market grew by 1.1 per cent in June 2024, breaking the one million mark (for a half year total) in the first half of 2024 for the first time since 2019, however this is still down around 20% compared to pre-covid figures. Although encouraging most relates to fleet sales and private consumer registrations has fallen. While manufacturers continue to offer heavy discounts and finance deposit allowances, profitability on new and nearly new cars is suppressed. The current government may incentivise electric vehicle ownership but this remains to be seen, the engagement of potential customers is not as successful as envisaged by many of the manufacturers.
Some drivers are opting for repairing rather than replacing and keeping cars longer so there is no shortage of after sales work. In summary, the market is stable but showing little growth but fortunately brand loyalty with the Land Rover product continues to be strong and we are not as exposed to falling registrations as other brands.
After considering the impact of the above at Group level, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
J F & E HADWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.3
Turnover
Turnover represents the amounts receivable for goods and services net of VAT and trade discounts, to the extent that the company has a right to consideration arising from the performance of its contractual arrangements. In respect of car sales the company recognises a sale upon delivery of a vehicle.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets - goodwill
Goodwill on the Jaguar franchise has been written off in its entirety due to the uncertainty over future operating results of a new franchise.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
All fixed assets are initially recorded at cost. In the opinion of the directors the market value of land and buildings exceeds the current net book value.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings Short L'hold
10% reducing balance
Assets under construction
Nil
Plant and machinery
10% - 20% straight line
Fixtures, fittings & equipment
20% straight line
Motor vehicles
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 profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
J F & E HADWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises of direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price 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.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
J F & E HADWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 19 -
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.
Derecognition 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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
J F & E HADWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 20 -
Deferred tax
Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more or a right to pay less tax in the future have occurred by the balance sheet date with certain limited exceptions.
Deferred tax is calculated on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.11
Employee benefits
The costs 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.
1.12
Retirement benefits
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
2
Judgements and key sources of estimation uncertainty
In the application of the company’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 provision
Provision has been made against the value of stock where necessary on a line by line and age basis bearing in mind the asset class and the current market conditions for that particular class of asset.
J F & E HADWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 21 -
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Sale of goods and services
102,500,216
79,743,108
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
102,500,216
79,743,108
2023
2022
£
£
Other revenue
Interest income
159,356
28,030
The turnover is attributable to the one principal activity of the company.
4
Exceptional item
2023
2022
£
£
Expenditure
Profit or loss on sale of tangible assets
-
(651,501)
During the prior year, the company disposed of land and buildings to its parent entity, Eriann Holdings Limited. The profit on this disposal is material and non-recurring, therefore has been disclosed as an exceptional item in the year ended 30 November 2022.
5
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
125,541
141,799
6
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
15,700
13,305
J F & E HADWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 22 -
7
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Administrative staff
17
17
Sales/after sales staff
117
111
Total
134
128
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
4,865,643
4,170,132
Social security costs
462,159
409,298
Pension costs
311,092
99,456
5,638,894
4,678,886
8
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
37,090
36,719
Company pension contributions to defined contribution schemes
203,788
3,788
240,878
40,507
9
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
159,356
28,030
10
Interest payable and similar expenses
2023
2022
£
£
Other interest
14,441
16,005
J F & E HADWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 23 -
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
507,793
570,226
Adjustments in respect of prior periods
278
Total current tax
507,793
570,504
Deferred tax
Origination and reversal of timing differences
103,232
(441,366)
Changes in tax rates
8,924
Total deferred tax
112,156
(441,366)
Total tax charge
619,949
129,138
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
2,632,286
3,764,644
Expected tax charge based on the standard rate of corporation tax in the UK of 23.01% (2022: 19.00%)
605,715
715,282
Tax effect of expenses that are not deductible in determining taxable profit
5,955
165
Tax effect of income not taxable in determining taxable profit
(644)
Effect of future change in corporation tax rate
8,923
(105,928)
Permanent capital allowances in excess of depreciation
(7,014)
Under provided in prior years
278
Deferred tax not recognised on consolidation
(473,645)
Taxation charge for the year
619,949
129,138
12
Dividends
2023
2022
£
£
Interim paid
257,201
2,255,951
The recurring post year end monthly dividend payable is £14,287 (2022 - £14,287).
J F & E HADWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 24 -
13
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
150,000
Amortisation and impairment
At 1 December 2022 and 30 November 2023
150,000
Carrying amount
At 30 November 2023
At 30 November 2022
14
Tangible fixed assets
Land and buildings Short L'hold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2022
239,117
717,620
468,644
1,425,381
Additions
427,389
3,861
66,712
497,962
Transfers
169,535
65,777
235,312
At 30 November 2023
239,117
1,314,544
538,282
66,712
2,158,655
Depreciation and impairment
At 1 December 2022
232,429
394,011
430,143
1,056,583
Depreciation charged in the year
668
86,059
27,695
11,119
125,541
Transfers
115,725
65,201
180,926
At 30 November 2023
233,097
595,795
523,039
11,119
1,363,050
Carrying amount
At 30 November 2023
6,020
718,749
15,243
55,593
795,605
At 30 November 2022
6,688
323,609
38,501
368,798
15
Stocks
2023
2022
£
£
Raw materials and consumables
105,032
1,777
Finished goods and goods for resale
22,027,068
14,104,933
22,132,100
14,106,710
J F & E HADWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
15
Stocks
(Continued)
- 25 -
Included within this figure is an impairment loss of £438,796 (2022: £81,172) which was recognised against stock during the year due to slow-moving and obsolete stock.
16
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,755,097
3,758,731
Corporation tax recoverable
34,702
Amounts owed by group undertakings
1,011,362
3,519,727
Other debtors
438,412
Prepayments and accrued income
1,009,525
964,646
6,214,396
8,277,806
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 19)
30,805
Total debtors
6,214,396
8,308,611
17
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Other borrowings
18
1,400,000
1,400,000
Trade creditors
15,664,331
10,921,283
Corporation tax
140,734
351,726
Other taxation and social security
143,045
225,082
Other creditors
416,605
158,063
Accruals and deferred income
1,135,823
990,379
18,900,538
14,046,533
Included within trade creditors is an amount owed to Black Horse Limited of £13,232,603 (2022 - £8,704,494). Both creditors were secured by a fixed and floating charge over the vehicles supplied and the proceeds of the sale thereof.
Other borrowings relate to preference shares.
J F & E HADWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 26 -
18
Loans and overdrafts
2023
2022
£
£
Preference shares
1,400,000
1,400,000
Payable within one year
1,400,000
1,400,000
19
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Accelerated capital allowances
92,865
-
-
28,787
Retirement benefit obligations
-
-
-
2,018
92,865
-
-
30,805
2023
Movements in the year:
£
Asset at 1 December 2022
(30,805)
Charge to profit or loss
112,156
Movement arising from the transfer of trade
11,514
Liability at 30 November 2023
92,865
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
311,092
99,456
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable to the fund. Contributions totalling £25,112 (2022: £20,492) were payable to the fund at the year end.
J F & E HADWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 27 -
21
Share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
250 'A' Ordinary of £1 each
250
250
190 'B' Ordinary of £1 each
190
190
240 'C' Ordinary of £1 each
240
240
20 'D' Ordinary of £1 each
20
20
50 'E' Ordinary of £1 each
50
50
250 'F' Ordinary of £1 each
250
250
1,000
1,000
Share classes A to F rank pari passu in all respects save that the directors can declare a dividend on one class of share and not another class. 'E' ordinary shareholders have no voting rights but their income and distribution rights remain the same as all other share classes.
22
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
3,966
Between two and five years
11,188
15,154
23
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2023
2022
2023
2022
£
£
£
£
Other related parties
999,142
402,976
608,374
616,710
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Key management personnel
387,128
135,082
J F & E HADWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
23
Related party transactions
(Continued)
- 28 -
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Other related parties
404,595
139,472
Other information
The company is a wholly owned subsidiary of Eriann Holdings Ltd and in accordance with paragraph 33.1A of FRS102 is therefore not required to disclose transactions with that company and its fellow subsidiary, Ribblesdale Motors Limited.
24
Ultimate controlling party
Eriann Holdings Ltd is the ultimate controlling party of the Group. No Single individual has control of this company.
Copies of the consolidated financial statements of Eriann Holdings Ltd, which is both the smallest and largest group for which consolidated financial statements are prepared, may be obtained from Eriann Holdings Ltd, The Garage, Torver, Coniston, Cumbria, LA21 8BJ.
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