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REGISTERED NUMBER: 02778594 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

NMC SPORTIF LIMITED

NMC SPORTIF LIMITED (REGISTERED NUMBER: 02778594)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


NMC SPORTIF LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr S Miskin
Mr D C Froude
Mr J J Wilmoth



REGISTERED OFFICE: Park Street
Stocklake
Aylesbury
Buckinghamshire
HP20 1DN



REGISTERED NUMBER: 02778594 (England and Wales)



AUDITORS: Jamesons Limited
Chartered Accountants and Statutory Auditors
Jamesons House
Compton Way
Witney
OX28 3AB



BANKERS: Barclays Bank PLC
Market Square
Witney
Oxfordshire
OX28 7BA

NMC SPORTIF LIMITED (REGISTERED NUMBER: 02778594)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their strategic report for the year ended 31 December 2023.

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

REVIEW OF BUSINESS
The principal activity of the company during the year was that of Franchised Motor Dealerships. The company consists of the sale of new and used vehicles and service and repair of vehicles.

The company's key financial and other performance indicators during the year are as follows:

2023 2022
£ £

Turnover (£) 15,894,541 15,892,799
Gross Profit (%) 9.7 9.1
(Loss)/Profit before tax 158,858 72,653

Sales and Margins

There has been a steady increase in the sales of used vehicles from 2022- 23.However towards the end of the year the used vehicle margin decreased which meant a stock provision was necessary.The new vehicles were still impacted by availability for the first half of the year but has steadily increased as the year progressed.

Overheads

The overheads have reduced slightly due to the change in policies to keep costs to a minimum, without being detrimental to the company.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the business are a continuing need to meet sales targets of vehicles set by the manufacturer considering the new vehicle availability. Future risks involved are taking on new franchises and developing the customer base.

FUTURE DEVELOPMENTS
The company is expanding it's brands by incorporating Fiat, Abarth and Fiat Pro franchises together with Citroen. We will also be expanding our aftersales department to enable us to support the new business we expect from the increased franchises. This is an exciting start to 2024 and we are looking forward to see what next year will bring to the dealership.

ON BEHALF OF THE BOARD:





Mr S Miskin - Director


4 September 2024

NMC SPORTIF LIMITED (REGISTERED NUMBER: 02778594)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

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

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £ 2,500 .

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

Mr S Miskin
Mr D C Froude
Mr J J Wilmoth

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 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;
-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.

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 company'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 company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mr S Miskin - Director


4 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NMC SPORTIF LIMITED

Opinion
We have audited the financial statements of NMC Sportif Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 December 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.

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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 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 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
NMC SPORTIF LIMITED


Matters on which we are required to report by exception
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 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, 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 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 three, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NMC SPORTIF 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non - compliance with laws and regulations was as follows:

-
The engagement partner ensured that the engagement team collectively had appropriate competence, capabilities and
skills to identify or recognise non-compliance with applicable laws and regulation;

-
We identified the laws and regulations applicable to the company through discussion with directors and informed
management and from our commercial knowledge and experience of the industry;


-
We focused on specific laws and regulations which we considered may have a direct material effect on the financial
statements or the operations of the company including Companies Act 2006, taxation legislation, employment
legislation and health and safety legislation;

-
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and reviewing documentation during the audit; and

-
Identified laws and regulations were communicated within the audit team and the team remained alert to instances of
non-compliance during the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

-
Making enquires of management as to where they considered there was susceptibility to fraud, their knowledge of
actual, suspected and alleged fraud; and
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- Reviewed the financial statements and records to identify any unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions;

-
Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of
potential bias; and
- Investigated the rationale behind any significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- Enquiring of management as to actual and potential litigation and claims;
- Agreeing financial statement disclosures to underlying supporting documentation;
- Reviewing correspondence with HMRC and other applicable sources.

There are inherent limitations in our audit procedures described above. The 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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquire of the directors and informed management and the inspection of regulatory and legal correspondence if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation and there is therefore 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.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NMC SPORTIF 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.




Anita Lyon FCA FCCA (Senior Statutory Auditor)
for and on behalf of Jamesons Limited
Chartered Accountants and Statutory Auditors
Jamesons House
Compton Way
Witney
OX28 3AB

4 September 2024

NMC SPORTIF LIMITED (REGISTERED NUMBER: 02778594)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 4 15,894,541 15,892,799

Cost of sales 14,356,028 14,440,853
GROSS PROFIT 1,538,513 1,451,946

Administrative expenses 1,381,298 1,381,712
157,215 70,234

Other operating income - (1,750 )
OPERATING PROFIT 6 157,215 68,484

Interest receivable and similar income 1,643 4,169
PROFIT BEFORE TAXATION 158,858 72,653

Tax on profit 7 39,608 20,427
PROFIT FOR THE FINANCIAL YEAR 119,250 52,226

NMC SPORTIF LIMITED (REGISTERED NUMBER: 02778594)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 119,250 52,226


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 119,250 52,226

NMC SPORTIF LIMITED (REGISTERED NUMBER: 02778594)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 166,079 105,000
166,079 105,000

CURRENT ASSETS
Stocks 11 2,298,221 1,885,212
Debtors 12 649,648 552,026
Cash at bank and in hand 13 125,815 545,759
3,073,684 2,982,997
CREDITORS
Amounts falling due within one year 14 2,305,130 2,287,511
NET CURRENT ASSETS 768,554 695,486
TOTAL ASSETS LESS CURRENT LIABILITIES 934,633 800,486

PROVISIONS FOR LIABILITIES 17 27,222 9,825
NET ASSETS 907,411 790,661

CAPITAL AND RESERVES
Called up share capital 18 200,000 200,000
Revaluation reserve 19 59,290 62,460
Retained earnings 19 648,121 528,201
SHAREHOLDERS' FUNDS 907,411 790,661

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2024 and were signed on its behalf by:





Mr S Miskin - Director


NMC SPORTIF LIMITED (REGISTERED NUMBER: 02778594)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 200,000 480,975 62,460 743,435

Changes in equity
Dividends - (5,000 ) - (5,000 )
Total comprehensive income - 52,226 - 52,226
Balance at 31 December 2022 200,000 528,201 62,460 790,661

Changes in equity
Dividends - (2,500 ) - (2,500 )
Total comprehensive income - 122,420 (3,170 ) 119,250
Balance at 31 December 2023 200,000 648,121 59,290 907,411

NMC SPORTIF LIMITED (REGISTERED NUMBER: 02778594)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (326,835 ) 361,561
Tax paid (27,125 ) (88,545 )
Net cash from operating activities (353,960 ) 273,016

Cash flows from investing activities
Purchase of tangible fixed assets (63,684 ) (1,158 )
Sale of tangible fixed assets 200 1,100
Interest received 1,643 4,169
Net cash from investing activities (61,841 ) 4,111

Cash flows from financing activities
Amount withdrawn by directors (1,643 ) (4,169 )
Equity dividends paid (2,500 ) (5,000 )
Net cash from financing activities (4,143 ) (9,169 )

(Decrease)/increase in cash and cash equivalents (419,944 ) 267,958
Cash and cash equivalents at beginning of
year

2

545,759

277,801

Cash and cash equivalents at end of year 2 125,815 545,759

NMC SPORTIF LIMITED (REGISTERED NUMBER: 02778594)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 158,858 72,653
Depreciation charges 2,605 65,516
Profit on disposal of fixed assets (200 ) (1,100 )
Finance income (1,643 ) (4,169 )
159,620 132,900
Increase in stocks (413,009 ) (110,232 )
(Increase)/decrease in trade and other debtors (95,979 ) 81,646
Increase in trade and other creditors 22,533 257,247
Cash generated from operations (326,835 ) 361,561

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 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 125,815 545,759
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 545,759 277,801


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 545,759 (419,944 ) 125,815
545,759 (419,944 ) 125,815
Total 545,759 (419,944 ) 125,815

NMC SPORTIF LIMITED (REGISTERED NUMBER: 02778594)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. It is considered that there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover
Turnover represents the invoiced value of motor vehicles sold, vehicle servicing to customers, parts sales, forecourt sales and manufacturers bonuses, excluding value added tax.

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance (usually on full payment of the goods). Revenue from the sale of goods is measured at the fair value of the consideration received or receivable, net of returns, trade discounts and volume rebates.

Goodwill
Goodwill represents the excess cost of acquisition over the fair value of the seperable net assets of the business acquired. It is amortised in equal installments over its estimated useful economic life.


Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

NMC SPORTIF LIMITED (REGISTERED NUMBER: 02778594)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over it's expected useful life. The depreciation rates used are as follows:-


Leasehold Improvements 50% straight line and 4% straight line

Plant, Machinery and Equipment 15% straight line and 15% reducing balance

Fixtures and fittings 15% straight line and 15% reducing balance

Motor Vehicles 25% straight line


Stocks
Cost is calculated used the FIFO (first-in, first-out) method.

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 an an impairment loss in the profit or loss. Reversals of impairment losses are also recognised in the profit or loss.

Financial instruments
Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. For the purpose of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.

Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


NMC SPORTIF LIMITED (REGISTERED NUMBER: 02778594)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued
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 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.

4. TURNOVER

Turnover consists of amounts invoiced to UK customers excluding VAT and arises primarily from vehicle sales and service, forecourt sales and manufacturers bonuses.

All turnover arose within the United Kingdom.

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 910,927 851,195
Social security costs 93,232 102,580
Other pension costs 21,304 21,237
1,025,463 975,012

The average number of employees during the year was as follows:
2023 2022

Management & administration 4 12
Sales 7 6
Workshop, stores & others 16 10
27 28

2023 2022
£    £   
Directors' remuneration 54,740 57,492
Directors' pension contributions to money purchase schemes 1,166 -

NMC SPORTIF LIMITED (REGISTERED NUMBER: 02778594)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. EMPLOYEES AND DIRECTORS - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 -

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 2,044 13,820
Depreciation - owned assets 2,605 65,517
Profit on disposal of fixed assets (200 ) (1,100 )
Goodwill amortisation - 1
Auditors' remuneration 20,400 7,900

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 22,211 26,273

Deferred tax 17,397 (5,846 )
Tax on profit 39,608 20,427

NMC SPORTIF LIMITED (REGISTERED NUMBER: 02778594)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 158,858 72,653
Profit multiplied by the standard rate of corporation tax in the UK of 21.880%
(2022 - 19%)

34,758

13,804

Effects of:
Expenses not deductible for tax purposes 26 269
Capital allowances in excess of depreciation (12,573 ) -
Depreciation in excess of capital allowances - 12,200


Deferred tax arising from accelerated capital allowances. 17,397 (5,846 )
Total tax charge 39,608 20,427

8. DIVIDENDS
2023 2022
£    £   
Interim 2,500 5,000

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 90,000
AMORTISATION
At 1 January 2023
and 31 December 2023 90,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

NMC SPORTIF LIMITED (REGISTERED NUMBER: 02778594)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST OR VALUATION
At 1 January 2023 105,000 496,226 26,339
Additions - 49,921 7,600
At 31 December 2023 105,000 546,147 33,939
DEPRECIATION
At 1 January 2023 - 496,226 26,339
Charge for year - 450 1,599
At 31 December 2023 - 496,676 27,938
NET BOOK VALUE
At 31 December 2023 105,000 49,471 6,001
At 31 December 2022 105,000 - -

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 95,853 2,803 726,221
Additions 2,915 3,248 63,684
At 31 December 2023 98,768 6,051 789,905
DEPRECIATION
At 1 January 2023 95,853 2,803 621,221
Charge for year 61 495 2,605
At 31 December 2023 95,914 3,298 623,826
NET BOOK VALUE
At 31 December 2023 2,854 2,753 166,079
At 31 December 2022 - - 105,000

Included in cost or valuation of land and buildings is freehold land of £ 105,000 (2022 - £ 105,000 ) which is not depreciated.

NMC SPORTIF LIMITED (REGISTERED NUMBER: 02778594)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 December 2023 is represented by:

Freehold Short Plant and
property leasehold machinery
£    £    £   

Valuation in 2014 72,500 - -

Cost 32,500 546,147 33,939
105,000 546,147 33,939

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
Valuation in 2010 85,000 - 85,000
Valuation in 2014 - - 72,500
Valuation in 2021 (85,000 ) - (85,000 )
Cost 98,768 6,051 717,405
98,768 6,051 789,905

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 32,500 32,500

11. STOCKS
2023 2022
£    £   
Cars and parts stock 2,297,564 1,884,555
Other stock 657 657
2,298,221 1,885,212

NMC SPORTIF LIMITED (REGISTERED NUMBER: 02778594)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 247,305 204,990
Other debtors 199,127 131,072
Directors' loan accounts 83,812 82,169
Amounts owed by parent and fellow subsidiary
undertakings

100,500

102,000
Prepayments 18,904 31,795
649,648 552,026

13. CASH AT BANK AND IN HAND

Cash at bank and in hand are basic financial assets 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.

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,967,296 1,488,936
Tax 22,766 27,680
Social security and other taxes 19,768 28,746
Other creditors 165,815 672,335
Accrued expenses 129,485 69,814
2,305,130 2,287,511

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 67,405 67,405
Between one and five years 131,195 198,600
198,600 266,005

NMC SPORTIF LIMITED (REGISTERED NUMBER: 02778594)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

16. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
PSA Wholesale Limited 1,896,886 1,946,159

The bank overdraft is secured by a fixed and floating charge over all property and undertakings of the company.

PSA Wholesale Limited debt is secured by way of a fixed and floating charge over all assets of the company.

The bank have a legal charge over the leasehold property being the land at Park Street, Stocklake, Alylesbury.

17. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 27,222 9,825

Deferred
tax
£   
Balance at 1 January 2023 9,825
Movement in year 17,397
Balance at 31 December 2023 27,222

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
200,000 Ordinary £1 200,000 200,000

19. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2023 528,201 62,460 590,661
Profit for the year 119,250 119,250
Dividends (2,500 ) (2,500 )
Deferred tax on revalued
assets 3,170 (3,170 ) -
At 31 December 2023 648,121 59,290 707,411

NMC SPORTIF LIMITED (REGISTERED NUMBER: 02778594)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

20. PENSION COMMITMENTS

The company operates a defined contribution pension scheme and a stakeholder pension scheme. The assets of the schemes are held separately from those of the company in independently administered funds.

The pension cost charge represents contributions payable by the company to the funds and amounted to £21,304 (2022 - £21,237). Contributions are charged to the profit and loss account as paid.

21. ULTIMATE PARENT COMPANY

The ultimate parent company is Wilmoths Holding Limited, a company registered in England and Wales; registered office 90-93 Eastbourne Road, Lower Willingdon, Eastbourne, BN20 9NR.

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors' subsisted during the years ended 31 December 2023 and 31 December 2022:

20232022
££

Balance outstanding at start of year82,17078,000
Amounts advanced1,6434,170
Amounts repaid--
Amounts written off--
Amounts waived--
Balance outstanding at end of the year83,81282,170

The advances were unsecured and repayable on demand.

23. ULTIMATE CONTROLLING PARTY

The controlling party is Mr J J Wilmoth.