Company registration number 06900524 (England and Wales)
BUCKINGHAMSHIRE MAZDA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BUCKINGHAMSHIRE MAZDA LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
BUCKINGHAMSHIRE MAZDA LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
305,768
92,731
Current assets
Stocks
2,688,431
1,623,412
Debtors
4
257,749
153,903
Cash at bank and in hand
72,983
114,390
3,019,163
1,891,705
Creditors: amounts falling due within one year
5
(2,912,304)
(1,451,632)
Net current assets
106,859
440,073
Total assets less current liabilities
412,627
532,804
Creditors: amounts falling due after more than one year
6
(66,377)
(103,690)
Net assets
346,250
429,114
Capital and reserves
Called up share capital
7
206,000
206,000
Profit and loss reserves
140,250
223,114
Total equity
346,250
429,114

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 13 August 2024
F K Timms
Director
Company registration number 06900524 (England and Wales)
BUCKINGHAMSHIRE MAZDA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Buckinghamshire Mazda Limited is a private company limited by shares incorporated in England and Wales. The registered office is A41 Bicester Road, Kingswood, Aylesbury, Buckinghamshire, HP18 0QJ.

 

The principal activity of the company continued to be that of purchasing, selling and servicing of motor vehicles

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

1.2
Going concern

The financial statements have been prepared under the going concern basis which assumes that thetrue company will continue in operational existence for the foreseeable future.

 

The director believes that it is appropriate for the financial statements to be prepared on a going concern basis, given the return to a profitable position in the last three years and the continued support of the company's key stakeholder Mazda.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

 

Sales of motor vehicles, parts and accessories are recognised on full payment and delivery to the customer, together with the associated manufacturer vehicle bonus income. Any other manufacturer's income in relation to achieving these targets is recognised on an accruals basis. After sales revenue is recognised on the completion of the agreed work.

 

Servicing revenue is recognised on the completion of the agreed work.

 

Commissions receivable for arranging vehicle finance and related insurance products are included within turnover when the commissions are due.

1.4
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.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
50 years straight line
Land and buildings Leasehold
10 years straight line
Plant and machinery
20% on cost
Fixtures, fittings & equipment
20% on cost
Computer equipment
25% on cost
BUCKINGHAMSHIRE MAZDA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

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.

1.5
Impairment of fixed assets

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

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price and cost to sell, which is equivalent to the net realisable value. Cost includes materials and direct labour. Provisions are made for obsolete, slow - moving or defective items where appropriate.

 

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.

Consignment stock

Consignment vehicles which bear considerably more of the risks and responsibilities of ownership are regarded effectively as being under the control of the company and, in accordance with FRS 102 are included in stocks on the balance sheet, although legal title has not passed to the company. The corresponding liability is included within trade creditors and is secured directly on these vehicles.

1.7
Cash at bank and in hand

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

1.8
Financial instruments

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

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

BUCKINGHAMSHIRE MAZDA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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.

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.

BUCKINGHAMSHIRE MAZDA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
12
11
3
Tangible fixed assets
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
£
£
Cost
At 1 January 2023
-
0
205,940
91,687
26,773
15,712
340,112
Additions
215,485
6,684
23,610
-
0
1,131
246,910
At 31 December 2023
215,485
212,624
115,297
26,773
16,843
587,022
Depreciation and impairment
At 1 January 2023
-
0
139,748
73,693
18,228
15,712
247,381
Depreciation charged in the year
-
0
19,570
10,585
3,341
377
33,873
At 31 December 2023
-
0
159,318
84,278
21,569
16,089
281,254
Carrying amount
At 31 December 2023
215,485
53,306
31,019
5,204
754
305,768
At 31 December 2022
-
0
66,192
17,994
8,545
-
0
92,731
BUCKINGHAMSHIRE MAZDA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
21,000
17,394
Corporation tax recoverable
21,979
9,312
Other debtors
214,770
127,197
257,749
153,903

Included in other debtor's is a balance of £1,313 (2022 - £1,313) due from a company under common ownership.

5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
38,513
39,154
Trade creditors
2,715,906
1,263,423
Corporation tax
12,954
58,217
Other taxation and social security
16,577
52,217
Other creditors
128,354
38,621
2,912,304
1,451,632

Included within bank loans due in less than one year are debts of £21,558 (2022 - £21,558) secured firstly on land and buildings, secondly on plant and machinery, thirdly on book debts and fourthly on all other debts

 

Included in trade creditors are amounts secured on stock of £2,607,407 (2022 - £1,150,299).

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
66,377
103,690

Included within bank loans and overdrafts due in more than one year are debts of £48,506 (2022 - £70,065) secured firstly on land and buildings, secondly on plant and machinery, thirdly on book debts and fourthly on all other debts.

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
6,000
6,000
6,000
6,000
BUCKINGHAMSHIRE MAZDA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Called up share capital
(Continued)
- 7 -
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
200,000
200,000
200,000
200,000
Preference shares classified as equity
200,000
200,000
Total equity share capital
206,000
206,000

 

Preference shares have no fixed dividend or redemption right.

8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
834,594
442,548
9
Directors' transactions

Interest free loans have been granted by the company to the director and at the year end £27,624 (2022 - £27,624) was due from the director. There has been no movement in the year.

10
Ultimate controlling party

The company was controlled throughout the year by F Timms by virtue of his ownership of 100% of the issued share capital of the company.

2023-12-312023-01-01false13 August 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityF K Timmsfalsefalse069005242023-01-012023-12-31069005242023-12-31069005242022-12-3106900524core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3106900524core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-3106900524core:PlantMachinery2023-12-3106900524core:FurnitureFittings2023-12-3106900524core:ComputerEquipment2023-12-3106900524core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3106900524core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3106900524core:PlantMachinery2022-12-3106900524core:FurnitureFittings2022-12-3106900524core:ComputerEquipment2022-12-3106900524core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3106900524core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3106900524core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3106900524core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3106900524core:CurrentFinancialInstruments2023-12-3106900524core:CurrentFinancialInstruments2022-12-3106900524core:ShareCapital2023-12-3106900524core:ShareCapital2022-12-3106900524core:RetainedEarningsAccumulatedLosses2023-12-3106900524core:RetainedEarningsAccumulatedLosses2022-12-3106900524bus:Director12023-01-012023-12-3106900524core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-3106900524core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3106900524core:PlantMachinery2023-01-012023-12-3106900524core:FurnitureFittings2023-01-012023-12-3106900524core:ComputerEquipment2023-01-012023-12-31069005242022-01-012022-12-3106900524core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3106900524core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3106900524core:PlantMachinery2022-12-3106900524core:FurnitureFittings2022-12-3106900524core:ComputerEquipment2022-12-31069005242022-12-3106900524core:WithinOneYear2023-12-3106900524core:WithinOneYear2022-12-3106900524core:Non-currentFinancialInstruments2023-12-3106900524core:Non-currentFinancialInstruments2022-12-3106900524bus:PrivateLimitedCompanyLtd2023-01-012023-12-3106900524bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3106900524bus:FRS1022023-01-012023-12-3106900524bus:AuditExemptWithAccountantsReport2023-01-012023-12-3106900524bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP