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REGISTERED NUMBER: 06941155 (England and Wales)













BASSETT PROPERTY HOLDINGS LTD

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

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










Page

Company Information 1

Group Strategic Report 2

Report of the Director 7

Report of the Independent Auditors 9

Consolidated Income Statement 13

Consolidated Other Comprehensive Income 14

Consolidated Balance Sheet 15

Company Balance Sheet 16

Consolidated Statement of Changes in Equity 17

Company Statement of Changes in Equity 18

Consolidated Cash Flow Statement 19

Notes to the Consolidated Cash Flow Statement 20

Notes to the Consolidated Financial Statements 22


BASSETT PROPERTY HOLDINGS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: E H Francis





REGISTERED OFFICE: Bassetts Wales Ltd Valley Way
Swansea Enterprise Park
Swansea
Swansea
SA6 8QX





REGISTERED NUMBER: 06941155 (England and Wales)





AUDITORS: Redwood Wales Limited
3 New Mill Court
Enterprise Park
Swansea
SA7 9FG

BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The director presents his strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The principal activity of the Group during the year was that of a motor dealership. The Group has grown to be one of the top motor dealers in South Wales today, representing motor manufacturers Citroen, Honda, Jaecoo, Jeep, Nissan, Omoda and KGM with dealerships across the region.

During the year the Group also continued to operate its Parts Centre which is an official Partslink24 partner.

In a very difficult new car market the Group enjoys a number of competitive advantages including strong local brand recognition in its heartland trading region and market share of the vehicle franchises it represents. Turnover increased by 18% during the year to £108 million and Gross Profit primarily as a result of the demand in new vehicle registrations seen across the industry in 2023.

Coming out of lockdown and the restrictions imposed by the UK Government to stem the spread of Covid-19, the Group continued to experience increased revenues in relation to vehicle sales.The Group continues to mitigate impact on margins by taking strategic steps to reduce expenses wherever possible and as a result the group remains profitable with a net profit of £293,231 (2022: £1.2 million).

The net assets of the Group increased from £12.3 million to £12.4 million and the liquidity ratio was 1.75 (2022: 1.92). The Group continues to be in a position financially, to fund further acquisitions should such opportunities arise.

The focus for the future is to develop the culture of continuous development to the benefit of our customers, our company and our employees.

Key performance indicators
2023 2022
Revenue £108,389,111 £92,199,106
Gross Profit £9,222,722 £9,028,134
Gross Profit % 8.5% 9.8%
Net Profit £293,231 £1,246,283


PRINCIPAL RISKS AND UNCERTAINTIES
The principal risk facing the Group is the strength of the UK economy while it continues to recover after the Coronovirus outbreak and its decision to leave the EU, the repercussions of both remain relatively unknown and the effect they will have on the demand for new and used vehicles. The industry saw new car registrations incense during 2023 but the Society of Motor Manufacturers and Traders believe such significant increase should not be expected going forward. New vehicle technologies and government legislation in relation to emissions and environmental concerns will ensure that new vehicles will remain relevant in contributing to turnover. However to mitigate the economic risk specifically the UK exiting the European Union and potential price increases, the Group will look to capitalise on current consumer demands for used vehicles, while also focusing further on aftermarket services.


BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

STAKEHOLDER ENGAGEMENT
Statement by the director in performance of their statutory duties in accordance with section 172(1) Companies Act 2006.

The director considers he has acted in good faith and made decisions in the way that we (as a Group) believe would be most likely to promote the success of the company and its subsidiaries for the benefit of its members as a whole, noting the matters set out in Section 172(1)(a)-(f) of the Act. Our plans were intended to have a positive, beneficial impact on the company over the mid to long term and to contribute to its continued success in our delivery of a high quality or service across all of our retail, leasing and finance divisions. In order to facilitate this approach we have identified each of our key stakeholder groups, evaluated their interests and considered how we have engaged with and responded to each group during the year.

Employees

Our senior management and wider team members are critical to the delivery of our plan. We are fortunate in that we have a proven track record of finding, training and retraining an outstanding workforce, with the majority of both our Board and senior management being long standing representatives of the company. This ensures a continuity of delivery and an inherent understanding by the team of the companies desire for excellence in all that we do. Our people wish to work for an organisation with strong commitment to ethical practices and compliance, whilst our approach to the pay and benefits our team members receive while the health, safety and well-being of our team is a key consideration in how we operate. The Group has a regular board meetings and board communications with employees. There are regular team meetings and a full and comprehensive appraisal system for all staff members. We have developed over the years group values and policies in respect of workplace conduct to produce a supportive, respectful and friendly working environment. We invest heavily in learning and development to ensure that staff are equipped with the skills they need to do their roles. A rigorous health, safety and environment policy is adopted to promote staff working practices as well as monitoring trends and making changes to procedures in response to those trends.

Customers

Customers have more choice now than ever before in terms of both who they purchase goods and services from and how these transactions are carried out. In order to ensure we continue to maintain and provide the trusted sales support that our customers have come to expect from our team we continually seek to improve our sales processes. We have therefore continued with our programme of training and development for all of our Sales Executives, to ensure they deliver a high quality experience for all customers on a consistent basis. Regular feedback is provided through customer satisfaction surveys or Franchise led 'mystery shopper' visits, and manufacturer assessments with such feedback contributing to continual improvements where opportunities arise. Complaints are closely monitored and remedial actions are taken quickly where appropriate to retain customer goodwill. Our aim is to develop a strong relationship with our customers over the long term and we understand that the nature in which our team provides balanced advice on both vehicle purchases and aftersales services is critical in retaining such relationships. Our good relationships with our Franchised brands also enable us to deliver value for our customers.

Funders and financial insitutions

We are fortunate to enjoy strong, well established links with each of our funding partners and maintain these relationships through regular meetings and other communications. The provision of reliable, timely management information to each funder further enables these trusted partners to monitor our financial position, and provides comfort of the financial headroom available within the group at any time.








BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Suppliers

Engagement with our suppliers is also key to our success , and we seek to develop trusted long term, collaborative partnerships in order to facilitate improved performance, in particular with each of our Franchise manufacturers. Communications with all suppliers are intended to be prompt, clear and responsive. We meet with our key strategic suppliers, including our major manufacturing partners, regularly throughout the year and involving our senior management team within these meetings ensures that any issues or opportunities can be effectively considered in an open forum, while continuing to develop the relationship between us.

Shareholders

As the Board of Directors, our intention is to behave responsibly towards our shareholders and treat them fairly and equally, so they too may benefit from the successful delivery of our plan.

Local community

Our plans and strategies further consider the impact of our operations on the community and environment, as well as our wider social responsibilities, and in particular how we comply with environmental legislation and react promptly to local community concerns. Our intention is to behave responsibly and to ensure that the management operate the business in a responsible manner, recognising the high standards of business conduct and good governance expected for a business such as ours. We will also seek to continue to offer high quality employment opportunities for local residents, which as a Group, employs over 150 people across the regions. Our plans involve continuing to invest in our dealership property portfolio, ensuring all sites are well maintained and take advantage of improvements to energy consumption to reduce our environmental footprint. We also plan to continue to support local community causes through regular fundraising and charitable events. We would hope that this approach will nurture our reputation in the local communities in which we operate.


BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


ENERGY AND CARBON REPORTING
The Group recognises the importance of its environmental responsibilities and accepts that concern for the environment and all its employees is an integral and fundamental part of its corporate strategy. The Group monitors its impact on the environment and endeavours to design and implement policies and processes to reduce any damage that might be caused by the companies activities. Initiatives include the safe disposal of commercial waste, the minimisation of waste going to landfill, reducing energy consumption and the use of renewable natural resources where possible.

The table below includes total energy consumption of our dealerships (reported as kWh) along with greenhouse gas emissions (reported as tCO2e) and our intensity ratio.

Greenhouse gas emissions and energy usage data
2023 2022
Energy use from electricity - kWh 526,814 494,632
Energy use from gas - kWh 1,146,740 1,083,423
Total UK energy use - kWh 1,673,554 1,578,055

2023 2022
Greenhouse gas emissions fromelectricity -
Tonnes CO2 equiv.

123

115
Greenhouse gas emissions fromgas- Tonnes
CO2 equiv.

211

199
Greenhouse gas emissions fromvehicle fuel
combustion - Tonnes CO2 equiv.

507

486
Total UK Associated greenhouse gas emissions
- Tonnes CO2 equivalent

841

800
Turnover - £m 108.4 92.2
Intensity ratio - Turnover (tCO2e/£m) 7.8 8.7

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group operates a number of risk management policies designed to minimise its exposure to financial risk.

LIQUIDITY RISK
The Group produces detailed management accounts and forecasts, which enable the directors to monitor the cash position and to ensure that there is sufficient liquidity and cash flow to minimise the risk of the company being unable to pay its debts as they fall due.

INTEREST RATE RISK
The Group utilises a number of financial instruments including bank overdrafts in order to finance its operations. The primary risk faced by the company as a result of its use of these financial instruments is interest rate risk.

The bank overdraft borrowings at variable rates expose the company to cash-flow interest rate risk, however the directors actively manage risk by maintaining sufficient cash reserves within the Group to avoid using its overdraft facility wherever possible.

CREDIT RISK
The Group operates a number of policies and controls to minimise credit risk. All customers are subject to a detailed credit review prior to any terms being agrees directors must authorise any larger value contracts and the company will only conduct business with customers deemed to be credit-worthy.


BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

PRICE RISK
The Group actively manages price risk by agreeing terms with suppliers prior to entering into any transactions with customers.

ON BEHALF OF THE BOARD:





E H Francis - Director


6 September 2024

BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2023


The director presents his report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of motor dealers.

DIVIDENDS
No Dividends were paid out during the year (2022: £50,000).

DIRECTOR
E H Francis held office during the whole of the period from 1 January 2023 to the date of this report.

FUTURE DEVELOPMENTS AND GOING CONCERN
The group will continue to focus on sustained profitability and growth. The group's primary aim will be to continue to concentrate on delivering a consistently high level of service to all of its customers.

The financial statements have been prepared on a going concern basis which assumes that the group will continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely future cash flows of the business and have considered the facilities that are in place at the date of signing the report.

The group meets its day to day working capital requirements from its cash reserves and overdraft facilities, the directors have reviewed the group's forecasts and projections and have a reasonable expectation that with the continued support of its bankers and funders in the form of facility levels which it has historically been provided with, in the scenarios reviewed the group will be able to continue to operate within those facilities. At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

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

BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2023


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

AUDITORS
Redwood Wales Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

ON BEHALF OF THE BOARD:





E H Francis - Director


6 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BASSETT PROPERTY HOLDINGS LTD


Opinion
We have audited the financial statements of Bassett Property Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BASSETT PROPERTY HOLDINGS LTD


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page seven, the director is 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 director determines 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 director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BASSETT PROPERTY HOLDINGS LTD


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:

We obtain an understanding of the legal and regulatory frameworks that the company operates in, focusing on those
laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on
operations of the company. The key laws and regulations we consider in this context include the UK Companies Act
and relevant tax legislation.
Audit procedures performed by the engagement team to resined to the risk of irregularities and non-compliance with
laws and regulations, including fraud, include the following:
- discussions with management to enquire of any known instances of non-compliance with laws and regulations,
including fraud;
- discussions with management in respect of any actual or potential litigation claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- testing the appropriateness of journal enteries and other adjustments to address the risks of fraud through management override of control;
- review of accounting estimates and challenging assumptions made by management in respect of significant estimates;
- review of the financial statements disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations; and
- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.



There are inherent limitations in the audit procedures which means we are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. The risk of not detecting material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BASSETT PROPERTY HOLDINGS LTD


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.




Mark Howells FCCA (Senior Statutory Auditor)
for and on behalf of Redwood Wales Limited
3 New Mill Court
Enterprise Park
Swansea
SA7 9FG

6 September 2024

BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 3 108,389,111 92,199,106

Cost of sales 99,166,390 83,170,972
GROSS PROFIT 9,222,721 9,028,134

Administrative expenses 8,825,655 7,889,579
397,066 1,138,555

Other operating income (76,950 ) 187,495
OPERATING PROFIT 5 320,116 1,326,050

Interest receivable and similar income 136,000 -
456,116 1,326,050

Interest payable and similar expenses 7 162,885 79,767
PROFIT BEFORE TAXATION 293,231 1,246,283

Tax on profit 8 222,165 216,713
PROFIT FOR THE FINANCIAL YEAR 71,066 1,029,570
Profit attributable to:
Owners of the parent 71,066 1,029,570

BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 71,066 1,029,570


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

71,066

1,029,570

Total comprehensive income attributable to:
Owners of the parent 71,066 1,029,570

BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 7,301,263 7,237,790
Investments 12 98,000 98,000
7,399,263 7,335,790

CURRENT ASSETS
Stocks 13 12,869,264 12,475,369
Debtors 14 2,990,385 2,941,031
Cash at bank and in hand 916,745 14,738
16,776,394 15,431,138
CREDITORS
Amounts falling due within one year 15 9,238,237 8,048,223
NET CURRENT ASSETS 7,538,157 7,382,915
TOTAL ASSETS LESS CURRENT LIABILITIES 14,937,420 14,718,705

CREDITORS
Amounts falling due after more than one
year

16

(1,800,000

)

(1,800,000

)

PROVISIONS FOR LIABILITIES 18 (704,149 ) (556,500 )
NET ASSETS 12,433,271 12,362,205

CAPITAL AND RESERVES
Called up share capital 19 130,000 130,000
Revaluation reserve 20 1,487,338 1,487,338
Retained earnings 20 10,815,933 10,744,867
SHAREHOLDERS' FUNDS 12,433,271 12,362,205

The financial statements were approved by the director and authorised for issue on 6 September 2024 and were signed by:





E H Francis - Director


BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

COMPANY BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 5,995,000 5,995,000
Investments 12 187,000 187,000
6,182,000 6,182,000

CURRENT ASSETS
Debtors 14 72,278 958,434
Cash at bank 4,291 4,191
76,569 962,625
CREDITORS
Amounts falling due within one year 15 933,989 75,786
NET CURRENT (LIABILITIES)/ASSETS (857,420 ) 886,839
TOTAL ASSETS LESS CURRENT LIABILITIES 5,324,580 7,068,839

PROVISIONS FOR LIABILITIES 18 568,000 494,000
NET ASSETS 4,756,580 6,574,839

CAPITAL AND RESERVES
Called up share capital 19 130,000 130,000
Revaluation reserve 20 1,487,338 1,487,338
Retained earnings 20 3,139,242 4,957,501
SHAREHOLDERS' FUNDS 4,756,580 6,574,839

Company's (loss)/profit for the financial
year

(1,818,259

)

322,501

The financial statements were approved by the director and authorised for issue on 6 September 2024 and were signed by:





E H Francis - Director


BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

CONSOLIDATED 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 130,000 9,765,297 1,487,338 11,382,635

Changes in equity
Dividends - (50,000 ) - (50,000 )
Total comprehensive income - 1,029,570 - 1,029,570
Balance at 31 December 2022 130,000 10,744,867 1,487,338 12,362,205

Changes in equity
Total comprehensive income - 71,066 - 71,066
Balance at 31 December 2023 130,000 10,815,933 1,487,338 12,433,271

BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

COMPANY 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 130,000 4,685,000 1,487,338 6,302,338

Changes in equity
Dividends - (50,000 ) - (50,000 )
Total comprehensive income - 322,501 - 322,501
Balance at 31 December 2022 130,000 4,957,501 1,487,338 6,574,839

Changes in equity
Total comprehensive income - (1,818,259 ) - (1,818,259 )
Balance at 31 December 2023 130,000 3,139,242 1,487,338 4,756,580

BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,016,811 (28,465 )
Interest paid (162,885 ) (79,767 )
Tax paid (283,518 ) (279,600 )
Net cash from operating activities 1,570,408 (387,832 )

Cash flows from investing activities
Purchase of tangible fixed assets (154,148 ) (215,592 )
Interest received 136,000 -
Net cash from investing activities (18,148 ) (215,592 )

Cash flows from financing activities
Amount withdrawn by directors (72,687 ) -
Equity dividends paid - (50,000 )
Net cash from financing activities (72,687 ) (50,000 )

Increase/(decrease) in cash and cash equivalents 1,479,573 (653,424 )
Cash and cash equivalents at beginning of
year

2

(562,828

)

90,596

Cash and cash equivalents at end of year 2 916,745 (562,828 )

BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

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


1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit for the financial year 71,066 1,029,570
Depreciation charges 89,077 86,887
Finance costs 162,885 79,767
Finance income (136,000 ) -
Taxation 222,165 216,713
409,193 1,412,937
Increase in stocks (393,895 ) (1,576,969 )
Decrease/(increase) in trade and other debtors 22,924 (658,098 )
Increase in trade and other creditors 1,978,589 793,665
Cash generated from operations 2,016,811 (28,465 )

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 916,745 14,738
Bank overdrafts - (577,566 )
916,745 (562,828 )
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 14,738 90,596
Bank overdrafts (577,566 ) -
(562,828 ) 90,596


BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

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


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 14,738 902,007 916,745
Bank overdrafts (577,566 ) 577,566 -
(562,828 ) 1,479,573 916,745
Debt
Debts falling due after 1 year (1,800,000 ) - (1,800,000 )
(1,800,000 ) - (1,800,000 )
Total (2,362,828 ) 1,479,573 (883,255 )

BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

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


1. STATUTORY INFORMATION

Bassett Property Holdings Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions
This company is a qualifying entity for the purposes of FRS 102, being te parent of a group that 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 o the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

- Section 4 'Statement of financial position' - Reconciliation of the opening and closing number of shares;
- 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' - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss nd in other comprehensive income;
- Section 33 'Related Party Disclosures'.

Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Bassett Property Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group's share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2021. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

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


2. ACCOUNTING POLICIES - continued

Going concern
The financial statements have been prepared on a going concern basis which assumes that the group will continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely future cash flows of the business and have considered the facilities that are in place at the date of signing the report.

The group meets its day to day working capital requirements from its cash reserves and overdraft
facilities, the group's forecasts and projections show that the company will be able to comfortably operate within those facilities.

The directors have a reasonable expectation that with the continued support of its bankers and funders in the form of facility levels which it has historically been provided with, in the scenarios reviewed the group will be able to continue to operate within those facilities. At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

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. Such estimates and assumptions are as follows:

Inventory provisioning
Stocks are valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. The market value of motor vehicles varies constantly and therefore the company attempts to mitigate any risk by frequently using guidance from independent industry valuation tools. Calculation of these provisions requires judgements to be made, which include forecast customer demand, the economic environment and guidance from independent industry valuation tools.

Property carrying values
The directors appointed independent chartered surveyors to value freehold and leasehold property and the carrying values in the accounts reflect the change in valuation accordingly. Please notes to the accounts for further information.

Turnover
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 supply of vehicles and parts or when mechanical services have been completed), 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.

BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

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


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 Freehold1% straight line
Land and buildings Leasehold1% straight line
Leasehold improvements1% straight line
Plant and machinery10% to 33% straight line
Fixtures, fittings and equipment10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss.
Depreciation is not charged during the year where impairment adjustments exist.

Fixed asset investment
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating activities of the entity so as to obtain benefits from its activities.

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.

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 impairment loss is treated as a revaluation increase.

BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

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


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock 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.

The ownership of consignment stock passes from the manufacturer to the group when full payment for the vehicles is made.

The value of consignment stock is shown separately in the notes to the balance sheet as both current assets and as creditors due within one year.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

Government grants
Government grants are recognised at the fair value of the assets 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.

BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

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


2. ACCOUNTING POLICIES - continued

Related party transactions
The wholly owned companies within the group entered into several transactions with each other, where such transactions are eliminated upon consolidation in the consolidated accounts of Bassett Property Holdings Ltd. The company has taken advantage of the exemption under FRS102 not to disclose such transactions.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Vehicles, Parts and Servicing 108,389,111 92,199,106
108,389,111 92,199,106

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 108,389,111 92,199,106
108,389,111 92,199,106

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 4,999,316 4,684,406
Social security costs 506,564 494,926
Other pension costs 122,818 110,521
5,628,698 5,289,853

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

Staff 174 161

2023 2022
£    £   
Director's remuneration 78,740 78,842
Director's long term incentive schemes 11,150 9,744

BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

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


4. EMPLOYEES AND DIRECTORS - continued

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

Money purchase schemes 2 2

5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Other operating leases 332,079 362,466
Depreciation - owned assets 90,675 86,888
Auditors' remuneration 21,750 21,800

6. EXCEPTIONAL ITEMS
2023 2022
£    £   
Exceptional items (120,260 ) -

These costs relate to a legal matter that was ongoing during 2023. A settlement figure and costs incurred were agreed in the year. Sufficient provision has been included in these accounts which reflects the final payment made in January 2024.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Loan interest 162,885 79,767

8. 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 70,683 216,713

Deferred tax 151,482 -
Tax on profit 222,165 216,713

BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

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


8. 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 293,231 1,246,283
Profit multiplied by the standard rate of corporation tax in the UK of
23.520 % (2022 - 19 %)

68,968

236,794

Effects of:
Expenses not deductible for tax purposes 29,445 475
Capital allowances in excess of depreciation (10,346 ) (34,600 )
Provisions (17,385 ) 14,044
Deferred tax movement 151,483 -
Total tax charge 222,165 216,713

9. INDIVIDUAL INCOME STATEMENT

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


10. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Final - 50,000

BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

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


11. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold Long to
property leasehold property
£    £    £   
COST OR VALUATION
At 1 January 2023 1,575,000 4,424,320 679,890
Additions - - 28,007
At 31 December 2023 1,575,000 4,424,320 707,897
DEPRECIATION
At 1 January 2023 - 3,921 49,383
Charge for year - 4,173 1,296
At 31 December 2023 - 8,094 50,679
NET BOOK VALUE
At 31 December 2023 1,575,000 4,416,226 657,218
At 31 December 2022 1,575,000 4,420,399 630,507

Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 331,849 1,110,800 8,121,859
Additions 22,765 103,376 154,148
At 31 December 2023 354,614 1,214,176 8,276,007
DEPRECIATION
At 1 January 2023 238,387 592,378 884,069
Charge for year 12,590 72,616 90,675
At 31 December 2023 250,977 664,994 974,744
NET BOOK VALUE
At 31 December 2023 103,637 549,182 7,301,263
At 31 December 2022 93,462 518,422 7,237,790

BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

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


11. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 31 December 2023 is represented by:

Improvements
Freehold Long to
property leasehold property
£    £    £   
Valuation in 2016 191,797 1,496,099 -
Valuation in 2021 (120,557 ) 275,000 -
Cost 1,503,760 2,653,221 707,897
1,575,000 4,424,320 707,897

Fixtures
Plant and and
machinery fittings Totals
£    £    £   
Valuation in 2016 - - 1,687,896
Valuation in 2021 - - 154,443
Cost 354,614 1,214,176 6,433,668
354,614 1,214,176 8,276,007

Freehold and leasehold land and buildings were revalued at 31 December 2021 by Lambert Smith Hampton, independent valuers not connected with the company on the basis of market value. Included within leasehold land and buildings are investment properties where the valuation at 31 December 2021 has remained unchanged.

Company
Freehold Long
property leasehold Totals
£    £    £   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 1,575,000 4,420,000 5,995,000
NET BOOK VALUE
At 31 December 2023 1,575,000 4,420,000 5,995,000
At 31 December 2022 1,575,000 4,420,000 5,995,000

All Freehold property and leasehold property are held as investment properties. The last valuation was undertaken on 31 December 2021 by external valuers Lambert Smith Hampton and included as follows:

BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

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


11. TANGIBLE FIXED ASSETS - continued

Company

Cost or valuation at 31 December 2023 is represented by:

Freehold Long
property leasehold Totals
£    £    £   
Valuation in 2016 191,797 1,496,099 1,687,896
Valuation in 2021 (120,557 ) 275,000 154,443
Cost 1,503,760 2,648,901 4,152,661
1,575,000 4,420,000 5,995,000

12. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 January 2023
and 31 December 2023 98,000
NET BOOK VALUE
At 31 December 2023 98,000
At 31 December 2022 98,000
Company
Unlisted
investments
£   
COST
At 1 January 2023
and 31 December 2023 187,000
NET BOOK VALUE
At 31 December 2023 187,000
At 31 December 2022 187,000

BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

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


12. FIXED ASSET INVESTMENTS - continued

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

Subsidiaries

Arthur Bassett & Co Limited
Registered office: c/o Bassetts Honda Ltd, Valley Way, Enterprise Park, Swansea. SA6 8QX
Nature of business: Motor Dealer
%
Class of shares: holding
Ordinary 100.00

Bassetts (South Wales) Limited
Registered office: c/o Bassetts Honda Ltd, Valley Way, Enterprise Park, Swansea. SA6 8QX
Nature of business: Motor Dealer
%
Class of shares: holding
Ordinary 100.00

Bassetts (Wales) Limited
Registered office: c/o Bassetts Honda Ltd, Valley Way, Enterprise Park, Swansea. SA6 8QX
Nature of business: Motor Dealer
%
Class of shares: holding
Ordinary 100.00


13. STOCKS

Group
2023 2022
£    £   
Motor vehicles & parts 10,479,392 11,076,834
Consignment stock 2,389,872 1,398,535
12,869,264 12,475,369

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 1,931,276 2,266,641 - -
Amounts owed by group undertakings - - - 958,334
Other debtors 869,411 670,076 - -
Directors' current accounts 72,278 - 72,278 -
VAT - - - 100
Prepayments and accrued income 117,420 4,314 - -
2,990,385 2,941,031 72,278 958,434

BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

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


15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 17) - 577,566 - -
Trade creditors 5,654,193 4,472,710 - -
Amounts owed to group undertakings - - 488,626 -
Tax 5,060 217,895 46,189 71,627
Social security and other taxes 146,610 126,563 - -
VAT 28,640 169,234 1,425 -
Other creditors 2,396,681 1,464,467 - -
Directors' current accounts - 409 - 409
Accruals and deferred income 1,007,053 1,019,379 397,749 3,750
9,238,237 8,048,223 933,989 75,786

Other creditors includes consignment stock of £2,389,872 (2022: £1,232,846).

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2023 2022
£    £   
Other loans (see note 17) 1,800,000 1,800,000

17. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 577,566
Amounts falling due between one and two years:
Other loans - 1-2 years 1,800,000 1,800,000

Bank overdrafts are secured by fixed and floating charges over assets of the company.

PSA Wholesale Limited hold a legal charge in respect of liabilities included in Other loans amounted to £1,800,000 (2022: £1,800,000) which are secured against the property held at Atlantic Close, Swansea. Interest on the loan is 3.3% and has flexible repayment terms.

BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

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


18. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 704,149 556,500 568,000 494,000

Group
Deferred
tax
£   
Balance at 1 January 2023 556,500
Provided during year 147,649
Balance at 31 December 2023 704,149

Company
Deferred
tax
£   
Balance at 1 January 2023 494,000
Provided during year 74,000
Balance at 31 December 2023 568,000

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
130,000 Ordinary £1 130,000 130,000

20. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2023 10,744,867 1,487,338 12,232,205
Profit for the year 71,066 71,066
At 31 December 2023 10,815,933 1,487,338 12,303,271

BASSETT PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 06941155)

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


20. RESERVES - continued

Company
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2023 4,957,501 1,487,338 6,444,839
Deficit for the year (1,818,259 ) (1,818,259 )
At 31 December 2023 3,139,242 1,487,338 4,626,580


21. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is E H Francis.