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COMPANY REGISTRATION NUMBER: 156896
Greens Motors Ltd
Filleted Unaudited Financial Statements
31 December 2023
Greens Motors Ltd
Financial Statements
Year ended 31 December 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 8
Greens Motors Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
894,749
891,578
Current assets
Stocks
290,029
274,089
Debtors
6
115,838
96,524
Cash at bank and in hand
5,543
1,764
---------
---------
411,410
372,377
Creditors: amounts falling due within one year
7
( 328,307)
( 364,064)
---------
---------
Net current assets
83,103
8,313
---------
---------
Total assets less current liabilities
977,852
899,891
Creditors: amounts falling due after more than one year
8
( 187,399)
( 184,021)
---------
---------
Net assets
790,453
715,870
---------
---------
Capital and reserves
Called up share capital
9
30,694
30,694
Share premium account
14,369
14,369
Revaluation reserve
15,360
15,360
Capital redemption reserve
6,000
6,000
Profit and loss account
724,030
649,447
---------
---------
Shareholders funds
790,453
715,870
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Greens Motors Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 2 September 2024 , and are signed on behalf of the board by:
Mr J M Green
Director
Company registration number: 156896
Greens Motors Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 19A, Withybush Business Park, Withybush Road, Haverfordwest, Pembrokeshire, SA62 4BW.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover represents amounts derived from the provisions of goods and services which fall within the company's ordinary activities after deduction of trade discounts and value added tax. Turnover is recognised when the significant risks and rewards of ownership have been transferred to the customer.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
10% straight line
Fixtures and fittings
-
10% straight line
Motor vehicles
-
20% straight line
Computer equipment
-
25 % straight line
No depreciation is provided on Freehold land.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. A provision is made for obsolete and slow moving parts stock as follows: Parts stock over 10 years old - 100% write down Parts stock over 5 years but less than 10 years - 50% write down The parts stock provision at the year end date amounted to £68,597 (2022 - £63,935).
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in profit and loss when due.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 11 ).
5. Tangible assets
Freehold land and property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
820,000
749,138
569,962
18,733
2,157,833
Additions
849
557
36,810
38,216
---------
---------
---------
--------
------------
At 31 December 2023
820,000
749,987
570,519
55,543
2,196,049
---------
---------
---------
--------
------------
Depreciation
At 1 January 2023
13,200
686,470
552,388
14,197
1,266,255
Charge for the year
13,200
10,816
5,759
5,270
35,045
---------
---------
---------
--------
------------
At 31 December 2023
26,400
697,286
558,147
19,467
1,301,300
---------
---------
---------
--------
------------
Carrying amount
At 31 December 2023
793,600
52,701
12,372
36,076
894,749
---------
---------
---------
--------
------------
At 31 December 2022
806,800
62,668
17,574
4,536
891,578
---------
---------
---------
--------
------------
The Freehold land and property of Greens Motors Ltd relates to two sites, the first being the property at Withybush Industrial Estate, title number CYM281047, which was revalued during 2021 by PK Lucas BSc (Hons) Est Man. Dip ya. FRICS on the basis of open market value. The valuation confirmed a value of £740,000 excluding fixtures for the Withybush site. The second is freehold land at and adjoining Station Yard, title numbers WA608693 and WA525143, which were revalued during 2021 by PK Lucas BSc (Hons) Est Man. Dip ya. FRICS on the basis of open market value. The valuation confirmed a value of £80,000 for Station Yard.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold land and property
£
At 31 December 2023
Aggregate cost
896,641
Aggregate depreciation
(218,289)
---------
Carrying value
678,352
---------
At 31 December 2022
Aggregate cost
896,641
Aggregate depreciation
(201,351)
---------
Carrying value
695,290
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 December 2023
36,026
--------
At 31 December 2022
4,378
--------
6. Debtors
2023
2022
£
£
Trade debtors
38,682
41,520
Amounts owed by group undertakings
34,512
Other debtors
77,156
20,492
---------
--------
115,838
96,524
---------
--------
Debtors include an amount of £Nil (2022 - £Nil) falling due after more than one year.
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts (secured)
103,173
112,633
Trade creditors
73,379
94,446
Amounts owed to group undertakings
12,128
Social security and other taxes
18,757
28,925
Hire purchase agreements (secured)
6,634
3,085
Other loans
60,000
60,000
Other creditors
54,236
64,975
---------
---------
328,307
364,064
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts (secured)
150,494
182,389
Hire purchase agreements (secured)
36,905
1,632
---------
---------
187,399
184,021
---------
---------
The bank overdraft and loans are secured by a 1st legal charge over commercial freehold business unit known as Plot 19 Withybush Park dated 11 March 2014, an unlimited debenture incorporating a fixed and floating charge dated 11 March 2014 and a letter of set-off dated 11 March 2014.
Hire purchase agreements are secured on the assets to which they relate.
Included within creditors: amounts falling due after more than one year is an amount of £43,046 (2022: £63,850) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.20 each
153,472
30,694
153,472
30,694
---------
--------
---------
--------
10. Revaluation provision
Under the terms of the 2012 share purchase agreement under which Pembroke Motor Services Limited acquired the controlling shareholding interest in Greens Motors Ltd , 50% of the realisable value of the Land at Station Yard is applicable to the previous shareholders in the event of the sale of such land. During 2021 the land was revalued and the appropriate provision established to account for the future liability.
11. Related party transactions
During the year the company paid dividends of £Nil (2022 - £19,875) to Pembroke Motor Services Limited and £Nil (2022 - £13,250) to Mr MFT Green, a director.
12. Controlling party
The company is a subsidiary of Pembroke Motor Services Limited, a company registered in England & Wales. Pembroke Motor Services Limited is the ultimate controlling party of Greens Motors Ltd as a result of its majority shareholding.