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REGISTERED NUMBER: 05025466 (England and Wales)










SB WAKEFIELD LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023






SB WAKEFIELD LIMITED (REGISTERED NUMBER: 05025466)

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










Page

Balance Sheet 1

Notes to the Financial Statements 2 to 7


SB WAKEFIELD LIMITED (REGISTERED NUMBER: 05025466)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,815,018 1,766,441

CURRENT ASSETS
Stocks 1,416,555 1,321,586
Debtors 5 132,814 129,515
Cash in hand 650 650
1,550,019 1,451,751
CREDITORS
Amounts falling due within one year 6 2,306,588 2,182,837
NET CURRENT LIABILITIES (756,569 ) (731,086 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,058,449 1,035,355

CREDITORS
Amounts falling due after more than one year 7 307,716 285,648
NET ASSETS 750,733 749,707

CAPITAL AND RESERVES
Called up share capital 10 750,000 750,000
Retained earnings 733 (293 )
SHAREHOLDERS' FUNDS 750,733 749,707

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29th August 2024 and were signed on its behalf by:





J W Bowett - Director


SB WAKEFIELD LIMITED (REGISTERED NUMBER: 05025466)

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


1. STATUTORY INFORMATION

SB Wakefield Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05025466

Registered office: Ings Road
Wakefield
West Yorkshire
WF1 1RF

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

The directors are satisfied that the company has sufficient cash flows to continue to meet its liabilities as they fall due for at least one year from the date of approval of the financial statements, thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Accounting judgements and estimates
The preparation of the financial statements requires management to make estimates 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.

The key areas of judgement and estimation uncertainty relate to stock valuation and warranty provisions. However, the directors do not believe that any reasonable change in assumptions would result in a material adjustment to the carrying values of assets and liabilities.

Turnover
Turnover is measured at the fair value of the consideration received and represents amounts receivable for the sale of vehicles and accessories including warranties, provision of workshop services or finance arrangement commission, excluding value added tax.

Turnover is recognised upon delivery of the vehicle to the customer, which only occurs once full payment or evidence of full payment has been received or upon completion of the car services being provided and payment being received in full.

SB WAKEFIELD LIMITED (REGISTERED NUMBER: 05025466)

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


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and building50 year leasehold
Plant and machinery-10% on cost
Fixtures and fittings-10% on cost
Motor vehicles-20% on cost

Tangible fixed assets are initially stated at historical cost.

The directors perform annual impairment reviews on all assets if any losses arisising from such, are reflected in the profit and loss account.

Stocks
Vehicle stock and parts stock are valued at the lower of cost and estimated selling price less cost to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing stock to its location and condition prior to sale. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments
The company only enters into transactions in ‘basic’ financial instruments which result in the recognition of assets and liabilities; these include trade and other debtors and creditors, bank balances, loans from banks and other third parties, and loans to related parties. These are recognised in the company’s balance sheet when it becomes party to the contractual provisions of the instrument.

Basic financial assets (other than those classified as payable within one year) are initially measured at cost and are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses. Basic financial assets classed as receivable within one year are not amortised.

Basic financial liabilities (other than those classified as payable within one year) are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Basic financial liabilities classed as payable within one year are not amortised.

Financial assets and liabilities are offset, with the net amount reported 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.

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.


SB WAKEFIELD LIMITED (REGISTERED NUMBER: 05025466)

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


2. 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.

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.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Provisions
Warranty provisions are recognised when the company has an obligation at the balance sheet date to cover future liabilities relating to warranty agreements and the amount can be reliably estimated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 21 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st January 2023 1,585,507 496,135 2,081,642
Additions - 124,401 124,401
Disposals - (50,122 ) (50,122 )
At 31st December 2023 1,585,507 570,414 2,155,921
DEPRECIATION
At 1st January 2023 - 315,201 315,201
Charge for year - 31,702 31,702
Eliminated on disposal - (6,000 ) (6,000 )
At 31st December 2023 - 340,903 340,903
NET BOOK VALUE
At 31st December 2023 1,585,507 229,511 1,815,018
At 31st December 2022 1,585,507 180,934 1,766,441

Assets held under finance leases and hire purchase originally cost £149,100 (2022: £27,900) and have a net book value of £114,700 (2022: £20,700). Depreciation charged for the year was £4,800 (2022: £2,400).

SB WAKEFIELD LIMITED (REGISTERED NUMBER: 05025466)

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


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 116,661 89,655
Other debtors 16,153 39,860
132,814 129,515

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 497,421 407,699
Hire purchase contracts (see note 8) 18,021 5,694
Trade creditors 1,373,838 1,411,090
Taxation and social security 113,232 21,590
Other creditors 304,076 336,764
2,306,588 2,182,837

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 227,449 268,398
Hire purchase contracts (see note 8) 80,267 17,250
307,716 285,648

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by
instalments 60,993 95,664
60,993 95,664

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 18,021 5,694
Between one and five years 80,267 17,250
98,288 22,944

SB WAKEFIELD LIMITED (REGISTERED NUMBER: 05025466)

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


8. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 16,000 16,000
Between one and five years 64,000 64,000
In more than five years 708,000 724,000
788,000 804,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 453,149 364,292
Hire purchase contracts 98,288 22,944
Trade creditors 1,059,757 1,046,731
Bank loans 227,449 274,373
1,838,643 1,708,340

The bank loan and overdraft are secured by a Debenture dated 20th February 2004; a first Legal Charge over the acquired dealership premises and associated assets at Ings Road, Wakefield and a Guarantee by a director for £200,000. The legal charge is subject to a deed of priority giving PSA Wholesale Limited priority on new and used vehicles. The bank has unlimited priority on all other assets.

The hire purchase contracts are secured over the assets to which they relate.

Certain vehicle stocks are financed by way of loans from vehicle manufactures and financiers and are secured by floating charges over the vehicles financed. The balance included in trade creditors at 31st December 2023 is £1,059,757 (2022: £1,046,731).

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
500,000 Ordinary £1 500,000 500,000
250,000 Preference £1 250,000 250,000
750,000 750,000

The preference shares of £1 each are non voting, non redeemable, non cumulative, and have a priority right to return of capital on winding up. The directors may, in their discretion (but shall not be obliged to do so), recommend a dividend of up to 4% of the nominal value of each preference share in any year in respect of all the preference shares subject to deduction of tax as may be required.

SB WAKEFIELD LIMITED (REGISTERED NUMBER: 05025466)

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


11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Thomas Bond ACA (Senior Statutory Auditor)
for and on behalf of Thomas Coombs Limited

12. RELATED PARTY DISCLOSURES

A director provided loan finance to the company during the period. Interest of £18,000 (2022: £10,000) was paid on the outstanding balance during the period.

On the 19th November 2014, a director was issued loan notes of £250,000 with interest at 4% payable half yearly on 30th June and 31st December. In the previous year, £50,000 was repaid to the director, leaving a loan note balance of £200,000.

The loan notes rank pari passu equally and rateably with other unsecured and unsubordinated obligations of the company.


13. OTHER MATTERS

SB Wakefield Limited was subject to fraudulent activity resulting in a financial impact of £30,851 through NatWest Bank and HSBC Bank. Over the past 18 months, this matter has been under investigation and review. The company has successfully recovered £7,665, leaving an outstanding balance of £23,186. This remaining balance has been written off in the financial statements.