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Registered number: 03823504
Close Motor Company Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Ascendis Audit Limited
Unit 3, Building 2, The Colony Wilmslow
Altrincham Road
Wilmslow
Cheshire
SK9 4LY
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—7
Page 1
Statement of Financial Position
Registered number: 03823504
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 897,939 914,278
Investment Properties 5 316,511 303,589
1,214,450 1,217,867
CURRENT ASSETS
Stocks 6 2,196,456 1,438,143
Debtors 7 298,515 203,958
Cash at bank and in hand 186,350 277,923
2,681,321 1,920,024
Creditors: Amounts Falling Due Within One Year 8 (3,024,621 ) (1,829,721 )
NET CURRENT ASSETS (LIABILITIES) (343,300 ) 90,303
TOTAL ASSETS LESS CURRENT LIABILITIES 871,150 1,308,170
Creditors: Amounts Falling Due After More Than One Year 9 (111,723 ) (548,724 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (42,889 ) (43,945 )
NET ASSETS 716,538 715,501
CAPITAL AND RESERVES
Called up share capital 11 355,264 355,264
Share premium account 94,736 94,736
Income Statement 266,538 265,501
SHAREHOLDERS' FUNDS 716,538 715,501
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Page 2
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr S Close
Director
18th September 2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Close Motor Company Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03823504 . The registered office is 7/11 High Street, Corby, Northamptonshire, NN17 1UX.

The company does not have a single trading address.

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

Amounts in the financial statements are rounded to the nearest £.

The principal activity of company is that of a motor dealership.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover from the sale of goods is recognised in the Income Statement, net of discounts and value added tax,
when the significant risks and rewards of ownership have been transferred to the buyer. In general this occurs
when vehicles or parts have been supplied or when a service has been completed.

Incentives received from manufacturers in respect of target achievements are accounted for as a deduction from
the cost of the vehicles or parts to which they relate.

Commission income is accounted for on a receivable basis.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 3% Straight line
Leasehold 3% Straight line
Plant & Machinery 25% Reducing balance
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 25% Reducing balance
Computer Equipment 25% straight line
Freehold land is not depreciated.
2.4. Investment Properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in
fair value is recognised in the Income Statement.

2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Consigned vehicles, which due to the significant risks and responsibilities of ownership passing to the company
are regarded effectively as being under the control of the company, are included within stocks on the Statement
of Financial Position although legal title has not passed to the company. The corresponding liability is included
within trade creditors and is secured directly on those vehicles.

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2.6. Financial Instruments
The company has basic financial instruments:-
Debtors
Debtors are measured at transaction price less any impairment.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank and other loans, are measured at amortised cost.
2.7. Taxation
Taxation for the year comprises current and defened tax. Tax is recognised in the Income Statement, except to
the extent that it relates to items recognised in Other Comprehensive lncome or directly in Equity.

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

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different ftom
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 defened 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.

2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement in the period to which they relate.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 29 (2022: 26)
29 26
4. Tangible Assets
Land & Buildings Plant & Machinery etc. Total
£ £ £
Cost
As at 1 January 2023 1,140,289 323,878 1,464,167
Additions 9,432 4,961 14,393
As at 31 December 2023 1,149,721 328,839 1,478,560
Depreciation
As at 1 January 2023 289,985 259,904 549,889
Provided during the period 9,528 21,204 30,732
As at 31 December 2023 299,513 281,108 580,621
Net Book Value
As at 31 December 2023 850,208 47,731 897,939
As at 1 January 2023 850,304 63,974 914,278
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Page 5
5. Investment Property
2023
£
Fair Value
As at 1 January 2023 303,589
Additions 12,922
As at 31 December 2023 316,511
The 2023 valuation was made by the directors at open market value on an existing use basis.
6. Stocks
2023 2022
£ £
Parts stock 101,584 99,429
Vehicle stock 2,094,872 1,338,714
2,196,456 1,438,143
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 200,194 150,635
Prepayments and accrued income 23,829 49,661
Other debtors 74,492 3,662
298,515 203,958
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,202,204 754,663
Bank loans and overdrafts 480,035 139,449
Corporation tax 35,455 25,840
Other taxes and social security 14,275 16,957
VAT 64,809 32,406
Other creditors 1,157,520 841,343
Accruals and deferred income 55,433 6,523
Directors' loan accounts 14,890 12,540
3,024,621 1,829,721
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9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 47,500 474,775
Other loan 64,223 73,949
111,723 548,724
Included in bank loans is an amount of £77,500 (2022: £107,500) which is a Coronavirus Business interruption loan for which the UK Govemment covered the first 12 months of interest payments under its Business Interruption Payment (BIP). This loan is repayable over 6 years with a capital repayment holiday for the first year. The loan is unsecured.
10. Secured Creditors
Of the creditors the following amounts are secured.
2023 2022
£ £
Bank loans and overdrafts 438,666 506,876
Other Creditors 2,225,123 1,423,871
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 355,264 355,264
12. Pension Commitments
The company operates a defined contribution pension scheme. The pension cost charge for the year represents
contributions payable by the company to the scheme: these amounted to £15,839 (2022: £11,603). An amount of £3,521 (2022: £2,111) was owed to the scheme at the year end.
13. Dividends
2023 2022
£ £
On equity shares:
Final dividend paid 114,000 93,382
Dividends of £114,000 (2022: £93,382) were paid to the directors in the year.
14. Reserves
Share premium

This reserve includes any premiums received on issue of share capital. Any transaction costs associated with
the issuing of shares are deducted from share premium.

Retained earnings

This reserve includes all current and prior period retained profits and losses and revaluation gains and losses on
investment property, less dividends payable.

15. Post Balance Sheet Events
On 30 August 2024 the company sold its Peterborough site and certain fixed assets therein for £1.35m.
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16. Related Party Transactions
During the year the company paid rent amounting to £18,000 (2022: £18,000) to Collyweston Garage
Limited, a company owned by Mr R M Close and Mrs J Close.
Mr R M Close and Mrs J Close have provided a personal guarantee, which is limited to £425,000, in respect of the company's Barclays Bank loan.
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