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REGISTERED NUMBER: 11404746 (England and Wales)







FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

FAINTREE SEAT LTD

FAINTREE SEAT LTD (REGISTERED NUMBER: 11404746)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FAINTREE SEAT LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: P G Wedgbury
Mrs K J Wedgbury





REGISTERED OFFICE: Vanguard Way
Battlefield Enterprise Park
Shrewsbury
SY1 3TG





REGISTERED NUMBER: 11404746 (England and Wales)





AUDITORS: Stanton Ralph & Co Limited
Chartered Accountants
Statutory Auditor
The Old Police Station
Whitburn Street
Bridgnorth
Shropshire
WV16 4QP

FAINTREE SEAT LTD (REGISTERED NUMBER: 11404746)

BALANCE SHEET
31ST DECEMBER 2023

31.12.22 31.12.23
£    £    Notes £    £   
FIXED ASSETS
2,217,789 Tangible assets 4 2,158,942

CURRENT ASSETS
1,671,888 Stocks 5 1,454,465
111,942 Debtors 6 296,861
560,167 Cash at bank and in hand 422,790
2,343,997 2,174,116
CREDITORS
3,307,653 Amounts falling due within one year 7 3,389,372
(963,656 ) NET CURRENT LIABILITIES (1,215,256 )
1,254,133 TOTAL ASSETS LESS CURRENT LIABILITIES 943,686

CREDITORS

(1,321,139

)
Amounts falling due after more than one
year

8

(1,230,316

)

(130,378 ) PROVISIONS FOR LIABILITIES 10 (120,244 )
(197,384 ) NET LIABILITIES (406,874 )

CAPITAL AND RESERVES
100 Called up share capital 11 100
(197,484 ) Retained earnings (406,974 )
(197,384 ) SHAREHOLDERS' FUNDS (406,874 )

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 17th September 2024 and were signed on its behalf by:





P G Wedgbury - Director


FAINTREE SEAT LTD (REGISTERED NUMBER: 11404746)

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

1. STATUTORY INFORMATION

Faintree SEAT 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 Company Information page.

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


The values have been presented to the nearest one pound (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company continues to have an insolvent balance sheet at the year end. Subsequent to the year end trading levels at the company's dealership have significantly increased and the directors anticipate that the company will be profitable for the year ended 31st December 2024.

Turnover
Turnover represents net invoiced sales of vehicles excluding value added tax. Vehicle sales are recognised once the customer has an unconditional obligation to pay.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - over the period of the lease
Plant and machinery etc - 25% on cost

Freehold land with a cost of £392,000 is not depreciated. Assets are depreciated from the date that they are brought into use.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Where demonstrator vehicles are held for resale they're depreciated on a monthly basis to reflect the reduced value from usage.

Consignment stocks and the related vehicle creditors payment obligations are included in the financial statements once the company becomes unconditionally obligated to acquire the stocks from the manufacturer under the terms of the supply agreement.

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.


FAINTREE SEAT LTD (REGISTERED NUMBER: 11404746)

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.

Grants received
Capital grants received are included as deferred income and released to the income statement over the life of the relevant asset. Revenue grants received are released to the profit and loss account so as to match the related expenditure.

Finance costs
Finance costs are charged to the income statement over the capital repayment term of the debt so that the amount charged is at a constant rate on the carrying amount.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administration expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
Totals buildings etc
£    £    £   
COST
At 1st January 2023 2,245,892 1,980,523 265,369
Additions 28,199 2,573 25,626
Disposals (967 ) (967 ) -
At 31st December 2023 2,273,124 1,982,129 290,995
DEPRECIATION
At 1st January 2023 28,103 13,763 14,340
Charge for year 86,079 16,118 69,961
At 31st December 2023 114,182 29,881 84,301
NET BOOK VALUE
At 31st December 2023 2,158,942 1,952,248 206,694
At 31st December 2022 2,217,789 1,966,760 251,029

FAINTREE SEAT LTD (REGISTERED NUMBER: 11404746)

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

5. STOCKS
31.12.23 31.12.22
£    £   
New vehicle stock 484,048 396,366
Used vehicle stock 899,752 1,193,213
Parts stock 70,665 82,309
1,454,465 1,671,888

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 281,857 92,050
Other debtors 15,004 19,892
296,861 111,942

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 99,059 99,059
Trade creditors 1,614,915 1,213,046
Amounts owed to group undertakings 1,008,298 1,010,497
Social security and other taxes 75,612 76,923
Accrued expenses 180,835 71,752
Stocking loan 410,653 836,376
3,389,372 3,307,653

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans - 2-5 years 431,392 431,392
Bank loans more 5 yr by instal 798,924 889,747
1,230,316 1,321,139

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 798,924 889,747

FAINTREE SEAT LTD (REGISTERED NUMBER: 11404746)

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

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 1,329,177 1,420,000
Stocking loans 410,653 836,376
1,739,830 2,256,376

Stocking loans are secured against vehicle stocks.

The company is party to a cross guarantee in respect of certain bank indebtedness of its fellow group company, Faintree Garage Limited. At the period end the total liabilities subject to the guarantee were £1,329,177 (2022: £1,420,000), all of which are the company's liabilities as shown in note 9.

10. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 120,244 130,378

Deferred
tax
£   
Balance at 1st January 2023 130,378
Movement (10,134 )
Balance at 31st December 2023 120,244

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary £1 100 100

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

The Report of the Auditors was unqualified.

Darren Foot FCA (Senior Statutory Auditor)
for and on behalf of Stanton Ralph & Co Limited

13. RELATED PARTY DISCLOSURES

During the period the company repaid net loans of £2,199 (2022 - received £319,989) from Faintree Garage Limited, a fellow subsidiary undertaking. At the end of the year the company owed £1,008,298 (2022 - £1,010,497) to Faintree Garage Limited. The loan is repayable on demand and no interest is charged.

FAINTREE SEAT LTD (REGISTERED NUMBER: 11404746)

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

14. PARENT UNDERTAKING

The controlling party is Faintree Holdings Limited (Address: Mercury House, Stafford Park 1, Telford, Shropshire, United Kingdom, TF3 3BD) by virtue of its majority shareholding. Faintree Holdings Limited prepare group accounts which are available from its registered office.

The ultimate controlling party of Faintree Holdings Limited is Paul Wedgbury by virtue of his majority shareholding.