REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
FAINTREE SEAT LTD |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
( |
) | NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
( |
) |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) | PROVISIONS FOR LIABILITIES | 10 | ( |
) |
( |
) | NET LIABILITIES | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 11 |
( |
) | Retained earnings | ( |
) |
( |
) | SHAREHOLDERS' FUNDS | ( |
) |
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 |
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 |
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 |
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 |
Land and buildings | - |
Plant and machinery etc | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
Totals | buildings | etc |
£ | £ | £ |
COST |
At 1st January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
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 |
Used vehicle stock |
Parts stock |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Accrued expenses |
Stocking loan |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
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 |
Stocking loans | 410,653 | 836,376 |
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 |
Movement | (10,134 | ) |
Balance at 31st December 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |