IRIS Accounts Production v24.2.0.383 06076057 Board of Directors 1.1.23 31.12.23 31.12.23 17.9.24 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh060760572022-12-31060760572023-12-31060760572023-01-012023-12-31060760572021-12-31060760572022-01-012022-12-31060760572022-12-3106076057ns15:EnglandWales2023-01-012023-12-3106076057ns14:PoundSterling2023-01-012023-12-3106076057ns10:Director12023-01-012023-12-3106076057ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3106076057ns10:SmallEntities2023-01-012023-12-3106076057ns10:Audited2023-01-012023-12-3106076057ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3106076057ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3106076057ns10:FullAccounts2023-01-012023-12-3106076057ns10:Director22023-01-012023-12-3106076057ns10:Director32023-01-012023-12-3106076057ns10:Director42023-01-012023-12-3106076057ns10:CompanySecretary12023-01-012023-12-3106076057ns10:RegisteredOffice2023-01-012023-12-3106076057ns5:CurrentFinancialInstruments2022-12-3106076057ns5:CurrentFinancialInstruments2023-12-3106076057ns5:Non-currentFinancialInstruments2022-12-3106076057ns5:Non-currentFinancialInstruments2023-12-3106076057ns5:ShareCapital2022-12-3106076057ns5:ShareCapital2023-12-3106076057ns5:RetainedEarningsAccumulatedLosses2022-12-3106076057ns5:RetainedEarningsAccumulatedLosses2023-12-3106076057ns5:LandBuildings2023-01-012023-12-3106076057ns5:PlantMachinery2023-01-012023-12-3106076057ns5:LandBuildings2022-12-3106076057ns5:PlantMachinery2022-12-3106076057ns5:LandBuildings2023-12-3106076057ns5:PlantMachinery2023-12-3106076057ns5:LandBuildings2022-12-3106076057ns5:PlantMachinery2022-12-3106076057ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-12-3106076057ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-01-012023-12-3106076057ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-12-3106076057ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-12-3106076057ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3106076057ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3106076057ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2023-12-3106076057ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2022-12-3106076057ns5:Secured2023-12-3106076057ns5:Secured2022-12-31060760571ns10:Director12022-12-31060760571ns10:Director12021-12-31060760571ns10:Director12023-01-012023-12-31060760571ns10:Director12022-01-012022-12-31060760571ns10:Director12023-12-31060760571ns10:Director12022-12-3106076057ns10:Director442022-12-3106076057ns10:Director442021-12-3106076057ns10:Director442023-01-012023-12-3106076057ns10:Director442022-01-012022-12-3106076057ns10:Director442023-12-3106076057ns10:Director442022-12-3106076057ns10:Director332022-12-3106076057ns10:Director332021-12-3106076057ns10:Director332023-01-012023-12-3106076057ns10:Director332022-01-012022-12-3106076057ns10:Director332023-12-3106076057ns10:Director332022-12-31
REGISTERED NUMBER: 06076057 (England and Wales)







FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

FAINTREE GARAGE LIMITED

FAINTREE GARAGE LIMITED (REGISTERED NUMBER: 06076057)






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 GARAGE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Mr P G Wedgbury
Mr S G Wedgbury
Mrs K B Wedgbury
Mrs K J Wedgbury





SECRETARY: Mrs K J Wedgbury





REGISTERED OFFICE: Mercury House
Stafford Park 1
Telford
Shropshire
TF3 3BD





REGISTERED NUMBER: 06076057 (England and Wales)





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

FAINTREE GARAGE LIMITED (REGISTERED NUMBER: 06076057)

BALANCE SHEET
31ST DECEMBER 2023

31.12.22 31.12.23
£    £    Notes £    £   
FIXED ASSETS
1,133,587 Tangible assets 4 1,104,718

CURRENT ASSETS
1,760,070 Stocks 1,871,312
1,311,745 Debtors 5 1,310,115
667,032 Cash at bank and in hand 595,098
3,738,847 3,776,525
CREDITORS
1,917,165 Amounts falling due within one year 6 2,073,513
1,821,682 NET CURRENT ASSETS 1,703,012
2,955,269 TOTAL ASSETS LESS CURRENT LIABILITIES 2,807,730

CREDITORS

(594,558

)
Amounts falling due after more than one
year

7

(206,817

)

(20,982 ) PROVISIONS FOR LIABILITIES (16,711 )
2,339,729 NET ASSETS 2,584,202

CAPITAL AND RESERVES
10,100 Called up share capital 10,100
2,329,629 Retained earnings 2,574,102
2,339,729 SHAREHOLDERS' FUNDS 2,584,202

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:





Mr P G Wedgbury - Director


FAINTREE GARAGE LIMITED (REGISTERED NUMBER: 06076057)

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

1. STATUTORY INFORMATION

Faintree Garage Limited 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 shown have been rounded to the nearest £1.

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.

Turnover
Turnover represents net invoiced sales of vehicles, vehicle repairs and servicing, excluding value added tax. Vehicle sales are recognised once the customer has an unconditional obligation to pay. Other sales are recognised as work is completed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 1% on cost
Plant and machinery etc - 50% on cost, 25% on cost and 5% on cost

Freehold land with a cost of £200,000 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 GARAGE LIMITED (REGISTERED NUMBER: 06076057)

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company contributes to personal pension defined contribution schemes on behalf of directors. Contributions payable to the schemes are charged to the income statement 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 income statement 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 24 (2022 - 27 ) .

FAINTREE GARAGE LIMITED (REGISTERED NUMBER: 06076057)

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

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
Totals buildings etc
£    £    £   
COST
At 1st January 2023 1,725,971 1,083,703 642,268
Additions 34,338 - 34,338
At 31st December 2023 1,760,309 1,083,703 676,606
DEPRECIATION
At 1st January 2023 592,384 84,495 507,889
Charge for year 63,207 8,811 54,396
At 31st December 2023 655,591 93,306 562,285
NET BOOK VALUE
At 31st December 2023 1,104,718 990,397 114,321
At 31st December 2022 1,133,587 999,208 134,379

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1st January 2023
and 31st December 2023 61,165
DEPRECIATION
At 1st January 2023 23,893
Charge for year 6,743
At 31st December 2023 30,636
NET BOOK VALUE
At 31st December 2023 30,529
At 31st December 2022 37,272

5. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 185,814 85,454
Amounts owed by group undertakings 1,016,889 1,018,207
Other debtors 61,100 158,209
1,263,803 1,261,870

Amounts falling due after more than one year:
Other debtors 46,312 49,875

Aggregate amounts 1,310,115 1,311,745

FAINTREE GARAGE LIMITED (REGISTERED NUMBER: 06076057)

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

5. DEBTORS - continued

Other debtors due greater than one year relates to property purchased under a short term rental agreement which is rented to directors. The property is depreciated over the life of the lease.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 42,032 81,666
Hire purchase contracts 20,340 20,340
Trade creditors 1,335,660 888,012
Taxation and social security 116,851 21,558
Other creditors 558,630 905,589
2,073,513 1,917,165

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 95,185 430,728
Hire purchase contracts 12,711 44,256
Other creditors 98,921 119,574
206,817 594,558

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdrafts 467 101
Bank loans 136,750 512,293
Stocking loans 503,601 849,803
640,818 1,362,197

The bank loans and overdrafts are secured by a charge over the company's freehold premises and other assets. The 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 SEAT Limited. At the period end the total liabilities subject to the guarantee were £1,329,177 (2022: £1,420,000).

9. 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

FAINTREE GARAGE LIMITED (REGISTERED NUMBER: 06076057)

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

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st December 2023 and 31st December 2022:

31.12.23 31.12.22
£    £   
Mr P G Wedgbury
Balance outstanding at start of year 104,862 12,310
Amounts advanced - 100,494
Amounts repaid (95,189 ) (7,942 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,673 104,862

Mrs K J Wedgbury
Balance outstanding at start of year 3,094 1,008
Amounts advanced - 2,086
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,094 3,094

Mrs K B Wedgbury
Balance outstanding at start of year 5,992 4,335
Amounts advanced 2,258 1,657
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,250 5,992

No interest is charged.

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. PARENT UNDERTAKING

The controlling party is Faintree Holdings Limited (Mercury House, Stafford Park 1, Telford, Shropshire, United Kingdom, TF3 3BD) by virtue of its majority shareholding. Faintree Holdings Limited prepares 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.