REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
FAINTREE GARAGE LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
( |
) |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) | PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
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 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 |
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 |
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 |
Land and buildings | - |
Plant and machinery etc | - |
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 |
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 |
Additions |
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 |
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 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
5. | DEBTORS |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
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 |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans |
Hire purchase contracts |
Other creditors |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.23 | 31.12.22 |
£ | £ |
Bank overdrafts |
Bank loans |
Stocking loans | 503,601 | 849,803 |
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. |
for and on behalf of |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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. |