Company registration number 12271144 (England and Wales)
CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr S M D C Stringer
Miss V L Stringer
Secretary
Ms M Stringer
Company number
12271144
Registered office
23 Bedhampton Road
Havant
United Kingdom
PO9 3ES
Auditor
Azets Audit Services
Carnac Place
Cams Hall Estate
Fareham
Hampshire
United Kingdom
PO16 8UY
CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
15
Company statement of changes in equity
14
Group statement of cash flows
16
Notes to the financial statements
17 - 31
CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

In 2023, our business has faced several challenges and opportunities. The UK new vehicle market grew to 1.9 million vehicles achieving a return to pre pandemic levels and Volvo’s UK registrations grew 37% year on year. The group’s Volvo new car business achieved 16% increase against 2022 however our used “Selekt” business increased by 41% year on year. In June, Volvo launched a direct sales business model for new cars with the processing of the sale of new cars being handled directly, online with Volvo Cars UK Limited and our franchised business acting as the supplying agent. This transfer of operation did create some challenges for both parties however we strongly see the positives of direct sale model for the consumer and the retailer moving towards the future. Our aftersales revenue also grew by 17% despite a change in revenue streams as we started to see more EV cars in the workshops. Stringers pre-owned units grew by 71% from 2022 to 2023 by realising further the opportunity offered by the local market area, and a focus to continue to build its presence on pre-owned digital saleschannels.

 

Despite the continuing global economic fluctuations, the new car supply chain disruptions seen since the pandemic, decreased significantly over the 12 months, and we saw a return to strong sales in both the retail and particularly the fleet markets. However, the consequential effect was that the pre-owned market, especially in SUV, EV and Hybrid sectors required a significant revaluation in the last quarter of the year resulting in a stringent but appropriate adjustment to stock at the year end.

CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties

Manufacturer Relationships

There are number of risks and uncertainties for our franchised business. Our contractual dependence and the reliance on Volvo's terms and conditions, which may change unfavourably in 2024 as they adapt their new business online model. In conjunction with these changes manufacturer support and financial incentives can impact profitability.

 

Volvo's move towards expanding their EV range with new production and launch of new models can affect delivery times and availability, this can put significant pressure on customer satisfaction and ultimately retention.

 

Vehicle Supply

Though dramatically reduced, there are still potential delays due to geopolitical issues, such as trade tensions or conflicts. This also impacts transportation costs and logistical delays.

 

A change in consumer demand patterns particularly with a lack of certainty over Government incentives to support the EV sector and its national infrastructure may see a move away from EV product and back to the Hybrid markets by consumers. Rapid advancements in EV automotive technology requiring additional software upgrades post new car delivery may again impact negatively on consumer views of the brand. The pre-owned market as already stated, corrected itself at the end of 2023. At the time of writing, our used car performance in both businesses has seen margins remaining consistent in H1 of 2024. However, the used car supply can fluctuate due to market conditions, and consumer demand can be affected from economic uncertainties such as a change in government.

 

Operational Costs

The rising costs for utilities and supplies are closely monitored by the group and an external purchasing company is used to mitigate price increases where possible. The increased cost of living and a general lack of investment in training in the motor trade sector has had a real impact on recruitment as we strive to attract skilled professionals into all levels of the business.

 

New Government and Business Taxes

With a change in central government there is risk of fiscal and monetary policy changes and introduction of new regulations or changes in existing ones, and what the impact will be on our operational practices. The main areas of concern are higher corporate taxes, business rates, environmental levies or employment legislation changes impacting the businesses profitability.

 

In summary, in 2024 while as a Volvo agent we face specific risks and uncertainties, strategic planning and proactive management can help mitigate these challenges. Out strong brand and balance sheet, maintaining strong manufacturer relationships, staying informed about market trends, and being adaptable to regulatory changes will be key to navigating this complex landscape.

CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Development and performance

 

We have always prioritized a consumer-centric approach to enhance the consumer buying and ownership experience with the group. In 2023 this key strategy was given even more focus by the management team. Our strategies included further personalization of consumer services, working toward streamlining purchasing processes, and robust and efficient aftersales support. This has resulted in increased customer satisfaction and loyalty, reflected in higher retention rates and positive feedback. This was recognised by our partner Volvo naming us as their National Retailer of the Year for 2023.

 

 

Recognizing the importance of our digital transformation, we have significantly invested in our operational infrastructure. Our website and our digital platforms offer seamless online purchasing options with Volvo’s own virtual showrooms. In aftersales, digital service scheduling is now being offered and the launch of E-Dynamics provides online diagnostics to Volvo owners via video. We have invested in new partnerships with an external online company to provide a digital courtesy car booking system which has seen greater efficiency of our loan car fleet.

This investment has not only improved operational efficiency but also attracted a tech-savvy customer base, increasing our market reach.

 

 

Sustainability is also at the core of our business strategy. We have adopted several green initiatives and to support Volvo’s electric and hybrid vehicles, we invested significantly in our EV charging facilities in 2023. We have focused on reducing our VRE sites’ carbon footprint by installing solar power which has created 40% savings in our occupational energy costs. Since we became a VRE site 2017 we have implemented eco-friendly practices in our daily operations. Our efforts have been recognized with a full accreditation for our sustainability submission in the Volvo FEST programme and several local awards for environmental responsibility, enhancing our business’s

reputation.

 

 

We are committed to supporting the communities in which we operate. Our community focus includes providing EV charging on site to the public and local businesses, sponsoring local events and engaging in corporate social responsibility (CSR) activities with our local rugby club and youth theatre. These efforts have strengthened our community ties and reinforced our business’s positive image.

 

 

Our employees are our greatest asset. We invest in the highest levels of continuous training and development to ensure our staff are experts in their field knowledge. We empower our teams to work together to improve the business’s KPI’s, which in turn creates excellent levels of motivation. We continue to focus on work life balance with support to staff via our employee wellness program, which includes our occupational health scheme and we champion an inclusive work environment. These initiatives have resulted in high employee satisfaction and continued strong retention rates.

Key performance indicators

 

2023

2022

Turnover

£39,642,697

£29,583,124

Turnover growth

34.00%

0.71%

Gross profit margin

5.37%

6.42%

Profit before tax

£450,307

£323,922

CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

On behalf of the board

Miss V L Stringer
Director
19 September 2024
CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of our Volvo franchised car business is to sell and service Volvo vehicles. We are committed to providing exceptional customer service, offering a comprehensive range of new and pre-owned “Selekt” vehicles, and delivering high-quality maintenance and repair services and genuine Volvo parts. Our goal is to maintain the highest standards of professionalism and to enhance the Volvo brand's reputation in the marketplace. Our used car operation Stringers of Petersfield aims to provide premium quality pre-owned cars of all brands and give an enhanced customer experience that makes them feel valued and exceeds that of our competitors.

 

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £180,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S M D C Stringer
Miss V L Stringer
Financial instruments

Liquidity and credit risk

The business' principal financial instruments comprise bank balances, trade debtors, trade creditors and loans to the business. The main purpose of these instruments is to finance the business' operation.

 

Trade debtors are manager in respect of credit and cash flow risk by polices concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debts.

 

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

 

Loans comprises of loans from financial institutions and related parties, The business manages the liquidity risk by ensuring that there are sufficient funds to meet the payments.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Miss V L Stringer
Director
19 September 2024
CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
- 7 -
Opinion

We have audited the financial statements of Cambridge Garage Motor Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
- 9 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jon Brand FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
19 September 2024
Chartered Accountants
Statutory Auditor
Carnac Place
Cams Hall Estate
Fareham
Hampshire
United Kingdom
PO16 8UY
CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
39,642,697
29,583,124
Cost of sales
(37,512,942)
(27,684,418)
Gross profit
2,129,755
1,898,706
Administrative expenses
(1,646,145)
(1,529,493)
Other operating income
10,162
-
Operating profit
4
493,772
369,213
Interest payable and similar expenses
7
(43,465)
(45,291)
Profit before taxation
450,307
323,922
Tax on profit
8
(174,575)
(77,989)
Profit for the financial year
22
275,732
245,933
Profit for the financial year is all attributable to the owners of the parent company.
CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
£
£
Profit for the year
275,732
245,933
Other comprehensive income
-
-
Total comprehensive income for the year
275,732
245,933
Total comprehensive income for the year is all attributable to the owners of the parent company.
CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,937,221
1,755,541
Current assets
Stocks
14
3,579,343
6,533,220
Debtors
16
747,011
798,903
Cash at bank and in hand
1,796,601
1,940,855
6,122,955
9,272,978
Creditors: amounts falling due within one year
17
(3,047,804)
(6,243,861)
Net current assets
3,075,151
3,029,117
Total assets less current liabilities
5,012,372
4,784,658
Provisions for liabilities
Deferred tax liability
18
209,566
77,584
(209,566)
(77,584)
Net assets
4,802,806
4,707,074
Capital and reserves
Called up share capital
20
20
20
Share premium account
22
7,799,981
7,799,981
Other reserves
22
(7,757,400)
(7,757,400)
Profit and loss reserves
22
4,760,205
4,664,473
Total equity
4,802,806
4,707,074
The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
19 September 2024
Miss V L Stringer
Director
Company registration number 12271144 (England and Wales)
CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
12
7,800,000
7,800,000
Current assets
Cash at bank and in hand
1
1
Net current assets
1
1
Net assets
7,800,001
7,800,001
Capital and reserves
Called up share capital
20
20
20
Share premium account
22
7,799,981
7,799,981
Total equity
7,800,001
7,800,001

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £180,000 (2022 - £160,000 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
19 September 2024
Miss V L Stringer
Director
Company registration number 12271144 (England and Wales)
CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
20
7,799,981
-
0
7,800,001
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
160,000
160,000
Dividends
10
-
-
(160,000)
(160,000)
Balance at 31 December 2022
20
7,799,981
-
0
7,800,001
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
180,000
180,000
Dividends
10
-
-
(180,000)
(180,000)
Balance at 31 December 2023
20
7,799,981
-
0
7,800,001
CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Share capital
Share premium account
Merger reserve
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2022
20
7,799,981
(7,757,400)
208,691
4,369,849
4,621,141
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
-
245,933
245,933
Dividends
10
-
-
-
-
(160,000)
(160,000)
Balance at 31 December 2022
20
7,799,981
(7,757,400)
208,691
4,455,782
4,707,074
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
-
275,732
275,732
Dividends
10
-
-
-
-
(180,000)
(180,000)
Balance at 31 December 2023
20
7,799,981
(7,757,400)
208,691
4,551,514
4,802,806
CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
457,344
180,930
Interest paid
(43,465)
(45,291)
Income taxes paid
(40,158)
(167,012)
Net cash inflow/(outflow) from operating activities
373,721
(31,373)
Investing activities
Purchase of tangible fixed assets
(337,975)
(119,449)
Proceeds on disposal of tangible fixed assets
-
9,964
Net cash used in investing activities
(337,975)
(109,485)
Financing activities
Repayment of borrowings
-
(26,763)
Dividends paid to equity shareholders
(180,000)
(160,000)
Net cash used in financing activities
(180,000)
(186,763)
Net decrease in cash and cash equivalents
(144,254)
(327,621)
Cash and cash equivalents at beginning of year
1,940,855
2,268,476
Cash and cash equivalents at end of year
1,796,601
1,940,855
CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
1
Accounting policies
Company information

Cambridge Garage Motor Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 23 Bedhampton Road, Havant, United Kingdom, PO9 3ES.

 

The group consists of Cambridge Garage Motor Holdings Limited and its subsidiary.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Cambridge Garage Motor Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

 

Following a group reorganisation, these consolidated financial statements have been prepared using merger accounting. During this reorganisation, Cambridge Garage Motor Holdings Limited acquired 100% of the issued share capital in Cambridge Garage (Portsmouth) Limited. A merger reserve has been created to remove the difference between the nominal value of the shares issued and the nominal value of the shares exchanged.

CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The company recognises car sales at the point of delivery to the customer.

Servicing and repair sales are recognised on completion of the work.

Agency sales are commission the entity earns which is predetermined, being a fixed fee per transaction. This is recognised at point of delivery to customer.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

 

The cost of tangible assets includes directly attributable incremental cost incurred in their acquisition and installation.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% SL on buidlings and 6.5% SL on showroom
Plant and equipment
20% SL
Fixtures and fittings
20% SL
Computers
20% SL

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.7
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Cost is determined using the first-in, first-out (FIFO) method.

 

The group recognises consignment stock as there is an obligation to purchase such stock within one year.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.14
Retirement benefits

A defined contribution plan is a pension plan under which fixed contribution are paid into a pension fund and the company has no legal or constructive obligation to pay further contribution even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

 

Contribution to defined contribution plans are recognised as an employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Fixed assets

Determine whether there are impairments of the company' s tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future performance.

Leases

Determine whether the leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Used vehicle stock

Management consider the recoverability of the cost of stock and requirement of an associated provision. When considering the requirement of a stock provision, management refer to observable trade prices for cars comparable to the ones held.

3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
34,561,920
25,525,360
Rendering of services
4,929,077
4,057,764
Agency sales
151,700
-
39,642,697
29,583,124
2023
2022
£
£
Turnover analysed by geographical market
UK
39,642,697
29,583,124
CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
156,295
151,613
Stocks impairment losses recognised or reversed
306,335
111,661
Operating lease charges
54,163
111,227
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
1,040
950
Audit of the financial statements of the company's subsidiaries
16,200
13,163
17,240
14,113
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Administration and support
5
5
-
-
Sales, marketing and distribution
43
43
-
-
Directors
2
2
2
2
Total
50
50
2
2

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,960,102
1,655,467
-
0
-
0
Social security costs
229,930
196,442
-
-
Pension costs
40,757
38,770
-
0
-
0
2,230,789
1,890,679
-
0
-
0
CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
7
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
(18,034)
(6,736)
Other interest on financial liabilities
61,499
51,893
Other interest
-
134
Total finance costs
43,465
45,291
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
63,139
61,609
Adjustments in respect of prior periods
(20,546)
(3,328)
Total current tax
42,593
58,281
Deferred tax
Origination and reversal of timing differences
131,982
19,708
Total tax charge
174,575
77,989

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
450,307
323,922
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
105,912
61,545
Tax effect of expenses that are not deductible in determining taxable profit
574
394
Adjustments in respect of prior years
(20,546)
(3,328)
Effect of change in corporation tax rate
3,844
4,702
Permanent capital allowances in excess of depreciation
17,762
14,558
Deferred tax adjustments in respect of prior years
67,029
118
Taxation charge
174,575
77,989
CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
9
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2023
2022
Notes
£
£
In respect of:
Stocks
14
306,335
111,661
Recognised in:
Cost of sales
306,335
111,661
10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
180,000
160,000
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost or valuation
At 1 January 2023
2,428,137
346,310
332,370
55,264
3,162,081
Additions
313,190
5,932
8,895
9,958
337,975
At 31 December 2023
2,741,327
352,242
341,265
65,222
3,500,056
Depreciation and impairment
At 1 January 2023
866,226
268,294
230,910
41,110
1,406,540
Depreciation charged in the year
90,936
22,390
34,958
8,011
156,295
At 31 December 2023
957,162
290,684
265,868
49,121
1,562,835
Carrying amount
At 31 December 2023
1,784,165
61,558
75,397
16,101
1,937,221
At 31 December 2022
1,561,911
78,016
101,460
14,154
1,755,541
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.

The fair value of the freehold land and buildings has been reviewed by the directors in the year, and concluded that there has been no material movement in fair value.

The freehold land and buildings assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Tangible fixed assets
(Continued)
- 26 -
2023
2022
£
£
Group
Cost
2,171,309
2,171,309
Accumulated depreciation
(957,162)
(866,226)
Carrying value
1,214,147
1,305,083
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
7,800,000
7,800,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
7,800,000
Carrying amount
At 31 December 2023
7,800,000
At 31 December 2022
7,800,000
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Cambridge Garage (Portsmouth) Limited
23 Bedhampton Road, Havant, PO9 3ES
Ordinary shares
100.00
CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
14
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
191,960
130,846
-
-
Work in progress
11,011
9,133
-
-
Finished goods and goods for resale
3,376,372
6,393,241
-
0
-
0
3,579,343
6,533,220
-
-

The carrying amount of stocks includes £52,347 (2022 - £3,153,385) pledged as security for liabilities.

15
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
682,668
705,876
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
2,815,520
6,007,780
n/a
n/a

As permitted by the reduced disclosure framework within FRS 102, the company has taken advantage of the exemption from disclosing the carrying amount of certain classes of financial instruments, denoted by 'n/a' above.

 

 

16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
592,850
628,028
-
0
-
0
Other debtors
89,818
77,848
-
0
-
0
Prepayments and accrued income
64,343
93,027
-
0
-
0
747,011
798,903
-
-
CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
2,377,717
1,993,523
-
0
-
0
Corporation tax payable
63,139
60,704
-
0
-
0
Other taxation and social security
169,145
175,377
-
-
Other creditors
120,159
3,782,369
-
0
-
0
Accruals and deferred income
317,644
231,888
-
0
-
0
3,047,804
6,243,861
-
0
-
0
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
209,566
77,584
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
77,584
-
Charge to profit or loss
131,982
-
Liability at 31 December 2023
209,566
-

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
40,757
38,770

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
20
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
20
20
20
20

Ordinary shares have the following rights, preferences and restrictions:

Full rights to receive notice of, attend and vote at general meetings. One share carries one vote and full rights to dividends and capital distributions (including upon winding up). The ordinary shares do not carry any right to redemption.

21
Non-distributable profits reserve
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning and end of the year
208,691
208,691
-
-

The non-distributable reserve represents amounts where the current and probable future value of an asset is higher than the recorded historic cost of the same asset.

22
Reserves
Share premium

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Merger reserve

Other reserves is a merger reserve following the group reorganisation and share for share exchange with Stringer Property Limited.

Profit and loss reserves

Retained earnings represent all accumulated net gains and losses.

23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
61,693
132,747
-
-
Between two and five years
208,258
328,478
-
-
In over five years
401,370
451,370
-
-
671,321
912,595
-
-
CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
24
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Cost of services received
Income from services provided
2023
2022
2023
2022
£
£
£
£
Group
Other related parties
235,849
235,443
28,788
46,272

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Other related parties
29,043
610,558

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Other related parties
32,041
26,253
Other information

Group

Meonpool Limited

(A company that is under common control)

During the year, the company paid consultancy and management fees to Meonpool Limited of £210,281 (2022: £184,569). At the year end, the amount due to Meonpool Limited was £27,965 (2022: £143,546).

 

CG Bodyshop Limited

(A company that is under common control)

During the year, the company purchased services from CG Bodyshop Limited on an arms length basis. At the year end, the amount due from CG Bodyshop Limited was £30,963 (2022: £26,253).

 

Stringer Property Limited

(A company that is under common control)

At the year end, the amount due to Stringer Property Limited was nil (2022: £466,012).

 

The company has taken the exemption available under FRS 102, and not disclosed transactions between wholly owned group companies.

25
Controlling party
There is no one individual controlling party.
CAMBRIDGE GARAGE MOTOR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
26
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
275,732
245,933
Adjustments for:
Taxation charged
174,575
77,989
Finance costs
43,465
45,291
Depreciation and impairment of tangible fixed assets
156,295
151,613
Movements in working capital:
Decrease/(increase) in stocks
2,953,877
(3,190,809)
Decrease in debtors
51,892
79,095
(Decrease)/increase in creditors
(3,198,492)
2,771,818
Cash generated from operations
457,344
180,930
27
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,940,855
(144,254)
1,796,601
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