2024
|
2023
|
||
Turnover growth
|
11.5%
|
5.9%
|
|
Gross profit margin
|
9.3%
|
10%
|
|
Net profit margin
|
1.8%
|
2.2%
|
Director
|
24th September 2024
|
|
|
|
Director
|
|
for and on behalf of
|
|
Unit 3 Building 2, The Colony
Altrincham Road
Wilmslow
Cheshire
SK9 4LY
|
2024 | 2023 | |||
---|---|---|---|---|
Notes | £ | £ | ||
TURNOVER | 3 |
|
|
|
Cost of sales |
( |
( |
||
GROSS PROFIT |
|
|
||
Administrative expenses |
( |
( |
||
Other operating income |
|
|
||
OPERATING PROFIT | 4 |
|
|
|
Profit on disposal of fixed assets |
|
|
||
Other interest receivable and similar income | 9 |
|
|
|
Interest payable and similar charges | 10 |
( |
( |
|
PROFIT BEFORE TAXATION |
|
|
||
Tax on Profit | 11 |
( |
( |
|
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR |
|
|
||
2024 | 2023 | ||||
---|---|---|---|---|---|
Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 12 |
|
|
||
|
|
||||
CURRENT ASSETS | |||||
Stocks | 13 |
|
|
||
Debtors | 14 |
|
|
||
Cash at bank and in hand |
|
|
|||
|
|
||||
Creditors: Amounts Falling Due Within One Year | 15 |
( |
( |
||
NET CURRENT ASSETS (LIABILITIES) |
|
|
|||
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
Creditors: Amounts Falling Due After More Than One Year | 16 |
|
( |
||
PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation | 17 |
( |
( |
||
NET ASSETS |
|
|
|||
CAPITAL AND RESERVES | |||||
Called up share capital | 19 |
|
|
||
Capital redemption reserve |
|
|
|||
Other reserves |
|
|
|||
Income Statement |
|
|
|||
SHAREHOLDERS' FUNDS | 3,066,977 | 2,640,330 | |||
Director
|
|
Share Capital | Capital Redemption | Other reserves | Income Statement | Total | |
---|---|---|---|---|---|
£ | £ | £ | £ | £ | |
As at 1 February 2022 |
|
|
|
|
2,086,257 |
Profit for the year and total comprehensive income | - | - | - |
|
575,853 |
Dividends paid | - | - | - | (21,780) | (21,780) |
As at 31 January 2023 and 1 February 2023 |
|
|
|
|
2,640,330 |
Profit for the year and total comprehensive income | - | - | - |
|
527,887 |
Dividends paid | - | - | - | (101,240) | (101,240) |
Arising on shares issued during the period |
|
- | - | - | - |
Purchase of own shares |
( |
|
|
|
- |
Share capital reduction |
|
|
|
- | - |
As at 31 January 2024 |
|
|
|
|
3,066,977 |
2024 | 2023 | |||
---|---|---|---|---|
Notes | £ | £ | ||
Cash flows from operating activities | ||||
Net cash generated from operations | 1 |
|
|
|
Interest paid |
( |
( |
||
Tax (paid)/refunded |
( |
|
||
Net cash generated from operating activities |
|
|
||
Cash flows from investing activities | ||||
Purchase of tangible assets |
( |
( |
||
Proceeds from disposal of tangible assets |
|
|
||
Interest received |
|
|
||
Net cash (used in)/generated from investing activities |
( |
|
||
Cash flows from financing activities | ||||
Equity dividends paid |
( |
( |
||
Repayment of bank borrowings |
( |
( |
||
Repayment of other loans | - | (250,000) | ||
Amount introduced by directors | 14,220 | - | ||
Net cash used in financing activities |
( |
( |
||
Increase in cash and cash equivalents |
|
|
||
Cash and cash equivalents at beginning of year | 2 |
|
|
|
Cash and cash equivalents at end of year | 2 |
|
|
|
2024 | 2023 | ||
---|---|---|---|
£ | £ | ||
Profit for the financial year |
|
|
|
Adjustments for: | |||
Tax on profit |
|
|
|
Interest expense |
|
|
|
Interest income |
( |
( |
|
Depreciation of tangible assets |
|
|
|
Profit on disposal of tangible assets | (3,169) | (6,731) | |
Movements in working capital: | |||
(Increase)/decrease in stocks |
( |
|
|
Increase in trade and other debtors |
( |
( |
|
Increase/(decrease) in trade and other creditors |
|
( |
|
Net cash generated from operations |
|
|
|
2024 | 2023 | ||
---|---|---|---|
£ | £ | ||
Cash at bank and in hand |
|
|
|
As at 1 February 2023 | Cash flows | As at 31 January 2024 | |
---|---|---|---|
£ | £ | £ | |
Cash at bank and in hand |
|
202,987 |
|
Debts falling due within one year |
( |
70,000 |
|
Debts falling due after more than one year | (163,333) | 163,333 | - |
253,825 | 436,320 | 690,145 | |
Leasehold |
|
Plant & Machinery |
|
Motor Vehicles |
|
Computer Equipment |
|
2024 | 2023 | ||
---|---|---|---|
£ | £ | ||
Commission | 108,640 | 120,974 | |
Service | 1,032,129 | 938,925 | |
Vehicles, parts and accessories | 28,503,263 | 25,505,957 | |
29,644,032 | 26,565,856 | ||
2024 | 2023 | ||
---|---|---|---|
£ | £ | ||
Depreciation of tangible fixed assets |
|
|
|
2024 | 2023 | ||
---|---|---|---|
£ | £ | ||
Audit Services | |||
Audit of the company's financial statements |
|
|
|
2024 | 2023 | ||
---|---|---|---|
£ | £ | ||
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other pension costs |
|
|
|
|
|
||
2024 | 2023 | ||
---|---|---|---|
Office and administration |
|
|
|
Directors |
|
|
|
|
|
||
2024 | 2023 | ||
---|---|---|---|
£ | £ | ||
Emoluments |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
|
|
||
2024 | 2023 | ||
---|---|---|---|
Money purchase pension schemes |
|
|
|
2024 | 2023 | ||
---|---|---|---|
£ | £ | ||
Bank interest receivable |
|
|
|
Other interest |
|
|
|
28,692 | 19,766 | ||
2024 | 2023 | ||
---|---|---|---|
£ | £ | ||
Bank loans and overdrafts |
|
|
|
The tax charge on the profit for the year was as follows:
|
|||||
Tax Rate | 2024 | 2023 | |||
---|---|---|---|---|---|
2024 | 2023 | £ | £ | ||
Current tax | |||||
UK Corporation Tax | 24.0% | 19.0% |
|
|
|
Deferred Tax | |||||
Deferred taxation |
( |
|
|||
Total tax charge for the period |
|
|
|||
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
|
|||||
2024 | 2023 | ||||
£ | £ | ||||
Profit before tax | 700,915 | 713,238 | |||
Tax on profit at 24% (UK standard rate) |
|
|
|||
Goodwill/depreciation not allowed for tax |
|
|
|||
Expenses not deductible for tax purposes |
|
|
|||
Capital allowances |
( |
( |
|||
Difference in tax rates |
|
|
|||
Revenue exempt from taxation |
( |
( |
|||
Deferred tax relating to changes in tax rates or laws |
( |
|
|||
Total tax charge for the period | 173,028 | 137,385 | |||
The rate of corporation tax increased from 19% to 25% from 1 April 2023.
|
Land & Property | ||||
---|---|---|---|---|
Freehold | Leasehold | Plant & Machinery | Motor Vehicles | |
£ | £ | £ | £ | |
Cost | ||||
As at 1 February 2023 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
|
|
|
( |
As at 31 January 2024 |
|
|
|
|
Depreciation | ||||
As at 1 February 2023 |
|
|
|
|
Provided during the period |
|
|
|
|
Disposals |
|
|
|
( |
As at 31 January 2024 |
|
|
|
|
Net Book Value | ||||
As at 31 January 2024 |
|
|
|
|
As at 1 February 2023 |
|
|
|
|
Computer Equipment | Total | |
---|---|---|
£ | £ | |
Cost | ||
As at 1 February 2023 |
|
|
Additions |
|
|
Disposals |
|
( |
As at 31 January 2024 |
|
|
Depreciation | ||
As at 1 February 2023 |
|
|
Provided during the period |
|
|
Disposals |
|
( |
As at 31 January 2024 |
|
|
Net Book Value | ||
As at 31 January 2024 |
|
|
As at 1 February 2023 |
|
|
2024 | 2023 | ||
---|---|---|---|
£ | £ | ||
Stock - parts and accessories |
|
|
|
Stock - vehicles |
|
|
|
|
|
||
2024
|
2023
|
||
£
|
£
|
||
At 1 February
|
98,527
|
70,352
|
|
Provided in the year
|
62,626
|
28,175
|
|
|
|
||
At 31 January
|
161,153
|
98,527
|
2024 | 2023 | ||
---|---|---|---|
£ | £ | ||
Due within one year | |||
Trade debtors |
|
|
|
Other debtors | 106,306 | 98,034 | |
|
|
||
Due after more than one year | |||
Other debtors | 550,000 | 550,000 | |
|
|
||
2024
|
2023
|
||
£
|
£
|
||
At 1 February
|
52,254
|
45,309
|
|
Provided in year
|
-
|
6,945
|
|
Released in year
|
(48,529)
|
-
|
|
|
|
||
At 31 January
|
3,995
|
52,254
|
2024 | 2023 | ||
---|---|---|---|
£ | £ | ||
Trade creditors |
|
|
|
Bank loans and overdrafts | - |
|
|
Corporation tax |
|
|
|
Other taxes and social security |
|
|
|
VAT |
|
- | |
Other creditors |
|
|
|
Directors' loan accounts |
|
- | |
|
|
||
2024 | 2023 | ||
---|---|---|---|
£ | £ | ||
Bank loans | - |
|
|
2024 | 2023 | ||
---|---|---|---|
£ | £ | ||
Trade Creditors | 1,601,199 | 1,362,715 | |
Bank loans and overdrafts | - | 233,333 |
2024 | 2023 | ||
---|---|---|---|
£ | £ | ||
Other timing differences | 70,493 | 71,172 | |
Deferred Tax | Total | |
---|---|---|
£ | £ | |
As at 1 February 2023 |
|
71,172 |
Reversals |
( |
(679) |
Balance at 31 January 2024 |
|
70,493 |
2024 | 2023 | ||
---|---|---|---|
£ | £ | ||
On equity shares: | |||
Final dividend paid |
|
|
|