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REGISTERED NUMBER: 13801971 (England and Wales)



















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31st December 2023

for

THAMES MOTOR GROUP LIMITED

THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)






Contents of the Consolidated Financial Statements
for the year ended 31st December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Statement of Directors' Responsibilities 6

Report of the Independent Auditors 7

Consolidated Statement of Comprehensive Income 10

Consolidated Statement of Financial Position 11

Company Statement of Financial Position 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Statement of Cash Flows 15

Notes to the Consolidated Financial Statements 16


THAMES MOTOR GROUP LIMITED

Company Information
for the year ended 31st December 2023







DIRECTORS: V Khanna
K P Khanna
Miss N N Khanna
Mrs A E Khanna





SECRETARY: K Jeyavarathan





REGISTERED OFFICE: North Farm Industrial Estate
Longfield Road
Tunbridge Wells
Kent
TN2 3EY





REGISTERED NUMBER: 13801971 (England and Wales)





AUDITORS: Simpson Wreford & Partners
Chartered Accountants & Statutory Auditors
Suffolk House
George Street
Croydon
Surrey
CR0 0YN

THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Group Strategic Report
for the year ended 31st December 2023

The directors present their strategic report of the company and the group for the year ended 31st December 2023.

REVIEW OF BUSINESS
The group report revenues of £60,578,566 (2022 - £73,992,331), and profit before tax of £226,792 (2022 - £3,772,183).

Vehicle trading and servicing
The group’s revenues in the sale of new and used vehicles decreased in the year by 14.3%, from £70,161,795 in 2022 to £60,085,315. This fall was largely due to a fall in the number of units sold in the year.

Property
The group continued to market its property stock in the year, with the aim to sell over the next few years. Due to market conditions there have been no sales made within the year. One property however was purchased by a director for its market value generating revenue of £431,034.

At the year end date, the group reports a net asset balance of £16,417,007 (£16,393,285).

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the group include the following:

Product cycle risk
As new vehicles move through their natural life cycle, the group's ability to maintain adequate margins can be impaired. In order to minimise the impact of this the Board has developed broad based income sources with multiple new franchises and the generation of significant contributions from non franchise operations including used vehicle sales, accident repair, service repair and component sales.

Competition risk
The markets in which the group operates are highly competitive and there is a risk that the group's customers will look to alternative sources for products and services offered by the group. The Board has mitigated this risk by building a strong reputation for customer services, expanding its manufacturer representation, constantly monitoring quality of work and value for money. The group continues to monitor competitor activity, customer views and their level of satisfaction and invests significantly in staff training and skills development, from full apprenticeships to continual improvement of all managers.

Stock value risk
The group is exposed, as are all businesses in the motor industry, to the risk of the value of its stock in trade falling, due to general economic or industry specific factors. The Directors mitigate this risk through a two-fold policy of ensuring the group only carries stock of a suitable profile and price range that is appropriately aged, and by a strict monthly write-down policy that immediately recognises any fall in value through its income statement.

Property market risk
The group will be open to risks created by the property market which affects UK property prices. These are affected by factors such as credit availability, employment levels, interest rates and consumer confidence. Changes in this market may lead to falling demand and property prices.The group will continue to monitor the market and perform regular reviews of pricing in the local areas.


THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Group Strategic Report
for the year ended 31st December 2023

KEY PERFORMANCE INDICATORS
The directors constantly monitor a number of key performance indicators to ensure optimal business performance. For example, within the group's motor trade, gross profit margins, like for like sales, and comparisons of the ratio of new and used vehicle sales against industry averages, and the ageing of stock is regularly reviewed, on at least a monthly basis.

For the group's property development business, analysis is maintained through reviews of budget and forecast of rental income against actuals, and the review of the completion and subsequent sale of its development property stock.

ON BEHALF OF THE BOARD:





K P Khanna - Director


20th September 2024

THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Report of the Directors
for the year ended 31st December 2023

The directors present their report with the financial statements of the company and the group for the year ended 31st December 2023.

PRINCIPAL ACTIVITIES
The principal activity of the company continued to be that of a holding company. The principal activities of the group continued to be that of the trading in new and used motor vehicles. and their related servicing, and of property development.

DIVIDENDS
The total distribution of dividends for the year ended 31st December 2023 will be £120,000 (2022 - £120,000).

FUTURE DEVELOPMENTS
The main focus of the group will be to continue to build on business performance. The directors believe that the group is in a good financial position and that the risks that have been identified are being well managed.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report.

V Khanna
K P Khanna
Miss N N Khanna
Mrs A E Khanna

FINANCIAL INSTRUMENTS
The group's operations also expose it to a variety of financial risks which include credit risk and liquidity risk.

Credit Risk
The group's credit risk relates to bank loan, overdraft and vehicle stocking loan facilities held by the holding company and other group companies. These facilities are secured against the assets of all group companies and are reviewed annually.

Liquidity Risk
The group ensures that sufficient liquidity is available to meet forseeable needs. The group of companies is liable to its bankers in respect of overdrafts and loans operated by group companies under the terms of an unlimited multilateral guarantee.

Interest Risk
Bank borrowings are used in peak periods, however due to limited use of this facility and recent stability in low interest rate provision, the Board does not believe it appropriate to hedge against interest rate fluctuations.

STREAMLINED ENERGY AND CARBON REPORTING
The company and group are exempt from reporting on their energy consumption and associated greenhouse gas emissions on the basis of their size.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Report of the Directors
for the year ended 31st December 2023


AUDITORS
The auditors, Simpson Wreford & Partners, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





K P Khanna - Director


20th September 2024

THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Statement of Directors' Responsibilities
for the year ended 31st December 2023

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Report of the Independent Auditors to the Members of
Thames Motor Group Limited

Opinion
We have audited the financial statements of Thames Motor Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31st December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Thames Motor Group Limited


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory framework applicable to the group and the sector in which it operates, through discussions with management and those charged with governance, and also from our detailed understanding of the sector. We identified the Data Protection Act 2018, The Consumer Rights Act 2015, The Trade Descriptions Act 1968, The Health and Safety at Work Act 1974, Landlord and Tenant Act 1985, Tenant Fees Act 2019 and the Housing Act 2004 as all being of significance in the context of Thames Motor Group Limited and its ongoing activities.

- We made enquiries with management and those charged with governance to confirm our understanding that the group continued to comply with the applicable legal and regulatory frameworks, and also to confirm our understanding of the specific policies and procedures enlisted by the group to ensure ongoing compliance.

- We assessed the susceptibility of the group's financial statements to material misstatement, including how fraud may occur, and gained an understanding of the group's policies and procedures on fraud risks through discussion with the group's management.

- We considered the risk of material misstatement due to fraud as a result of possible management override of controls, and improper revenue recognition. To address these risks we tested the appropriateness of journal entries posted, reviewed those judgements made in making accounting estimates, and tested the application of revenue recognition and the cut-off of revenue.


Report of the Independent Auditors to the Members of
Thames Motor Group Limited

- We communicated those laws and regulations considered relevant to the group, and potential fraud risks to all engagement team members, and consider that the engagement team had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations, and remained alert to any indications of fraud throughout the audit.

Due to 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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




Alasdair Weaks (Senior Statutory Auditor)
for and on behalf of Simpson Wreford & Partners
Chartered Accountants & Statutory Auditors
Suffolk House
George Street
Croydon
Surrey
CR0 0YN

20th September 2024

THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Consolidated
Statement of Comprehensive
Income
for the year ended 31st December 2023

31.12.23 31.12.22
as restated
Notes £    £   

REVENUE 4 60,578,566 73,992,331

Cost of sales (58,545,097 ) (68,063,011 )
GROSS PROFIT 2,033,469 5,929,320

Administrative expenses (2,121,707 ) (2,344,625 )
(88,238 ) 3,584,695

Other operating income 313,322 191,086
OPERATING PROFIT 6 225,084 3,775,781

Interest receivable and similar income 19,645 -
244,729 3,775,781

Interest payable and similar expenses 7 (17,938 ) (3,598 )
PROFIT BEFORE TAXATION 226,791 3,772,183

Tax on profit 8 (83,069 ) (1,126,413 )
PROFIT FOR THE FINANCIAL YEAR 143,722 2,645,770

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

143,722

2,645,770

Profit attributable to:
Owners of the parent 130,846 2,566,892
Non-controlling interests 12,876 78,878
143,722 2,645,770

Total comprehensive income attributable to:
Owners of the parent 130,846 2,566,892
Non-controlling interests 12,876 78,878
143,722 2,645,770

THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Consolidated Statement of Financial Position
31st December 2023

31.12.23 31.12.22
as restated
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 12 10,950,443 10,911,809
Investments 13 - -
10,950,443 10,911,809

CURRENT ASSETS
Inventories 14 9,757,000 9,567,705
Debtors 15 2,970,332 2,043,152
Cash at bank and in hand 90,615 1,074,474
12,817,947 12,685,331
CREDITORS
Amounts falling due within one year 16 6,358,360 6,246,120
NET CURRENT ASSETS 6,459,587 6,439,211
TOTAL ASSETS LESS CURRENT LIABILITIES 17,410,030 17,351,020

PROVISIONS FOR LIABILITIES 19 993,023 957,735
NET ASSETS 16,417,007 16,393,285

CAPITAL AND RESERVES
Called up share capital 20 1,000 1,000
Merger reserve 21 2,814,831 2,814,831
Retained earnings 21 13,275,929 13,265,083
SHAREHOLDERS' FUNDS 16,091,760 16,080,914

NON-CONTROLLING INTERESTS 22 325,247 312,371
TOTAL EQUITY 16,417,007 16,393,285

The financial statements were approved by the Board of Directors and authorised for issue on 20th September 2024 and were signed on its behalf by:





K P Khanna - Director


THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Company Statement of Financial Position
31st December 2023

31.12.23 31.12.22
as restated
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 12 10,560,000 -
Investments 13 208,600 208,600
10,768,600 208,600

CURRENT ASSETS
Debtors 15 1,285,071 900,000
Cash at bank 57,321 499
1,342,392 900,499
CREDITORS
Amounts falling due within one year 16 293,316 208,100
NET CURRENT ASSETS 1,049,076 692,399
TOTAL ASSETS LESS CURRENT LIABILITIES 11,817,676 900,999

PROVISIONS FOR LIABILITIES 19 898,277 -
NET ASSETS 10,919,399 900,999

CAPITAL AND RESERVES
Called up share capital 20 1,000 1,000
Retained earnings 21 10,918,399 899,999
SHAREHOLDERS' FUNDS 10,919,399 900,999

Company's (loss)/profit for the financial year (421,600 ) 899,999

The financial statements were approved by the Board of Directors and authorised for issue on 20th September 2024 and were signed on its behalf by:





K P Khanna - Director


THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Consolidated Statement of Changes in Equity
for the year ended 31st December 2023

Called up
share Retained Merger
capital earnings reserve
£    £    £   
Balance at 1st January 2022 - 9,232,036 3,246,486

Changes in equity
Increase in share capital 1,000 - -
Reduction in share capital - 1,199,500 -
Dividends - (120,000 ) -
Total comprehensive income - 2,566,892 -
Merger reserve movement - - (45,000 )
Deferred tax movement on
revaluation

-

233,169

(233,169

)
Change in deferred tax rate - 153,486 (153,486 )
Balance at 31st December 2022 1,000 13,265,083 2,814,831

Changes in equity
Dividends - (120,000 ) -
Total comprehensive income - 130,846 -
Balance at 31st December 2023 1,000 13,275,929 2,814,831
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1st January 2022 12,478,522 233,493 12,712,015

Changes in equity
Increase in share capital 1,000 - 1,000
Reduction in share capital 1,199,500 - 1,199,500
Dividends (120,000 ) - (120,000 )
Total comprehensive income 2,566,892 78,878 2,645,770
Merger reserve movement (45,000 ) - (45,000 )
Balance at 31st December 2022 16,080,914 312,371 16,393,285

Changes in equity
Dividends (120,000 ) - (120,000 )
Total comprehensive income 130,846 12,876 143,722
Balance at 31st December 2023 16,091,760 325,247 16,417,007

THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Company Statement of Changes in Equity
for the year ended 31st December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 1,000 - 1,000
Total comprehensive income - 899,999 899,999
Balance at 31st December 2022 1,000 899,999 900,999

Changes in equity
Dividends - (120,000 ) (120,000 )
Total comprehensive income - (421,600 ) (421,600 )
Dividend in specie - 10,560,000 10,560,000
Balance at 31st December 2023 1,000 10,918,399 10,919,399

THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Consolidated Statement of Cash Flows
for the year ended 31st December 2023

31.12.23 31.12.22
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 26 (1,803,224 ) 2,269,565
Interest paid (17,938 ) (3,598 )
Tax paid (709,641 ) (688,870 )
Net cash from operating activities (2,530,803 ) 1,577,097

Cash flows from investing activities
Purchase of tangible fixed assets (192,989 ) (196,541 )
Interest received 19,645 -
Net cash from investing activities (173,344 ) (196,541 )

Cash flows from financing activities
Amount introduced by directors 133,193 -
Amount withdrawn by directors - (131,517 )
Share issue - 500
Equity dividends paid (120,000 ) -
Net cash from financing activities 13,193 (131,017 )

(Decrease)/increase in cash and cash equivalents (2,690,954 ) 1,249,539
Cash and cash equivalents at beginning of
year

27

1,074,474

(175,065

)

Cash and cash equivalents at end of year 27 (1,616,480 ) 1,074,474

THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Notes to the Consolidated Financial Statements
for the year ended 31st December 2023

1. STATUTORY INFORMATION

Thames Motor Group 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 General Information page.

The principal activity of the company continued to be that of a holding company. The principal activities of the group continued to be that of the trading in new and used motor vehicles. and their related servicing, and of property development.

The financial statements have been prepared in pound sterling, the functional currency of the company, and monetary amounts in these financial statements have been rounded to the nearest £.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The consolidated financial statements present the results of Thames Motor Group Limited and all of its subsidiary undertakings up to 31 December each year. Intercompany transactions and balances between group companies are therefore eliminated in full.

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

The consolidated financial statements incorporate the results of business combinations using the purchase method.

These financial statements have applied merger accounting.

Merger reserve
The merger reserve on consolidation arose from the acquisition of the shares in T S S Group Limited on 26 July 2022 as part of the group restructure.

Turnover
Turnover is recognised to the extent that it is probable the economic benefits will flow to the group and the turnover can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of vehicles and from the rendering of services.

Sale of vehicles
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the group has transferred the significant risks and rewards of ownership to the buyer;
- the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the group will receive the consideration due under the transaction;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2023

2. ACCOUNTING POLICIES - continued

Turnover - continued
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided, when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the group will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably, and;
- the costs incurred and the costs to complete the contract can be measured reliably.

Manufacturer bonuses and commission income
Manufacturer bonuses are considered to be a reduction in the cost of the vehicles sold and are credited against cost of sales in the Statement of Comprehensive Income. Commissions receivable for arranging vehicle financing are included in turnover.

Property income
Turnover comprises:

- Gross rental income receivable; and
- The value of stock sold during the year.

Revenue from sales of development properties is recognised on completion of contracts. Rental income is recognised when due. Any amounts received in advance or arrears are included in debtors or creditors as applicable.

Tangible fixed assets
Land and buildings held are stated in the statement of financial position at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position.

Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve in ‘other reserves’.

Once a revalued property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised.

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost included expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.


THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2023

2. ACCOUNTING POLICIES - continued
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:

Freehold property improvements - 5 years straight line
Plant and machinery - 5 - 10 years straight line
Fixtures and fittings - 5 - 10 years straight line

Gains and losses on disposals are determined by comparing the proceeds with the carrying amounts and are recognised in the Statement of Comprehensive Income.

Investments in subsidiaries
Investment in subsidiary undertakings are recognised at cost less accumulated impairment.

Stocks
Vehicle stock
Stocks are stated at the lower of cost and the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

Property stock
Stocks are stated at the lower of cost and net relisable value, being the estimated selling price less costs to complete and sell. Cost is based on the costs of developing a site, these costs are then allocated to individual plots to achieve a consistent margin for the site. Work in progress and development property include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

Financial instruments
The group enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from financial institutions and loans to and from related parties.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transactions, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market value, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the group would receive for the asset if it were to be sold at the balance sheet date.


THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in other creditors as a liability in the balance sheet. The assets of the plan are held separately from the group in independently administered funds.

THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2023

2. ACCOUNTING POLICIES - continued

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Provisions for liabilities
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In applying the group's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying value of assets and liabilities. The directors' judgement, estimates and assumptions are based on the best and most reliable evidence at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent sensitivity involved in making judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Any revisions to accounting estimates are recognised prospectively.

In assessing whether there have been any indicators of impairment to assets, the directors consider both external and internal sources of information such as market conditions and experience of recoverability and establish a provision for receivables that are estimated not to be recoverable.

THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2023

Incentives and other rebates from brand partners
The group receives income in the form of various incentives which are determined by the brand partners. The amount received is generally based on achieving specific sales volume, as well as other objectives including maintaining brand partner standards which may include retail centre image and design requirements, customer satisfaction survey results and trading standards. Objectives are generally set and measured on either a quarterly or annual basis.

Where incentives are based on specific sales volume or number of registrations, the related income is recognised as a reduction in cost of sales when it is reasonably certain that the income has been earned. This is generally the later of the date the vehicles are sold or registered or when it is reasonably certain that the related target will be met. Where incentives are linked to retail centre image and design requirements, customer satisfaction survey results or trading standards, they are recognised as a reduction in cost of sales when it is reasonably certain that the incentive will be received for the relevant period.

The group may also receive contributions towards advertising and promotional expenditure. Where such contributions are received they are recognised as a reduction to the related expenditure in the period to which they relate.

Product warranty provision
The product warranty provision requires an estimation of the number of expected warranty claims and the expected cost of labour and parts necessary to satisfy them.

Provisions against slow moving inventory
The group establishes a provision for slow moving inventory. When determining the provision, the directors consider factors such as the amount of the inventory holding and subsequent sales.

Determining residual values and useful economic lives of property, plant and equipment
The group depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technical innovation, product life cycles and maintenance programmes.

Determining the cost price of developed properties
The company recognises the cost of a property to be the cost of developing a site. This cost is allocated to individual plots to achieve a consistent margin for the site. The consistent margin is based on expectations about future sales and therefore requires estimates and assumptions to be applied by management. The actual margins of these properties can vary depending on the property market.

4. REVENUE

The revenue and profit before taxation are attributable to the principal activities of the group.

An analysis of revenue by class of business is given below:

31.12.23 31.12.22
as restated
£    £   
Motor trading 60,085,315 70,161,975
Property development 493,251 3,830,356
60,578,566 73,992,331

All revenue in the year and the prior year arose in the United Kingdom.

THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2023

5. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
as restated
£    £   
Wages and salaries 2,100,475 2,211,754
Social security costs 285,117 313,238
Other pension costs 54,278 51,935
2,439,870 2,576,927

The average number of employees during the year was as follows:
31.12.23 31.12.22
as restated

Workshop 34 32
Office and management 37 30
Sales 23 28
94 90

Key management personnel are considered to be the directors of the company. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly.

31.12.23 31.12.22
as restated
£    £   
Directors' remuneration 130,720 244,170

6. OPERATING PROFIT

The operating profit is stated after charging:

31.12.23 31.12.22
as restated
£    £   
Other operating leases 35,000 35,000
Depreciation - owned assets 54,355 47,465
Auditor remuneration 38,884 28,200
Auditor remuneration for non audit work 6,000 5,500
Defined contribution pension cost 54,278 51,935

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
as restated
£    £   
Bank interest 17,938 -
Bank loan interest - 3,598
17,938 3,598

THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2023

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
as restated
£    £   
Current tax:
UK corporation tax 47,781 696,255

Deferred tax:
Timing differences 35,288 430,158
Tax on profit 83,069 1,126,413

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
as restated
£    £   
Profit before tax 226,791 3,772,183
Profit multiplied by the standard rate of corporation tax in the UK of
23.521 % (2022 - 19 %)

53,344

716,715

Effects of:
Expenses not deductible for tax purposes 6,976 13,032
Capital allowances in excess of depreciation (12,339 ) (7,438 )
Adjustments to tax charge in respect of previous periods - (15,490 )
Other differences (200 ) (10,565 )
Deferred tax movement 35,288 430,159
Total tax charge 83,069 1,126,413

Changes to the UK corporation tax rates were introduced by the Finance Bill 2021. These changes include an increase in the corporation tax rate from 19% to 25% from 1 April 2023.

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2023

10. DIVIDENDS

31.12.23 31.12.22
£ £

Ordinary A shares of £1 each interim 30,000 30,000
Ordinary B shares of £1 each interim 30,000 30,000
Ordinary C shares of £1 each interim 30,000 30,000
Ordinary D shares of £1 each interim 30,000 30,000
120,000 120,000

11. PRIOR YEAR ADJUSTMENT

The prior period comparatives have been restated as follows:

Changes to the consolidated balance sheet

At 31 December 2022

As previously
reported

Adjustments

As restated
£ £ £
Stock
Property stock 1,210,099 (82,594 ) 1,127,505

Debtors
Directors' loan account 120,000 11,517 131,517
Corporation tax debtor - 13,386 13,386
Net assets 16,450,976 (57,691 ) 16,393,285
Reserves
Profit and loss account 13,322,774 (57,691 ) 13,265,083
Total reserves 16,450.976 (57,691 ) 16,393,285

Reconciliation of changes in retained earnings


31 December
2022
£

Adjustments made
Repairs and renewals (71,077 )
Corporation tax expense 13,386
57,691

Retained earnings 57,691
57,691

THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2023

Property stock movement
Having reviewed the costs relating to the investment properties held within T S S Group Limited, as subsidiary company, the directors have found that certain repair costs in previous years had been misclassified as stock. This has been corrected in these accounts by way of a prior year adjustment, reducing the brought forward group retained profit by £71,077. This correction triggers a corporation tax repayment of £13,386 that has also been adjusted through opening reserves. Costs of £11,517 have also been identified that should have been attributed to a director. A prior year adjustment has been included to transfer these to the director's current account.

12. PROPERTY, PLANT AND EQUIPMENT

Group
Improvements Fixtures
Freehold to Plant and and
property property machinery fittings Totals
£    £    £    £    £   
COST OR VALUATION
At 1st January 2023 12,615,000 487,277 522,960 748,295 14,373,532
Additions - 96,298 66,569 30,122 192,989
Appropriation to stock (2,055,000 ) - - - (2,055,000 )
At 31st December 2023 10,560,000 583,575 589,529 778,417 12,511,521
DEPRECIATION
At 1st January 2023 1,955,000 325,762 462,034 718,927 3,461,723
Charge for year - - 34,890 19,465 54,355
Reclassification/transfer (1,955,000 ) - - - (1,955,000 )
At 31st December 2023 - 325,762 496,924 738,392 1,561,078
NET BOOK VALUE
At 31st December 2023 10,560,000 257,813 92,605 40,025 10,950,443
At 31st December 2022 10,660,000 161,515 60,926 29,368 10,911,809

Cost or valuation at 31st December 2023 is represented by:

Improvements Fixtures
Freehold to Plant and and
property property machinery fittings Totals
£    £    £    £    £   
Valuation in 2015 2,558,108 - - - 2,558,108
Valuation in 2022 1,035,000 - - - 1,035,000
Cost 6,966,892 583,575 589,529 778,417 8,918,413
10,560,000 583,575 589,529 778,417 12,511,521

Freehold property was transferred to the parent company from one of the subsidiaries. This transfer took place at fair value. Fair value was determined using the most recent valuation.This valuation took place on 6 December 2022 with the freehold property being revalued to £10,560,000 by an independent chartered surveyor. If freehold property were included in the balance sheet on an historical cost basis, then the carrying amount would be £6,966,892 (2022 - £7,066,892).

THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2023

12. PROPERTY, PLANT AND EQUIPMENT - continued

Company
Freehold
property
£   
COST
Transfer from group undertaking 10,560,000
At 31st December 2023 10,560,000
NET BOOK VALUE
At 31st December 2023 10,560,000

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st January 2023
and 31st December 2023 208,600
NET BOOK VALUE
At 31st December 2023 208,600
At 31st December 2022 208,600


Subsidiary undertakings
The following were subsidiary undertakings of the company at 31 December 2023 and included within the consolidated accounts:

Name Country
ofIncorporation
Class
ofShares
Holding PrincipalActivity
T S S Group Limited England and
Wales
Ordinary 100% Property
development
Thames Motor Group (Slough) Ltd England and
Wales
Ordinary 90% Motor trading
Thames Motor Group (Tunbridge Wells) Ltd England and
Wales
Ordinary 100% Motor trading
Thames Contemporary Homes (Oval) Ltd England and
Wales
Ordinary 100% Property
development

The registered office of all subsidiary undertakings is North Farm Industrial Estate, Longfield Road, Tunbridge Wells, Kent, TN2 3EY.

THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2023

14. STOCKS

Group
31.12.23 31.12.22
as restated
£    £   
Property stock 716,393 1,127,505
Work-in-progress 114,626 50,117
Vehicle stock 8,581,854 7,937,834
Parts stock 344,127 452,249
9,757,000 9,567,705

Vehicle stock is subject to stock finance agreements. Obligations under these agreements are secured and details of the security are given in note 17.

The group has arrangements with manufacturers of motor vehicles to obtain stock of new vehicles under the terms of consignment agreements. Stocks subject to these agreements are not treated as assets of the group until legal title is transferred. At the year end consignment stock held by the group was £7,035,258 (2022 - £2,950,534). The group does not usually pay a deposit when stock is consigned. Payment for the stock falls due at the earlier of:

- the date when the stock is sold to a third party, and
- six months from the date of consignment.

The group is able to return stock (subject to an administration fee) and is not subject to obsolescence or slow movement risk. The price of stock is determined when it is sold to a third party.

Consignment stock is therefore not included in the balance sheet.

Included within stock is a provision against slow-moving and obsolete vehicle stock. The provision has increased in the year creating an impairment loss of £107,066 (2022 - £130,925) which was recognised in the Statement of Comprehensive Income.

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
as restated as restated
£    £    £    £   
Trade debtors 1,633,366 1,818,720 - -
Amounts owed by group undertakings - - 60,000 900,000
Other debtors 1,262,387 8,393 1,225,000 -
Directors' current accounts - 131,517 - -
Tax 13,386 13,386 - -
VAT - - 71 -
Prepayments and accrued income 61,193 71,136 - -
2,970,332 2,043,152 1,285,071 900,000

THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2023

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
as restated as restated
£    £    £    £   
Bank loans and overdrafts (see note 17) 1,707,095 - - -
Vehicle stocking loan (see note 17) 2,003,593 459,749 - -
Trade creditors 2,323,095 3,225,318 20,626 -
Amounts owed to group undertakings - - 262,690 208,100
Tax 47,781 709,641 - -
Social security and other taxes 95,380 84,693 - -
VAT 6,932 307,876 - -
Other creditors 40,969 1,220,810 - -
Directors' current accounts 1,676 - - -
Accruals and deferred income 131,839 238,033 10,000 -
6,358,360 6,246,120 293,316 208,100

17. LOANS

An analysis of the maturity of loans is given below:

Group
31.12.23 31.12.22
as restated
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,707,095 -
Vehicle stocking loan 2,003,593 459,749
3,710,688 459,749

The group is liable in respect of vehicle stocking loans The full potential liability as at the balance sheet date was £2,003,593 (2022 - 459,749), which is secured against the two motor trade companies' vehicle stock of £8,581,854 (2022 - £7,937,834) outstanding.

THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2023

18. FINANCIAL INSTRUMENTS


Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£ £ £ £
Financial assets
Financial assets measured at fair
value through profit or loss

90,615


1,074,474


57,321


499
Financial assets that are debt
instruments measured at
amortised cost


2,895,753




1,827,113




1,285,000




900,000
2,986,368 2,901,587 1,342,321 900,499

Financial liabilities
Financial liabilities measured at
amortised cost

6,206,589


5,135,558


242,064


208,100


Financial assets measured at fair value through profit or loss comprise cash and bank in hand.

Financial assets measured at amortised cost comprise trade debtors, amounts due from related undertakings, other debtors and accrued income.

Financial liabilities measured at amortised cost include bank facilities, vehicle stocking loans, trade creditors, other creditors, amounts owed to related undertakings, and accruals.

19. PROVISIONS FOR LIABILITIES

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
as restated as restated
£    £    £    £   
Deferred tax
Accelerated capital allowances 993,023 957,735 898,277 -

Group
Deferred
tax
£   
Balance at 1st January 2023 957,735
Provided during year 35,288
Balance at 31st December 2023 993,023

THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2023

19. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Provided during year 898,277
Balance at 31st December 2023 898,277

All deferred tax amounts relate to fixed asset timing differences and are payable in more than 12 months.

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid
Number Class Nominal Value 31.12.23 31.12.22

100 Ordinary A £1 100 100
700 Ordinary B £1 700 700
100 Ordinary C £1 100 100
100 Ordinary D £1 100 100
1,000 1,000

All allotted shares carry full voting, dividend and capital distribution rights.

21. RESERVES

Group
Retained Merger
earnings reserve Totals
£    £    £   

At 1st January 2023 13,265,083 2,814,831 16,079,914
Profit for the year 130,846 130,846
Dividends (120,000 ) (120,000 )
At 31st December 2023 13,275,929 2,814,831 16,090,760

Company
Retained
earnings
£   

At 1st January 2023 899,999
Deficit for the year (421,600 )
Dividends (120,000 )
Dividend in specie 10,560,000
At 31st December 2023 10,918,399

THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2023

21. RESERVES - continued

The merger reserve on consolidation arose from the acquisition of the shares in T S S Group Limited on 26 July 2022 as part of the group restructure.

In the year a subsidiary company transferred its freehold property to Thames Motor Group Limited via a dividend in specie.

22. NON-CONTROLLING INTERESTS

The non-controlling interest of £325,247 (2022 - £312,371) represents a 10% stake held in a subsidiary company, Thames Motor Group (Slough) Limited.

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

In the year a loan amount of £131,517 was repaid from a director.

During the year the group sold a property to a director and shareholder for £431,034, a value that is in excess of the property's market value. The property had been valued by a qualified independent third party before the sale took place.

24. 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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

At the balance sheet date an amount of £36,000 was owed to Thames Motor Group (Slough) Limited, a subsidiary company. This amount is interest free and repayable on demand.

At 31 December 2023, an amount of £1,125,000 was owed from Thames Contemporary Homes (Wimbledon) Limited, a company under common control. This amount is interest free and repayable on demand .

At the year end the company was owed an amount of £22,000 from Thames Contemporary Homes (Clapham) Ltd, a company under common control (2022 - £789,297 owed to). This amount is interest free and repayable on demand.

25. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is V Khanna, a director.

THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2023

26. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.12.23 31.12.22
as restated
£    £   
Profit before taxation 226,791 3,772,183
Depreciation charges 54,355 47,466
Movement on vehicle stocking loans 1,543,844 (2,708,746 )
Finance costs 17,938 3,598
Finance income (19,645 ) -
1,823,283 1,114,501
(Increase)/decrease in inventories (89,295 ) 843,636
(Increase)/decrease in trade and other debtors (1,058,697 ) 1,886,241
Decrease in trade and other creditors (2,478,515 ) (1,574,813 )
Cash generated from operations (1,803,224 ) 2,269,565

27. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31st December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 90,615 1,074,474
Bank overdrafts (1,707,095 ) -
(1,616,480 ) 1,074,474
Year ended 31st December 2022
31.12.22 1.1.22
as restated
£    £   
Cash and cash equivalents 1,074,474 1,412,335
Bank overdrafts - (1,587,400 )
1,074,474 (175,065 )


THAMES MOTOR GROUP LIMITED (REGISTERED NUMBER: 13801971)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2023

28. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 1,074,474 (983,859 ) 90,615
Bank overdrafts - (1,707,095 ) (1,707,095 )
1,074,474 (2,690,954 ) (1,616,480 )
Debt
Debts falling due within 1 year (459,749 ) (1,543,844 ) (2,003,593 )
(459,749 ) (1,543,844 ) (2,003,593 )
Total 614,725 (4,234,798 ) (3,620,073 )