REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
BASILDON PARK MOTOR COMPANY LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
BASILDON PARK MOTOR COMPANY LIMITED |
BASILDON PARK MOTOR COMPANY LIMITED (REGISTERED NUMBER: 07181885) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
BASILDON PARK MOTOR COMPANY LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
Unit 14 |
Hoddesdon Enterprise Centre |
Pindar Road |
Hoddesdon |
Hertfordshire |
EN11 0FJ |
BASILDON PARK MOTOR COMPANY LIMITED (REGISTERED NUMBER: 07181885) |
BALANCE SHEET |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
BASILDON PARK MOTOR COMPANY LIMITED (REGISTERED NUMBER: 07181885) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Basildon Park Motor Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in sterling (£) which is the functional currency for the company and rounded to the nearest £. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable,excluding value added tax, of sales of vehicles and parts together with amounts invoiced to customers for servicing and for the rental of vehicles. It includes commission receivable on arranging finance for customer purchases. |
Turnover also includes income received from bonuses and incentives, which are recognised in the profit and loss account on a straight line basis over the period to which they relate. |
Turnover from the sale of vehicles is recognised when the significant risks and rewards of ownership of the vehicle has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the vehicle. |
Turnover is attributable to the principal activity of the company and is UK based. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows: |
Land and buildings - Short Leasehold - over the length of the leases |
Plant and machinery etc - at varying rates on cost |
At each reporting date, property, plant and equipment are reviewed to determined whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account. |
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of impairment is recognised immediately in the profit and loss account. |
BASILDON PARK MOTOR COMPANY LIMITED (REGISTERED NUMBER: 07181885) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are stated at the lower of cost and net realisable value. |
Cost incurred in bringing each product to its present location and condition is based on |
Parts Purchase cost on a first-in, first our basis |
New vehicles (owned) Original purchase cost |
New vehicles (consignment) Current manufacturer purchase price |
Demonstration vehicles Original cost adjusted to reflect changes in residual value |
Used vehicles The price paid or trade-in allowance granted |
Net realisable value is based upon selling price less an estimate for discounts and selling expenses to be incurred to disposal. |
The directors consider that consignment stocks of certain new vehicles held by the company on behalf of the MG Motor UK and Subaru UK as applicable meet the criteria of Financial Reporting Standard 102 to be recognised as assets. Accordingly, such new vehicles are shown as stock in the financial statements with a corresponding liability shown within creditors falling due within one year. |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. |
Hire Purchase and leasing commitments |
Rental under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term. |
Trading Outlook and Cessation of Trade |
Subsequent to the year end, the company directors have elected to cease trading operations following the termination of the company's third party's lease agreement ending in 2024. Company liabilities have been substantially settled and those still prevalent as at 31st December 2023 will be fully paid in 2024. |
As a result of the above, the company is not expected to continue as a going concern. |
Trade and Other Receivables |
Trade and other receivables are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest. |
Trade and Other Payables |
BASILDON PARK MOTOR COMPANY LIMITED (REGISTERED NUMBER: 07181885) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Trade and other payables are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method. Amounts owed to group undertakings are deemed to be short term trading balances. |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and any short term deposits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors | ( |
) |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
BASILDON PARK MOTOR COMPANY LIMITED (REGISTERED NUMBER: 07181885) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Trade creditors | 132,703 | 865,252 |
Consignment stock is purchased under a New Vehicle Supply agreement with Subaru UK and MG Motor UK as applicable (Hyundai Motor Finance in 2022). At the year end, the company had a liability under this agreement of £132,703 (2022:£865,252) which is secured by a charge over the relevant consignment stock and an indemnity given by the directors of the company. |
The company has given an unlimited guarantee to its bankers in respect of bank indebtedness. |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
For the reasons as set out in Note 2 to the financial statements, the company's financial statements are not prepared on a going concern basis however our audit report is unqualified. |
for and on behalf of |
9. | RELATED PARTY DISCLOSURES |
The company has taken advantage of the exemption available under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" not to disclose transactions entered into between two or more members of a group on the basis that any subsidiary undertakings which is party to the transaction is a wholly owned subsidiary undertaking within the group. |
10. | ULTIMATE CONTROLLING PARTY |
The company is a wholly owned subsidiary undertaking of Essex Motor Company Limited, a company whose registered office is in the United Kingdom and which prepares consolidated financial statements. |