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REGISTERED NUMBER: 07181885 (England and Wales)















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: Mr W G Cook
Mr D Lowe



SECRETARY: Mr W G Cook



REGISTERED OFFICE: 17 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD



REGISTERED NUMBER: 07181885 (England and Wales)



SENIOR STATUTORY AUDITOR: Mr Christopher James Whale ACA



AUDITORS: Trevor Jones & Partners Ltd
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 23,630 4,167

CURRENT ASSETS
Stocks 881,992 1,185,153
Debtors 5 1,005,334 1,842,530
Cash at bank and in hand 817,143 335,761
2,704,469 3,363,444
CREDITORS
Amounts falling due within one year 6 (996,781 ) (1,568,109 )
NET CURRENT ASSETS 1,707,688 1,795,335
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,731,318

1,799,502

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 1,731,317 1,799,501
1,731,318 1,799,502

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

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 19 September 2024 and were signed on its behalf by:




Mr D Lowe - Director



Mr W G Cook - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 11 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 15,515 64,656 80,171
Additions 14,208 8,742 22,950
At 31 December 2023 29,723 73,398 103,121
DEPRECIATION
At 1 January 2023 11,636 64,368 76,004
Charge for year 1,067 2,420 3,487
At 31 December 2023 12,703 66,788 79,491
NET BOOK VALUE
At 31 December 2023 17,020 6,610 23,630
At 31 December 2022 3,879 288 4,167

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 17,150 (47,971 )
Amounts owed by group undertakings 955,685 1,845,044
Other debtors 32,499 45,457
1,005,334 1,842,530

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 163,175 935,211
Amounts owed to group undertakings 710,919 424,968
Taxation and social security 13,935 75,569
Other creditors 108,752 132,361
996,781 1,568,109

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.

Mr Christopher James Whale ACA (Senior Statutory Auditor)
for and on behalf of Trevor Jones & Partners Ltd

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.