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REGISTERED NUMBER: 01272808 (England and Wales)





















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

LIME GARAGES (LEAMINGTON) LIMITED

LIME GARAGES (LEAMINGTON) LIMITED (REGISTERED NUMBER: 01272808)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LIME GARAGES (LEAMINGTON) LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: Mr D J R Derbyshire
P T A Derbyshire





SECRETARY: P T A Derbyshire





REGISTERED OFFICE: One Eastwood
Harry Weston Road
Binley Business Park
Coventry
CV3 2UB





REGISTERED NUMBER: 01272808 (England and Wales)





ACCOUNTANTS: Dafferns LLP
Chartered Accountants
One Eastwood
Harry Weston Road
Binley Business Park
Coventry
CV3 2UB

LIME GARAGES (LEAMINGTON) LIMITED (REGISTERED NUMBER: 01272808)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 - 989,500
- 989,500

CURRENT ASSETS
Stocks 7 75,515 1,336,154
Debtors 8 223,592 297,536
Cash at bank and in hand 1,812,439 226,888
2,111,546 1,860,578
CREDITORS
Amounts falling due within one year 9 441,676 717,475
NET CURRENT ASSETS 1,669,870 1,143,103
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,669,870

2,132,603

CREDITORS
Amounts falling due after more than one
year

10

-

(594,098

)

PROVISIONS FOR LIABILITIES - (86,000 )
NET ASSETS 1,669,870 1,452,505

CAPITAL AND RESERVES
Called up share capital 11 10,000 10,000
Revaluation reserve 12 - 628,939
Retained earnings 1,659,870 813,566
SHAREHOLDERS' FUNDS 1,669,870 1,452,505

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LIME GARAGES (LEAMINGTON) LIMITED (REGISTERED NUMBER: 01272808)

BALANCE SHEET - continued
31 December 2023


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





Mr D J R Derbyshire - Director


LIME GARAGES (LEAMINGTON) LIMITED (REGISTERED NUMBER: 01272808)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Lime Garages (Leamington) 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoices sales of goods and services, excluding value added tax and is recognised on delivery or performance of service.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the vehicle retailing business of the Company's former parent, Horton Motor Company (Leamington Spa) Limited (formerly Lime Garages (Leamington) Limited) is capitalised in the Balance Sheet and is amortised over its estimated useful life of 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets are recognised at cost and subsequently measured under the historical cost model being cost less accumulated depreciation and any accumulated impairment losses.Historical cost includes any direct expenditure incurred to bring the asset to its current location and condition necessary for the asset to work as intended by management.

Repairs and maintenance costs are charged to the Statement of Comprehensive Income in the period in which they are incurred.

Depreciation is calculated so as to write off the cost of tangible fixed assets by equal installments over their estimated useful lives as follows:-

Freehold property- 1% straight line
Improvements to property- 25% straight line
Plant and machinery- 10% on reducing balance
Fixtures & fittings- 10% on reducing balance

Any gains and losses on the disposal of tangible fixed assets are recognised in the Statement of Comprehensive Income in the year that the disposal takes place.

LIME GARAGES (LEAMINGTON) LIMITED (REGISTERED NUMBER: 01272808)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs in bringing the product to its current location and condition and is maintained on a first in, first out basis.

As stocks are sold, the carrying amount of those stocks is recognised as an expense in the year in which the related revenue is recognised.

At each reporting date, stocks are assessed for impairment and due allowances are made for obsolete and slow-moving items to reduce the carrying amount of these goods to their estimated selling price less costs to complete and sell. The amount of any write-down is recognised as an expense in the year that the write-down occurs. The reversal of any previous write-down is recognised as a reduction in the amount of stock expensed, in the year that the reversal occurs.

Financial instruments
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset in measured at the present value of the future receipts discounted at a market rate of interest.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Grant income
Grants are recognised when there is reasonable assurance that the Company will comply with the conditions attaching to them and the grants will be received.

Grants are recognised as income on a systematic basis over the periods necessary to match them with the related costs which they are intended to compensate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 23 ) .

LIME GARAGES (LEAMINGTON) LIMITED (REGISTERED NUMBER: 01272808)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023 50,000
Disposals (50,000 )
At 31 December 2023 -
AMORTISATION
At 1 January 2023 50,000
Eliminated on disposal (50,000 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Goodwill relates to the amount paid in connection with the acquisition of the vehicle retailing business of the company's former parent, Horton Motor Company (Leamington Spa) Limited (formerly Lime Garages (Leamington) Limited).

6. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to Plant and and
property property machinery fittings Totals
£    £    £    £    £   
COST
At 1 January 2023 900,000 103,294 124,507 90,632 1,218,433
Additions - - 7,011 904 7,915
Disposals (900,000 ) (103,294 ) (131,518 ) (91,536 ) (1,226,348 )
At 31 December 2023 - - - - -
DEPRECIATION
At 1 January 2023 - 103,294 78,993 46,646 228,933
Eliminated on disposal - (103,294 ) (78,993 ) (46,646 ) (228,933 )
At 31 December 2023 - - - - -
NET BOOK VALUE
At 31 December 2023 - - - - -
At 31 December 2022 900,000 - 45,514 43,986 989,500

LIME GARAGES (LEAMINGTON) LIMITED (REGISTERED NUMBER: 01272808)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

7. STOCKS
2023 2022
£    £   
Motor vehicles 75,515 1,269,929
Spares and accessories - 66,225
75,515 1,336,154

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 37,670 198,290
Other debtors - retentions 150,000 -
VAT 9,134 -
Prepayments 26,788 99,246
223,592 297,536

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 10,000
Trade creditors 27,478 419,211
Tax 44,062 40,559
Social security and other taxes 86 95,816
Directors' current account 322,025 66,000
Accruals and deferred income 48,025 85,889
441,676 717,475

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years - 10,000
Bank loans - 2-5 years - 14,167
Directors' current account - 569,931
- 594,098

11. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary £1 10,000 10,000

LIME GARAGES (LEAMINGTON) LIMITED (REGISTERED NUMBER: 01272808)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

12. RESERVES
Revaluation
reserve
£   
At 1 January 2023 628,939
Deferred tax 63,000
Reversal - revaluation reserve (691,939 )

At 31 December 2023 -

13. OTHER FINANCIAL COMMITMENTS

Hyundai Capital UK Limited hold a debenture over the Company's assets in respect of new vehicle stocks.

Total financial commitments and guarantees which are not included in the Balance Sheet amount to £Nil (2022: £42,700).

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 31 December 2023, the company owed £322,025 (2022: £635,931) to a director of the company. The loan is interest free.