IRIS Accounts Production v24.1.4.33 04129930 Board of Directors 31.12.23 1.1.23 31.12.23 31.12.23 The principal activity of the group in the year was that of a car retailer. true true true false true true false false false false true true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh041299302022-12-31041299302023-12-31041299302023-01-012023-12-31041299302021-12-31041299302022-01-012022-12-31041299302022-12-3104129930ns15:EnglandWales2023-01-012023-12-3104129930ns14:PoundSterling2023-01-012023-12-3104129930ns10:Director12023-01-012023-12-3104129930ns10:Consolidated2023-12-3104129930ns10:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3104129930ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3104129930ns10:Consolidatedns10:FRS1022023-01-012023-12-3104129930ns10:Consolidatedns10:Audited2023-01-012023-12-3104129930ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3104129930ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3104129930ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3104129930ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-01-012023-12-3104129930ns10:FullAccounts2023-01-012023-12-3104129930ns5:Subsidiary12023-01-012023-12-310412993012023-01-012023-12-3104129930ns10:OrdinaryShareClass12023-01-012023-12-3104129930ns10:Consolidated2023-01-012023-12-3104129930ns10:Director22023-01-012023-12-3104129930ns10:CompanySecretary12023-01-012023-12-3104129930ns10:RegisteredOffice2023-01-012023-12-3104129930ns10:Consolidated2022-01-012022-12-3104129930ns5:ShareCapital2023-12-3104129930ns5:ShareCapital2022-12-3104129930ns5:SharePremium2023-12-3104129930ns5:SharePremium2022-12-3104129930ns5:RetainedEarningsAccumulatedLosses2023-12-3104129930ns5:RetainedEarningsAccumulatedLosses2022-12-3104129930ns5:ShareCapital2021-12-3104129930ns5:RetainedEarningsAccumulatedLosses2021-12-3104129930ns5:SharePremium2021-12-3104129930ns5:NetGoodwill2023-01-012023-12-3104129930ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3104129930ns5:ComputerSoftware2023-01-012023-12-3104129930ns5:CostValuation2022-12-3104129930ns5:Subsidiary112023-01-012023-12-3104129930ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: 04129930 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PINKSTONE RETAIL LIMITED

PINKSTONE RETAIL LIMITED (REGISTERED NUMBER: 04129930)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Group Strategic Report 2 to 3

Report of the Directors 4 to 5

Report of the Independent Auditors 6 to 9

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 Statement of Cash Flows 16

Notes to the Consolidated Financial Statements 17 to 29


PINKSTONE RETAIL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: S N Pinkstone
N E Pinkstone



SECRETARY: N E Pinkstone



REGISTERED OFFICE: 499 Newcastle Road Trent Vale
Stoke On Trent
Staffordshire
ST4 6PJ



REGISTERED NUMBER: 04129930 (England and Wales)



AUDITORS: DPC Accountants Ltd
Chartered accountants & statutory auditors
Stone House
Stone Road Business Park
Stoke-On-Trent
ST4 6SR



BANKERS: HSBC UK Bank PLC
Crown Bank
Hanley
Stoke-On-Trent
Staffordshire
ST1 1DA

PINKSTONE RETAIL LIMITED (REGISTERED NUMBER: 04129930)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors have pleasure in submitting their Strategic Report for Pinkstone Retail Limited for the year ended 31 December 2023.The principal activity of the group in the year is that of a franchised motor dealer.

REVIEW OF BUSINESS
The profit for the year before taxation was £750,862 (2022: £1,958,442).

Interim dividends of £nil have been paid in 2023 (2022: £nil).

The group's turnover increased in the financial year across the board with another strong increase in Used Vehicle Sales. We did continue to benefit from favourable market conditions with regard to Used Vehicle Sales although the market did see a correction in prices causing a difficult final quarter. We also saw an increase in New Vehicle Sales too as a result of better vehicle supply. These favourable conditions had a positive effect on our Service and Parts departments too.

Overall turnover increased by £9.1m to £75.9m from £66.8m.

Impacted by the Used Vehicle price correction in the final quarter, the company gross profit dropped slightly by £0.2m to £8.0m from £8.2m.

Selling and distribution costs were managed effectively however they did increase resulting in profit before taxation this year of £0.75m compared to £1.96m in the prior year.

Net assets of the group increased due to the increase in profitability and focus has been maintained to ensure a continuing healthy trading position with all financial obligations met.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the nature of the group's strategy are subject to a number of risks. As with many businesses of our size and nature, the business environment in which we operate continues to be challenging. In particular, the vehicle market in the UK is highly competitive and margins continue to be tight. Ultimately levels of business activity will be dependent on factors such as economic cycles consumer confidence, consumer's overall level of disposable income, growth of the economy and product cycles with our Franchise partners.

Manufacturers supply of new and improved products
The group is reliant on new vehicle products and supply from its Manufacturer Partners. This exposes the group to risks in a number of areas as the group is dependent on its manufacturer/supplier in respect of:

- Availability of new vehicle products
- Quality of new vehicle products
- Pricing of new vehicle products

The directors are confident that future new products from its manufacturer/supplier will continue to be competitively priced and high quality and therefore consider that this "manufacturer risk" is minimal.

Economic downturn
The success of the business is reliant on consumer spending. An economic downturn, resulting in a reduction of consumer spending power, will have a direct impact on the income achieved by the group. In response to this risk, management aim to keep abreast of economic conditions. In cases of severe economic downturn, marketing and pricing strategies are modified to reflect the new market conditions.


PINKSTONE RETAIL LIMITED (REGISTERED NUMBER: 04129930)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

KEY PERFORMANCE INDICATORS
The group has established key performance indicators to measure the progress of the company in achieving both its business objectives and strategy. The management team reviews performance against these measures on a regular basis.

The groups key financial indicators during the year are as follows:

2023 2022
Turnover £75,935,278 £66,830,254
Operating profit £716,511 £1,961,552
Operating profit return on turnover 0.94% 2.94%
Profit before taxation £750,862 £1,958,442
Net assets £8,121,435 £7,561,644

FINANCIAL, RISK MANAGEMENT OBJECTIVES AND POLICIES
The group uses various financial instruments which include stocking loans, cash and various items, such as consignment stock, trade debtors and trade creditors that arise directly from operations. The main purpose of these financial instruments is to raise finance for the group's operations. Their existence exposes the group to a number of financial risks.

The main risks arising from the group's financial instruments are price risk, interest rate risk, liquidity risk and cash flow risk. The directors review and agree policies for managing each of these risks which are summarised below. These policies have remained unchanged.

Price
Toyota, Lexus and MG continue to produce vehicles to be sold in a very competitive market, however prices and bonus structures are constantly reviewed and revised throughout the year to remain competitive.

Interest rate risk
The group finances its operations through a mixture of its own cash liquidity and other external borrowings. The group's exposure to interest rate fluctuations on its borrowings is managed by the use of floating facilities.

The group policy throughout the year has been to achieve its objective of managing interest rate risk through day to day involvement of management in business decisions rather than through setting maximum or minimum levels for the level of fixed interest rate borrowings.

Liquidity and cashflows
It is the policy of the group to minimise levels of funding and maximise liquidity. The group finances its longer-term activities with loans and finance leases from the funding departments of its manufacturers. The group uses its cash liquidity for day to day transactions and invests surpluses for higher rates of return.

FUTURE DEVELOPMENTS
The group will continue to benchmark itself against its peers to ensure achievement of its future goals.

The group continues to trade profitably, is well funded and will continue to capitalise on new business opportunities as they arise.

ON BEHALF OF THE BOARD:





S N Pinkstone - Director


31 July 2024

PINKSTONE RETAIL LIMITED (REGISTERED NUMBER: 04129930)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


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

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

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

S N Pinkstone
N E Pinkstone

DISCLOSURE IN THE STRATEGIC REPORT
The group has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the group's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 including future developments of the group.

The strategic report can be found on pages 2-3 of these financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
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.

PINKSTONE RETAIL LIMITED (REGISTERED NUMBER: 04129930)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





S N Pinkstone - Director


31 July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PINKSTONE RETAIL LIMITED


Opinion
We have audited the financial statements of Pinkstone Retail Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 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 Consolidated Statement of Cash Flows, 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 31 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 and the Report of the Directors, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PINKSTONE RETAIL LIMITED


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.

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 four, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PINKSTONE RETAIL LIMITED


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 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit
evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and
non-compliance with laws and regulations, we considered the following:
- the nature of the industry and sector, control environment and business performance including the design of the group's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;
- results of our enquiries of management about their own identification and assessment of the risks of
irregularities;
- any matters we identified having obtained and reviewed the group's documentation of their policies and procedures relating to;
- Identifying, evaluating and complying with laws and regulations and whether they were aware of any
instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

Based on this approach, we were able to assess the group risks and ensure the risks were considered throughout all areas of audit testing. The audit team was professionally sceptical throughout the audit and remained alert for inaccurate or misleading information.

Audit response to risks identified

As a result of performing the above, we did not identify any key audit matters related to the potential risk of
fraud or irregularities. Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- obtaining an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of
journal entries and other adjustments; assessing whether the judgements made in making accounting
estimates are indicative of a potential bias; and evaluating the business rationale of any significant
transactions that are unusual or outside the normal course of business.

Audit testing was completed on a targeted sample basis based on our assessment of risk and materiality.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PINKSTONE RETAIL LIMITED

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express and opinion on the consolidated financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.




Helen Tidyman (Senior Statutory Auditor)
for and on behalf of DPC Accountants Ltd
Chartered accountants & statutory auditors
Stone House
Stone Road Business Park
Stoke-On-Trent
ST4 6SR

31 July 2024

PINKSTONE RETAIL LIMITED (REGISTERED NUMBER: 04129930)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
as restated
Notes £    £   

TURNOVER 3 75,935,278 66,830,254

Cost of sales (67,933,011 ) (58,646,839 )
GROSS PROFIT 8,002,267 8,183,415

Administrative expenses (7,288,756 ) (6,221,863 )
713,511 1,961,552

Other operating income 3,000 -
OPERATING PROFIT 5 716,511 1,961,552

Interest receivable and similar income 38,778 3,939
755,289 1,965,491

Interest payable and similar expenses 6 (4,427 ) (7,049 )
PROFIT BEFORE TAXATION 750,862 1,958,442

Tax on profit 7 (191,071 ) (400,920 )
PROFIT FOR THE FINANCIAL YEAR 559,791 1,557,522

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

559,791

1,557,522

Profit attributable to:
Owners of the parent 559,791 1,557,522

Total comprehensive income attributable to:
Owners of the parent 559,791 1,557,522

PINKSTONE RETAIL LIMITED (REGISTERED NUMBER: 04129930)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.12.22
as restated
Notes £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 3,231,448 3,347,868
Investments 12 - -
3,231,448 3,347,868

CURRENT ASSETS
Stocks 13 6,507,464 7,450,633
Debtors 14 2,605,432 2,100,469
Cash at bank 2,796,237 425,883
11,909,133 9,976,985
CREDITORS
Amounts falling due within one year 15 (7,017,010 ) (5,748,451 )
NET CURRENT ASSETS 4,892,123 4,228,534
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,123,571

7,576,402

CREDITORS
Amounts falling due after more than one
year

16

-

(12,054

)

PROVISIONS FOR LIABILITIES 19 (2,136 ) (2,704 )
NET ASSETS 8,121,435 7,561,644

CAPITAL AND RESERVES
Called up share capital 20 3,350 3,350
Share premium 21 139,744 139,744
Retained earnings 21 7,978,341 7,418,550
SHAREHOLDERS' FUNDS 8,121,435 7,561,644

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





S N Pinkstone - Director


PINKSTONE RETAIL LIMITED (REGISTERED NUMBER: 04129930)

COMPANY STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.12.22
as restated
Notes £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 702,070 702,070
702,070 702,070
TOTAL ASSETS LESS CURRENT
LIABILITIES

702,070

702,070

CAPITAL AND RESERVES
Called up share capital 20 3,350 3,350
Share premium 21 139,744 139,744
Retained earnings 21 558,976 558,976
SHAREHOLDERS' FUNDS 702,070 702,070

Company's profit for the financial year - -

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





S N Pinkstone - Director


PINKSTONE RETAIL LIMITED (REGISTERED NUMBER: 04129930)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 3,350 5,861,028 139,744 6,004,122

Changes in equity
Total comprehensive income - 1,557,522 - 1,557,522
Balance at 31 December 2022 3,350 7,418,550 139,744 7,561,644

Changes in equity
Total comprehensive income - 559,791 - 559,791
Balance at 31 December 2023 3,350 7,978,341 139,744 8,121,435

PINKSTONE RETAIL LIMITED (REGISTERED NUMBER: 04129930)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 3,350 558,976 139,744 702,070

Changes in equity
Balance at 31 December 2022 3,350 558,976 139,744 702,070

Changes in equity
Balance at 31 December 2023 3,350 558,976 139,744 702,070

PINKSTONE RETAIL LIMITED (REGISTERED NUMBER: 04129930)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,781,628 642,433
Interest paid (4,427 ) (7,049 )
Tax paid (363,454 ) (418,683 )
Net cash from operating activities 2,413,747 216,701

Cash flows from investing activities
Purchase of tangible fixed assets (46,009 ) (48,100 )
Interest received 38,778 3,939
Net cash from investing activities (7,231 ) (44,161 )

Cash flows from financing activities
Capital repayments in year (36,162 ) (36,162 )
Net cash from financing activities (36,162 ) (36,162 )

Increase in cash and cash equivalents 2,370,354 136,378
Cash and cash equivalents at
beginning of year

2

425,883

289,505

Cash and cash equivalents at end of
year

2

2,796,237

425,883

PINKSTONE RETAIL LIMITED (REGISTERED NUMBER: 04129930)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.23 31.12.22
as restated
£    £   
Profit before taxation 750,862 1,958,442
Depreciation charges 162,429 146,483
Finance costs 4,427 7,049
Finance income (38,778 ) (3,939 )
878,940 2,108,035
Decrease/(increase) in stocks 943,169 (1,480,709 )
Increase in trade and other debtors (504,963 ) (643,446 )
Increase in trade and other creditors 1,464,482 658,553
Cash generated from operations 2,781,628 642,433

2. 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 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 2,796,237 425,883
Year ended 31 December 2022
31.12.22 1.1.22
as restated
£    £   
Cash and cash equivalents 425,883 289,505


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 425,883 2,370,354 2,796,237
425,883 2,370,354 2,796,237
Debt
Finance leases (48,216 ) 36,162 (12,054 )
(48,216 ) 36,162 (12,054 )
Total 377,667 2,406,516 2,784,183

PINKSTONE RETAIL LIMITED (REGISTERED NUMBER: 04129930)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Pinkstone Retail 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 presentation currency of the financial statements is the Pound Sterling (£).


The principal activity of the company is that of a holding company.

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.

Basis of consolidation
The consolidated financial statements incorporate those of Pinkstone Retail Limited and its subsidiary undertaking for the year. Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. The difference between the cost of acquisition of shares in subsidiaries and the fair value of the identifiable net assets acquired is capitalised as purchased goodwill and amortised through the profit and loss account over its estimated economic life. Provision is made for any impairment. The financial statements are made up to 31 December 2023.

All companies have co-terminus year ends. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

As permitted by Section 408 of the Companies Act 2006, the company has not presented its own profit and loss account. The company's profit and total comprehensive income are presented in the company Statement of Financial Position.

PINKSTONE RETAIL LIMITED (REGISTERED NUMBER: 04129930)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
he preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are set out in the policies below.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

In recognising consignment stock, management makes judgements as to whether substantially all of the principal benefits and inherent risks rest with the Company.

Depreciation of tangible and intangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,rebates, value added tax and other sales taxes.

Sale of goods
Turnover is recognised when it and the associated costs can be measured reliably, future economic benefits are probable, and the risks and rewards of ownership have been transferred to the customer. Sales of vehicles and parts are recognised when goods are delivered and legal title has passed and the group has no continuing managerial involvement associated with ownership or effective control of the goods sold. This is generally when goods have been checked and accepted by the customer on delivery at the specified location.

Sale of services
Turnover from contracts for the provision of vehicle services is recognised on completion of the service being performed.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a previously acquired business, is being amortised evenly over its estimated useful life of twenty 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.

Computer software is being amortised evenly over its estimated useful life of three years.

PINKSTONE RETAIL LIMITED (REGISTERED NUMBER: 04129930)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property-2% straight line
Plant and machinery-20 - 50% straight line
Fixtures and fittings-3 - 7 years straight line
Computer equipment-25 - 33.3% straight line

No depreciation is provided on freehold land.

Residual value is calculated on prices prevailing at the reporting date, after estimated costs of disposal, for the asset as if it were at the age and in the condition expected at the end of its useful life.

Land and buildings are accounted for separately even when acquired together.

Stocks
Stocks are stated at the lower of cost and net realisable value. Cost is determined on an actual basis in respect of new vehicles, on a net realisable basis in respect of used vehicles and on a first in, first out basis in respect of other stocks.

Vehicles on consignment are included in stock when substantially all of the principal benefits and
inherent risks rest with the group. The corresponding liability is included within creditors.

At each reporting date, the group assesses whether stocks are impaired or if an impairment loss recognised in prior periods has reversed. Any excess of the carrying amount of stock over its
estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

PINKSTONE RETAIL LIMITED (REGISTERED NUMBER: 04129930)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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.

PINKSTONE RETAIL LIMITED (REGISTERED NUMBER: 04129930)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
An asset and corresponding liability are recognised for leasing agreements that transfer to the group substantially all of the risks and rewards incidental to ownership ("finance leases"). The amount capitalised is the fair value of the leased asset or, if lower, the present value of the minimum lease payments payable during the lease term, both determined at the inception of the lease. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit and loss so as to produce a constant perodic rate of interest on the remaining balance of the liability.

All other leases are operating leases and the annual rentals are charged to profit and loss on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Investments
In the seperate accounts of the group, interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

Interests in subsidiaries are assessed for impairment at each reporting date. Any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Government grants
Government grants are recognised using the accrual model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which is becomes receivable.

Employee benefits
The group provides a range of benefits to employees.

Short term benefits, including holiday pay, are recognised as an expense in the profit and loss account in the period in which they are incurred.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

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

31.12.23 31.12.22
as restated
£    £   
Sale of goods 73,868,451 65,062,944
Sale of services 2,066,827 1,767,310
75,935,278 66,830,254

PINKSTONE RETAIL LIMITED (REGISTERED NUMBER: 04129930)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
as restated
£    £   
Wages and salaries 3,458,522 2,977,731
Social security costs 454,054 392,605
Other pension costs 106,879 149,515
4,019,455 3,519,851

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

Vehicle sales 51 54
Parts and service 41 34
Office and management 12 14
104 102

31.12.23 31.12.22
as restated
£    £   
Directors' remuneration 358,688 351,029

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
31.12.23 31.12.22
as restated
£    £   
Emoluments etc 250,000 250,000

In addition to the directors remuneration above, the directors received additional benefits of £44,228
(2022: £81,609).

PINKSTONE RETAIL LIMITED (REGISTERED NUMBER: 04129930)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. OPERATING PROFIT

The operating profit is stated after charging:

31.12.23 31.12.22
as restated
£    £   
Other operating leases 100,000 87,000
Depreciation - owned assets 162,429 146,481
Auditors' remuneration 16,590 14,850

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
as restated
£    £   
Stock finance interest 4,427 6,631
Other interest - 418
4,427 7,049

7. 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 191,639 400,451

Deferred tax (568 ) 469
Tax on profit 191,071 400,920

PINKSTONE RETAIL LIMITED (REGISTERED NUMBER: 04129930)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. TAXATION - continued

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 750,862 1,958,442
Profit multiplied by the standard rate of corporation tax in the UK of
23.500 % (2022 - 19 %)

176,453

372,104

Effects of:
Expenses not deductible for tax purposes (10,575 ) 15,218
Depreciation in excess of capital allowances 25,762 13,129
Adjustment for future changes in tax rates (560 ) 469
Over under provision of tax (9 ) -
Total tax charge 191,071 400,920

8. 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.


9. PRIOR YEAR ADJUSTMENT

The accounts have been restated to remove internal sales and services.

Summary of prior year accounting impact


£
Decrease in sales 4,693,500
Decrease in cost of sales 4,693,500

PINKSTONE RETAIL LIMITED (REGISTERED NUMBER: 04129930)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. INTANGIBLE FIXED ASSETS

Group
Computer
Goodwill software Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 451,452 72,416 523,868
AMORTISATION
At 1 January 2023
and 31 December 2023 451,452 72,416 523,868
NET BOOK VALUE
At 31 December 2023 - - -
At 31 December 2022 - - -

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 4,479,208 195,115 598,639 171,564 5,444,526
Additions - 4,319 22,744 18,946 46,009
At 31 December 2023 4,479,208 199,434 621,383 190,510 5,490,535
DEPRECIATION
At 1 January 2023 1,282,753 156,310 506,029 151,566 2,096,658
Charge for year 63,994 16,363 67,134 14,938 162,429
At 31 December 2023 1,346,747 172,673 573,163 166,504 2,259,087
NET BOOK VALUE
At 31 December 2023 3,132,461 26,761 48,220 24,006 3,231,448
At 31 December 2022 3,196,455 38,805 92,610 19,998 3,347,868

Included within freehold land and buildings is freehold land carried at £1,050,000 (2022: £1,050,000) which is not depreciated.

Included within the assets above are assets held under finance lease contracts as follows:
Fixtures and Fittings: NBV £6,027 (2022: £42,189).

PINKSTONE RETAIL LIMITED (REGISTERED NUMBER: 04129930)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
At 1 January 2023
and 31 December 2023 702,070
NET BOOK VALUE
At 31 December 2023 702,070
At 31 December 2022 702,070

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiary

Pinkstone Cars Limited
Registered office: Stanley Matthews Way, Trentham Lakes, Stoke On Trent, Staffordshire, ST4 4DD
Nature of business: Franchised motor dealer
%
Class of shares: holding
Ordinary shares 100.00


13. STOCKS

Group
31.12.23 31.12.22
as restated
£    £   
Stocks 6,507,464 7,450,633

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
31.12.23 31.12.22
as restated
£    £   
Trade debtors 1,450,886 829,755
Other debtors 436,310 853,476
VAT 219,350 96,203
Prepayments 498,886 321,035
2,605,432 2,100,469

PINKSTONE RETAIL LIMITED (REGISTERED NUMBER: 04129930)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
31.12.23 31.12.22
as restated
£    £   
Finance leases (see note 17) 12,054 36,162
Payments on account 317,237 437,259
Trade creditors 4,346,571 3,001,221
Tax 95,358 267,173
Social security and other taxes 83,445 80,602
Other creditors 86,609 12,389
Accruals and deferred income 2,075,736 1,913,645
7,017,010 5,748,451

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
31.12.23 31.12.22
as restated
£    £   
Finance leases (see note 17) - 12,054

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Finance leases
31.12.23 31.12.22
as restated
£    £   
Net obligations repayable:
Within one year 12,054 36,162
Between one and five years - 12,054
12,054 48,216

PINKSTONE RETAIL LIMITED (REGISTERED NUMBER: 04129930)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


18. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.12.23 31.12.22
as restated
£    £   
Finance leases 12,054 48,216

Finance leases are secured on the assets to which they relate.

A legal charge is held, incorporating a fixed and floating charge over the freehold land compromising Plot A and Plot B off Gordon Banks Drive, Trentham Lakes dated 9 November 2007.

19. PROVISIONS FOR LIABILITIES

Group
31.12.23 31.12.22
as restated
£    £   
Deferred tax 2,136 2,704

Group
Deferred
tax
£   
Balance at 1 January 2023 2,704
Credit to Statement of Comprehensive Income during year (568 )
Balance at 31 December 2023 2,136

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: as
restated
£    £   
3,350 Ordinary £1 3,350 3,350

21. RESERVES

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Profit and loss account - This reserve records retained earnings and accumulated losses.

PINKSTONE RETAIL LIMITED (REGISTERED NUMBER: 04129930)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


22. RELATED PARTY DISCLOSURES

Group

The key personnel of the group are the directors. Directors' remuneration is disclosed in note 4 of the financial statements.

All transactions undertaken with the directors are deemed to be conducted under normal market
conditions and/or are not material.

Company

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.

23. EVENTS AFTER THE END OF THE REPORTING PERIOD

Other than the events noted in the strategic report, there were no other material events up to the date
of approval of the financial statements by the board.

24. ULTIMATE CONTROLLING PARTY

The company is under the joint control of Mr N E Pinkstone and Mr S N Pinkstone.