Company Registration No. 10415955 (England and Wales)
CHRISTIAN PROPERTY UK LTD
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
CHRISTIAN PROPERTY UK LTD
COMPANY INFORMATION
Director
M C Kay
Company number
10415955
Registered office
C/O UHY Hacker Young
St James' Building
79 Oxford Street
Manchester
M1 6HT
Auditor
UHY Hacker Young Manchester LLP
St James Building
79 Oxford Street
Manchester
M1 6HT
Bankers
Santander
Bridle Road
Bootle
L30 4GB
CHRISTIAN PROPERTY UK LTD
CONTENTS
Page
Strategic report
1
Director's report
2 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
CHRISTIAN PROPERTY UK LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The director presents the strategic report for the year ended 30 April 2024.

Fair review of the business

The financial year ended 30 April 2024 remained a challenging year overall for the business, with challenges surrounding electric vehicles and general market uncertainty surrounding JLR products. The turnover for the year was £70,162,870, which represents a decrease of 4.2% compared to the previous year. The gross profit was £8,389,350, and the net profit before tax was £519,735.

 

We are pleased to see the group has returned to profit for the financial year with some structural changes.

Principal risks and uncertainties

The group is exposed to various risks and uncertainties, including:

Development and performance

Within the year the business made key developments and reprofiled its stock to better match its customer base, ensuring our stock matches the requirements within the market. The business also started plans on improving its digital presence in the marketplace. With major website development and the digitalisation of its documents, ready for major developments in the next financial year.

On a more operational level, the business has reviewed the skills shortages and invested in staff to fill those skills gaps, by bringing in better, more qualified, staff and using IT to help enhance their efficiency. Investment has been agreed and the operational restructure will take place into the financial year 24/25.

Future Developments

We are really pleased the new financial year has already made a positive start and the changes across the business are starting to take effect, with positive profit returns already being achieved.

Looking ahead, the group aims to:

Promoting the success of the company

The board of directors of Car Time Motor Company UK Limited consider that they have acted in good faith and in a manner likely to promote the success of the company for the benefit of all its members (having regard to the stakeholders and matters set out in s172(1)(a)-(f) of the Companies Act 2006) in the decisions taken during the year ended 30 April 2024. Our primary considerations and decisions are designed to have a long-term beneficial impact on the company and one that focuses on delivering high quality service across all departments of the business.

On behalf of the board

M C Kay
Director
21 September 2024
CHRISTIAN PROPERTY UK LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

The director presents his annual report and financial statements for the year ended 30 April 2024.

Principal activities

The nature of the company's operations and its principal activities are that of letting investment property.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

M C Kay
Financial instruments

The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from its trading activities which are only conducted in sterling. The company does not enter into any hedging transaction.

Liquidity risk

The Company manages its cash and borrowing requirements to ensure that the Company has sufficient liquid resources to meet the operating needs of the business which are conducted in sterling.

Interest rate risk

The Company has both interest bearing assets and interest bearing liabilities. Interest bearing assets include only cash balances which earn interest at a variable rate. The loans are subject to a combination of fixed and variable interest rates.

Credit risk

The company has a normal level of exposure to price and credit risk arising from its trading activities. The company does not enter into any hedging transactions.

Auditor

The auditor, UHY Hacker Young Manchester LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

As the parent of the group has not consumed more than 40,000 kWh of energy in this reporting period it therefore qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

The emissions data of the company's principal trading subsidiary, Car Time Motor Company UK Limited is included below.

2024
Energy consumption
kWh
Aggregate of energy consumption in the year
1,228,629
CHRISTIAN PROPERTY UK LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
2024
Emissions of CO2 equivalent
metric tonnes
Scope 1 - direct emissions
- Gas combustion
152.00
- Fuel consumed for owned transport
-
152.00
Scope 2 - indirect emissions
- Electricity purchased
82.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the
-
Total gross emissions
234.00
Intensity ratio
Tonnes CO2e per full-time employee
3.32
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.

Measures taken to improve energy efficiency

We have installed smart meters to monitor kwh usage on a half hourly basis and increased video conferencing technology and working from home , to reduce the need for travel between sites.

Statement of director's responsibilities

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CHRISTIAN PROPERTY UK LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
M C Kay
Director
21 September 2024
CHRISTIAN PROPERTY UK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHRISTIAN PROPERTY UK LTD
- 5 -
Opinion

We have audited the financial statements of Christian Property UK Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

CHRISTIAN PROPERTY UK LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHRISTIAN PROPERTY UK LTD
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines is 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 director is responsible for assessing 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Extent to which the audit was considered capable of detecting irregularities including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, we considered the following:

CHRISTIAN PROPERTY UK LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHRISTIAN PROPERTY UK LTD
- 7 -

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the valuation of used vehicle stocks. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory frameworks the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group’s ability to operate or to avoid a material penalty.

Our procedures to respond to risks identified included the following:

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Paul Daly BEng FCA (Senior Statutory Auditor)
For and on behalf of UHY Hacker Young Manchester LLP
21 September 2024
Chartered Accountants
Statutory Auditor
St James Building
79 Oxford Street
Manchester
M1 6HT
CHRISTIAN PROPERTY UK LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
70,162,870
73,244,886
Cost of sales
(61,773,520)
(65,743,833)
Gross profit
8,389,350
7,501,053
Administrative expenses
(6,723,776)
(6,998,796)
Other operating expenses
-
(90)
Operating profit
4
1,665,574
502,167
Interest receivable and similar income
5
441
-
0
Interest payable and similar expenses
6
(1,146,280)
(953,533)
Profit/(loss) before taxation
519,735
(451,366)
Tax on profit/(loss)
7
(192,183)
78,612
Profit/(loss) for the financial year
21
327,552
(372,754)
Other comprehensive income
Revaluation of tangible fixed assets
900,000
1,518,732
Total comprehensive income for the year
1,227,552
1,145,978
Profit/(loss) for the financial year is all attributable to the owner of the parent company.
Total comprehensive income for the year is all attributable to the owner of the parent company.
CHRISTIAN PROPERTY UK LTD
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
8,987,247
7,612,409
Current assets
Stocks
14
12,000,677
14,306,223
Debtors
15
2,586,333
2,897,923
Cash at bank and in hand
1,990,360
1,410,197
16,577,370
18,614,343
Creditors: amounts falling due within one year
16
(15,426,844)
(17,635,654)
Net current assets
1,150,526
978,689
Total assets less current liabilities
10,137,773
8,591,098
Creditors: amounts falling due after more than one year
17
(2,077,520)
(2,053,520)
Provisions for liabilities
Deferred tax liability
19
863,171
568,048
(863,171)
(568,048)
Net assets
7,197,082
5,969,530
Capital and reserves
Called up share capital
20
2
2
Revaluation reserve
21
2,418,732
1,518,732
Other reserves
21
100
100
Profit and loss reserves
21
4,778,248
4,450,696
Total equity
7,197,082
5,969,530
The financial statements were approved and signed by the director and authorised for issue on 21 September 2024
M C Kay
Director
Company registration number 10415955 (England and Wales)
CHRISTIAN PROPERTY UK LTD
COMPANY BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
11
7,930,750
6,400,000
Investments
12
2
2
7,930,752
6,400,002
Current assets
Debtors
15
1,604,652
2,002,573
Cash at bank and in hand
340,681
218,389
1,945,333
2,220,962
Creditors: amounts falling due within one year
16
(2,191,452)
(2,530,470)
Net current liabilities
(246,119)
(309,508)
Total assets less current liabilities
7,684,633
6,090,494
Creditors: amounts falling due after more than one year
17
(999,394)
(928,520)
Provisions for liabilities
Deferred tax liability
19
790,381
490,381
(790,381)
(490,381)
Net assets
5,894,858
4,671,593
Capital and reserves
Called up share capital
20
2
2
Profit and loss reserves
21
5,894,856
4,671,591
Total equity
5,894,858
4,671,593

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,223,265 (2023 - £2,431,830 profit).

The financial statements were approved and signed by the director and authorised for issue on 21 September 2024
M C Kay
Director
Company registration number 10415955 (England and Wales)
CHRISTIAN PROPERTY UK LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 May 2022
2
-
100
5,699,652
5,699,754
Year ended 30 April 2023:
Loss for the year
-
-
-
(372,754)
(372,754)
Other comprehensive income:
Revaluation of tangible fixed assets
-
1,518,732
-
-
1,518,732
Total comprehensive income for the year
-
1,518,732
-
(372,754)
1,145,978
Dividends
-
-
-
(876,202)
(876,202)
Balance at 30 April 2023
2
1,518,732
100
4,450,696
5,969,530
Year ended 30 April 2024:
Profit for the year
-
-
-
327,552
327,552
Other comprehensive income:
Revaluation of tangible fixed assets
-
900,000
-
-
900,000
Total comprehensive income for the year
-
900,000
-
327,552
1,227,552
Balance at 30 April 2024
2
2,418,732
100
4,778,248
7,197,082
CHRISTIAN PROPERTY UK LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
2
3,115,963
3,115,965
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
2,431,830
2,431,830
Dividends
-
(876,202)
(876,202)
Balance at 30 April 2023
2
4,671,591
4,671,593
Year ended 30 April 2024:
Profit and total comprehensive income
-
1,223,265
1,223,265
Balance at 30 April 2024
2
5,894,856
5,894,858
CHRISTIAN PROPERTY UK LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
2,643,826
2,474,363
Interest paid
(1,146,280)
(953,533)
Income taxes refunded/(paid)
281,101
(56,596)
Net cash inflow from operating activities
1,778,647
1,464,234
Investing activities
Purchase of tangible fixed assets
(489,758)
(18,537)
Interest received
441
-
0
Net cash used in investing activities
(489,317)
(18,537)
Financing activities
Repayment of bank loans
(709,167)
(948,980)
Dividends paid to equity shareholders
-
0
(876,202)
Net cash used in financing activities
(709,167)
(1,825,182)
Net increase/(decrease) in cash and cash equivalents
580,163
(379,485)
Cash and cash equivalents at beginning of year
1,410,197
1,789,682
Cash and cash equivalents at end of year
1,990,360
1,410,197
CHRISTIAN PROPERTY UK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
1
Accounting policies
Company information

Christian Property UK Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is C/O UHY Hacker Young, St James' Building, 79 Oxford Street, Manchester, M1 6HT.

 

The group consists of Christian Property UK Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the business combination requires the assets and liabilities of the subsidiary undertaking to be consolidated at the amounts at which they stand in that undertaking’s financial statements, subject to any adjustments authorised or required by the Act.

 

The results and cash flows of all the combining entities have been brought into the financial statements of the combined entity from the beginning of the financial year. The comparative information has been restated by including the total comprehensive income for all the combining entities for the previous reporting period and their statement of financial position for the previous reporting date, adjusted as necessary to achieve uniformity of accounting policies.

 

The difference, if any, between the nominal value of the shares issued plus the fair value of any other consideration given, and the nominal value of the shares received in exchange shall be shown as a movement on other reserves in the consolidated financial statements. Any existing balances on the share premium account or capital redemption reserve of the new subsidiary are brought in by being shown as a movement on other reserves. These movements are shown in the statement of changes in equity.

 

Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

CHRISTIAN PROPERTY UK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated financial statements incorporate those of Christian Property UK Ltd and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the merger method. Their results are incorporated from the date that control passes.

 

All financial statements are made up to 30 April 2024.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Car Time Motor Company Limited has been included in the group financial statements using the merger method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of Car Time Motor Company Limited for the year ended 30 April 2024 and prior year ended 30 April 2023.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for vehicles and parts and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Sales of motor vehicles, parts and accessories are recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. In general this occurs when vehicles or parts are delivered to the customer and title has passed.

 

Revenue from commission's receivable is recognised when the amount can be reliably measured and it is probable that the company will receive the consideration.

 

Revenue from warranties will be recognised in line with the performance obligation, i.e. the period in which the customer can exercise their rights under the warranty, and therefore recognised over the life of the warranty.

 

CHRISTIAN PROPERTY UK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Land not depreciated / Building 2%
Leasehold land and buildings
Land not depreciated / Building 2%
Buildings improvements
20% reducing balance and 5% cost
Plant and equipment
25% reducing balance
Fixtures and fittings
20% reducing balance
Computers
20% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Depreciation is charged at a rate of 2% on Freehold Buildings. Freehold buildings are subject to annual impairment review so as to ensure that their carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.

 

Depreciation is charged at a rate of 2% on Leasehold Buildings. Leasehold buildings are subject to annual impairment review so as to ensure that their carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.

1.7
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

Properties rented to a group entity are accounted for as investment property in the parent company and on consolidation the properties are accounted for as property, plant and equipment.

1.8
Fixed asset investments

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

CHRISTIAN PROPERTY UK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises vehicles, materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

CHRISTIAN PROPERTY UK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

CHRISTIAN PROPERTY UK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

CHRISTIAN PROPERTY UK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 20 -
1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Used vehicle stock

Used vehicle stock is a depreciating stock item and devalues monthly, making the estimated stock value uncertain. The carrying value of used vehicle stock at the year end of the period was £12,000,677 (2023 - £14,306,223).

 

Consideration has been given by the director to the level of provision against vehicle stocks. In determining the provision required the director has used guidance from independent valuation tools and his knowledge of the industry.

Debit backs

Debit backs are provided against finance commissions which could potentially be clawed back by the manufacturers. The carrying value of the debit back provision at the year end of the period was £113,500 (2023 - £244,965 ).

 

The directors have taken these estimates from their knowledge of the industry and guidance from industry experts.

Warranty income

The company receives income from the sale of warranty packages and recognises them as revenue when they are earned. Specifically, a proportion of the total warranty package is recognised when the associated vehicle sale is recognised as revenue with the remainder of the package recognised in the profit and loss account over the remaining life of the warranty.

Deferred warranty income included in other creditors was £1,029,160 (2023: £881,392).

 

CHRISTIAN PROPERTY UK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of vehicles and parts
67,523,246
70,557,891
Commissions
2,639,624
2,686,995
70,162,870
73,244,886
2024
2023
£
£
Other revenue
Interest income
441
-
Grants received
-
(90)
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Government grants
-
90
Depreciation of owned tangible fixed assets
314,920
205,848
Operating lease charges
196,488
193,338
5
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
441
-
0
6
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
107,304
75,765
Interest on invoice finance arrangements
112,359
276,725
Other interest on financial liabilities
924,856
597,235
Other interest
1,761
3,808
Total finance costs
1,146,280
953,533
CHRISTIAN PROPERTY UK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
187,239
8,898
Adjustments in respect of prior periods
9,821
(22,297)
Benefit arising from a previously unrecognised tax loss or credit
-
0
(59,811)
Total current tax
197,060
(73,210)
Deferred tax
Origination and reversal of timing differences
(9,988)
(5,402)
Adjustment in respect of prior periods
5,111
-
0
Total deferred tax
(4,877)
(5,402)
Total tax charge/(credit)
192,183
(78,612)

The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
519,735
(451,366)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
129,934
(87,971)
Tax effect of expenses that are not deductible in determining taxable profit
172
2,953
Adjustments in respect of prior years
9,821
(22,648)
Permanent capital allowances in excess of depreciation
7,046
-
0
Effect of change in tax rate on deferred taxation
688
(7,790)
Deferred tax asset not recognised
44,522
29,962
Fixed asset differences
-
0
6,638
Other adjustments
-
0
244
Taxation charge/(credit)
192,183
(78,612)
8
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
5,710
5,024
Audit of the financial statements of the company's subsidiaries
24,450
16,000
30,160
21,024
CHRISTIAN PROPERTY UK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
9
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration and sales
101
84
-
-
Directors
1
1
1
1
102
85
1
1

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,336,403
3,326,123
-
0
-
0
Social security costs
316,934
326,539
-
-
Pension costs
68,252
23,333
-
0
-
0
3,721,589
3,675,995
-
0
-
0
CHRISTIAN PROPERTY UK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
10
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Buildings improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
£
Cost or valuation
At 1 May 2023
1,800,000
4,600,000
1,463,529
365,581
463,478
137,155
-
0
8,829,743
Additions
330,750
-
0
11,302
10,161
13,999
22,338
101,208
489,758
Revaluation
-
0
1,200,000
-
0
-
0
-
0
-
0
-
0
1,200,000
At 30 April 2024
2,130,750
5,800,000
1,474,831
375,742
477,477
159,493
101,208
10,519,501
Depreciation and impairment
At 1 May 2023
-
0
-
0
590,453
261,715
288,892
76,274
-
0
1,217,334
Depreciation charged in the year
21,600
116,000
90,030
23,379
42,826
16,474
4,611
314,920
At 30 April 2024
21,600
116,000
680,483
285,094
331,718
92,748
4,611
1,532,254
Carrying amount
At 30 April 2024
2,109,150
5,684,000
794,348
90,648
145,759
66,745
96,597
8,987,247
At 30 April 2023
1,800,000
4,600,000
873,076
103,866
174,586
60,881
-
0
7,612,409
The company had no tangible fixed assets at 30 April 2024 or 30 April 2023.
CHRISTIAN PROPERTY UK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -

Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts for the group would have been approximately £4,721,637 (2023 - ££4,390,887), The company accounts for land and buildings as investment properties held at fair value.

2024
2023
2024
2023
£
£
£
£
Group
Cost
4,721,637
-
4,390,887
-
11
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 May 2023
-
6,400,000
Additions
-
330,750
Net gains through fair value adjustments
-
1,200,000
At 30 April 2024
-
7,930,750

 

12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
2
2
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
2
Carrying amount
At 30 April 2024
2
At 30 April 2023
2
CHRISTIAN PROPERTY UK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
13
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Car Time Motor Company UK Limited
England and Wales
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Car Time Motor Company UK Limited
1,439,825
141,887
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
12,000,677
14,306,223
-
0
-
0
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
700,498
632,945
-
0
-
0
Corporation tax recoverable
443,659
434,760
443,659
434,760
Other debtors
1,205,818
1,611,879
1,123,256
1,523,932
Prepayments and accrued income
236,358
218,339
37,737
43,881
2,586,333
2,897,923
1,604,652
2,002,573
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
216,833
950,000
79,333
450,000
Trade creditors
13,230,628
14,567,607
23,601
16,316
Amounts owed to group undertakings
-
0
-
0
1,837,076
1,911,550
Corporation tax payable
461,061
274,001
218,304
103,868
Other taxation and social security
288,058
497,862
25,389
27,646
Other creditors
1,145,870
1,161,327
-
0
16,589
Accruals and deferred income
84,394
184,857
7,749
4,501
15,426,844
17,635,654
2,191,452
2,530,470
CHRISTIAN PROPERTY UK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
16
Creditors: amounts falling due within one year
(Continued)
- 27 -

Included within trade creditors are vehicle stocking finance creditors totalling £10,756,368 (2023 - £11,799,425). Vehicle stocking finance creditors are secured against the vehicles concerned.

17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
2,077,520
2,053,520
999,394
928,520

Amounts included above which fall due after five years are as follows:
Payable by instalments
528,125
-
-
-
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
2,294,353
3,003,520
1,078,727
1,378,520
Payable within one year
216,833
950,000
79,333
450,000
Payable after one year
2,077,520
2,053,520
999,394
928,520

During the financial year 30 April 2021, Car Time Motor Company UK received £2,500,000 in respect of the Coronavirus Business Interruption Loan Scheme (CBILS).


Included in creditors: amounts due within one year is £137,500 (2023: £500,000) and included in creditors: amounts due after one year is £1,078,125 (2023 - £1,125,000). The first interest payment, charged at 4% + base rate per annum was paid 13 August 2021.


On 12 January 2024, the loan was extended by 4 years and payments adjusted from £125,000 per quarter to £34,375 per quarter with final payment expected on 13 May 2030.

 

The second loan was received by Christian Property UK Ltd in May 2019, amounting to £2,840,000. Included in creditors: amounts due within one year is £79,333 and included in creditors: amounts due after one year is £999,395. The loan is being repaid in quarterly instalments of £19,833 and is to be repaid by February 2027.

 

The loans are secured by a combination of a partial security under the CBIL Scheme guarantee and also secured by fixed and floating charge over the property held by the Group.

 

CHRISTIAN PROPERTY UK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
74,757
77,667
Revaluations
790,381
490,381
Short term timing difference
(1,967)
-
863,171
568,048
Liabilities
Liabilities
2024
2023
Company
£
£
Revaluations
790,381
490,381
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
568,048
490,381
Charge to profit or loss
295,123
300,000
Liability at 30 April 2024
863,171
790,381
20
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
2 Ordinary shares of £1 each
2
2
CHRISTIAN PROPERTY UK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
21
Reserves
Profit and loss reserves

The profit and loss account includes all realised current and prior period retained profits and losses.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
68,252
23,333

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
-
145,310
-
139,977
-
145,310
-
139,977
24
Directors' transactions

Dividends totalling £0 (2023 - £876,202) were paid in the year in respect of shares held by the company's director.

Other debtors include director's loans of £1,124,031 (2023: £1,523,932).

25
Controlling party

The company is controlled by M C Kay, the sole director, by virtue of his majority shareholding in the company.

CHRISTIAN PROPERTY UK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 30 -
26
Cash generated from group operations
2024
2023
£
£
Profit/(loss) for the year after tax
327,552
(372,754)
Adjustments for:
Taxation charged/(credited)
192,183
(78,612)
Finance costs
1,146,280
953,533
Investment income
(441)
-
0
Depreciation and impairment of tangible fixed assets
314,920
205,848
Movements in working capital:
Decrease in stocks
2,305,546
3,676,385
Decrease in debtors
320,489
510,672
Decrease in creditors
(1,962,703)
(2,420,707)
Cash generated from operations
2,643,826
2,474,365
27
Analysis of changes in net debt - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
1,410,197
580,163
1,990,360
Borrowings excluding overdrafts
(3,003,520)
709,167
(2,294,353)
(1,593,323)
1,289,330
(303,993)
2024-04-302023-05-01falseCCH SoftwareCCH Accounts Production 2024.210M C 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