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Devon 4 X 4 Centre Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2023

Registration number: 03080962

 

Devon 4 X 4 Centre Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Consolidated Profit and Loss Account

4

Consolidated Statement of Comprehensive Income

5

Consolidated Balance Sheet

6 to 7

Balance Sheet

8 to 9

Consolidated Statement of Changes in Equity

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12 to 25

 

Devon 4 X 4 Centre Limited

Company Information

Directors

E A Wrench-Buck

S Wrench-Buck

Company secretary

E A Wrench-Buck

Registered office

18 Newport Street
Tiverton
Devon
EX16 6NL

 

Devon 4 X 4 Centre Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the for the year ended 31 December 2023.

Directors of the group

The directors who held office during the year were as follows:

E A Wrench-Buck

S Wrench-Buck

Principal activity

The principal activity of the group is the holding company for a group specialising in the manufacture, re-sale and repair of four wheel drive vehicles.

Approved and authorised by the Board on 10 September 2024 and signed on its behalf by:
 

.........................................
E A Wrench-Buck
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Devon 4 X 4 Centre Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Devon 4 X 4 Centre Limited for the year ended 31 December 2023 as set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Devon 4 X 4 Centre Limited, as a body, in accordance with the terms of our engagement letter dated 14 February 2023. Our work has been undertaken solely to prepare for your approval the accounts of Devon 4 X 4 Centre Limited and state those matters that we have agreed to state to the Board of Directors of Devon 4 X 4 Centre Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Devon 4 X 4 Centre Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Devon 4 X 4 Centre Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Devon 4 X 4 Centre Limited. You consider that Devon 4 X 4 Centre Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Devon 4 X 4 Centre Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Withers Steele Chartered Accountants
18 Newport Street
Tiverton
Devon
EX16 6NL

10 September 2024

 

Devon 4 X 4 Centre Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

1,888,346

1,898,902

Cost of sales

 

(1,299,421)

(1,140,581)

Gross profit

 

588,925

758,321

Distribution costs

 

(199,583)

(181,325)

Administrative expenses

 

(332,278)

(248,692)

Other operating income

3

5,060

5,060

Operating profit

5

62,124

333,364

Other interest receivable and similar income

7

1,112

-

Interest payable and similar expenses

8

(4,022)

(6,022)

   

(2,910)

(6,022)

Profit before tax

 

59,214

327,342

Tax on profit

11

(8,381)

(58,957)

Profit for the financial year

 

50,833

268,385

Profit/(loss) attributable to:

 

Owners of the company

 

50,833

268,385

The group has no recognised gains or losses for the year other than the results above.

 

Devon 4 X 4 Centre Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit for the year

50,833

268,385

Surplus on property, plant and equipment revaluation

-

409,408

Total comprehensive income for the year

50,833

677,793

Total comprehensive income attributable to:

Owners of the company

50,833

677,793

 

Devon 4 X 4 Centre Limited

(Registration number: 03080962)
Consolidated Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

12

1

250

Tangible assets

13

1,077,931

842,737

 

1,077,932

842,987

Current assets

 

Stocks

15

850,708

833,320

Debtors

16

192,612

155,088

Cash at bank and in hand

 

152,394

484,398

 

1,195,714

1,472,806

Creditors: Amounts falling due within one year

18

(731,837)

(640,790)

Net current assets

 

463,877

832,016

Total assets less current liabilities

 

1,541,809

1,675,003

Creditors: Amounts falling due after more than one year

18

(172,673)

(224,321)

Provisions for liabilities

(22,583)

(15,153)

Net assets

 

1,346,553

1,435,529

Capital and reserves

 

Called up share capital

20

49,999

50,000

Revaluation reserve

409,408

409,408

Retained earnings

887,146

976,121

Equity attributable to owners of the company

 

1,346,553

1,435,529

Shareholders' funds

 

1,346,553

1,435,529

 

Devon 4 X 4 Centre Limited

(Registration number: 03080962)
Consolidated Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 10 September 2024 and signed on its behalf by:


 

.........................................

S Wrench-Buck

Director

 

Devon 4 X 4 Centre Limited

(Registration number: 03080962)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

13

1,069,191

833,548

Investments

14

206

205

 

1,069,397

833,753

Current assets

 

Stocks

15

11,512

93,986

Debtors

16

190,557

105,675

Cash at bank and in hand

 

85,756

402,441

 

287,825

602,102

Creditors: Amounts falling due within one year

18

(831,517)

(877,641)

Net current liabilities

 

(543,692)

(275,539)

Total assets less current liabilities

 

525,705

558,214

Creditors: Amounts falling due after more than one year

18

(86,020)

(91,080)

Provisions for liabilities

(22,729)

(15,304)

Net assets

 

416,956

451,830

Capital and reserves

 

Called up share capital

20

50,000

50,000

Revaluation reserve

409,408

409,408

Retained earnings

(42,452)

(7,578)

Shareholders' funds

 

416,956

451,830

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 10 September 2024 and signed on its behalf by:
 

.........................................

S Wrench-Buck

Director

The company made a loss after tax for the financial year of £210,065 (2022 - loss of £110,787).

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Devon 4 X 4 Centre Limited

(Registration number: 03080962)
Balance Sheet as at 31 December 2023

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Devon 4 X 4 Centre Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2023
Equity attributable to the parent company

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

Total equity
£

At 1 January 2023

49,999

409,408

976,122

1,435,529

1,435,529

Profit for the year

-

-

50,833

50,833

50,833

Dividends

-

-

(139,809)

(139,809)

(139,809)

At 31 December 2023

49,999

409,408

887,146

1,346,553

1,346,553

 

Devon 4 X 4 Centre Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 January 2023

50,000

409,408

307,422

766,830

Loss for the year

-

-

(210,065)

(210,065)

Dividends

-

-

(139,809)

(139,809)

At 31 December 2023

50,000

409,408

(42,452)

416,956

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 January 2022

50,000

-

234,080

284,080

Loss for the year

-

-

(110,787)

(110,787)

Other comprehensive income

-

409,408

-

409,408

Total comprehensive income

-

409,408

(110,787)

298,621

Dividends

-

-

(130,871)

(130,871)

At 31 December 2022

50,000

409,408

(7,578)

451,830

 

Devon 4 X 4 Centre Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
18 Newport Street
Tiverton
Devon
EX16 6NL

The principal place of business is:
Southlea Business Park
Bish Mill
South Molton
Devon
EX36 3QU

These financial statements were authorised for issue by the Board on 10 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2023.

 

Devon 4 X 4 Centre Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Devon 4 X 4 Centre Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings

2% straight line method

Plant & machinery

25% reducing balance method

Motor vehicles

25% reducing balance method

Office equipment

25% reducing balance method

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line method

 

Devon 4 X 4 Centre Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Devon 4 X 4 Centre Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Other operating income

The analysis of the group's other operating income for the year is as follows:

2023
£

2022
£

Government grants

5,060

5,060

4

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2023
£

2022
£

(Loss)/gain on disposal of Tangible assets

(918)

1,456

 

Devon 4 X 4 Centre Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

5

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

54,442

36,796

Amortisation expense

-

1,000

Loss/(profit) on disposal of property, plant and equipment

918

(1,456)

6

Government grants

Regional Growth Fund

The amount of grants recognised in the financial statements was £5,060 (2022 - £5,060).

7

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

1,112

-

8

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

3,467

6,005

Interest expense on other finance liabilities

557

15

Foreign exchange (losses)/gains

(2)

2

4,022

6,022

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

419,147

315,235

Social security costs

13,150

27,543

Pension costs, defined contribution scheme

9,432

8,451

Other employee expense

12,961

9,121

454,690

360,350

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

 

Devon 4 X 4 Centre Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

2023
No.

2022
No.

Production

9

8

Administration and support

3

2

Sales, marketing and distribution

5

4

17

14

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

28,060

21,290

11

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

1,300

46,278

Deferred taxation

Arising from origination and reversal of timing differences

7,081

12,679

Tax expense in the income statement

8,381

58,957

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 19% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

59,214

327,342

Corporation tax at standard rate

11,251

62,195

Decrease in UK and foreign current tax from adjustment for prior periods

(280)

-

Tax decrease from effect of capital allowances and depreciation

(3,419)

(3,517)

Effect of tax losses

829

279

Total tax charge

8,381

58,957

 

Devon 4 X 4 Centre Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Deferred tax

Group

Deferred tax assets and liabilities

2023

Liability
£

Accelarated capital allowances

22,709

Losses

(486)

22,223

2022

Liability
£

Accelarated capital allowances

15,183

15,183

Company

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Accelarated capital allowances

-

22,730

-

22,730

2022

Asset
£

Liability
£

Accelarated capital allowances

-

15,304

-

15,304

12

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

10,000

10,000

At 31 December 2023

10,000

10,000

Amortisation

At 1 January 2023

9,750

9,750

Amortisation charge

249

249

At 31 December 2023

9,999

9,999

Carrying amount

At 31 December 2023

1

1

At 31 December 2022

250

250

 

Devon 4 X 4 Centre Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

13

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

753,000

13,148

86,623

212,590

1,065,361

Additions

124,709

-

152,210

13,387

290,306

Disposals

-

-

(9,031)

(9,673)

(18,704)

At 31 December 2023

877,709

13,148

229,802

216,304

1,336,963

Depreciation

At 1 January 2023

-

13,085

46,186

163,353

222,624

Charge for the year

9,594

15

30,161

14,422

54,192

Eliminated on disposal

-

-

(8,300)

(9,484)

(17,784)

At 31 December 2023

9,594

13,100

68,047

168,291

259,032

Carrying amount

At 31 December 2023

868,115

48

161,755

48,013

1,077,931

At 31 December 2022

753,000

63

40,437

49,237

842,737

Included within the net book value of land and buildings above is £868,114 (2022 - £753,000) in respect of freehold land and buildings.
 

Revaluation

The fair value of the group's Land and buildings was revalued on 21 December 2022 by an independent valuer.
Underwood Wright Ltd
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £Nil (2022 - £Nil).
 

 

Devon 4 X 4 Centre Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Company

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

753,000

9,180

51,927

159,715

973,822

Additions

124,709

-

152,210

10,068

286,987

At 31 December 2023

877,709

9,180

204,137

169,783

1,260,809

Depreciation

At 1 January 2023

-

9,121

19,217

111,936

140,274

Charge for the year

9,594

15

28,230

13,505

51,344

At 31 December 2023

9,594

9,136

47,447

125,441

191,618

Carrying amount

At 31 December 2023

868,115

44

156,690

44,342

1,069,191

At 31 December 2022

753,000

59

32,710

47,779

833,548

Included within the net book value of land and buildings above is £868,114 (2022 - £753,000) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Land and buildings was revalued on 21 December 2022 by an independent valuer.
Underwood Wright Ltd
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £Nil (2022 - £Nil).
 

14

Investments

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

D44 Store Limited*

18 Newport Street
Tiverton
Devon EX16 6NL

Ordinary

100%

100%

England

 

Devon 4 X 4 Centre Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

Devon 4x4 Services Limited*

18 Newport Street
Tiverton
Devon EX16 6NL

Ordinary

100%

100%

England

Southlea Service Station Limited*

18 Newport Street
Tiverton
Devon EX16 6NL

Ordinary

100%

100%

England

D44 Limited*

18 Newport Street
Tiverton
Devon EX16 6NL

Ordinary

100%

100%

England

Difflock.com Limited*

18 Newport Street
Tiverton
Devon EX16 6NL

Ordinary

100%

100%

England

Replace A Part Limited*

18 newport Street
Tiverton
Devon EX16 6NL

Ordinary

100%

100%

England

* indicates direct investment of the company

Subsidiary undertakings

D44 Store Limited

The principal activity of D44 Store Limited is mail order parts for off road vehicles

Devon 4x4 Services Limited

The principal activity of Devon 4x4 Services Limited is servicing and repair of four wheel drive vehicles

Southlea Service Station Limited

The principal activity of Southlea Service Station Limited is retail sale of automotive fuel

D44 Limited

The principal activity of D44 Limited is manufacture metal structures & parts

Difflock.com Limited

The principal activity of Difflock.com Limited is vehicle spares sales

Replace A Part Limited

The principal activity of Replace A Part Limited is retail & wholesale of car parts

Company

2023
£

2022
£

Investments in subsidiaries

206

205

 

Devon 4 X 4 Centre Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Subsidiaries

£

Cost or valuation

At 1 January 2023

205

Additions

1

At 31 December 2023

206

Provision

Carrying amount

At 31 December 2023

206

At 31 December 2022

205

15

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Work in progress

301,268

217,219

-

-

Other inventories

549,440

616,101

11,512

93,986

850,708

833,320

11,512

93,986

16

Debtors

   

Group

Company

Current

Note

2023
£

2022
£

2023
£

2022
£

Trade debtors

 

65,792

145,379

36,195

78,816

Amounts owed by related parties

-

-

74,541

19,795

Other debtors

 

118,410

2,631

72,638

-

Prepayments

 

8,047

7,064

7,183

7,064

Deferred tax assets

11

363

14

-

-

   

192,612

155,088

190,557

105,675

17

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash on hand

5,179

5,916

-

-

Cash at bank

12,796

179,695

340

150,294

Short-term deposits

134,419

298,787

85,416

252,147

152,394

484,398

85,756

402,441

Bank overdrafts

(122,247)

(95,975)

(12,365)

-

Cash and cash equivalents in statement of cash flows

30,147

388,423

73,391

402,441

 

Devon 4 X 4 Centre Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

18

Creditors

   

Group

Company

Note

2023
 £

2022
 £

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

21

169,776

142,921

12,365

-

Trade creditors

 

510,421

369,494

53,450

56,364

Amounts due to related parties

25,668

11,586

744,362

741,157

Social security and other taxes

 

19,278

49,034

15,601

47,052

Other payables

 

54

1

(500)

-

Accrued expenses

 

-

16,417

-

-

Corporation tax

11

1,580

46,277

1,179

28,008

Deferred income

 

5,060

5,060

5,060

5,060

 

731,837

640,790

831,517

877,641

Due after one year

 

Loans and borrowings

21

86,653

133,241

-

-

Deferred income

 

86,020

91,080

86,020

91,080

 

172,673

224,321

86,020

91,080

 

Devon 4 X 4 Centre Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

19

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £9,432 (2022 - £8,451).

20

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

50,000

50,000

50,000

50,000

       

21

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Bank borrowings

86,653

133,241

-

-

Current loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Bank borrowings

47,529

46,946

-

-

Bank overdrafts

122,247

95,975

12,365

-

169,776

142,921

12,365

-