Company registration number 06811657 (England and Wales)
CITY WEST COMMERCIALS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CITY WEST COMMERCIALS LIMITED
COMPANY INFORMATION
Directors
J Hutchings
D R Sweet
P R Ridout
N P Smith
Company number
06811657
Registered office
Kings Weston Lane
St Andrews Road
Avonmouth
Bristol
BS11 9BY
Auditor
Buckle Barton Limited
Sanderson House
Station Road
Horsforth
Leeds
LS18 5NT
CITY WEST COMMERCIALS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
Notes to the financial statements
15 - 30
CITY WEST COMMERCIALS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Fair review of the business

 

 

The year ended 31st of December 2023 continued the profitable turnaround for the business and added strength to our balance sheet. Despite pressure on gross margins group EBITDA increased by around £100,000.

The business remains fortunate to be involved with exemplary Daimler products in both the Truck and the Van space and seeks to represent these products in the best light through our staff, our service levels, our systems and the physical environment.

 

 

KPI's

 

 

2023

2022

Change

Turnover

£46.5m

£41.6m

£4.9m

Gross Profit

£6.9m

£6.6m

£0.3m

GP%

14.9%

15.8%

 

 

 

 

 

Profit/(loss) before tax

£189k

£470k

-£281k

EBITDA

£1.2m

£1.1m

£100k

 

 

 

 

 

The continuity, consistency and experience of many key members of our staff and a strong working relationship with Daimler Truck in particular has contributed to our overall result.

 

We expect there to be continued consolidation with commercial vehicle operators in the coming years leaving a landscape polarised between the very large and the small participants. The spread of our customers is well suited to this polarisation both in the sales and the aftersales environment.

 

Our exposure across the south west of England, from the City of Bristol and the resurgent port of Avonmouth, down through Exeter and into Cornwall allows a geographical representation that is both systemic and diverse in terms of its revenue reliance.

 

The business whilst fortunate to be involved with exemplary Daimler products in both the Truck and the Van space will be actively looking to compliment its representation with other offerings in the coming year to absorb cost and optimise revenues.

 

 

Principal risks and uncertainties

Macro-economic events, lead by policy decisions and geopolitical consequences, environmental legislation, recruitment and training issues, inflation, the interest rate environment and supply chain disruption form some of the principle risks and uncertainties.

The directors and management maintain a diligence around these influences and plan responsive actions accordingly.

The geography of the UK as an island, out side of overt federal influence but with strong global relationships give us both visibility and optimism.

 

 

 

CITY WEST COMMERCIALS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

On behalf of the board

J Hutchings
Director
24 September 2024
CITY WEST COMMERCIALS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

Principal activities

The principal activity of the company and group continued to be that of a Mercedes-Benz truck sales and Mercedes-Benz truck and van aftersales dealer.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

J Hutchings
D R Sweet
P R Ridout
N P Smith
Financial instruments

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans.

Investments of cash surpluses are made through banks and companies which must fulfil credit rating criteria approved by the Board. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis by both the group's credit controllers and the directors and provision is made for doubtful debts where necessary.

Future developments

The directors intend to continue and expand the company’s existing trade and operations.

 

 

Auditor

Buckle Barton were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

CITY WEST COMMERCIALS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 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
J Hutchings
Director
24 September 2024
CITY WEST COMMERCIALS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are 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. They are 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.

CITY WEST COMMERCIALS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CITY WEST COMMERCIALS LIMITED
- 6 -
Opinion

We have audited the financial statements of City West Commercials Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, 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 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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:

CITY WEST COMMERCIALS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CITY WEST COMMERCIALS LIMITED
- 7 -
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 directors' 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 directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine 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 directors are 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 directors either intend to liquidate the parent company or to cease operations, or have 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

- We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation and occupational health and employment legislation.

 

- We enquired of the directors for evidence of non compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance.

 

- We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any instances of fraud that had taken place during the accounting period.

 

- The risk of fraud and non compliance with laws and regulations and fraud was discussed within the audit team and teste were planned and performed to address these risks. We identified the potential for fraud in the following areas - revenue recognition.

 

- We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.

 

- We enquired of the directors about actual and potential litigation and claims.

 

- We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.

 

- In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.

 

CITY WEST COMMERCIALS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CITY WEST COMMERCIALS LIMITED
- 8 -

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.

Mark Dalton BA FCA (Senior Statutory Auditor)
For and on behalf of Buckle Barton Limited
24 September 2024
Chartered Accountants
Statutory Auditor
Sanderson House
Station Road
Horsforth
Leeds
LS18 5NT
CITY WEST COMMERCIALS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
46,518,632
41,565,473
Cost of sales
(39,575,286)
(34,914,676)
Gross profit
6,943,346
6,650,797
Administrative expenses
(6,223,722)
(5,983,992)
Other operating income
19,057
53,880
Operating profit
4
738,681
720,685
Interest payable and similar expenses
8
(548,938)
(250,247)
Profit before taxation
189,743
470,438
Tax on profit
9
(164,026)
(17,567)
Profit for the financial year
25,717
452,871
Profit for the financial year is attributable to:
- Owners of the parent company
108,525
464,257
- Non-controlling interests
(82,808)
(11,386)
25,717
452,871
CITY WEST COMMERCIALS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
£
£
Profit for the year
25,717
452,871
Other comprehensive income
-
-
Total comprehensive income for the year
25,717
452,871
Total comprehensive income for the year is attributable to:
- Owners of the parent company
108,525
464,257
- Non-controlling interests
(82,808)
(11,386)
25,717
452,871
CITY WEST COMMERCIALS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,816,295
1,945,530
Current assets
Stocks
12
15,490,854
17,120,966
Debtors
13
4,775,060
2,461,924
Cash at bank and in hand
2,892,709
1,735,021
23,158,623
21,317,911
Creditors: amounts falling due within one year
14
(22,524,981)
(20,893,677)
Net current assets
633,642
424,234
Total assets less current liabilities
2,449,937
2,369,764
Creditors: amounts falling due after more than one year
15
(700,000)
(705,374)
Provisions for liabilities
Deferred tax liability
18
90,000
30,170
(90,000)
(30,170)
Net assets
1,659,937
1,634,220
Capital and reserves
Called up share capital
20
1,920,100
1,920,100
Share premium account
18,979
18,979
Profit and loss reserves
(172,592)
(281,117)
Equity attributable to owners of the parent company
1,766,487
1,657,962
Non-controlling interests
(106,550)
(23,742)
1,659,937
1,634,220
The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
24 September 2024
J Hutchings
Director
Company registration number 06811657 (England and Wales)
CITY WEST COMMERCIALS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,636,244
1,755,288
Current assets
Stocks
12
15,238,513
16,888,253
Debtors
13
5,250,913
2,919,872
Cash at bank and in hand
2,892,613
1,734,930
23,382,039
21,543,055
Creditors: amounts falling due within one year
14
(22,343,700)
(20,864,472)
Net current assets
1,038,339
678,583
Total assets less current liabilities
2,674,583
2,433,871
Creditors: amounts falling due after more than one year
15
(700,000)
(700,000)
Provisions for liabilities
Deferred tax liability
18
73,000
27,000
(73,000)
(27,000)
Net assets
1,901,583
1,706,871
Capital and reserves
Called up share capital
20
1,920,100
1,920,100
Share premium account
18,979
18,979
Profit and loss reserves
(37,496)
(232,208)
Total equity
1,901,583
1,706,871

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 £194,712 (2022 - £476,108 profit).

The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
24 September 2024
J Hutchings
Director
Company registration number 06811657 (England and Wales)
CITY WEST COMMERCIALS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
Balance at 1 January 2022
1,920,100
18,979
(745,374)
1,193,705
(12,356)
1,181,349
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
464,257
464,257
(11,386)
452,871
Balance at 31 December 2022
1,920,100
18,979
(281,117)
1,657,962
(23,742)
1,634,220
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
108,525
108,525
(82,808)
25,717
Balance at 31 December 2023
1,920,100
18,979
(172,592)
1,766,487
(106,550)
1,659,937
CITY WEST COMMERCIALS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
1,920,100
18,979
(708,316)
1,230,763
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
476,108
476,108
Balance at 31 December 2022
1,920,100
18,979
(232,208)
1,706,871
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
194,712
194,712
Balance at 31 December 2023
1,920,100
18,979
(37,496)
1,901,583
CITY WEST COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information

City West Commercials Limited (“the company”) is a private limited company domiciled and incorporated in the UK and registered in England and Wales. The registered office is Kings Weston Lane, St Andrews Road, Avonmouth, Bristol, BS11 9BY.

 

The group consists of City West Commercials Limited 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. 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 cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

CITY WEST COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company City West Commercials Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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.

1.4
Going concern

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

1.5
Turnover

Sales of motor vehicles and accessories are recognised upon delivery to the customer together with the associated manufacturer bonus income. Any other manufacturer income in relation to achieving sales targets is recognised on an accruals basis.

 

Servicing income is recognised upon completion of the work agreed.

 

All turnover is recognised at the fair value of the consideration receivable, net of vat, trade discounts, settlement discounts and volume rebates.

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:

Leasehold land and buildings
Over term of lease
Plant and equipment
10%-25% straight line
Fixtures and fittings
10%-33% straight line
Computers
20%-50% straight line
Motor vehicles
10%-25% straight line

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.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

CITY WEST COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -

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.

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.

1.8
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

CITY WEST COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.9
Stocks

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

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.10
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.

1.11
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.

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.

CITY WEST COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, loans from fellow group companies and preference shares that are classified as debt, 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.

CITY WEST COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
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.

1.13
Taxation

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

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.

1.14
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.

1.15
Retirement benefits

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

CITY WEST COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

1.17
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 directors are 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Consignment stock

Vehicles held on consignment have been included within stocks on the basis that the group has determined that it holds the significant risks and rewards attached to these vehicles.

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.

Stock valuation

The valuation of stock is monitored against age profile and market demand. The directors maintain oversight over the aged stock profile and a monthly review for any impairment is performed.

Useful economic lives of tangible assets

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic life and residual value of the assets, both of which are reassessed annually by the directors. They are amended, when necessary, to reflect current estimates based on technological changes, economic utilisation and the physical condition of the assets.

CITY WEST COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sales of vehicles and parts
41,671,339
35,770,544
Servicing & repair sales
4,847,293
5,794,929
46,518,632
41,565,473
2023
2022
£
£
Turnover analysed by geographical market
UK
46,518,632
41,565,473
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
414,531
384,655
Depreciation of tangible fixed assets held under finance leases
42,317
-
Profit on disposal of tangible fixed assets
(40,221)
(16,398)
Cost of stocks recognised as an expense
38,315,137
33,662,646
Operating lease charges
528,904
523,858
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
20,500
20,000
Audit of the financial statements of the company's subsidiaries
5,000
5,000
25,500
25,000
CITY WEST COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Administration
39
36
37
34
Other
56
52
51
47
Total
95
88
88
81

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,887,156
3,652,327
3,562,950
3,372,769
Social security costs
432,352
412,208
396,140
381,903
Pension costs
71,941
72,758
65,467
66,544
4,391,449
4,137,293
4,024,557
3,821,216
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
255,449
315,954
Company pension contributions to defined contribution schemes
3,962
3,959
259,411
319,913

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2022 - 3).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
110,152
131,723
Company pension contributions to defined contribution schemes
1,321
1,321
CITY WEST COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
8
Interest payable and similar expenses
2023
2022
£
£
Other interest on financial liabilities
-
11,246
Interest on finance leases and hire purchase contracts
27,582
41,815
Other interest
521,356
197,186
Total finance costs
548,938
250,247
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
97,000
-
0
Adjustments in respect of prior periods
7,196
-
0
Total current tax
104,196
-
0
Deferred tax
Origination and reversal of timing differences
59,830
17,567
Total tax charge
164,026
17,567

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

2023
2022
£
£
Profit before taxation
189,743
470,438
Expected tax charge based on the standard rate of corporation tax in the UK of 025% (2022: 19.00%)
47,436
89,383
Tax effect of expenses that are not deductible in determining taxable profit
3,885
1,528
Unutilised tax losses carried forward
49,727
-
0
Change in unrecognised deferred tax assets
-
0
(95,046)
Effect of change in corporation tax rate
14,507
7,254
Depreciation on assets not qualifying for tax allowances
27,423
20,378
Under/(over) provided in prior years
7,196
-
0
Deferred tax roundings
7,712
(5,930)
Difference in current and deferred tax rates
6,140
-
0
Taxation charge
164,026
17,567
CITY WEST COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
10
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
1,566,104
1,433,809
664,601
432,977
1,602,514
5,700,005
Additions
64,937
30,649
1,027
25,060
220,988
342,661
Disposals
(20,206)
(716,132)
(283,601)
(260,157)
(150,699)
(1,430,795)
At 31 December 2023
1,610,835
748,326
382,027
197,880
1,672,803
4,611,871
Depreciation and impairment
At 1 January 2023
772,257
1,060,301
558,498
349,996
1,013,423
3,754,475
Depreciation charged in the year
110,623
94,594
43,698
31,546
176,387
456,848
Eliminated in respect of disposals
(9,682)
(699,599)
(283,601)
(260,157)
(162,708)
(1,415,747)
At 31 December 2023
873,198
455,296
318,595
121,385
1,027,102
2,795,576
Carrying amount
At 31 December 2023
737,637
293,030
63,432
76,495
645,701
1,816,295
At 31 December 2022
793,847
373,508
106,103
82,981
589,091
1,945,530
CITY WEST COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Tangible fixed assets
(Continued)
- 26 -
Company
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
1,464,597
1,254,850
607,294
423,587
1,447,109
5,197,437
Additions
29,663
27,316
1,027
25,060
220,988
304,054
Disposals
(10,524)
(550,572)
(283,601)
(260,157)
(150,699)
(1,255,553)
At 31 December 2023
1,483,736
731,594
324,720
188,490
1,517,398
4,245,938
Depreciation and impairment
At 1 January 2023
726,509
926,151
518,711
341,607
929,171
3,442,149
Depreciation charged in the year
100,337
72,615
43,698
31,546
176,387
424,583
Eliminated in respect of disposals
-
0
(550,572)
(283,601)
(260,157)
(162,708)
(1,257,038)
At 31 December 2023
826,846
448,194
278,808
112,996
942,850
2,609,694
Carrying amount
At 31 December 2023
656,890
283,400
45,912
75,494
574,548
1,636,244
At 31 December 2022
738,088
328,699
88,583
81,980
517,938
1,755,288
11
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
City West Commercials (Highbridge) Limited
Kings Weston Lane, Avonmouth, UK, BS11 9BY
Ordinary shares
51.00
-

 

12
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Work in progress
632,279
734,097
579,649
699,898
Finished goods and goods for resale
14,858,575
16,386,869
14,658,864
16,188,355
15,490,854
17,120,966
15,238,513
16,888,253
CITY WEST COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
13
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,349,418
1,399,270
1,233,799
1,238,375
Amounts owed by group undertakings
459,976
-
1,052,985
624,403
Other debtors
1,565,596
12,585
1,565,596
12,585
Prepayments and accrued income
1,400,070
1,050,069
1,398,533
1,044,509
4,775,060
2,461,924
5,250,913
2,919,872
14
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
17
49,316
112,273
44,928
105,108
Other borrowings
16
23,157
96,799
23,157
96,799
Trade creditors
21,579,098
17,423,296
21,410,155
17,416,264
Corporation tax payable
104,196
-
0
104,196
-
0
Other taxation and social security
139,321
336,569
139,321
336,569
Other creditors
161,791
2,447,899
209,097
2,469,713
Accruals and deferred income
468,102
476,841
412,846
440,019
22,524,981
20,893,677
22,343,700
20,864,472
15
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
17
-
0
5,374
-
0
-
0
Other borrowings
16
700,000
700,000
700,000
700,000
700,000
705,374
700,000
700,000
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
700,000
700,000
700,000
700,000
CITY WEST COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
16
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Other loans
723,157
796,799
723,157
796,799
Payable within one year
23,157
96,799
23,157
96,799
Payable after one year
700,000
700,000
700,000
700,000

 

Other creditors due within 1 year includes an invoice discounting facility secured upon certain trade debtors. The balance outstanding on the facility at 31 December 2023 was £0 (2022: £400,080).

 

Other borrowings due after 1 year include £500,000 of unsecured perpetual loan notes held by Gilbran (Management) Limited, a company controlled by N P Smith. These loan notes can be repaid on such dates that the company elects but have a final redemption date of 5 March 2089. Included also in creditors due after 1 year is an unsecured loan of £200,000 from Gilbran (Management) Limited which bears interest at 5% per annum and is repayable in 2026.

 

17
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
49,316
63,662
44,928
56,497
In two to five years
-
0
53,985
-
0
48,611
49,316
117,647
44,928
105,108

Finance lease payments represent rentals payable by the company or group for certain motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is around 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

18
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
90,000
30,170
CITY WEST COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18
Deferred taxation
(Continued)
- 29 -
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
73,000
27,000
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
30,170
27,000
Charge to profit or loss
59,830
46,000
Liability at 31 December 2023
90,000
73,000

The deferred tax liability set out above is expected to reverse within 36 months and relates to accelerated capital allowances that are expected to mature within the same period.

19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
71,941
72,758

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.

20
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
250,000
250,000
250,000
250,000
B Ordinary of £1 each
250,000
250,000
250,000
250,000
C Ordinary of £1 each
1,420,000
1,420,000
1,420,000
1,420,000
D Ordinary of £1 each
100
100
100
100
1,920,100
1,920,100
1,920,100
1,920,100

A & B Ordinary shares entitle the holder to attend and vote at the annual general meeting. C ordinary shares entitle the holder to attend but not vote at the annual general meeting. D ordinary shares entitle the holder to 266 votes per share and, if certain conditions are met, a proportion of proceeds upon a solvent liquidation or sale of the entire share capital of the company.

CITY WEST COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
21
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
2023
2022
2023
2022
£
£
£
£
Within one year
194,500
428,150
194,500
428,150
Between two and five years
644,400
957,875
644,400
957,875
In over five years
561,250
761,850
561,250
761,850
1,400,150
2,147,875
1,400,150
2,147,875
22
Related party transactions

Amounts due from group companies consists of an unsecured, interest free loan at the balance sheet date of £525,590 (2022: £425,858) to City West Commercials (Highbridge) Limited, a company of which City West Commercials Limited holds 51% of the issued share capital. Included in prepayments in the company's own balance sheet is £0 (2022: £15,000) in respect of a management charge to City West Commercials (Highbridge) Limited.

 

During the year ended 31 December 2023 the group was charged £60,000 (2022: £60,000) by Gilbran (Management) Limited for the provision of management and consultancy services. Gilbran (Management) Limited is a company controlled by N P Smith.

 

During the year ended 31 December 2023 the group was charged rent of £57,400 (2022:£57,400) by S R Keedwell Holdings Limited, a company of which S R Keedwell is a director.

 

The company has taken advantage of the exemptions available and not disclosed transactions with fellow wholly owned subsidiaries of CWC Group Limited which have been eliminated on consolidation in the accounts for CWC Group Limited.

23
Controlling party

The company is a wholly owned subsidiary of CWC Group Limited, a company registered in England & Wales. The ultimate controlling party is N P Smith, a director of the company, by virtue of his majority shareholding in CWC Group Limited.

2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100J HutchingsG ClarkeD R SweetP R RidoutN P 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