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Registered number: 00512894









MASTERS OF BECKENHAM LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MASTERS OF BECKENHAM LIMITED
 
 
COMPANY INFORMATION


Directors
S Stoneham 
C Stoneham 
B Cotton 




Company secretary
B Cotton



Registered number
00512894



Registered office
Kia
2a Stone Park Avenue

Beckenham

Kent

BR3 3LS




Independent auditors
Gibson Appleby

1-3 Ship Street

Shoreham-by-Sea

West Sussex

BN43 5DH




Bankers
National Westminster Bank plc
1 High Street

Croydon

Surrey

CR9 1UY




Solicitors
DMH Stallard LLP
3rd Floor

1 Jubilee Street

Brighton

East Sussex

BN1 1GE





 
MASTERS OF BECKENHAM LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Independent Auditors' Report
 
6 - 10
Consolidated Profit and Loss Account
 
11
Consolidated Balance Sheet
 
12
Company Balance Sheet
 
13
Consolidated Statement of Changes in Equity
 
14
Company Statement of Changes in Equity
 
14
Consolidated Statement of Cash Flows
 
15
Notes to the Financial Statements
 
16 - 30


 
MASTERS OF BECKENHAM LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Business review
 
2023 was the first year the group operated with just one motor dealership after having closed the other three in 2022. This activity was supplemented with the diverse income from the Exhibition division, design studio and from investment properties.
The remaining Kia dealership had a good year on the back of electric vehicles despite supply problems which caused some issues. These have continued into 2024 which has made trading difficult and there are some concerns with regard to product and the general relationship with the manufacturer.
The Exhibitions division also had a good year and continued to move its production into specific bespoke promotional marketing vehicles which is proving popular with a number of new clients. These vehicles are generally built on a common base which streamlines production but as with many things, there have been problems in sourcing them.
The design studio invested significantly in new machinery during the year which expanded the services it was able to offer an ever increasing client base.
Income from the property division was in line with expectations in both the residential and commercial sectors. Planning delays continued to cause problems at one particular property which could not be occupied until mid 2024.
Overall profit for the year before tax amounted to £1,127,568 compared to £1,000,245 in 2022 (excluding property revaluations) which the directors regard as a good result.
The group now has a very diverse range of businesses which should form a solid base for some of the economic uncertainties that may present themselves in the near future.
 

Page 1

 
MASTERS OF BECKENHAM LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
The risks and uncertainties faced by the motor trade continue to be in relation to the product range available from manufacturers, their volume aspirations and the realism of targets set for dealers to achieve necessary bonus and incentive levels. This can be compounded by the level of investment in premises required to maintain brand images.
Within the exhibitions division it is more focused on marketing budgets available to clients which often depend on the general state of the economy and the ability to design new and innovative products to appeal to potential clients.
The directors are of the view that main risks arising from the company's financial instruments are interest rate risk, liquidity risk, price risk and credit risk. The directors set review policies for managing each of these risks and they are summarised below. These policies have remained unchanged from the previous years.
Interest rate risk
The group finances its operations through a combination of bank, finance house, and or other loan funding, together with retained profits. The group's exposure to interest rate fluctuations on its borrowings is managed by use of fixed and floating facilities when the requirement arises. The directors are of the view that the risk of interest rate increases to the future of the company is limited.
Liquidity risk
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The group finances its operations primarily from retained profits, bank overdraft and other short term bank and finance company funding. The financing for significant new ventures is secured before commitments are made. Cash flows are monitored on a monthly basis.
Price risk
The principle price risk arises from vehicle stocks where market forces may reduce the value of such stock. All personnel responsible for the direct purchasing of such stock are very experienced in the marketplace and use up to date market data when making such purchases. All stock is regularly reviewed by line managers and directors and financial adjustments are made as and when market conditions dictate.
Credit risk
The principle credit risk arises from the company's trade debtors. In order to manage credit risk the directors set credit limits for customers based on third party credit references. All debtors are regularly reviewed with strong credit control procedures. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history. All potential areas of financial risk are regularly monitored and reviewed by the directors and local management. Any preventative or corrective measures are taken as necessary.

Page 2

 
MASTERS OF BECKENHAM LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Strategy and Future Developments
 
The group will continue to look at putting its premises to best use. This will involve consolidating operations where possible to achieve maximum efficiency and continuing to review the balance between motor trading profitability and investment property rentals.

Key performance indicators

The directors monitor results against previously set budgets and forecasts which are in line with normally accepted benchmarks of the type of business concerned.
They also measure the performance of the motor trade by monthly comparison of the results to financial and statistical information made available by vehicle manufacturers on the results of their franchise networks as a whole.


This report was approved by the board and signed on its behalf.



B Cotton
Director
Date: 26 September 2024

Page 3

 
MASTERS OF BECKENHAM LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Results and dividends

The profit for the year, after taxation, amounted to £854,206 (2022 - £1,704,471).

Dividends totalling £1,219,275 were proposed and paid during the year.

Directors

The directors who served during the year were:

S Stoneham 
C Stoneham 
B Cotton 

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 4

 
MASTERS OF BECKENHAM LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Auditors

The auditorsGibson Applebywill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 26 September 2024 and signed on its behalf.
 





................................................
B Cotton
Secretary

Page 5

 
MASTERS OF BECKENHAM LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MASTERS OF BECKENHAM LIMITED
 

Opinion


We have audited the financial statements of Masters of Beckenham Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Profit and Loss Account, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Page 6

 
MASTERS OF BECKENHAM LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MASTERS OF BECKENHAM LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 7

 
MASTERS OF BECKENHAM LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MASTERS OF BECKENHAM LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
MASTERS OF BECKENHAM LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MASTERS OF BECKENHAM LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 Group financial statements.


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:

We gained an understanding of the legal and regulatory framework applicable to the company and the environment in which it operates from our own knowledge and discussions with the directors. We assessed the risk of fraud and error and designed our audit procedures accordingly. We focused on laws and regulations which could give rise to material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was a susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To assess the risk of fraud through management bias and override of controls, we:
• performed analytical procedures to identify any unusual or unexpected relationships;
• reviewed journal entries to identify unusual transactions;
• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
• investigated the rationale behind significant or unusual transaction.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• Agreeing financial statement disclosures to underlying supporting documentation;
• Enquiring of management as to actual and potential litigation and claims]


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 9

 
MASTERS OF BECKENHAM LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MASTERS OF BECKENHAM LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





Sarah Johnson ACA (Senior Statutory Auditor)
  
for and on behalf of
Gibson Appleby
 
Statutory Auditors
  
1-3 Ship Street
Shoreham-by-Sea
West Sussex
BN43 5DH

26 September 2024
Page 10

 
MASTERS OF BECKENHAM LIMITED
 
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

Continuing operations
Discontin'd operations
Total
Continuing operations
Discontinued operations
Total
2023
2023
2023
2022
2022
2022
Note
£
£
£
£
£
£

  

Turnover
 4 
24,583,025
-
24,583,025
19,019,808
9,897,305
28,917,113

Cost of sales
  
(20,567,869)
-
(20,567,869)
(15,706,248)
(9,074,967)
(24,781,215)

Gross profit
  
4,015,156
-
4,015,156
3,313,560
822,338
4,135,898

Distribution costs
  
(1,352,371)
-
(1,352,371)
(929,084)
(515,910)
(1,444,994)

Administrative expenses
  
(2,191,689)
-
(2,191,689)
(1,477,176)
(734,292)
(2,211,468)

Other operating income
 5 
643,754
-
643,754
520,807
-
520,807

Fair value movements
  
-
-
-
1,434,221
-
1,434,221

Operating profit
 6 
1,114,850
-
1,114,850
2,862,328
(427,864)
2,434,464

Interest receivable and similar income
  
12,718
-
12,718
-
-
-

Profit before tax
  
1,127,568
-
1,127,568
2,862,328
(427,864)
2,434,464

Tax on profit
 10 
(273,362)
-
(273,362)
(729,993)
-
(729,993)

Profit for the financial year
  
854,206
-
854,206
2,132,335
(427,864)
1,704,471

Profit for the year attributable to:
  

Owners of the parent
  
854,206
-
854,206
2,132,335
(427,864)
1,704,471

  
854,206
-
854,206
2,132,335
(427,864)
1,704,471

There are no items of other comprehensive income for 2023 or 2022 other than the profit for the yearAs a result, no separate Statement of Comprehensive Income has been presented.

The notes on pages 16 to 30 form part of these financial statements.

Page 11

 
MASTERS OF BECKENHAM LIMITED
REGISTERED NUMBER: 00512894

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
1,363,487
1,353,468

Investment property
 15 
14,951,300
14,900,000

  
16,314,787
16,253,468

Current assets
  

Stocks
 16 
2,134,531
1,488,600

Debtors: amounts falling due within one year
 17 
2,828,368
1,181,531

Cash at bank and in hand
 18 
2,606,023
2,010,001

  
7,568,922
4,680,132

Creditors: amounts falling due within one year
 19 
(6,330,013)
(3,014,835)

Net current assets
  
 
 
1,238,909
 
 
1,665,297

Total assets less current liabilities
  
17,553,696
17,918,765

Provisions for liabilities
  

Deferred taxation
 20 
(1,572,622)
(1,572,622)

  
 
 
(1,572,622)
 
 
(1,572,622)

Net assets
  
15,981,074
16,346,143


Capital and reserves
  

Called up share capital 
 21 
100,000
100,000

Profit and loss account
  
15,881,074
16,246,143

  
15,981,074
16,346,143


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S Stoneham
C Stoneham
Director
Director


Date: 26 September 2024

The notes on pages 16 to 30 form part of these financial statements.

Page 12

 
MASTERS OF BECKENHAM LIMITED
REGISTERED NUMBER: 00512894

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
1,412,984
1,402,965

Investments
 14 
350,959
350,959

Investment Property
 15 
14,951,300
14,900,000

  
16,715,243
16,653,924

Current assets
  

Stocks
 16 
-
(36,013)

Debtors: amounts falling due within one year
 17 
11,513,967
10,196,169

Cash at bank and in hand
 18 
1,648,528
914,824

  
13,162,495
11,074,980

Creditors: amounts falling due within one year
 19 
(16,062,879)
(13,023,672)

Net current liabilities
  
 
 
(2,900,384)
 
 
(1,948,692)

Total assets less current liabilities
  
13,814,859
14,705,232

  

Provisions for liabilities
  

Deferred taxation
 20 
(1,572,622)
(1,572,622)

  
 
 
(1,572,622)
 
 
(1,572,622)

Net assets
  
12,242,237
13,132,610


Capital and reserves
  

Called up share capital 
 21 
100,000
100,000

Profit and loss account
  
12,142,237
13,032,610

  
12,242,237
13,132,610


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

S Stoneham
C Stoneham
Director
Director
Date: 26 September 2024

The notes on pages 16 to 30 form part of these financial statements.

Page 13

 
MASTERS OF BECKENHAM LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
100,000
15,611,172
15,711,172



Profit for the year
-
1,704,471
1,704,471

Dividends: Equity capital
-
(1,069,500)
(1,069,500)


Total transactions with owners
-
(1,069,500)
(1,069,500)


At 1 January 2023
100,000
16,246,143
16,346,143



Profit for the year
-
854,206
854,206


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,219,275)
(1,219,275)


At 31 December 2023
100,000
15,881,074
15,981,074


The notes on pages 16 to 30 form part of these financial statements.


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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
100,000
12,803,510
12,903,510



Profit for the year
-
1,298,600
1,298,600

Dividends: Equity capital
-
(1,069,500)
(1,069,500)


Total transactions with owners
-
(1,069,500)
(1,069,500)


At 1 January 2023
100,000
13,032,610
13,132,610



Profit for the year
-
328,902
328,902


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,219,275)
(1,219,275)


At 31 December 2023
100,000
12,142,237
12,242,237


The notes on pages 16 to 30 form part of these financial statements.

Page 14

 
MASTERS OF BECKENHAM LIMITED
 

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

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
854,206
1,704,471

Adjustments for:

Depreciation of tangible assets
149,538
120,114

Loss on disposal of tangible assets
(20,310)
-

Interest received
(12,718)
-

Taxation charge
273,362
729,993

(Increase)/decrease in stocks
(645,931)
2,749,312

Decrease/(increase) in debtors
502,739
(387,443)

Increase/(decrease) in creditors
1,145,493
(1,822,001)

Net fair value losses/(gains) recognised in P&L
-
(1,434,221)

Corporation tax (paid)
(253,253)
(300,887)

Net cash generated from operating activities

1,993,126
1,359,338


Cash flows from investing activities

Purchase of tangible fixed assets
(167,991)
(504,057)

Sale of tangible fixed assets
28,743
-

Purchase of investment properties
(51,300)
(65,857)

Interest received
12,718
-

Net cash from investing activities

(177,830)
(569,914)

Cash flows from financing activities

Dividends paid
(1,219,275)
(1,069,500)

Net cash used in financing activities
(1,219,275)
(1,069,500)

Net increase/(decrease) in cash and cash equivalents
596,021
(280,076)

Cash and cash equivalents at beginning of year
2,010,001
2,290,077

Cash and cash equivalents at the end of year
2,606,022
2,010,001


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,606,022
2,010,001

2,606,022
2,010,001


The notes on pages 16 to 30 form part of these financial statements.

Page 15

 
MASTERS OF BECKENHAM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Masters of Beckenham Limited is a company limited by shares, incorporated in England and Wales. Its registered office is Kia, 2a Stone Park Avenue, Beckenham, Kent, BR3 3LS. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2014.

Page 16

 
MASTERS OF BECKENHAM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 17

 
MASTERS OF BECKENHAM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Further to the early adoption of the amendments to FRS 102 (see note 2.2), investment property rented to other group entities is accounted for under the cost model is stated at historical cost less accumulated depreciation and any accumulated impairment losses. Previously these properties were accounted for at fair value.

Page 18

 
MASTERS OF BECKENHAM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Long-term leasehold property
-
over term of the lease
Plant and machinery
-
20-33% straight line
Motor vehicles
-
25% straight line
Furniture, fixtures and fittings
-
20-33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the consolidated statement of comprehensive income.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 
At each balance sheet date, stocks are assessed for impairment. If stock is 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.
Stocks include consignment stock of vehicles, details of which are included in note 17.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 19

 
MASTERS OF BECKENHAM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

No significant judgements have had to be made by management in preparing these financial statements.
The directors have made key assumptions in the determination of the fair value of investment property in respect of the state of the property market in the location where the property is situated and in respect of reasonable fair value estimates of the asset.


4.


Turnover

In the directors' opinion, in view of the intense competition within the industry, it would be seriously prejudicial to the company's interests to analyse turnover by activity.

All turnover arose within the United Kingdom.

Page 20

 
MASTERS OF BECKENHAM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Other operating income

2023
2022
£
£

Net rents receivable
643,754
520,807



6.


Operating profit

The operating profit is stated after charging/(crediting):

2023
2022
£
£

Depreciation of tangible fixed assets
149,538
120,114

Auditors remuneration for audit and accountancy fees
25,000
34,000

Other operating lease rentals
136,988
179,807

Fair value movement - revaluation of investment property in the year
-
(1,434,221)


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
2,514,427
2,242,631
1,311,751
1,096,321

Social security costs
230,486
268,538
106,661
140,673

Cost of defined contribution scheme
169,507
149,071
143,285
126,278

2,914,420
2,660,240
1,561,697
1,363,272


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Directors
3
3
3
3



Managerial
5
7
2
4



Sales
7
12
-
2



Administration
18
19
10
7



Production
34
38
20
25

67
79
35
41

Page 21

 
MASTERS OF BECKENHAM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
140,683
111,238

Compensation for loss of office
-
30,000

140,683
141,238



9.


Interest receivable

2023
2022
£
£



Other interest receivable
12,718
-


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
273,362
158,064


Total current tax
273,362
158,064

Deferred tax


Origination and reversal of timing differences
-
571,929

Total deferred tax
-
571,929


Taxation on profit on ordinary activities
273,362
729,993
Page 22

 
MASTERS OF BECKENHAM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of between 19 -25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,127,568
2,434,464


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
265,204
462,548

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
12,805
7,218

Capital allowances for year in excess of depreciation
(4,072)
(29,623)

Utilisation of tax losses
(575)
(9,577)

Non taxable income - fair value movement
-
(272,502)

Short term timing difference leading to an increase (decrease) in taxation
-
571,929

Total tax charge for the year
273,362
729,993


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2023
2022
£
£


Dividends paid on equity capital
1,219,275
1,069,500


12.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. The profit after tax of the parent Company for the year was £328,902 (2022 - £1,298,600).

Page 23

 
MASTERS OF BECKENHAM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets

Group






Freehold Property
Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
1,367,937
137,353
291,856
137,370
1,934,516


Additions
-
104,427
63,564
-
167,991


Disposals
-
(5,995)
(40,490)
-
(46,485)



At 31 December 2023

1,367,937
235,785
314,930
137,370
2,056,022



Depreciation


At 1 January 2023
244,570
58,053
255,428
22,997
581,048


Charge for the year on owned assets
39,631
51,977
26,164
31,766
149,538


Disposals
-
(5,995)
(32,056)
-
(38,051)



At 31 December 2023

284,201
104,035
249,536
54,763
692,535



Net book value



At 31 December 2023
1,083,736
131,750
65,394
82,607
1,363,487



At 31 December 2022
1,123,366
79,300
36,429
114,373
1,353,468

Page 24

 
MASTERS OF BECKENHAM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           13.Tangible fixed assets (continued)


Company






Freehold property
Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£
£

Cost or valuation


At 1 January 2023
1,344,937
137,353
291,856
127,065
1,901,211


Additions
-
104,427
63,564
-
167,991


Disposals
-
(5,995)
(40,490)
-
(46,485)



At 31 December 2023

1,344,937
235,785
314,930
127,065
2,022,717



Depreciation


At 1 January 2023
172,073
58,053
255,428
12,692
498,246


Charge for the year on owned assets
39,631
51,977
26,164
31,766
149,538


Disposals
-
(5,995)
(32,056)
-
(38,051)



At 31 December 2023

211,704
104,035
249,536
44,458
609,733



Net book value



At 31 December 2023
1,133,233
131,750
65,394
82,607
1,412,984



At 31 December 2022
1,172,863
79,300
36,429
114,373
1,402,965






Page 25

 
MASTERS OF BECKENHAM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
350,959



At 31 December 2023
350,959





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Chinese Garage Limited
00529273
Ordinary
100%
Eden Park Cars Limited
00974546
Ordinary
100%
Masters of Beckhenham (2003) Limited
02688335
Ordinary
100%

For the year ending 31 December 2023, Chinese Garage Limited, Eden Park Cars Limited and Masters of Beckenham 2003 Ltd have taken the exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.


15.


Investment property

Group and Company


Freehold investment property

£



Valuation


At 1 January 2023
14,900,000


Additions at cost
51,300



At 31 December 2023
14,951,300

The 2023 valuations were made by the directors, on an open market value for existing use basis.



Page 26

 
MASTERS OF BECKENHAM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Finished goods and goods for resale
2,134,531
1,488,600
-
(36,013)


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Included above are consignment stocks amounting to £nil (2022: £1,571,102), company £528,386 (2020: £246,362). Under unit stocking facilities the company will become liable to pay for stocks of unsold vehicles after 180 days. The value of the corresponding creditor is included within trade creditors. 

Page 27

 
MASTERS OF BECKENHAM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
614,248
1,125,497
363,670
925,292

Amounts owed by group undertakings
2,047,645
-
10,982,638
9,226,168

Other debtors
109,843
7,914
111,027
7,814

Prepayments and accrued income
56,632
48,120
56,632
36,895

2,828,368
1,181,531
11,513,967
10,196,169



18.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
2,606,023
2,010,001
1,648,528
914,824



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
1,387,208
1,223,725
299,909
370,261

Amounts owed to group undertakings
2,047,646
-
13,142,374
11,050,702

Corporation tax
280,104
158,064
133,649
89,260

Other taxation and social security
223,184
185,734
223,184
185,734

Other creditors
868,554
421,597
823,267
399,864

Accruals and deferred income
1,523,317
1,025,715
1,440,496
927,851

6,330,013
3,014,835
16,062,879
13,023,672


Page 28

 
MASTERS OF BECKENHAM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Deferred taxation


Group



2023


£






At beginning of year
(1,572,622)



At end of year
(1,572,622)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Revaluation of property
1,572,622
1,572,622
1,572,622
1,572,622

Page 29

 
MASTERS OF BECKENHAM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



100,000 (2022 - 100,000) Ordinary shares of £1.00 each
100,000
100,000



22.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £169,506 (2022 - £149,071). Contributions totalling £nil (2022 - £nil) were payable to the fund at the balance sheet date and are included in creditors.


23.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
136,988
136,988
121,488
121,488

Later than 1 year and not later than 5 years
509,202
524,702
485,952
485,952

Later than 5 years
242,976
364,464
242,976
364,464

889,166
1,026,154
850,416
971,904


24.


Controlling party

Ultimate control rests jointly with Mr S Stoneham and Mr C Stoneham by virtue of their majority shareholding.

 
Page 30