Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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MASTERS OF BECKENHAM LIMITED
COMPANY INFORMATION
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MASTERS OF BECKENHAM LIMITED
CONTENTS
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MASTERS OF BECKENHAM LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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MASTERS OF BECKENHAM LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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MASTERS OF BECKENHAM LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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.
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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.
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.
The directors who served during the year were:
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.
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 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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MASTERS OF BECKENHAM LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The auditors, Gibson Appleby, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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MASTERS OF BECKENHAM LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MASTERS OF BECKENHAM LIMITED
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 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).
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.
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.
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MASTERS OF BECKENHAM LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MASTERS OF BECKENHAM LIMITED (CONTINUED)
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 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.
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.
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.
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MASTERS OF BECKENHAM LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MASTERS OF BECKENHAM LIMITED (CONTINUED)
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MASTERS OF BECKENHAM LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MASTERS OF BECKENHAM LIMITED (CONTINUED)
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.
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MASTERS OF BECKENHAM LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MASTERS OF BECKENHAM LIMITED (CONTINUED)
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 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.
for and on behalf of
Statutory Auditors
1-3 Ship Street
Shoreham-by-Sea
West Sussex
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MASTERS OF BECKENHAM LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
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MASTERS OF BECKENHAM LIMITED
REGISTERED NUMBER: 00512894
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 30 form part of these financial statements.
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MASTERS OF BECKENHAM LIMITED
REGISTERED NUMBER: 00512894
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 30 form part of these financial statements.
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MASTERS OF BECKENHAM LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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MASTERS OF BECKENHAM LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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MASTERS OF BECKENHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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
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:
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.
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MASTERS OF BECKENHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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MASTERS OF BECKENHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
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MASTERS OF BECKENHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (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:
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.
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.
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MASTERS OF BECKENHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. 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.
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.
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MASTERS OF BECKENHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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MASTERS OF BECKENHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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MASTERS OF BECKENHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
10.Taxation (continued)
There were no factors that may affect future tax charges.
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 £
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MASTERS OF BECKENHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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MASTERS OF BECKENHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
13.Tangible fixed assets (continued)
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MASTERS OF BECKENHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The 2023 valuations were made by the directors, on an open market value for existing use basis.
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MASTERS OF BECKENHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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MASTERS OF BECKENHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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MASTERS OF BECKENHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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MASTERS OF BECKENHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
Ultimate control rests jointly with Mr S Stoneham and Mr C Stoneham by virtue of their majority shareholding.
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