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COMPANY REGISTRATION NUMBER:
02446933
Beadles Aylesford Limited |
|
Annual Report and Unaudited Financial Statements |
|
Beadles Aylesford Limited |
|
Year ended 31 December 2023
Officers and Professional Advisers |
1 |
|
|
Statement of Financial Position |
4 |
|
|
Notes to the Financial Statements |
5 |
|
|
Beadles Aylesford Limited |
|
Officers and Professional Advisers |
|
THE BOARD OF DIRECTORS |
D Kenningham |
|
D McHenry |
|
G Hobson |
|
M Leeder |
|
P Southwick |
|
|
COMPANY SECRETARY |
G Hobson |
|
|
REGISTERED OFFICE |
First Point |
|
St. Leonards Road |
|
Allington |
|
Maidstone |
|
Kent |
|
ME16 0LS |
|
|
Beadles Aylesford Limited |
|
Year ended 31 December 2023
The directors present their report and the unaudited financial statements of the company for the year ended
31 December 2023
.
The company has been dormant as defined in section 1169 of the Companies Act 2006 throughout the year and preceding financial year. It is anticipated that the company will remain dormant for the foreseeable future.
Principal Activities
The principal activity of the company had been that of a franchised motor dealership until the Company ceased to trade on 1 January 2021. There are no plans for any future business activity in this Company and the directors expect that the Company will be struck off in the near future.
Directors
The directors who served the company during the year were as follows:
D Kenningham |
|
D McHenry |
|
G Hobson |
(Appointed
16 January 2023) |
M Leeder |
(Appointed
21 November 2023) |
P Southwick |
(Appointed
21 November 2023) |
D Burman |
(Resigned
16 January 2023) |
M Bridgland |
(Resigned
27 March 2023) |
|
|
Company Secretary The company secretary who served the UK Group during the year was as follows:
G Hobson |
(Appointed 16 January 2023) |
D Burman |
(Resigned 16 January 2023) |
|
|
Dividends
The directors do not recommend the payment of a dividend (2022: £nil). Going Concern The Company ceased to trade on 1 January 2021 following the termination of the Vauxhall franchise in April 2020 and the subsequent wind down of associated warranty repairs until the end of 2020. The Directors' expect that the Company will be struck off in the near future. In these circumstances it is not appropriate to prepare the financial statements on a going concern basis. As the company will realise its remaining assets in an orderly fashion, the directors have prepared the financial statement on a basis other than as a going concern and the accounting policies applied to individual items are consistent with those required under Financial Reporting Standard 102.
Qualifying Indemnity Provision
The Company has granted an indemnity to all directors against liability in respect of proceedings brought by third parties, subject to the conditions set out in section 234 of the Companies Act 2006. Such qualifying third party indemnity provision remains in force as at the date of approving the directors' report.
Small Company Provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
13 August 2024
and signed on behalf of the board by:
Beadles Aylesford Limited |
|
Statement of Financial Position |
|
31 December 2023
|
2023 |
2022 |
Note |
£ |
£ |
CREDITORS: amounts falling due within one year |
4 |
(
744,864) |
(
744,864) |
|
--------- |
--------- |
NET CURRENT LIABILITIES |
(
744,864) |
(
744,864) |
|
--------- |
--------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
(
744,864) |
(
744,864) |
|
--------- |
--------- |
|
|
|
|
CAPITAL AND RESERVES
Called up share capital |
5 |
5,000 |
5,000 |
Profit and loss account |
6 |
(
749,864) |
(
749,864) |
|
--------- |
--------- |
SHAREHOLDERS DEFICIT |
(
744,864) |
(
744,864) |
|
--------- |
--------- |
|
|
|
|
The company did not trade during the current year or prior year and has not made either a profit or loss.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the
board of directors
and authorised for issue on
13 August 2024
, and are signed on behalf of the board by:
Company registration number:
02446933
Beadles Aylesford Limited |
|
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
GENERAL INFORMATION
Beadles Aylesford Limited
(the "Company") is a private company incorporated, domiciled and registered in England and Wales in the UK. The registered number is 02446933
and the registered address is First Point St. Leonards Road, Allington, Maidstone, Kent, ME16 0LS.
2.
STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Company ceased to trade on 1 January 2021 following the termination of the Vauxhall franchise in April 2020 and the subsequent wind down of associated warranty repairs until the end of 2020. The Directors' expect that the Company will be struck off in the near future. In these circumstances it is not appropriate to prepare the financial statements on a going concern basis. As the company will realise its remaining assets in an orderly fashion, the directors have prepared the financial statement on a basis other than as a going concern and the accounting policies applied to individual items are consistent with those required under Financial Reporting Standard 102.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Group 1 Automotive Inc which can be obtained from the address given in note 7. As such, advantage has been taken of the following disclosure exemptions available under FRS 102 for qualifying entities: (a) No cash flow statement has been presented for the Company. (b) Disclosures in respect of financial instruments have not been presented. (c) Disclosures in respect of share-based payments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel. (e) No related party transactions with other wholly owned subsidiary undertakings of Group 1 Automotive Inc.
Income statement
The company is dormant as defined by section 1169 of the Companies Act 2006. The company received no income and incurred no expenditure during the current year or prior year and therefore no income statement is presented within these financial statements. There have been no movements in shareholders deficit during the current year or prior year.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant Judgements The judgements and accounting estimations that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: - Taxation - the determination of the current and deferred tax asset that can be recognised, based on the likely timing and level of future profits.
Income tax
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rules and laws that are enacted or substantively enacted at the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exception: - deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Financial instruments
Financial assets The Company's financial assets include cash and short-term deposits, trade and other receivables, and loan notes. Basic financial assets are initially measured at transaction price including transaction costs, unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest. Basic financial assets are subsequently measured at amortised cost using the effective interest (EIR) method, less impairment. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance revenue in the income statement. Losses arising from impairment are recognised in the income statement in other operating expenses. Financial liabilities The Company's financial liabilities include bank overdraft and loans, trade and other payables, and loan notes. Basic financial liabilities are initially measured at transaction price including transaction costs, unless the arrangement constitutes a financing transaction, when the transaction is measured at the present value of the future payments discounted at a market rate of interest. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method (EIR). Gains and losses arising on the repurchase, settlement or otherwise cancellation of liabilities are recognised respectively in finance income and finance cost. A liability is generally derecognised when the contract that gives rise to it is settled, sold, cancelled or expires. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount reported in the balance sheet if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously. Other financial and equity instrumentse 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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. 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 entity after deducting all of its financial liabilities. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
CREDITORS:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Amounts owed to group undertakings |
744,864 |
744,864 |
|
--------- |
--------- |
|
|
|
5.
CALLED UP SHARE CAPITAL
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
5,000 |
5,000 |
5,000 |
5,000 |
|
------- |
------- |
------- |
------- |
|
|
|
|
|
6.
RESERVES
Profit and loss account - This reserve records retained earnings and accumulated losses
.
7.
CONTROLLING PARTY
The directors consider the ultimate parent undertaking and controlling party to be
Group 1 Automotive Inc
, a Company incorporated in the United States of America. The immediate parent company is Beadles Group Limited, a company registered in the United Kingdom. The group financial statements of Group 1 Automotive Inc, the largest and smallest group containing the Company, are available from 800 Gessner, Suite 500, Houston, Texas 77024, USA.