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Registered number: 04318082










AVAILABLE CAR LIMITED










Annual Report and Financial Statements

For the Period Ended 30 June 2024

 
AVAILABLE CAR LIMITED
 

Company Information


Directors
Mr G Bell 
Mrs A M Bell 
Mr M W Bell 
Ms C R Bell 
Ms E M Hitchen 
Mr S J Proudler 




Company secretary
Mrs A M Bell



Registered number
04318082



Registered office
Station Road
Castle Donington

DE74 2NL




Independent auditors
PKF Smith Cooper Audit Limited

Statutory Auditors

2 Lace Market Square

Nottingham

NG1 1PB





 
AVAILABLE CAR LIMITED
 

Contents



Page
Strategic Report
1 - 3
Directors' Report
4 - 7
Independent Auditors' Report
8 - 11
Statement of Comprehensive Income
12
Balance Sheet
13
Statement of Changes in Equity
14
Statement of Cash Flows
15 - 16
Analysis of Net Debt
17
Notes to the Financial Statements
18 - 34


 
AVAILABLE CAR LIMITED
 

Strategic Report
For the Period Ended 30 June 2024

Introduction
 
Available Car is a family run used car retailer and a leading car supermarket group, operating in the East Midlands. Available Car has pioneered a non-motor trade retail concept which is not to sell to customers, it is simply to help them buy.
Our car supermarket locations are:
- CASTLE DONINGTON – the original Available Car Site opened in January 2002. The head office site
currently employs 200 and stocks 1,200 cars.
- SUTTON-IN-ASHFIELD – opened in April 2007. The site currently employs 135 and stocks 850 cars.

Business strategies and objectives
 
Available Car is focused on the long-term future of the company. Continued investment in our two sites will ensure the long-term success of Available Car. We have continued to invest in our employees and technology, despite the tough trading conditions the motor industry has faced. The key is long term stability for the shareholders and stakeholders of the company.
Business review
2024 has been a positive period for the company. Following on from the operational changes made during 2023, we have returned to profitability. The plans which were put together as part of those operational changes are now starting to deliver the results we expected. The company will continue to review its operation to generate the best long-term outcome for shareholders and stakeholders. 
2024 has shown a significant increase in trading, despite the used car sector continuing to be an extremely challenging marketplace. The Shareholders are pleased with the progress that is being made by the reshaped leadership team and the business is on track to achieve its target for the end of 2024. The business will continue to evolve as we build on the positive steps made throughout this year and head into 2025.
Our customers remain the focus of all the decisions we make as an organisation. We will continue invest in, and work with, our colleagues to ensure that we provide the very best customer outcomes and ensure that Available Car is the choice destination for both our existing and new customers. 

Principal risks and uncertainties
 
The company has considered the principal risks and uncertainties to which it is exposed, and this is taken into account when making key strategic decisions. The main risks and uncertainties pertain to the liquidity risk and the current uncertainty surrounding interest rates. 
The business' principal financial instruments comprise bank balances, bank overdrafts, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations.
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available. The business also has access to a stocking loan facility. 
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Page 1

 
AVAILABLE CAR LIMITED
 

Strategic Report (continued)
For the Period Ended 30 June 2024

Financial key performance indicators
 
The Directors consider the principle financial key performance indicators to be turnover and debt level.
• Turnover for the period 1st January 2024 to 30th June 2024 was £117.2m which is an increase from a turnover of £92.2m in the same period in 2023 at the two sites that we continue to operate from.
• Borrowing has decreased from £63.3m in June 2023 to £14.4m as of June 2024. 

Other key performance indicators
 
The Directors consider the principle non-financial key performance indicators to be retail units sold.
The company have sold 2,146 more retail units from 1st January 2024 to 30th June 2024 versus the same period in 2023 at the two sites that we continue to operate from. 

Directors' statement of compliance with duty to promote the success of the Company
 
Stakeholders
The Board of Directors at Available Car acknowledges we have a legal responsibility under section 172 of the Companies Act 2006. This statement outlines the way in which the Board acts on this responsibility. The way in which decisions are undertaken and the company is structured, both at present and for the future, is in consideration of the long term benefits of our stakeholders.
Driving the company success
Since its formation in 2001, Available Car has grown to be one of the UK’s most reputable supermarket groups and one of the biggest independently owned groups in the motor industry. It is part of the family-owned Graham Bell Group of companies. The ‘Available Car family’ has always been at the forefront of how we operate and today is no different, with the Bell family at the helm and working within the organisation on a daily basis. We are proud of our staff and their achievements. 
During the past 12 months, we have made operational changes to ensure the long-term future of the organisation is secure. Despite a challenging few years, Available Car is ready for the long term, and the company are confident the management team will be able to achieve our long term strategy. 
Our continued investment in our staff and our processes creates a platform to continue to grow the business in the future and ensure that we continue to be an excellent choice for customers when purchasing a used car. With this investment, it will allow us to gain market share and maximise profitability, which can be invested to continue to the growth and provide the best possible returns to the shareholders.
Our engagement with Stakeholders
Our employees
Our staff are at the heart of everything we do. We have a great reputation for customer service and that is down to the staff who walk our customers through the Available Car journey every single day. We simply cannot achieve what we do without all of our staff. 
 

Page 2

 
AVAILABLE CAR LIMITED
 

Strategic Report (continued)
For the Period Ended 30 June 2024

We understand the benefits of having a well-established team, so we look to engage and retain our team members by;
- Continuously reviewing remuneration to ensure we are rewarding our staff correctly, as they are a key part of
  our business;
- Providing training and support for all members of staff at all levels;
- Rewarding our staff in our success. We operate a profit related pay scheme, which all staff are part of and
  are paid a share of the profits;
- Ensuring our staff have a voice. We operate an anonymous staff survey quarterly to get staff feedback and
  suggestions, as their opinions matter.
Our Customers
Customer service is the number one priority in our business and we always aim to give our customers the very
best buying experience. 
Our no-hassle approach and relaxing, friendly environment makes the Available Car shopping experience
unique. We don’t employ salespeople, instead, we employ Customer Assistants and Customer Relationship
Managers. Our shopping experience is built around our customers, and how they like to shop. Instead of selling
cars to our customers, we help our customers to buy.
This way of serving our customers has been a vital component in the growth and continued success of the
company.
Supporting the community
As a family run organisation, we are passionate about supporting families in need of support in our local
communities.
We proudly support three fantastic Children’s Hospices that are within the local community of our sites. All of
these organisations provide much needed support for not only the children but also for their families. Supporting
these organisations is something the Bell family is extremely passionate about. 
Together with the support of our wonderful customers, we have raised in excess of £1 million pounds for these
charities, something which we are extremely proud of as a company.


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





Mr G Bell
Director

Date: 30 September 2024

Page 3

 
AVAILABLE CAR LIMITED
 

 
Directors' Report
For the Period Ended 30 June 2024

The directors present their report and the financial statements for the period ended 30 June 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 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 of the profit or loss of the Company for that period.

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


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

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the period, after taxation, amounted to £155 thousand (2023 - loss £10,499 thousand).

Dividends of £582,000 (2023: £582,000) were paid during the year. No further dividends are recommended for payment.

Directors

The directors who served during the period were:

Mr G Bell 
Mrs A M Bell 
Mr M W Bell 
Ms C R Bell 
Ms E M Hitchen 
Mr S J Proudler 

Page 4

 
AVAILABLE CAR LIMITED
 

 
Directors' Report (continued)
For the Period Ended 30 June 2024

Future developments

2024 has continued to be an extremely challenging marketplace. The used car sector has been starved of supply and values of vehicles have continued to hold. In addition to this, we are seeing continued highs in fuel and energy prices, the cost of borrowing remains higher than before which affect both the business and our customers. Interest rates have been extremely impactful, given the level of borrowing the business requires to operate and fund stock. 
Several competitors within our sector have now either ceased trading or diverted their operational focus away from the used car supermarket model, which further supports the point that the marketplace is still a challenge.
During 2023 the company took the decision to rescale its operation by closing two of the trading locations which it operated from during the majority of 2023. This has allowed the company to focus on its two remaining trading locations and reduce borrowing to a sustainable level, which will protect the long-term future and enable the company to trade and meet the shareholders expectations.
We will continue to work with, and support, our customers, and employees through these challenging set of circumstances. We will continue to reshape the business and achieve our goals in 2024, ensuring that Available Car is the choice destination for both our existing and new customers. 

Engagement with employees

Consultation with employees has continued at all levels, with the aim of ensuring that their views are taken into account when decisions are made that are likely to affect their interests and that all employees are aware of the financial and economic performance of the company. An annual performance related pay profit share bonus is offered to employees.

Engagement with suppliers, customers and others

We have a trusted relationship with all our suppliers. We aim to pay all our suppliers on time and in line with their standard terms. As a company we understand that smaller businesses, who we use as suppliers, need to be paid quickly to ensure they can continue to operate and in turn support us. Examples of this include 7 day or 14 day payment terms for selected suppliers which we meet.

Disabled employees

The company gives full consideration to applications for employment from disabled persons where the candidate's particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion.
Where existing employees become disabled, it is the company's policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim.

Page 5

 
AVAILABLE CAR LIMITED
 

 
Directors' Report (continued)
For the Period Ended 30 June 2024

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company reports on its greenhouse gas emissions annually to the year end 31 December. The directors have prepared the current financial statements for a shortened 6-month period, ending 30 June 2024, and as such the streamlined energy and carbon reporting period is not coterminous with the accounting period end. The directors intend to prepare the next set of financial statements to 31 December 2024 and as such have not considered it necessary to amend the streamlined energy and carbon reporting period. The most recent reporting period end is 31 December 2023. This report, and its comparatives, are presented below.
The Company's greenhouse gas emissions and energy consumption are as follows: 


12 months ended
31 December
12 months ended
31 December
2023
2022

Emissions resulting from activities for which the Company is responsible involving the combustion of gas or consumption of fuel for the purposes of transport (in tonnes of CO2 equivalent)
934
1262

Emissions resulting from the purchase of the electricity by the Company for its own use, including the purposes of transport (in tonnes of CO2 equivalent)
471
497

Energy consumed from activities for which the Company is responsible involving the combustion of gas, or the consumption of fuel for the purposes of transport, and the annual quantity of energy consumed resulting from the purchase of electricity by the Company for its own use, including for the purposes of transport, in kWh
6,852,318
8777360

Methodology
The methodology used is in line with the March 2019 BEIS 'Environmental Reporting Guidlines: Including streamlined energy and carbon reporting guidance', and the EMA methodology for SECR Reporting. All measured emissions from activities which the organisation has financial control over are included unless otherwise stated in the exclusions statement, as required under The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.
The carbon figures have been calculated using the DESNZ 2023 carbon conversion factors for all fuels, other than the market based electricity which has been taken from Total Energies as the UK supplier.

Measures taken to improve energy efficiency
The company fleet now comprises of 50 full electric or hybrid vehicle demonstrators.
Lighting is being convert to LED on an 'as and when' basis across all sites, as well as automatic (sensory) lights being fitted at some branches.
Meetings have been held remotely where possible, reducing road fuel consumption.

Intensity measurement
The location based intensity ratio of tCO2e per £M turnover decreased from 5.24 in 2022 to 3.95 in 2023, a 24.6% intensity decrease. Compared to the base year of 2020, this is a 45.7% reduction in intensity.

Page 6

 
AVAILABLE CAR LIMITED
 

 
Directors' Report (continued)
For the Period Ended 30 June 2024

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'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's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006PKF Smith Cooper Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

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





Mr G Bell
Director

Date: 30 September 2024

Page 7

 
AVAILABLE CAR LIMITED
 

 
Independent Auditors' Report to the Members of Available Car Limited
 

Opinion


We have audited the financial statements of Available Car Limited (the 'Company') for the period ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the 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 Company's affairs as at 30 June 2024 and of its profit for the period 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 Company 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 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 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.


Page 8

 
AVAILABLE CAR LIMITED
 

 
Independent Auditors' Report to the Members of Available Car Limited (continued)


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 Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the 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 Company and its 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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.


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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 9

 
AVAILABLE CAR LIMITED
 

 
Independent Auditors' Report to the Members of Available Car 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 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:

Based on our understanding of the Company and industry, we identify the key laws and regulations affecting the
Company. We identified that the principal risk of fraud or non-compliance with laws and regulations related to:
• management bias in respect of accounting estimates and judgements made;
• management override of control;
• posting of unusual journals or transactions;
• compliance with the FCA regulations.
We focussed on those area that could give rise to a material misstatement in the Company financial statements.
Our procedures included, but were not limited to:
• Enquiry of management and those charged with governance/review of correspondence around actual and 
  potential litigation and claims, including instances of non-compliance with laws and regulations and fraud;
• Reviewing minutes of meetings of those charged with governance where available;
• Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations 
  and fraud;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance 
  with applicable laws and regulations;
• Performing audit work over the risk of management override of controls, including testing of journal entries
  and other adjustments for appropriateness, evaluating the business rationale of significant transactions 
  outside the normal course of business and reviewing accounting estimates for bias/analytical procedures 
  to identify any unexpected or unusual relationships that might indicate material misstatement due to fraud.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure
that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the
prevention and detection of fraud.
 


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 10

 
AVAILABLE CAR LIMITED
 

 
Independent Auditors' Report to the Members of Available Car 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.





James Bagley (Senior Statutory Auditor)
for and on behalf of
PKF Smith Cooper Audit Limited
Statutory Auditors
2 Lace Market Square
Nottingham
NG1 1PB

30 September 2024
Page 11

 
AVAILABLE CAR LIMITED
 

Statement of Comprehensive Income
For the Period Ended 30 June 2024

Continuing operations
Discontin'd operations
Total
Continuing operations
Discontinued operations
Total
6 months ended
30 
June
6 months ended
30 
June
6 months ended
30 
June
12 months ended
31 December
12 months ended
31 December
12 months ended
31 December
2024
2024
2024
2023
2023
2023
Note
£000
£000
£000
£000
£000
£000

  

Turnover
 3 
117,226
-
117,226
180,978
153,142
334,120

Cost of sales
  
(112,573)
-
(112,573)
(179,424)
(150,439)
(329,863)

Gross profit
  
4,653
-
4,653
1,554
2,703
4,257

Administrative expenses
  
(3,560)
-
(3,560)
(6,502)
(4,967)
(11,469)

Other operating income
 4 
69
-
69
-
1,100
1,100

Operating profit/(loss)
 5 
1,162
-
1,162
(4,948)
(1,164)
(6,112)

Exceptional items
  
-
-
-
635
(1,043)
(408)

Interest receivable and similar income
 10 
31
-
31
34
18
52

Interest payable and similar expenses
 11 
(1,038)
-
(1,038)
(2,281)
(2,074)
(4,355)

Profit/(loss) before tax
  
155
-
155
(6,560)
(4,263)
(10,823)

Tax on profit/(loss)
 12 
-
-
-
324
-
324

Profit/(loss) for the financial period
  
155
-
155
(6,236)
(4,263)
(10,499)

Total comprehensive income for the period
  
155
(10,499)

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

The notes on pages 18 to 34 form part of these financial statements.

Page 12

 
AVAILABLE CAR LIMITED
Registered number: 04318082

Balance Sheet
As at 30 June 2024

30 
June
31 December
2024
2023
Note
£000
£000

Fixed assets
  

Intangible assets
 13 
175
258

Tangible assets
 14 
6,834
7,844

Investments
 15 
-
-

Investment property
 16 
-
19,800

  
7,009
27,902

Current assets
  

Stocks
 17 
33,118
32,828

Debtors: amounts falling due within one year
 18 
4,626
5,178

Bank and cash balances
  
4,929
3,118

  
42,673
41,124

Current liabilities
  

Creditors: amounts falling due within one year
 19 
(20,801)
(39,718)

Net current assets
  
 
 
21,872
 
 
1,406

Total assets less current liabilities
  
28,881
29,308

  

Net assets
  
28,881
29,308


Capital and reserves
  

Called up share capital 
 27 
-
-

Profit and loss account
 26 
28,881
29,308

  
28,881
29,308


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




Mr G Bell
Director

Date: 30 September 2024

The notes on pages 18 to 34 form part of these financial statements.

Page 13

 
AVAILABLE CAR LIMITED
 

Statement of Changes in Equity
For the Period Ended 30 June 2024


Profit and loss account
Total equity

£000
£000


At 1 January 2023
40,389
40,389


Comprehensive income for the year

Loss for the year
(10,499)
(10,499)
Total comprehensive income for the year
(10,499)
(10,499)


Contributions by and distributions to owners

Dividends: Equity capital
(582)
(582)


Total transactions with owners
(582)
(582)



At 1 January 2024
29,308
29,308


Comprehensive income for the period

Profit for the period
155
155
Total comprehensive income for the period
155
155


Contributions by and distributions to owners

Dividends: Equity capital
(582)
(582)


Total transactions with owners
(582)
(582)


At 30 June 2024
28,881
28,881


The notes on pages 18 to 34 form part of these financial statements.

Page 14

 
AVAILABLE CAR LIMITED
 

Statement of Cash Flows
For the Period Ended 30 June 2024

6 months ended
30 
June
12 months ended
31 December
2024
2023
£000
£000

Cash flows from operating activities

Profit/(loss) for the financial period
155
(10,499)

Adjustments for:

Amortisation of intangible assets
99
262

Depreciation of tangible assets/demo stock
191
421

Impairments of fixed assets
-
118

Profit on disposal of tangible assets
(18)
(31)

Revaluation of investment property
-
(635)

Loss on disposal of discontinued operations
-
925

Interest paid
1,038
4,355

Interest received
(31)
(52)

Taxation charge
-
(324)

(Increase)/decrease in stocks
(290)
15,553

Decrease in debtors
1,035
1,568

(Increase)/decrease in amounts owed by groups
(428)
2

Increase/(decrease) in creditors
1,119
(1,273)

Corporation tax received
-
282

Net cash generated from operating activities

2,870
10,672


Cash flows from investing activities

Purchase of intangible fixed assets
(16)
(176)

Purchase of tangible fixed assets
(110)
(570)

Sale of tangible fixed assets
964
37

Sale of investment properties
19,800
-

Sale of trade and assets of Leeds and Cannock
-
26,095

Interest received
31
52

Net cash from investing activities

20,669
25,438

Cash flows from financing activities

New secured bank loans
-
12,885

Repayment of bank loans
(8,177)
(11,956)

Repayment of stocking loan
(11,931)
(31,652)

Dividends paid
(582)
(582)

Interest paid
(1,038)
(4,355)

Net cash used in financing activities
(21,728)
(35,660)
Page 15

 
AVAILABLE CAR LIMITED
 

Statement of Cash Flows (continued)
For the Period Ended 30 June 2024

6 months ended
30 June
12 months ended
31 December

2024
2023

£000
£000



Net increase in cash and cash equivalents
1,811
450

Cash and cash equivalents at beginning of period
3,118
2,668

Cash and cash equivalents at the end of period
4,929
3,118


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
4,929
3,118

4,929
3,118


The notes on pages 18 to 34 form part of these financial statements.

Page 16

 
AVAILABLE CAR LIMITED
 

Analysis of Net Debt
For the Period Ended 30 June 2024




At 1 January 2024
Cash flows
At 30 June 2024
£000

£000

£000

Cash at bank and in hand

3,118

1,811

4,929

Bank loan due within 1 year

(8,177)

8,177

-

Stocking loan due within 1 year

(26,378)

11,931

(14,447)


(31,437)
21,919
(9,518)

The notes on pages 18 to 34 form part of these financial statements.

Page 17

 
AVAILABLE CAR LIMITED
 

 
Notes to the Financial Statements
For the Period Ended 30 June 2024

1.Accounting policies

 
1.1

Basis of preparation of financial statements

Available Car Limited is a private company limited by shares and incorporated in England, the United Kingdom. The address of the registered office is given in the company information page of these financial statements. The company's registration number is 04318082. The principal activity of the company is detailed in the Directors' Report.

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 (FRS102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical convention, modified to include certain items at fair value.

The company is itself a subsidiary company and is exempt from the requirement to prepare group financial statements by virtue of section 400 of the Companies Act 2006. The financial statements therefore present information about the company as an individual undertaking and not about its group. 
The financial statements are prepared in Sterling which is the functional currency of the company and rounded to the nearest £1,000. 
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The following principal accounting policies have been applied:

 
1.2

Going concern

In preparing the financial statements on a going concern basis, the Directors have paid due regard to relevant forecast financial information - including cash flows, funding from key supporters and sensitivities and uncertainties affecting the company. In the Directors' opinion, the company is a going concern for a minimum of twelve months from the date of approval of the financial statements.

 
1.3

Revenue

Revenue is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Revenue from the sale of vehicles is recognised when the significant risks and rewards of ownership have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. The sale is recognised on the despatch of the vehicle.
Revenue from commissions receivable on the sale of finance, income from warranty and insurance products and revenue from the sale of vehicle components and accessories are also recognised upon handover of the vehicle to the customer. The directors consider all turnover to be related to the sale of used motor vehicles as the sale of ancillary products and services are not independent to the sale of the vehicle.

 
1.4

Operating leases: the Company as lessee

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

Page 18

 
AVAILABLE CAR LIMITED
 

 
Notes to the Financial Statements
For the Period Ended 30 June 2024

1.Accounting policies (continued)

 
1.5

Exceptional items

Exceptional items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the company. They are items that are material either because of their size or their nature, and are considered non-recurring. These items are presented within the line items to which they best relate and reported separately as exceptional items.

 
1.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
1.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.8

Intangible assets

Goodwill

Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life of 15 years. Provision is made for any impairment.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.Amortisation is provided on a straight line basis over 10 years.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
1.9

Revaluation of tangible fixed assets

Individual freehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 19

 
AVAILABLE CAR LIMITED
 

 
Notes to the Financial Statements
For the Period Ended 30 June 2024

1.Accounting policies (continued)

 
1.10

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation 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:

Leasehold improvements
-
10%
to 33% straight line basis
Plant and machinery
-
33%
straight line basis
Motor vehicles
-
33%
straight line basis
Fixtures and fittings
-
33%
straight line basis
Computer equipment
-
33%
straight line 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.

 
1.11

Valuation of investments

Investments in subsidiaries are shown at cost less accumulated impairment.

 
1.12

Investment property

Investment property is carried at fair value determined annually by external valuers 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 profit or loss.

 
1.13

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
At the end of each reporting period stock is assessed for impairment. If an item is impaired, it is reduced to its selling price less costs to sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.



Page 20

 
AVAILABLE CAR LIMITED
 

 
Notes to the Financial Statements
For the Period Ended 30 June 2024

1.Accounting policies (continued)

 
1.14

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements.  Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. 



 
1.15

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash in hand and short term deposits with
an original maturity date of three months or less.

In the 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 Company's cash management.

 
1.16

Short term debtors and creditors

Debtors and creditors with no stated interest rate or that are receivable or payable within one year
are recorded at transaction price. Any losses arising from impairment are recognised in the Statement of Comprehensive Income in other administrative expenses.

 
1.17

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financial transaction it is measured at present value.

 
1.18

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.

 
1.19

Pensions

Defined contribution pension plan

The Company operates a defined contribution pension scheme and contributions to the scheme are recognised in the Statement of Comprehensive Income in the period in which they become payable.



Page 21

 
AVAILABLE CAR LIMITED
 

 
Notes to the Financial Statements
For the Period Ended 30 June 2024

1.Accounting policies (continued)

  
1.20

Discontinued operations

A discontinued operation is a component of the Company's business, the operations and cash flows of which can be clearly distinguished from the rest of the Company and which represents a separate major line of business or geographical area of operations, or is part of a single coordinated disposal of a separate major line of business or geographical area of operations, or is a subsidiary acquired exclusively with a review to resale.


2.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. There are no significant judgments (apart from those involving estimates) which have had an effect on the amounts recognised in the financial statements.


3.


Turnover

The whole of the turnover is attributable to the retail sale of used motor vehicles and was generated in the UK. 


4.


Other operating income

6 months ended
30 
June
12 months ended
31 December
2024
2023
£000
£000

Dilapidation settlement received
-
700

Rents receivable
69
400

69
1,100


Page 22

 
AVAILABLE CAR LIMITED
 

 
Notes to the Financial Statements
For the Period Ended 30 June 2024

5.


Operating profit/(loss)

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

6 months ended
30 
June
12 months ended
31 December
2024
2023
£000
£000

Depreciation of tangible fixed assets
176
422

Amortisation of intangible assets, including goodwill
99
262

Pension costs
137
409

Operating lease rentals
257
709

Loss on disposal of discontinued operations (note 28)
-
925


6.


Auditors' remuneration

6 months ended
30 
June
12 months ended
31 December
2024
2023
£000
£000

Fees payable to the Company's auditor for the audit of the Company's annual financial statements
17
16


Fees payable to the Company's auditor for the preparation of the corporation tax computation
2
2

Page 23

 
AVAILABLE CAR LIMITED
 

 
Notes to the Financial Statements
For the Period Ended 30 June 2024

7.


Employees

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


6 months ended
30
 June
12 months ended
31 December
2024
2023
£000
£000

Wages and salaries
5,882
18,543

Social security costs
566
1,753

Cost of defined contribution scheme
137
409

6,585
20,705


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


   6 months ended
        30 June
   12 months ended
      31 December
        2024
        2023
            No.
            No.







Sales and buyers
124
206



Service
205
338



Administration
28
54

357
598

Page 24

 
AVAILABLE CAR LIMITED
 

 
Notes to the Financial Statements
For the Period Ended 30 June 2024

8.


Directors' remuneration

6 months ended
30
 June
12 months ended
31 December
2024
2023
£000
£000

Directors' emoluments
195
443

Company contributions to defined contribution pension schemes
10
7

205
450


During the period retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £89 thousand (2023 - £188 thousand).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £5 thousand).


9.


Exceptional items

6 months
ended
30 
June
12 months
ended
31 December
2024
2023
£000
£000



Impairment of freehold property
-
(118)

Loss on disposal of discontinued operations (note 28)
-
(925)

Revaluation of investment properties
-
635

-
(408)


10.


Interest receivable

6 months ended
30 
June
12 months ended
31 December
2024
2023
£000
£000


Bank interest received
31
52

Page 25

 
AVAILABLE CAR LIMITED
 

 
Notes to the Financial Statements
For the Period Ended 30 June 2024

11.


Interest payable and similar expenses

6 months ended
30 
June
12 months ended
31 December
2024
2023
£000
£000


Stocking loan interest payable
711
2,960

Bank loan interest payable
327
1,395

1,038
4,355


12.


Taxation


6 months ended
30
 June
12 months ended
31 December
2024
2023
£000
£000

Corporation tax


Current tax on profits for the year
-
(1)

Adjustments in respect of previous periods
-
(2)


Total current tax
-
(3)

Deferred tax


Origination and reversal of timing differences
-
(314)

Adjustments in respect of previous periods
-
(7)

Total deferred tax
-
(321)


Taxation on profit/(loss) on ordinary activities
-
(324)
Page 26

 
AVAILABLE CAR LIMITED
 

 
Notes to the Financial Statements
For the Period Ended 30 June 2024
 
12.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the period/year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

6 months ended
30
 June
12 months ended
31 December
2024
2023
£000
£000


Profit/(loss) on ordinary activities before tax
155
(10,823)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
39
(2,546)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
6
97

Capital allowances for period/year in excess of depreciation
(130)
(95)

Other permanent differences
5
7

Adjustments to tax charge in respect of prior periods
-
(2)

Remeasurement of deferred tax for changes in tax rates
-
(170)

Adjustment to tax charge in respect of previous periods - deferred tax
-
(7)

Movement in deferred tax not recognised
80
2,392

Total tax charge for the period/year
-
(324)


Factors that may affect future tax charges

The Company has approximately £17m of taxable losses available to offset taxable profits. The deferred
tax asset in respect of these losses has only been recognised to the extent that it offsets the deferred tax
liability. Any further deferred tax asset remains a contingent asset until all the factors required for its
recognition have been met. 

Page 27

 
AVAILABLE CAR LIMITED
 

 
Notes to the Financial Statements
For the Period Ended 30 June 2024

13.


Intangible assets






Patents
Computer software
Goodwill
Total

£000
£000
£000
£000



Cost


At 1 January 2024
17
1,196
260
1,473


Additions
-
16
-
16



At 30 June 2024

17
1,212
260
1,489



Amortisation


At 1 January 2024
17
938
260
1,215


Charge for the period on owned assets
-
99
-
99



At 30 June 2024

17
1,037
260
1,314



Net book value



At 30 June 2024
-
175
-
175



At 31 December 2023
-
258
-
258



Page 28

 
AVAILABLE CAR LIMITED
 

 
Notes to the Financial Statements
For the Period Ended 30 June 2024

14.


Tangible fixed assets







Freehold property
Leasehold improvements
Plant and equipment
Motor vehicles
Fixtures and fittings
Computer
equipment
Total

£000
£000
£000
£000
£000
£000
£000



Cost or valuation


At 1 January 2024
7,440
877
1,676
90
1,299
1,012
12,394


Additions
-
78
7
-
6
19
110


Disposals
(932)
-
-
(38)
-
-
(970)



At 30 June 2024

6,508
955
1,683
52
1,305
1,031
11,534



Depreciation


At 1 January 2024
395
566
1,444
43
1,203
899
4,550


Charge for the period on owned assets
-
36
54
8
39
39
176


Disposals
-
-
-
(26)
-
-
(26)



At 30 June 2024

395
602
1,498
25
1,242
938
4,700



Net book value



At 30 June 2024
6,113
353
185
27
63
93
6,834



At 31 December 2023
7,045
311
232
47
96
113
7,844

The freehold property has been pledged as security for the company's bank and stocking loan obligations.

Included with Freehold Property is a property which was valued in January 2023 at a value of £6,113k
by Knight Frank LLP, an external Chartered Surveyors. The valuations were carried out in accordance
with RICS recommendations. If the freehold property had not been disclosed at the revalued amount, the
carrying value under the historical cost convention would have been £6,482k (2023: £6,482k).



Page 29

 
AVAILABLE CAR LIMITED
 

 
Notes to the Financial Statements
For the Period Ended 30 June 2024

15.


Fixed asset investments
















Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Available Vehicles Limited
Station Road, Castle Donington, DE74 2NL
Ordinary
100%


16.


Investment property





Freehold investment property

£000





At 1 January 2024
19,800


Disposals
(19,800)



At 30 June 2024
-



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

30 
June
31 December
2024
2023
£000
£000


Historic cost
-
20,750

Accumulated depreciation and impairments
-
(1,585)

-
19,165

Page 30

 
AVAILABLE CAR LIMITED
 

 
Notes to the Financial Statements
For the Period Ended 30 June 2024

17.


Stocks

30 
June
31 December
2024
2023
£000
£000

Vehicle, demo stock and parts stock
33,118
32,828


During the year, a provision of £Nil (2023: £526k) was recognised in the profit and loss account. 
Stock of £32,894k (2023: £30,660k) has been pledged as security for the company's stocking loan liabilities. 


18.


Debtors

30 
June
31 December
2024
2023
£000
£000


Trade debtors
1,599
1,616

Amounts owed by group undertakings
500
-

Other debtors
760
654

Prepayments and accrued income
1,767
2,908

4,626
5,178



19.


Creditors: Amounts falling due within one year

30
 June
31 December
2024
2023
£000
£000

Bank loans
-
8,177

Stocking loan (see note 20)
14,447
26,378

Trade creditors
3,172
3,521

Amounts owed to group undertakings
338
266

Other taxation and social security
2,006
720

Other creditors
350
146

Accruals and deferred income
488
510

20,801
39,718


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

Page 31

 
AVAILABLE CAR LIMITED
 

 
Notes to the Financial Statements
For the Period Ended 30 June 2024

20.


Loans


Analysis of the maturity of loans is given below:


30 
June
31 December
2024
2023
£000
£000

Amounts falling due within one year

Bank loans
-
8,177

Stocking loan
14,447
26,378

14,447
34,555





Secured loans
The stocking loan is secured by a debenture, including fixed and floating charges over freehold land, buildings and fixtures and vehicle stock in favour of Lombard North Central plc.


21.


Financial instruments

30 
June
31 December
2024
2023
£000
£000

Financial assets


Financial assets that are debt instruments measured at amortised cost
2,837
3,118


Financial liabilities


Financial liabilities measured at amortised cost
(19,963)
(38,076)


Financial assets measured at fair value through profit or loss comprise of trade debtors, amounts owed by group undertakings and other debtors.
Financial liabilities measured at amortised cost comprise bank loans, stocking loans, trade creditors and amounts owed to group undertakings. 


22.


Pension commitments

The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amount to £137,000 (2023 - £409,000).
Contributions totalling £50,000 (2023 - £48,000) were payable to the scheme at the end of the period and are included in accruals. 

Page 32

 
AVAILABLE CAR LIMITED
 

 
Notes to the Financial Statements
For the Period Ended 30 June 2024

23.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

30 
June
31 December
2024
2023
£000
£000


Not later than 1 year
935
525

Later than 1 year and not later than 5 years
1,375
963

2,310
1,488


24.


Deferred taxation

The deferred taxation balance is made up as follows:


30 
June
31 December
2024
2023
£000
£000



Fixed asset timing differences
(635)
(781)

Losses and other deductions
634
563

Short term timing differences
1
218

-
-

The expected reversal of deferred tax is not considered to be material.


25.


Dividends

30 
June
31 December
2024
2023
£000
£000


Dividends paid on equity share capital
582
582


26.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends.

Page 33

 
AVAILABLE CAR LIMITED
 

 
Notes to the Financial Statements
For the Period Ended 30 June 2024

27.


Share capital

30 
June
31 December
2024
2023
£000
£000
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1.00 each
-
-



28.


 Discontinued operations

As part of the Company’s strategy to concentrate resources on higher margin and more profitable 
sites, the Company sold the trade and assets of the Leeds and Cannock site, on 19 October 2023. During the prior period the sites contributed post-tax losses of £4,263m which is presented seperately in the prior period Statement of Comprehensive Income. There have been no discontinued operations in the period ended 30 June 2024.  


29.


Contingent liabilities

The company has an unlimited inter-company cross guarantee dated 27 July 2005, along with Graham Bell (Holdings) Limited and Graham Bell Limited in order to provide security to The Royal Bank of Scotland over various group borrowings. 


30.


Related party transactions

At the period end, the Company was owed £500,000 from Graham Bell Limited. 
At the period end, the Company owed £337,000 to Graham Bell Holdings Limited. 
During the period, key management personnel received remuneration totalling £453,000. 
The prior year comparative is not disclosed as the Company has taken advantage of the exemption in section 33.1A of FRS 102 from disclosing transactions entered into between two or more members of the group as all subsidiaries are wholly owned. The parent of the company is Graham Bell (Holdings) Limited whose financial statements consolidate this company and are available to the public. 
During the 6 month period the company paid rent to the pension scheme of one of the directors totalling £262,500 (2023 - £525,000). There were no balances outstanding at the period end.


31.


Controlling party

The ultimate parent undertaking is Graham Bell (Holdings) Limited, a company incorporated in the United Kingdom.
The company is controlled by Mr G Bell and Mrs A M Bell. 
The largest group in which the results of the company are consolidated is Graham Bell (Holdings) Limited. Consolidated financial statements are available from Station Road, Castle Donington, DE74 2NL.


Page 34