Registered number:
FOR THE YEAR ENDED 31 OCTOBER 2023
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AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
COMPANY INFORMATION
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AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
CONTENTS
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AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
The directors present their report and financial statements for the year ended 31 October 2023.
The results of the company for the year as set out on page 9 show a profit on ordinary activities before tax of £1,097,052 (2022: profit of £675,600). The shareholders' funds of the company total £13,318,968 (2022: £12,441,129).
The performance of the company during 2023 was acceptable, bearing in mind the external influences affecting the customer base and funding options for those customers. As mentioned below, the company is affected by the UK economy generally and by significant price pressures from wheelchair accessible vehicle competitors and the market, which is, in effect, significantly controlled by government bodies. Despite these pressures, the company has invested heavily in research and development and has minimised the reduction in margin mentioned below.
Despite the longer term affects of the global pandemic, resulting in lower car sales and higher purchase prices, the company is fortunate to be in a strong financial position with healthy cash reserves to manage such situations and remains a very strong and profitable business with excellent credit ratings and continued profitable trading.
Principal risks and uncertainties The process of risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to review and approval by the directors and compliance with regulation, legal and ethical standards are a high priority for the board. As indicated below, three simple key performance indicators are used in monitoring performance of the business which in turn assist the board in managing generic risk of business performance within the current economic climate, together with specific risk as appertains to the wheelchair accessible vehicle market. Pricing is therefore vital and the board keep close control of margin through shrewd purchasing and accurate sales pricing, ensuring staff are always aware of this crucial element to the business. Additionally, the board monitor the cash position on a daily basis ensuring the business always has sufficient funds to manage its extensive working capital requirements.
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AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
Although the board monitors many elements of the business, the three main factors used in monitoring performance and their status are as follows:
Element 2023 2022 Turnover £15.95m £14.66m Gross margin 10.3% 8.2% Cash at Bank £6.04m £10.13m The company became a wholly owned subsidiary of Hind Holdings (Newcastle upon Tyne) Limited in 2022 with the intention to redistribute cash for other projects while maintaining enough working capital to meet the significant requirements of bulk vehicle purchasing.
The UK wheelchair accessible vehicle market is highly price sensitive and extremely competitive. New products enter the market annually and significant investment is required in research and development to acquire the appropriate European safety standard on any modified vehicle. The company takes strategic decisions in selecting appropriate vehicles periodically and undertaking the appropriate research and development in order to provide market leading design and quality, helping it to maintain its position against competitors.
This report was approved by the board on 30 September 2024 and signed on its behalf.
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AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
The directors present their report and the financial statements for the year ended 31 October 2023.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 Company'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 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 2006. They 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.
The profit for the year, after taxation, amounted to £877,839 (2022 - £569,734).
The directors do not recommend a final dividend in respect of the year (2022 - £nil).
The directors who served during the year were:
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AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
As in previous years, the risks to UK economic growth remains significant and the additional market pressure on achievable margins in the wheelchair accessible vehicle arena mean that the board need to constantly monitor margins and look to increase turnover in order to maintain profitability as margins are squeezed.
To date, the board have been able to manage this risk very well and there is no indication of a change in the market place which is not capable of management through this careful policy of monitoring and maintaining margin levels whilst continuing to grow sales through building a reputation for quality, value and market leading products.
There have been no significant events affecting the Company since the year end.
The auditors, Ryecroft Glenton, 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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AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
We have audited the financial statements of Automotive Group (Newcastle upon Tyne) Limited (the 'Company') for the year ended 31 October 2023, 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 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 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.
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.
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AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) 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 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 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 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.
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AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) 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 financial statements.
The extent to which the audit was considered capable of detecting irregularities including fraud
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: • the responsible individual ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; • we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the company operates; • we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and Motability approval • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, inspecting legal correspondence and examining online approval lists; and • we ensured that the identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 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 susceptibility to fraud and their knowledge of actual, suspected and alleged fraud. • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - • performed analytical procedures to identify any unusual or unexpected relationships; • tested journal entries to identify unusual transactions; • assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. 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; • reading the minutes of meetings of those charged with governance; • enquiring of management as to actual and potential litigation and claims; • reviewing correspondence with HMRC, and the Company’s legal advisers where appropriate.
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AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED (CONTINUED)
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be more difficult to detect than those that arise from error as they may involve deliberate concealment or collusion.
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.
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
Chartered Accountants
Statutory Auditors
32 Portland Terrace
Jesmond
NE2 1QP
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AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023
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AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
REGISTERED NUMBER: 02670615
BALANCE SHEET
AS AT 31 OCTOBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 27 form part of these financial statements.
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AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
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AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023
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AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2023
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AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
The Company is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is Segedunum Domus, Fisher Street, Newcastle upon Tyne, NE6 4NH. The Company's number is 02670615. The Company's principal activity is disclosed in the Strategic Report.
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 management to exercise judgment in applying the Company's accounting policies (see note 3).
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The following principal accounting policies have been applied:
The Company has considerable financial resources and as a consequence, the directors believe that the Company is well placed to manage it's business risks successfully and continue in existence for the foreseeable future. For this reason the directors continue to adopt the going concern basis of preparation for these financial statements.
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AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
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.
The estimated useful lives range as follows:
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AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
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 and reducing balance 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.
Stocks, other than vehicles, are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
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. The company values stocks of cars based upon cost, which is written down by 25% per annum, straight line, for any vehicle held for more than one year, as this is considered to be a fair reflection of the value ascribed to second hand wheelchair accessible vehicles.
Short term debtors are measured at transaction price, less any impairment.
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AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
Short term creditors are measured at the transaction price.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
All turnover arose within the United Kingdom.
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AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
10.Taxation (continued)
There were no factors that may affect future tax charges.
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AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
The 2023 valuations were made by the directors, on an open market value for existing use basis.
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AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
Other reserves
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £29,386 (2022 - £32,020). Contributions totalling £8,074 (2022 - £9,140) were payable to the fund at the balance sheet date and are included in creditors.
During the year the P Hind, a director, repaid amounts totalling £16,000 (2022 - £nil) to the Company. The largest amount outstanding throughout the period was £12,940 (2022 - £12,940). At the year end £3,060 was due from the Company and included within other creditors (2022 - £12,940 due to the Company).
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AUTOMOTIVE GROUP (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
In November 2022, Hind Holdings (Newcastle upon Tyne) Limited acquired the entire share capital of the Company and is now the parent company. P Hind is now the ultimate controlling party by virtue of his majority shareholding in Hind Holdings (Newcastle upon Tyne) Limited.
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