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Company No: 04288677 (England and Wales)

NORMAN MOTORS (BOURNEMOUTH) LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

NORMAN MOTORS (BOURNEMOUTH) LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

NORMAN MOTORS (BOURNEMOUTH) LIMITED

BALANCE SHEET

As at 30 April 2024
NORMAN MOTORS (BOURNEMOUTH) LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 216,925 244,934
216,926 244,935
Current assets
Stocks 5 3,032,455 3,011,273
Debtors 6 476,655 274,546
Cash at bank and in hand 426 113,769
3,509,536 3,399,588
Creditors: amounts falling due within one year 7 ( 1,319,369) ( 1,311,213)
Net current assets 2,190,167 2,088,375
Total assets less current liabilities 2,407,093 2,333,310
Provision for liabilities ( 40,354) ( 35,686)
Net assets 2,366,739 2,297,624
Capital and reserves
Called-up share capital 500 500
Capital redemption reserve 512,645 512,645
Profit and loss account 1,853,594 1,784,479
Total shareholder's funds 2,366,739 2,297,624

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Norman Motors (Bournemouth) Limited (registered number: 04288677) were approved and authorised for issue by the Director on 11 October 2024. They were signed on its behalf by:

D J Norman
Director
NORMAN MOTORS (BOURNEMOUTH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
NORMAN MOTORS (BOURNEMOUTH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Norman Motors (Bournemouth) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 214-222 Wallisdown Road, Bournemouth, BH10 4HZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Other intangible assets 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

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.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 15 - 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 28 25

3. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 May 2023 1 4,795 4,796
At 30 April 2024 1 4,795 4,796
Accumulated amortisation
At 01 May 2023 0 4,795 4,795
At 30 April 2024 0 4,795 4,795
Net book value
At 30 April 2024 1 0 1
At 30 April 2023 1 0 1

4. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 May 2023 80,141 298,253 104,543 32,405 515,342
Additions 0 3,640 0 0 3,640
At 30 April 2024 80,141 301,893 104,543 32,405 518,982
Accumulated depreciation
At 01 May 2023 23,026 165,970 51,037 30,375 270,408
Charge for the financial year 1,603 20,569 8,026 1,451 31,649
At 30 April 2024 24,629 186,539 59,063 31,826 302,057
Net book value
At 30 April 2024 55,512 115,354 45,480 579 216,925
At 30 April 2023 57,115 132,283 53,506 2,030 244,934

5. Stocks

2024 2023
£ £
Stocks 3,032,455 3,011,273

6. Debtors

2024 2023
£ £
Trade debtors 74,183 125,834
Other debtors 402,472 148,712
476,655 274,546

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 156,938 0
Trade creditors 254,945 334,337
Amounts owed to Group undertakings 338,211 338,211
Taxation and social security 186,140 297,782
Other creditors 383,135 340,883
1,319,369 1,311,213

8. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Director's loan account 82,850 42,450

Interest has been charged at the HMRC rate of 2.25%

9. Ultimate controlling party

Parent Company:

Norman Motors (Holdings) Limited, incorporated in England and Wales.