Company Registration Number
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CROXDALE SERVICE STATION LIMITED
COMPANY INFORMATION
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CROXDALE SERVICE STATION LIMITED
CONTENTS
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CROXDALE SERVICE STATION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
The directors have pleasure in presenting their report and the financial statements of the company for the year ended 31 May 2024.
The financial year 2023/2024 has been a period of considerable growth and significant challenges for our business. A marked increase in turnover was observed, primarily driven by the sustained growth in MG sales, additional revenue generated from the Used Car Sales Centre, and price increases across all products and services due to inflation. Citroen's strong performance in both Sales and Aftersales has provided stable support across the entire business, while DS Sales continued to grow in the first half of the year, supported by tactical initiatives to increase dealer engagement by Stellantis.
However, despite the increase in aftersales demand, our capacity constraints limited our ability to capitalise fully on the available revenue. The current workshop infrastructure has reached its maximum throughput, highlighting an urgent need for expansion to support the growing demand across all brands. Combined with inflationary pressures and necessary salary adjustments, our net profit (NP) position has declined in the service department. The Used Car Centre, despite increasing turnover, ultimately resulted in losses due to an elevated cost base, higher interest rates, and the tying up of investment and cash flow for low gross profit (GP) returns. Consequently, we have made the strategic decision to close this unit and reallocate resources to expand our Aftersales capacity from 10 bays to 29 bays. This expansion is anticipated to drive substantial growth in both turnover and NP in the next financial year. MG, as a brand, has shown continued growth, although a reduced retail demand for electric vehicles (EVs) has significantly impacted sales and revenue. This trend is expected to persist until market conditions stabilise, likely post-2025, as consumer confidence improves under new government policies. However, with MG completing its third year, we anticipate a strong performance from the brand as it becomes increasingly established across all departments. Future investment plans are underway to enhance the entire Aftersales operation and strengthen our position as a representative of all Stellantis brands in Durham. These efforts are expected to continue into 2024/2025. The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced.
BEV Vehicle Sales: A major concern is the significant drop in consumer demand for battery electric vehicles (BEVs), from approximately 19% to 8-9% year-on-year. The government’s Zero Emission Vehicle (ZEV) mandate is placing additional pressure on our manufacturer partners, driving aggressive targets and remuneration linked to BEV sales. The uncertain market environment necessitates careful management of resources and costs to navigate these challenges.
Interest Charges: Risen interest rates are significantly impacting our bottom line, particularly concerning inventory stocking costs. Should rates remain high, we may need to reduce stocking levels and accept lower margins to maintain financial stability. Used Vehicle Market: The used vehicle market remains firm, supported by the reduced availability of 1-5 year-old vehicles post-pandemic. The opportunity for used EV sales is expected to grow as these vehicles become more affordable and desirable for consumers. However, stock shortages pose a risk, potentially squeezing margins over the next 12-18 months as the market adjusts to new norms.
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CROXDALE SERVICE STATION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
The key financial performance indicators are those that communicate the financial performance of the company as a whole:-
The turnover of the company has increased significantly on the previous year by £11,999,624 to £48,418,268 due to the factors outlined above, particularly the growth in MG sales and inflation-induced price increases. Aftersales turnover and revenue are under pressure due to capacity constraints and the rising vehicle parc. Steps have been taken to address these issues, with a focus on growing this area over the next 2-3 years. The gross margin % has decreased from 3.5% in the previous year to 3.2%. This is due to the GP position being negatively impacted in vehicle sales, especially in the New & Used EV segments, where prices have faced considerable downward pressure. Administrative expenses have increased on the previous year from £902,727 to £902,928. These remain under control and below forecasted levels, despite the challenging economic environment. Staff costs have increased from £1,576,272 to £1,881,862 to support increased living costs, which has not yet translated into additional revenue. Price increases are under review to mitigate this impact.
Citroen: Citroen remains robust across all areas, and we expect continued strength with the Stellantis restructuring. New product launches in 2024 and competitive pricing strategies in the EV sector will further support our growth, particularly in Aftersales.
DS Sales: DS has experienced a decline, placing pressure on year-over-year performance. The brand is actively working to address these challenges, and we are optimistic about a turnaround in vehicle sales. MG Performance: MG, now completing its third year, is becoming increasingly established. Both New and Pre-Owned sales continue to grow, with aftersales revenue also on the rise as the vehicle parc expands. Closure of Non-Franchise Sales Operation: The closure of the non-franchise sales operation has already led to more profitable trading, improved cash flow, and significantly reduced operating costs. This move allows us to concentrate on growing sales from our supported brands, thereby enhancing Aftersales opportunities and revenue.
This report was approved by the board and signed on its behalf.
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CROXDALE SERVICE STATION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
The directors present their report and the financial statements for the year ended 31 May 2024.
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 judgements 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 £322,416 (2023 - £66,220).
A dividend has not been recommended.
The directors who served during the year were:
Looking ahead, our focus remains on maximising the opportunities within our core brands, expanding our Aftersales capacity, and navigating the challenges posed by the evolving automotive market, particularly in the EV sector. With strategic investments and adjustments, we are confident in our ability to drive sustained growth in both turnover and profitability in the coming years
Information is not shown in the director's report because it is shown in the strategic report instead under s414C (11). The strategic report includes a business review, principal risks and uncertainties and financial key performance indicators.
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CROXDALE SERVICE STATION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
There have been no significant events affecting the Company since the year end.
Under section 487(2) of the Companies Act 2006, Armstrong Watson 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.
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CROXDALE SERVICE STATION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROXDALE SERVICE STATION LIMITED
We have audited the financial statements of Croxdale Service Station Limited (the 'Company') for the year ended 31 May 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, 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.
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.
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CROXDALE SERVICE STATION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROXDALE SERVICE STATION LIMITED (CONTINUED)
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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CROXDALE SERVICE STATION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROXDALE SERVICE STATION 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.
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 engagement partner 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 review of appropriate industry knowledge; • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and • 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, their knowledge of actual, suspected and alleged fraud; and • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: • performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships; • tested journal entries to identify unusual transactions; and tested the operating effectiveness of key controls over purchase cycles on a sample basis. • reviewed the application of accounting policies with focus on those with heightened estimation uncertainty. 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; and • enquiring of management as to actual and potential litigation and claims.
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CROXDALE SERVICE STATION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROXDALE SERVICE STATION LIMITED (CONTINUED)
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some
material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws.
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
Skipton
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CROXDALE SERVICE STATION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
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CROXDALE SERVICE STATION LIMITED
REGISTERED NUMBER: 00913346
STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 25 form part of these financial statements.
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CROXDALE SERVICE STATION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
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CROXDALE SERVICE STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
The company is a private company limited by shares, incorporated and domiciled in the United Kingdom. The company's registered office address is Scrafton Lodge, Leyburn, North Yorkshire, DL8 4RR and its trading address is Croxdale Service Station Limited, Croxdale, Durham, DH6 5HS.
The principal activity of the company is the sale of new and used motor vehicles. These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates.
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 judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7;
∙the requirement of paragraph 24(b) of IFRS 6 Exploration for and Evaluation of Mineral Resources to disclose the operating and investing cash flows arising from the exploration for and evaluation of mineral resources (when applying this standard in accordance with paragraph 34.11 of FRS 102).
This information is included in the consolidated financial statements of New Equipment Holdings Limited as at 31 May 2024 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
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CROXDALE SERVICE STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered the on-going situation with regard to the cost of living crisis as part of their going concern assessment. The view of the directors is that, while they acknowledge the significant impact that the cost of living crisis has brought and will continue to bring over the coming weeks and months, the directors feel that the company is well placed to negotiate the unique set of conditions currently facing the UK economy.
The Company currently operates within its banking facilities and terms of credit and the directors are confident of the future operating position of the Company. Post year end, the Company continues to generate significant profits across all segments of the business. In reaching their conclusion, the directors have considered their cash flow for a period of 12 months from the date of signing the financial statements. The directors are also mindful of the net current liability position of the balance sheet and are confident that with the continued support of the directors, shareholders, other group companies, bankers and creditors it is appropriate to continue to adopt the going concern basis in preparing the annual financial statements.
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CROXDALE SERVICE STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, On the following basis.
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.
Investment property is carried at fair value determined annually by directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any differences in nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit and loss.
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CROXDALE SERVICE STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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CROXDALE SERVICE STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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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CROXDALE SERVICE STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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CROXDALE SERVICE STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will be, by definition, seldom equal to the related actual results. The directors consider the key accounting estimates to be provision for obsolete stock and valuation of property. Provisions for obsolete stock are reviewed by the directors on an ongoing basis who use their specific industry knowledge and experience to ensure the correct judgements. Freehold and Investment properties are formally valued when relevant with an ongoing review by the directors for material changes to the carrying value.
The whole of the turnover is attributable to its principal activity.
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CROXDALE SERVICE STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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CROXDALE SERVICE STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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CROXDALE SERVICE STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
9.Taxation (continued)
The company has unrelieved trading losses of approximately £Nil (2023 - £44,000) to carry forward against future trading profits.
Included in freehold property is freehold land at valuation of £201,000 (2023 - £201,000) which is not depreciated.
The freehold property was valued by the directors, on an open market value for existing use basis who have concluded that the values stated are not materially misstated.
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CROXDALE SERVICE STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
11.Tangible fixed assets (continued)
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CROXDALE SERVICE STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Other creditors include stock finance which is secured over the relevant vehicles and certain of the company's property. There is also a cross company guarantee in place with Croxdale Fast Fit Limited in respect of this balance.
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CROXDALE SERVICE STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Revaluation reserve
Capital redemption reserve
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CROXDALE SERVICE STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
The company operates a defined contribution 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 £
The financial statements of New Equipment Holdings Limited are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
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