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Registered number: 00631975










BULLDOG SERVICE STATION LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
BULLDOG SERVICE STATION LIMITED
 

COMPANY INFORMATION


DIRECTORS
M J Webb 
D J Bridgman 
E A Webb 




REGISTERED NUMBER
00631975



REGISTERED OFFICE
Reading Bridge House
George Street

Reading

Berkshire

RG1 8LS




INDEPENDENT AUDITOR
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

Reading Bridge House

George Street

Reading

Berkshire

RG1 8LS





 
BULLDOG SERVICE STATION LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Independent auditor's report
 
4 - 6
Statement of comprehensive income
 
7
Balance sheet
 
8
Statement of changes in equity
 
9
Statement of cash flows
 
10
Notes to the financial statements
 
11 - 23


 
BULLDOG SERVICE STATION LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

 
BUSINESS REVIEW
 
The results for the year and financial position of the company are shown in the financial statements.
The directors are satisfied with the results for the year and anticipate that the company will continue to trade successfully for the foreseeable future.
Given the straightforward nature of the business the directors are of the opinion that analysis using Key Performance Indicators is not necessary for an understanding of the development, performance or position of the company.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The company focuses on retaining and increasing its customer base by providing a high level of service and maintaining strong relationships with key suppliers.
The main financial risks arising from the company’s activities are credit risk, liquidity risk and interest rate risk. These are monitored by the directors and were not considered to be significant at the balance sheet date.
The company’s policy in respect of credit risk is to monitor payments against contractual agreements.
The company’s policy in respect of liquidity risk is to maintain readily accessible bank accounts to ensure that the company has sufficient funds for operations.
The company’s policy in respect of interest rate risk is to monitor the level of debt finance and related finance costs.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The financial key performance indicators used by the company are turnover, gross profit and operating profit.

 

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



M J Webb
Director

Date: 21 November 2024

Page 1

 
BULLDOG SERVICE STATION LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The Directors present their report and the financial statements for the year ended 29 February 2024.

DIRECTORS

The Directors who served during the year were:

M J Webb 
D J Bridgman 
E A Webb 

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £95,446 (2023 - £526,079).

Dividends for the year amounted to £257,803 (2023: £253,611).

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.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' reports may differ from legislation in other jurisdictions.

FUTURE DEVELOPMENTS

Further details of the company's strategy can be found in the stratgic report.

Page 2

 
BULLDOG SERVICE STATION LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

DISCLOSURE OF INFORMATION TO AUDITOR

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 auditor is 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 auditor is aware of that information.

AUDITOR

The auditor, James Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





M J Webb
Director

Date: 21 November 2024

Page 3

 
BULLDOG SERVICE STATION LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BULLDOG SERVICE STATION LIMITED
 

OPINION


We have audited the financial statements of Bulldog Service Station Limited (the 'Company') for the year ended 29 February 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 29 February 2024 and of its profit for the year 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 Auditor's 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 Auditor's 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 4

 
BULLDOG SERVICE STATION LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BULLDOG SERVICE STATION 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 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.


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 2, 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.


AUDITOR'S 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 Auditor's 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.



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.

 
Page 5

 
BULLDOG SERVICE STATION LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BULLDOG SERVICE STATION LIMITED (CONTINUED)


The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work to address the risk of irregularities due to 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 evidence of bias.


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 Auditor's report.


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 Auditor's 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.





Darren O'Connor FCCA ACA BSc (Hons) (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
Reading Bridge House
George Street
Reading
Berkshire
RG1 8LS

27 November 2024
Page 6

 
BULLDOG SERVICE STATION LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024
2023
£
£

  

Turnover
 4 
16,559,285
18,826,362

Cost of sales
  
(15,243,105)
(17,220,139)

Gross profit
  
1,316,180
1,606,223

Administrative expenses
  
(1,119,788)
(1,011,039)

Other operating income
 5 
119,444
109,172

Operating profit
 6 
315,836
704,356

Loss on disposal of investment property
  
(8,525)
-

Interest payable and similar expenses
  
(96,648)
(57,987)

Profit before tax
  
210,663
646,369

Tax on profit
 9 
(115,217)
(120,290)

Profit for the year
  
95,446
526,079

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 11 to 23 form part of these financial statements.

Page 7

 
BULLDOG SERVICE STATION LIMITED
REGISTERED NUMBER: 00631975

BALANCE SHEET
AS AT 29 FEBRUARY 2024

2024
2023
£
£

Fixed assets
  

Tangible assets
 10 
3,459,871
3,504,709

Investments
 12 
2,440
2,440

Investment property
 11 
-
261,026

  
3,462,311
3,768,175

Current assets
  

Stocks
 13 
2,676,254
3,833,949

Debtors: amounts falling due within one year
 14 
394,893
433,598

Cash at bank and in hand
 15 
255,324
655,898

  
3,326,471
4,923,445

Creditors: amounts falling due within one year
 16 
(2,883,574)
(4,667,228)

Net current assets
  
 
 
442,897
 
 
256,217

Total assets less current liabilities
  
3,905,208
4,024,392

Creditors: amounts falling due after more than one year
 17 
(12,489)
(22,372)

Provisions for liabilities
  

Deferred tax
 19 
(134,551)
(81,495)

  
 
 
(134,551)
 
 
(81,495)

Net assets
  
3,758,168
3,920,525


Capital and reserves
  

Called up share capital 
 20 
100,000
100,000

Revaluation reserve
  
1,541,394
1,680,247

Capital redemption reserve
  
20,000
20,000

Profit and loss account
  
2,096,774
2,120,278

  
3,758,168
3,920,525


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



M J Webb
Director
Date: 21 November 2024

The notes on pages 11 to 23 form part of these financial statements.

Page 8

 
BULLDOG SERVICE STATION LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 March 2023
100,000
20,000
1,680,247
2,120,278
3,920,525



Profit for the year
-
-
-
95,446
95,446

Transfer from revaluation reserve
-
-
-
138,853
138,853

Dividends: Equity capital
-
-
-
(257,803)
(257,803)

Transfer to profit and loss account
-
-
(138,853)
-
(138,853)


At 29 February 2024
100,000
20,000
1,541,394
2,096,774
3,758,168



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 March 2022
100,000
20,000
1,680,247
1,847,810
3,648,057



Profit for the year
-
-
-
526,079
526,079

Dividends: Equity capital
-
-
-
(253,611)
(253,611)


At 28 February 2023
100,000
20,000
1,680,247
2,120,278
3,920,525


The notes on pages 11 to 23 form part of these financial statements.

Page 9

 
BULLDOG SERVICE STATION LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
95,446
526,079

Adjustments for:

Depreciation of tangible assets
78,039
72,170

Profit on disposal of tangible assets
(486)
-

Loss on disposal of investment property
8,525
-

Interest paid
96,648
57,987

Taxation charge
115,217
120,290

Decrease/(increase) in stocks
1,157,695
(1,906,889)

Decrease/(increase) in debtors
85,487
(38,856)

(Decrease)/increase in creditors
(1,618,453)
1,832,149

(Decrease) in amounts owed to group companies
(233)
(20,242)

Corporation tax (paid)
(133,870)
(118,777)

Net cash (used in)/generated from operating activities

(115,985)
523,911

Cash flows from investing activities

Purchase of tangible fixed assets
(40,707)
(13,339)

Sale of tangible fixed assets
7,992
-

Purchase of investment property
(5,692)
-

Sale of investment property
258,193
-

Net cash from investing activities

219,786
(13,339)

Cash flows from financing activities

Repayment of loans
(55,748)
(78,377)

Dividends paid
(257,803)
(253,611)

Interest paid
(96,648)
(57,987)

Net cash used in financing activities
(410,199)
(389,975)

Net (decrease)/increase in cash and cash equivalents
(306,398)
120,597

Cash and cash equivalents at beginning of year
561,722
441,125

Cash and cash equivalents at the end of year
255,324
561,722


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
255,324
655,898

Bank overdrafts
-
(94,176)

255,324
561,722


Page 10

 
BULLDOG SERVICE STATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


GENERAL INFORMATION

Bulldog Service Station Limited is a private company, limited by shares and incorporated in England (registered number 00631975) under the Companies Act.  The registered office is Reading Bridge House, George Street, Reading, Berkshire, RG1 8LS. The principal place of business is Tavistock Industrial Estate, Ruscombe Lane, Ruscombe, Twyford, Reading, RG10 9NJ.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of 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 following principal accounting policies have been applied:

 
2.2

CONSOLIDATED FINANCIAL STATEMENTS

The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are immaterial to the financial statements.

 
2.3

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
For motor vehicle sales, revenue is recognised on delivery to the customer giving the control transferring risks and rewards to the customer.
For service income, revenue is recognised when the work has been completed and signed off by the customer transferring risks and rewards to the customer.

 
2.4

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 11

 
BULLDOG SERVICE STATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

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 not charged on freehold land. Depreciation on other tangible fixed assets is provided at rates calculated to write off the cost or valuation of those assets, less their estimated residual value, over their expected useful lives on the following bases:


Freehold property
-
2%
straight line per annum
Plant & machinery
-
15%
reducing balance per annum
Motor vehicles
-
15%
reducing balance per annum
Fixtures & fittings
-
15%
reducing balance per annum
Computer equipment
-
25%
straight line per annum

 
2.7

INVESTMENT PROPERTY

Investment property is carried at fair value. Changes in fair value are recognised in the Statement of comprehensive income. Fair value is determined annually by directors and where the directors consider appropriate by external valuers. Valuations are derived from the current market rents and investment property yields for comparable property.

Page 12

 
BULLDOG SERVICE STATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

STOCKS

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Any interest incurred on financing stock is not added to the value of stock and is expensed over the period of lease.

 
2.10

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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.

 
2.11

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Short term debtors and creditors are initially measured at the transaction price and then subsequently at amortised cost. Other financial instruments, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Financial liabilities and equity are classified according to the substance of the financial instrument’s contractual obligations, rather than the financial instrument’s legal form.

 
2.12

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 at an annual general meeting.

 
2.13

OPERATING LEASES

Rentals under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.

Page 13

 
BULLDOG SERVICE STATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make 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. The following have had the most significant effect on amounts recognised in the financial statements.
Stock provisions
Provisions are estimated by the company in respect of specific stock items based upon the age and condition of the items and knowledge of known issues.
Investment property
Investment property valuations are made annually by a director based upon external indications of value and consideration of rental incomes and market conditions. 


4.


TURNOVER

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Vehicle sales
14,718,460
16,957,364

Parts and servicing
1,840,825
1,868,998

16,559,285
18,826,362


All turnover arose within the United Kingdom.


5.


OTHER OPERATING INCOME

2024
2023
£
£

Net rents receivable
119,444
109,172



6.


OPERATING PROFIT

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

2024
2023
£
£

Depreciation of tangible fixed assets
78,039
72,170

Profit on sale of tangible assets
(486)
-

Fees payable to the Company's auditor for the audit of the Company's financial statements
13,400
12,400

Fees payable to the Company's auditor for taxation compliance services
2,700
3,000

Page 14

 
BULLDOG SERVICE STATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


EMPLOYEES

2024
2023
£
£

Wages and salaries
974,278
920,309

Social security costs
102,107
97,085

Cost of defined contribution scheme
59,209
54,286

1,135,594
1,071,680


The average monthly number of employees, including directors, during the year was 28 (2023 - 27).


8.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
96,589
76,996

Company contributions to defined contribution pension schemes
25,321
19,321

121,910
96,317


During the year retirement benefits were accruing to 2 Directors (2023 - 2) in respect of defined contribution pension schemes.

The Directors consider themselves to be the key management personnel of the Company.


9.


TAXATION


2024
2023
£
£

Corporation tax


Current tax on profits for the year
62,161
133,870


62,161
133,870


Total current tax
62,161
133,870

Deferred tax


Origination and reversal of timing differences
53,056
(13,580)

Total deferred tax
53,056
(13,580)


Taxation on profit on ordinary activities
115,217
120,290
Page 15

 
BULLDOG SERVICE STATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
 
9.TAXATION (CONTINUED)



The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 24.49% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
210,663
646,369


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.49% (2023 - 19%)
51,595
122,810

Effects of:


Expenses not deductible for tax purposes
4,944
1,500

Losses eliminated
19,754
-

Non-taxable income
(3,184)
-

Remeasurement of deferred tax for changes in tax rates
1,098
-

Deferred tax not recognised
(933)
(3,260)

Fixed asset differences
41,943
(760)

Total tax charge for the year
115,217
120,290

Page 16

 


 
BULLDOG SERVICE STATION LIMITED


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


10.


TANGIBLE FIXED ASSETS









Freehold property
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 March 2023
3,799,230
473,268
16,917
94,468
23,721
4,407,604


Additions
-
5,885
29,685
-
5,137
40,707


Disposals
-
-
(16,917)
-
-
(16,917)



At 29 February 2024

3,799,230
479,153
29,685
94,468
28,858
4,431,394



Depreciation


At 1 March 2023
397,334
388,959
9,411
88,124
19,067
902,895


Charge for the year
53,764
13,529
5,579
952
4,215
78,039


Disposals
-
-
(9,411)
-
-
(9,411)



At 29 February 2024

451,098
402,488
5,579
89,076
23,282
971,523



Net book value



At 29 February 2024
3,348,132
76,665
24,106
5,392
5,576
3,459,871



At 28 February 2023
3,401,896
84,309
7,506
6,344
4,654
3,504,709

Page 17

 
BULLDOG SERVICE STATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

           10.TANGIBLE FIXED ASSETS (CONTINUED)

Included in freehold property is freehold land at cost of £1,178,000 (2023: £1,178,000), which is not depreciated.
The historic cost of freehold property including the freehold land is £3,364,909 (2023: £3,364,909).


11.


INVESTMENT PROPERTY





Freehold investment property

£



Valuation


At 1 March 2023
261,026


Additions
5,692


Disposals
(266,718)



At 29 February 2024
-






 









Page 18

 
BULLDOG SERVICE STATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

12.


FIXED ASSET INVESTMENTS








Subsidiary undertakings

£



Cost or valuation


At 1 March 2023
2,440



At 29 February 2024
2,440





SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Winsburgh Limited
Ordinary
100%

The aggregate of the share capital and reserves as at 29 February 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit

Winsburgh Limited
129,081
977


13.


STOCKS

2024
2023
£
£

Work in progress
49,693
53,219

Goods for resale
2,626,561
3,780,730

2,676,254
3,833,949






 

Page 19

 
BULLDOG SERVICE STATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

14.


DEBTORS

2024
2023
£
£


Trade debtors
50,041
91,742

Other debtors
333,323
286,593

Prepayments and accrued income
11,529
55,263

394,893
433,598



15.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
255,324
655,898

Less: bank overdrafts
-
(94,176)

255,324
561,722


Security
Bank overdrafts are secured against the assets of the Company.


16.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
94,176

Bank loans
10,648
56,513

Trade creditors
2,209,651
3,789,711

Amounts owed to group undertakings
154,453
154,686

Corporation tax
108,943
133,870

Other taxation and social security
23,622
24,784

Accruals and deferred income
376,257
413,488

2,883,574
4,667,228


Page 20

 
BULLDOG SERVICE STATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

17.


CREDITORS: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
12,489
22,372



18.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,648
56,513


10,648
56,513

Amounts falling due 1-2 years

Bank loans
10,648
10,648


10,648
10,648

Amounts falling due 2-5 years

Bank loans
1,841
11,724


1,841
11,724


23,137
78,885


Security
National Westminister Bank Plc has a debenture which is a fixed and floating charge over all the current and future assets of the company. 

Page 21

 
BULLDOG SERVICE STATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

19.


DEFERRED TAXATION






2024
2023


£

£






At beginning of year
(81,495)
(95,075)


(Charged)/credited to profit or loss
(53,056)
13,580



At end of year
(134,551)
(81,495)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(32,575)
12

Short term timing differences
471
1,710

Tax losses carried forward
-
19,230

Capital gains
(102,447)
(102,447)

(134,551)
(81,495)


20.


SHARE CAPITAL

2024
2023
£
£
Allotted, called up and fully paid



28,000 (2023 - 30,500) A Ordinary shares of £1.00 each
28,000
30,500
28,000 (2023 - 30,500) B Ordinary shares of £1.00 each
28,000
30,500
24,000 (2023 - 19,000) C Ordinary shares of £1.00 each
24,000
19,000
10,000 (2023 - 10,000) D Ordinary shares of £1.00 each
10,000
10,000
5,000 (2023 - 5,000) E Ordinary shares of £1.00 each
5,000
5,000
5,000 (2023 - 5,000) F Ordinary shares of £1.00 each
5,000
5,000

100,000

100,000

Shares rank equally except for the right to receive dividends.



21.


PENSION COMMITMENTS

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 £59,209 (2023: £54,286). 

Page 22

 
BULLDOG SERVICE STATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

22.


COMMITMENTS UNDER OPERATING LEASES

At 29 February 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
50,789
55,406

Later than 1 year and not later than 5 years
-
55,406

50,789
110,812


23.


RELATED PARTY TRANSACTIONS

On 29 February 2024, the Company owed £154,453 (2023: £154,686) to its subsidiary undertaking, Winsburgh Limited. 
Included within other debtors are amounts due from shareholders of £263,797 (2023: £60,434). The balance is unsecured, interest free and repayable on demand. No amounts were written off or waived in the year.
During the year the investment property was sold to a director for £258,193, at market value, resulting in a loss on disposal of £8,525.


Page 23