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REGISTERED NUMBER: 01041691 (England and Wales)















HINDMARCH & CO. (STAMFORD) LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






HINDMARCH & CO. (STAMFORD) LIMITED (REGISTERED NUMBER: 01041691)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4 to 6

Income Statement 7

Other Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13 to 20


HINDMARCH & CO. (STAMFORD) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: M Hindmarch
A J R Hindmarch
R P Hindmarch



SECRETARY: Mrs D Hindmarch



REGISTERED OFFICE: Uffington Road
Stamford
Lincolnshire
PE9 3AA



REGISTERED NUMBER: 01041691 (England and Wales)



SENIOR STATUTORY AUDITOR: Sally-Anne Hurn FCA



AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
14 All Saints Street
Stamford
Lincolnshire
PE9 2PA

HINDMARCH & CO. (STAMFORD) LIMITED (REGISTERED NUMBER: 01041691)

STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their strategic report for the year ended 29 February 2024.

REVIEW OF BUSINESS
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 nature of the business.

As a main Peugeot dealer, the company continues to deal in used motors, provide vehicle servicing and repairs and sell spare parts for Peugeot vehicles. This is complemented by our Gulf fuels retail outlet and forecourt shop sales.

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, as shown below.

2024 2023

Revenue £12,705,702 £12,041,192
Profit/(Loss) before tax/exceptionals £330,456 £472,745
Return on capital employed 13.9% 21.1%
Net assets £4,762,843 £4,574,110

Revenue has increased by 6% (2023: 20%), however gross margin has decreased. The used car market remains strong, however as supply has returned to pre-pandemic levels higher volumes have been offset by lower margins. Fuel pump revenue has reduced due a decrease in average fuel prices compared to the previous year.

Return on capital employed has decreased due to the fall in margins. Return on capital employed is calculated as profit before interest, tax and revaluations divided by capital employed, which constitutes total assets less current liabilities, less fixed asset investment property, less cash, less short term loans and other short term borrowings.

As for many businesses of our size, the business environment in which we operate continues to be challenging however the company maintains a strong net asset position. Under normal circumstances, the car market in the UK is highly competitive and margins are tight, particularly when car supermarkets are present, as in nearby Peterborough. We are of course also subject to consumer spending patterns and consumers' overall level of disposable income within our economy.

PRINCIPAL RISKS AND UNCERTAINTIES
The main risks arising from the company's activities are liquidity risk and credit risk.

The board reviews and agrees policies for managing each of these risks and they are summarised below.

Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility can be achieved by overdraft facilities.

Credit risk
The company seeks to manage its credit risk by dealing with established customers or otherwise checking the credit-worthiness of new customers, establishing clear contractual relationships with those customers and by identifying and addressing any credit issues arising in a timely manner.

ON BEHALF OF THE BOARD:





A J R Hindmarch - Director


27 November 2024

HINDMARCH & CO. (STAMFORD) LIMITED (REGISTERED NUMBER: 01041691)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their report with the financial statements of the company for the year ended 29 February 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the sale and servicing of motor vehicles and operation of an associated fuel forecourt.

DIVIDENDS
Interim dividends per share were paid as follows:

£1.20 - 16 May 2023
£1.80 - 16 November 2023
£3.00

The directors recommend that no final dividend be paid.
The total distribution of dividends for the year ended 29 February 2024 will be £60,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report.

M Hindmarch
A J R Hindmarch
R P Hindmarch

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





A J R Hindmarch - Director


27 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HINDMARCH & CO. (STAMFORD) LIMITED

Qualified opinion
We have audited the financial statements of Hindmarch & Co. (Stamford) Limited (the 'company') for the year ended 29 February 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, 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).
_
In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, 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 qualified opinion
We were not appointed as auditor of the company until after 29 February 2024 and thus did not observe the counting of the physical inventories at the end of the period. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 29 February 2024, which are included in the balance sheet at £1,310,256, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary. In addition, were any adjustment to the inventory balance to be required, the strategic report would also need to be amended.

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 UK, including the FRC'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 qualified 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 matters
The corresponding figures included within these financial statements for the year ended 28 February 2023 are unaudited.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £1,310,256 held at 29 February 2024. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial
statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HINDMARCH & CO. (STAMFORD) LIMITED


Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, 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 Report of the Directors.

Arising solely from the limitation on the scope of our work relating to inventory, referred to above:
- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
- we were unable to determine whether adequate accounting records have been kept.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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 our procedures are capable of detecting irregularities, including fraud is detailed below:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with directors and other management obtained as part of the work required by auditing standards. We have also discussed with the directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit. The potential impact of different laws and regulations varies considerably.

Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of unusual material journal entries and challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. We carried out substantive tests on accounting estimates, including reviewing the methods and data used by management to make those estimates, reperforming the calculation and reviewing the outcome of current year estimates since the financial reporting date.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: FCA regulations, health and safety regulations and employment law.

Our work included a review of relevant correspondence within the year for any evidence of non-compliance and reading minutes of meetings of those charged with governance. In addition, an assessment of the company's legal expenses and possible contingencies was performed. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HINDMARCH & CO. (STAMFORD) LIMITED


Owing 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. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 Report of the Auditors.

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 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 a Report of the Auditors 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.




Sally-Anne Hurn FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
14 All Saints Street
Stamford
Lincolnshire
PE9 2PA

27 November 2024

HINDMARCH & CO. (STAMFORD) LIMITED (REGISTERED NUMBER: 01041691)

INCOME STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
Notes £    £   

REVENUE 3 12,705,702 12,041,192

Cost of sales 11,708,178 10,893,864
GROSS PROFIT 997,524 1,147,328

Administrative expenses 760,393 732,560
237,131 414,768

Other operating income 79,031 57,977
OPERATING PROFIT 5 316,162 472,745

Interest receivable and similar income 14,294 -
PROFIT BEFORE TAXATION 330,456 472,745

Tax on profit 6 81,723 88,956
PROFIT FOR THE FINANCIAL YEAR 248,733 383,789

HINDMARCH & CO. (STAMFORD) LIMITED (REGISTERED NUMBER: 01041691)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 248,733 383,789


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 248,733 383,789

HINDMARCH & CO. (STAMFORD) LIMITED (REGISTERED NUMBER: 01041691)

STATEMENT OF FINANCIAL POSITION
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 8 1,028,084 1,037,087
Investment property 9 1,790,000 1,790,000
2,818,084 2,827,087

CURRENT ASSETS
Inventories 10 1,310,256 1,227,868
Debtors 11 581,252 510,330
Cash at bank and in hand 868,545 809,286
2,760,053 2,547,484
CREDITORS
Amounts falling due within one year 12 550,226 530,218
NET CURRENT ASSETS 2,209,827 2,017,266
TOTAL ASSETS LESS CURRENT LIABILITIES 5,027,911 4,844,353

PROVISIONS FOR LIABILITIES 16 265,068 270,243
NET ASSETS 4,762,843 4,574,110

CAPITAL AND RESERVES
Called up share capital 17 20,000 20,000
Fair value reserve 18 1,046,111 1,046,111
Retained earnings 18 3,696,732 3,507,999
SHAREHOLDERS' FUNDS 4,762,843 4,574,110

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2024 and were signed on its behalf by:





A J R Hindmarch - Director


HINDMARCH & CO. (STAMFORD) LIMITED (REGISTERED NUMBER: 01041691)

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

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 March 2022 20,000 3,172,210 1,046,111 4,238,321

Changes in equity
Dividends - (48,000 ) - (48,000 )
Total comprehensive income - 383,789 - 383,789
Balance at 28 February 2023 20,000 3,507,999 1,046,111 4,574,110

Changes in equity
Dividends - (60,000 ) - (60,000 )
Total comprehensive income - 248,733 - 248,733
Balance at 29 February 2024 20,000 3,696,732 1,046,111 4,762,843

HINDMARCH & CO. (STAMFORD) LIMITED (REGISTERED NUMBER: 01041691)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 31,772 479,126
Tax paid (97,570 ) (79,216 )
Net cash from operating activities (65,798 ) 399,910

Cash flows from investing activities
Purchase of tangible fixed assets (29,013 ) (11,758 )
Sale of tangible fixed assets 400 5,000
Interest received 14,294 -
Net cash from investing activities (14,319 ) (6,758 )

Cash flows from financing activities
Amount introduced by directors 219,400 -
Amount withdrawn by directors (20,024 ) (195,008 )
Equity dividends paid (60,000 ) (48,000 )
Net cash from financing activities 139,376 (243,008 )

Increase in cash and cash equivalents 59,259 150,144
Cash and cash equivalents at beginning of year 2 809,286 659,142

Cash and cash equivalents at end of year 2 868,545 809,286

HINDMARCH & CO. (STAMFORD) LIMITED (REGISTERED NUMBER: 01041691)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 330,456 472,745
Depreciation charges 37,828 45,315
Profit on disposal of fixed assets (212 ) (1,237 )
Finance income (14,294 ) -
353,778 516,823
Increase in inventories (82,388 ) (145,196 )
(Increase)/decrease in trade and other debtors (260,922 ) 109,105
Increase/(decrease) in trade and other creditors 21,304 (1,606 )
Cash generated from operations 31,772 479,126

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 29 February 2024
29.2.24 1.3.23
£    £   
Cash and cash equivalents 868,545 809,286
Year ended 28 February 2023
28.2.23 1.3.22
£    £   
Cash and cash equivalents 809,286 659,142


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.3.23 Cash flow At 29.2.24
£    £    £   
Net cash
Cash at bank and in hand 809,286 59,259 868,545
809,286 59,259 868,545
Total 809,286 59,259 868,545

HINDMARCH & CO. (STAMFORD) LIMITED (REGISTERED NUMBER: 01041691)

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

1. STATUTORY INFORMATION

Hindmarch & Co. (Stamford) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

Revenue
Revenue represents net invoiced sales of goods and services, excluding value added tax and trade discounts.

Vehicle sales and parts sales are recognised upon delivery to the customer, or upon collection by the customer. Servicing and workshop sales are recognised in the period in which the services are rendered. Forecourt fuel and shop sales are recognised at the point of sale.

Tangible fixed assets
Tangible fixed assets are held at cost less accumulated depreciation and impairment losses. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful economic life:

Freehold property- not provided
Short leasehold- 11% on cost
Plant and fixtures- 33% on cost and 15% on reducing balance
Motor Vehicles- 25% on reducing balance

Land is not depreciated. Freehold buildings are also not depreciated as the directors consider that they are maintained to such a high standard that their residual value is at least equal to their carrying value in the financial statements. As a result, the corresponding depreciation would not be material and therefore is not charged in the income statement.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Inventories
Inventories are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving inventories. Inventories are accounted for on a first-in-first-out basis.

HINDMARCH & CO. (STAMFORD) LIMITED (REGISTERED NUMBER: 01041691)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in the profit and loss account, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

HINDMARCH & CO. (STAMFORD) LIMITED (REGISTERED NUMBER: 01041691)

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

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates defined contribution pension schemes. The assets of the company stakeholder scheme are held separately from those of the company in a independently administered fund. The company also operates a small self-administered pension scheme for the benefit of directors. Contributions payable for the year are charged in the income statement.

3. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company.

An analysis of revenue by class of business is given below:

2024 2023
£    £   
Motor sales and servicing 6,716,436 5,215,851
Fuel and forecourt shop 5,981,645 6,816,427
Sundry income 7,621 8,914
12,705,702 12,041,192

The company's principal activity was carried on within the United Kingdom.


4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 862,360 802,541
Social security costs 80,473 77,771
Other pension costs 19,396 96,646
962,229 976,958

The average number of employees during the year was as follows:
2024 2023

Management and administration 6 6
Sales and servicing 29 29
35 35

2024 2023
£    £   
Directors' remuneration 143,243 151,587
Directors' pension contributions to money purchase schemes - 80,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

HINDMARCH & CO. (STAMFORD) LIMITED (REGISTERED NUMBER: 01041691)

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

5. OPERATING PROFIT

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

2024 2023
£    £   
Other operating leases 7,196 8,773
Depreciation - owned assets 37,828 45,315
Profit on disposal of fixed assets (212 ) (1,237 )
Auditors' remuneration 16,000 -

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 86,898 97,693

Deferred tax (5,175 ) (8,737 )
Tax on profit 81,723 88,956

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 330,456 472,745
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
19%)

82,614

89,822

Effects of:
Expenses not deductible for tax purposes 669 1,109
Capital allowances in excess of depreciation - (2,190 )
Depreciation in excess of capital allowances 243 -
Adjustments to tax charge in respect of previous periods - 215
Profits to March 2023 taxed at 19% (1,803 ) -
Total tax charge 81,723 88,956

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 60,000 48,000

HINDMARCH & CO. (STAMFORD) LIMITED (REGISTERED NUMBER: 01041691)

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

8. PROPERTY, PLANT AND EQUIPMENT
Freehold Short Plant and Motor
property leasehold fixtures vehicles Totals
£    £    £    £    £   
COST
At 1 March 2023 860,449 73,340 470,966 108,398 1,513,153
Additions 12,749 - 10,935 5,329 29,013
Disposals - - - (2,500 ) (2,500 )
At 29 February 2024 873,198 73,340 481,901 111,227 1,539,666
DEPRECIATION
At 1 March 2023 - 65,635 365,072 45,359 476,066
Charge for year - 1,416 19,367 17,045 37,828
Eliminated on disposal - - - (2,312 ) (2,312 )
At 29 February 2024 - 67,051 384,439 60,092 511,582
NET BOOK VALUE
At 29 February 2024 873,198 6,289 97,462 51,135 1,028,084
At 28 February 2023 860,449 7,705 105,894 63,039 1,037,087

9. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 1,790,000
NET BOOK VALUE
At 29 February 2024 1,790,000
At 28 February 2023 1,790,000

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2006 885,000
Valuation in 2009 151,220
Valuation in 2013 155,000
Valuation in 2017 351,780
Valuation in 2020 87,000
Valuation in 2022 160,000
1,790,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 516,831 516,831

Investment property was most recently valued on an open market basis on 13 February 2023 by Richardson Thomas Leech LLP, Chartered Surveyors. In accordance with RICS valuation standards, the valuations were prepared having regard to the market based evidence for similar properties sold in the local area, subject to occupational leases where relevant. The directors do not believe there has been a material change in the valuation to 29 February 2024.

HINDMARCH & CO. (STAMFORD) LIMITED (REGISTERED NUMBER: 01041691)

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

10. INVENTORIES
2024 2023
£    £   
Work-in-progress 33,271 42,225
Finished goods 1,276,985 1,185,643
1,310,256 1,227,868

Inventories stated are net of provisions for obsolete and slow moving inventories in the sum of £140,514 (2023 - £96,870).

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 359,781 306,871
Other debtors 215,408 7,843
Directors' current accounts - 190,000
Prepayments and accrued income 6,063 5,616
581,252 510,330

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 254,161 265,368
Corporation tax 86,805 97,477
Other taxes and social security 92,398 79,743
Other creditors 4,904 3,836
Directors' loan accounts 76,256 66,880
Accruals and deferred income 35,702 16,914
550,226 530,218

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 59,000 37,500
Between one and five years 52,000 56,250
111,000 93,750

14. SECURED DEBTS

The company's bankers hold a legal charge over all monies due to them in the form of security over the company's freehold property in accordance with their standard terms.

HINDMARCH & CO. (STAMFORD) LIMITED (REGISTERED NUMBER: 01041691)

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

15. FINANCIAL INSTRUMENTS

The company has the following financial instruments:
2024 2023
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors 359,781 306,871
Other debtors 215,408 7,843
Directors' current accounts - 190,000

Financial liabilities measured at amortised cost
Trade creditors 254,161 265,368
Other creditors 4,904 3,836
Directors' loan accounts 76,256 66,880

The total interest income and interest expense for financial assets and financial liabilities that are not measured at fair value through the Income Statement was £14,294 (2023 - £nil) and £nil (2023 - £nil) respectively.

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 38,010 43,185
Revaluation gains 227,058 227,058
265,068 270,243

Deferred
tax
£   
Balance at 1 March 2023 270,243
Credit to Income Statement during year (5,175 )
Balance at 29 February 2024 265,068

The reversal of deferred tax timing differences is not expected to be significant in the forthcoming financial year.

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
20,000 Ordinary £1 20,000 20,000

18. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 March 2023 3,507,999 1,046,111 4,554,110
Profit for the year 248,733 - 248,733
Dividends (60,000 ) - (60,000 )
At 29 February 2024 3,696,732 1,046,111 4,742,843

The aggregate surplus on re-measurement of investment properties, net of associated deferred tax, is transferred to a separate non-distributable fair value reserve in order to assist with the identification of profits available for distribution.

HINDMARCH & CO. (STAMFORD) LIMITED (REGISTERED NUMBER: 01041691)

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

19. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
R P Hindmarch
Balance outstanding at start of year 190,000 -
Amounts advanced - 190,000
Amounts repaid (190,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 190,000

Loans due to and loans due from directors are both interest free and repayable on demand.

20. RELATED PARTY DISCLOSURES

Key management personnel compensation paid during the year is considered to be the same as directors' remuneration disclosed within Note 4.

Rental income of £19,731 (2023 - £18,000) and rental costs of £18,000 (2023 - £18,000) were received and paid respectively to an entity controlled by one or more director(s). At the reporting date, the company was owed £188,190 (2023 - £nil) by a company controlled by one or more director(s).