STEPHEN JAMES (AUTOMOTIVE) LIMITED
COMPANY INFORMATION
Directors
R Ennis
P D Williams
A Hedin
(Appointed 25 August 2023)
H Hedin
(Appointed 25 August 2023)
K Kibsgaard
(Appointed 25 August 2023)
T Finn
(Appointed 25 August 2023)
Company number
09738102
Registered office
Unit 1
Martinbridge Industrial Estate
240-242 Lincoln Road
Enfield
Middlesex
EN1 1SP
Auditor
Cooper Parry Group Limited
St James Building
79 Oxford Street
Manchester
M1 6HT
Bankers
Santander Corporate Banking
2 Triton Square
Regent's Park
London
NW1 3AN
ABN AMRO Bank N.V.
UK Branch
5 Aldermanbury Square
London
EC2V 7HR
STEPHEN JAMES (AUTOMOTIVE) LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 27
STEPHEN JAMES (AUTOMOTIVE) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present the strategic report for the year ended 31 December 2023.
Business strategy
The Company’s strategy is to build a strong culture that puts people front and centre of everything we do, without differentiating between employees and customers. We aim to deliver the very best retail experience.
We are continually investing in key areas of our business such as our facilities and processes in order to create the best environment in which people can then perform.
We understand the importance of a stable, engaged and high-quality workforce aligned to our values. We have extensive training and development programmes for all employees with a high focus on customer care and promotion from within.
We understand that our customers are demanding a premium experience when engaging with us and additional resource has been made to improve our online and offline presence.
Business Review
The directors are pleased to report a very robust trading performance.
Whilst there remains significant economic uncertainty clouded further by international conflict, a recession in the UK in the second half of 2023 and high inflation, we enter 2024 with a strong forward order bank for new vehicles and expect a continuation of the strong trading performance.
UK car registrations for 2023 saw a 17.8% growth from 2022 at 1,903,054 (2022: 1,615,063).
2023 registrations represented a reduction of 17.7% from their peak in 2019.
We expect an improvement in 2024 and Q1 registration data supports this.
The key financial and other performance indicators during the year were as follows:
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STEPHEN JAMES (AUTOMOTIVE) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Principal risks and uncertainties
All businesses have an element of risk and the board maintains a policy of reviewing those risks which may cause the company’s results to underperform against those of similar sized companies. The main risks are highlighted below:
1. Manufacturer Relationships
We have a close relationship with our manufacturer partners and seek to ensure that our respective goals are communicated, understood and aligned to deliver mutually acceptable level of performance. We aim to be the partner of choice for BMW (UK) Limited. Our progress towards achieving this objective was rewarded in 2023 with Stephen James being nominated for a number of awards at the BMW and MINI Retailer of the Year Awards, winning 2 awards in total.
2. Finance & Treasury
The Company relies on manufacturer funding lines to fund the purchase of new and used vehicles and these are expected to continue for the foreseeable future. As at 31 December 2023, vehicle funding facilities amounted to £39.7M.
The Company’s daily banking facilities are with Santander and it operates within its facility.
Other loans include a term loan due to BMW Financial Services of £3.1M.
3. Economic conditions
The UK entered a recession in the second half of 2023.
The company experienced a reduction in demand as a result with a reduction in turnover and profitability when compared to the prior year.
Trading conditions continue to be subdued in 2024 but the company remains profitable with trading profit in line with the prior year.
4. Regulatory risks
The Company is regulated by the Financial Conduct Authority. In February 2024 the Finance Conduct Authority requested the suspension of the sale of GAP insurance product to retail customers. This has not had a material impact on the Company’s profitability.
Future developments
The Company continues to invest in its facilities to meet the ever growing demands of the consumer and manufacturer. In 2024 the company is refurbishing its Ruxley facilities to meet current brand standards.
It is further investing in a bodyshop facility adjoining its Woolwich BMW and MINI retail outlet.
The board has regular reviews of the risks within each of the above categories and they consider the potential impact these would have on the business. The existing internal controls and accounting practises are deemed to be sufficient to deal with these issues should they arise.
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STEPHEN JAMES (AUTOMOTIVE) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Section 172(1) statement
The board of directors is accountable to shareholders for the management, performance and long-term success of the Company. The board consider, both individually and together, that they have acted in the way most likely to promote the success of the Company for the benefit of its employees as a whole having regard to the stakeholders and matters set out in section 172 (1) (a) to (f) of the Companies Act 2006 in the decisions taken during the year ended 31 December 2023.
Consequences of long term decisions
The board is aware that its strategic decisions have long term implications for the business and all of its stakeholders and these implications are carefully assessed.
Employee interests
The board recognises that the long-term success of the Company is dependent on understanding and respecting the views of its employees and we aim to be a responsible employer in our approach to the pay and benefits that our employees receive. The health, safety and well-being of our employees are one of our primary considerations in the way we conduct business.
Employee engagement
Our employees are central to our business and we strive to create a culture of diversity and inclusion. We provide a workplace with attractive benefits and opportunities for career progression within the Company. Employees are kept updated via a weekly video from the Chief Executive Officer.
The board continues to be regularly updated on employee-related matters, including staff retention rates, numbers, disciplinary, health, safety and wellbeing issues.
Ethical employment
It is the Company’s policy to offer equal opportunities to disabled persons applying to vacancies and provide them with the same opportunities as all other employees, within the limitations of their aptitude and abilities. In the event of any staff member becoming disabled, every effort is made to ensure that their employment with the Company continues.
Employment with the Company is based upon the person’s ability to work and not on the basis of race, individual characteristics, creed or political opinion.
Equality of opportunity
We are an equal opportunity employer and we aim to ensure our employees achieve their full potential and all employment decisions are taken without reference to discriminating criteria throughout the whole employment process.
Business relationships
Engagement with suppliers and customers is key to our success.
Suppliers - Throughout the year the board was briefed on any contract negotiations with its two brand partners with regards to volume aspirations, targets and facility development issues. The board seeks to balance the benefits of maintaining strong relationships with other key suppliers alongside the need to obtain value for money for the business.
Customers - As a large retail business, customer satisfaction can be seen in the Company’s underlying sales performance figures, which the board reviews regularly. The Executive directors provide updates to the board on consumer satisfaction and the market performance.
Finance facility providers - The Chief Financial Officer in conjunction with the Group Treasurer, is responsible for managing the relationships with our bank, BMW Financial Services and for the Company’s financing activities.
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STEPHEN JAMES (AUTOMOTIVE) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Our community and the environment
Community - As a retail business, we have a tangible presence in the many communities our businesses serve. During 2023 we continued to support, Beyond Ourselves, a charitable project that was set up by local businesses who desire to use their time, skill and profits beyond themselves both at home and abroad. Our retail businesses also engage with local communities, contributing to their local areas in a variety of ways. The Company supports and encourages these activities and we welcome the opportunities they present for team-building within our businesses, engagement with the communities they serve and recognition of charitable causes with whom our team members and their families have connections.
Environment - The board recognises that its activities have an impact on the environment and is therefore keen to promote and support initiatives that minimize the effect of such activities. We continue to monitor the areas of our business that may impact on the environment including contamination, asbestos, waste oil, and waste recycling together with energy, water and fuel efficiency. The Company are introducing further measures to reduce our carbon footprint.
Political donations
No donations were made for political purposes (2022: £nil).
A Hedin
Director
8 January 2025
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STEPHEN JAMES (AUTOMOTIVE) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their annual report and audited company financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of motor car retailers and repairers.
Results and dividends
The results for the year are set out on page 11.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
R Ennis
P D Williams
B J Collins
(Resigned 25 August 2023)
A Hedin
(Appointed 25 August 2023)
H Hedin
(Appointed 25 August 2023)
A Joersjö
(Appointed 25 August 2023 and resigned 19 August 2024)
K Kibsgaard
(Appointed 25 August 2023)
T Finn
(Appointed 25 August 2023)
No right to subscribe for shares in the company was granted or exercised during the year.
A directors’ liability policy was in place during the financial year.
Qualifying third party indemnity provisions
The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.
Financial instruments
The company’s financial instruments comprise cash and liquid resources, loans and various items such as trade debtors and trade creditors that arise directly from operations. The main risks arising from the company’s financial instruments are cash flow risk, liquidity risk and interest rate risk. The company has procedures in place for managing cash and liquidity risks, including the review of cash projections on a quarterly basis by the board. The company continually reviews such risks and takes action as deemed necessary. Interest rate risk is managed by seeking to utilise low fixed interest rates where possible.
Auditor
The audit business of UHY Hacker Young Manchester LLP was acquired by Cooper Parry Group Limited on 30 September 2024. UHY Hacker Young Manchester LLP has resigned as auditor and Cooper Parry Group Limited has been appointed in its place. The auditor, Cooper Parry Group Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
This section includes our mandatory reporting of energy and greenhouse gas emissions for the period 1 January 2023 to 31 December 2023, pursuant to the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, implementing the government’s Streamlined Energy and Carbon Reporting (SECR) policy.
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STEPHEN JAMES (AUTOMOTIVE) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
4,319,129
4,252,506
2023
2022
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
310.00
293.00
- Fuel consumed for owned transport
202.00
174.00
512.00
467.00
Scope 2 - indirect emissions
- Electricity purchased
347.00
360.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
23.00
17.00
Total gross emissions
882.00
844.00
Intensity ratio
Tonnes CO2 equivalent per £M turnover
3.61
3.30
Quantification and reporting methodology
Our methodology to calculate our greenhouse gas emissions is based on the 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance (March 2019)’, using DESNZ's 2022 and 2023 conversion factors as applicable. In some cases, consumption has been extrapolated from available data or direct comparison made to a comparable period.
We report using a financial control approach to define our organisational boundary. We have reported all material emission sources required by the regulations for which we deem ourselves to be responsible and have maintained records of all source data and calculations.
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £million of turnover, the recommended ratio for the sector.
Measures taken to improve energy efficiency
During the reporting period, we have invested £87k in PV at Unit 10. We have also invested a further £223k in our EV charging infrastructure. Our ongoing energy management programme continues to run for two of our larger sites. This includes monitoring and targeted reporting of energy consumption on a daily basis. Through the service provided by our energy consultants, the programme enables us to identify and address any consumption issues as and when they arrive, allowing us to eliminate unnecessary energy waste.
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STEPHEN JAMES (AUTOMOTIVE) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Statement of directors' responsibilities
The directors are responsible for preparing the Annual 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 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 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 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.
Matters addressed within the strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the employment of disabled persons, employee consultation and future developments.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
A Hedin
Director
8 January 2025
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STEPHEN JAMES (AUTOMOTIVE) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STEPHEN JAMES (AUTOMOTIVE) LIMITED
Opinion
We have audited the financial statements of Stephen James (Automotive) Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 31 December 2023 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.
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 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 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.
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 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
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STEPHEN JAMES (AUTOMOTIVE) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STEPHEN JAMES (AUTOMOTIVE) LIMITED
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 and the directors' report.
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:
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
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As explained more fully in the directors' responsibilities statement, 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.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, we considered the following:
the nature of the industry and sector, control environment and business performance.
any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to:
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance,
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
the matters discussed among the audit engagement team and involving relevant internal specialists, including tax, and industry specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
STEPHEN JAMES (AUTOMOTIVE) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STEPHEN JAMES (AUTOMOTIVE) LIMITED
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: valuation of used vehicle stocks and recognition of supplier incentives. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks the company operates in, focussing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included the company’s FCA regulatory requirements.
Our procedures to respond to risks identified included the following:
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
enquiring of management and those charged with governance concerning actual and potential litigation claims;
in addressing the risk of fraud through inappropriate valuation of used vehicle inventory, assessing net realisable value of stock items sold after the year end was above cost or assessing their value with reference to third party data sources if unsold.
in addressing the risk of fraud through inappropriate recording of supplier incentives, ensuring amounts recorded as due were then subsequently acknowledged as such by the supplier;
in assessing the risk of fraud through management override of controls, testing the appropriateness of journal entries and assessing whether judgements made in making accounting estimates are indicative of potential bias.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 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.
Paul Daly BEng FCA
Senior Statutory Auditor
For and on behalf of Cooper Parry Group Limited
8 January 2025
Statutory Auditor
St James Building
79 Oxford Street
Manchester
M1 6HT
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STEPHEN JAMES (AUTOMOTIVE) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
Notes
£
£
Turnover
3
244,452,992
258,468,049
Cost of sales
(211,646,885)
(224,012,442)
Gross profit
32,806,107
34,455,607
Distribution costs
(43,138)
(88,468)
Administrative expenses
(26,365,472)
(24,328,736)
Other operating income
196,507
115,012
Operating profit
4
6,594,004
10,153,415
Interest receivable and similar income
7
19,613
Interest payable and similar expenses
8
(1,605,887)
(957,689)
Profit before taxation
4,988,117
9,215,339
Tax on profit
9
(1,268,000)
(1,797,924)
Profit for the financial year
3,720,117
7,417,415
The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.
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STEPHEN JAMES (AUTOMOTIVE) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
244,322
312,361
Other intangible assets
11
12,724
27,794
Total intangible assets
257,046
340,155
Tangible assets
12
3,272,584
3,587,202
3,529,630
3,927,357
Current assets
Stocks
13
43,171,875
37,963,038
Debtors
14
22,346,351
15,066,601
Cash at bank and in hand
4,851,896
309,315
70,370,122
53,338,954
Creditors: amounts falling due within one year
15
(54,154,966)
(40,700,856)
Net current assets
16,215,156
12,638,098
Total assets less current liabilities
19,744,786
16,565,455
Creditors: amounts falling due after more than one year
16
(2,542,373)
(3,050,849)
Provisions for liabilities
Deferred tax liability
18
78,276
110,586
(78,276)
(110,586)
Net assets
17,124,137
13,404,020
Capital and reserves
Called up share capital
20
6,563,000
6,563,000
Profit and loss reserves
21
10,561,137
6,841,020
Total equity
17,124,137
13,404,020
The financial statements were approved by the board of directors and authorised for issue on 8 January 2025 and are signed on its behalf by:
A Hedin
Director
Company registration number 09738102 (England and Wales)
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STEPHEN JAMES (AUTOMOTIVE) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
6,563,000
3,673,605
10,236,605
Year ended 31 December 2022:
Profit and total comprehensive income
-
7,417,415
7,417,415
Dividends
10
-
(4,250,000)
(4,250,000)
Balance at 31 December 2022
6,563,000
6,841,020
13,404,020
Year ended 31 December 2023:
Profit and total comprehensive income
-
3,720,117
3,720,117
Balance at 31 December 2023
6,563,000
10,561,137
17,124,137
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STEPHEN JAMES (AUTOMOTIVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
Company information
Stephen James (Automotive) Limited ("the company") is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Martinbridge Industrial Estate, 240-242 Lincoln Road, Enfield, Middlesex, EN1 1SP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
- Section 11 ‘Basic Financial Instruments’;
- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Hedin Automotive Ltd. These consolidated financial statements are available from its registered office, Mercedes Benz of Brooklands, Brooklands Drive, Weybridge, KT13 0SL.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents the value of goods and services, excluding value added tax, invoiced to third parties. Income is recognised when vehicles are delivered or paid for in full, when parts have been supplied and services have been provided. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is up to 10 years.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
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STEPHEN JAMES (AUTOMOTIVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
Up to 5 years on a straight line basis
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Over the term of the lease
Plant and equipment
7% to 20% straight line
Fixtures and fittings
10% to 33% straight line
Computers
20% to 33% straight line
Motor vehicles
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
Stocks
- 15 -
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.
Vehicles on consignment are recognised within the balance sheet when the vehicles are in substance an asset of the company. This is determined by reference to whether the principal risks and rewards of ownership have been transferred to the company. The corresponding liability is included under creditors: amounts falling due within one year.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within creditors: amounts falling due within one year.
1.10
Financial instruments
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 balance sheet 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.
STEPHEN JAMES (AUTOMOTIVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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. Amounts 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
- 16 -
STEPHEN JAMES (AUTOMOTIVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.
- 17 -
STEPHEN JAMES (AUTOMOTIVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Consignment stocks
Consignment vehicles are recognised on the balance sheet when the significant risks and rewards of ownership have passed to the company even though legal title has not yet passed. The corresponding liability is included within creditors: amounts falling due within one year.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Useful economic life of tangible and intangible assets
The annual depreciation change for tangible and intangible assets is sensitive to changes in the estimated useful economics lives and residual values of assets. The useful economic lives and residual values are re-assessed annually. They are amended where necessary to reflect current estimates.
Realisable value of parts stocks
Parts stock is valued at the lower of cost or net realisable value and represents the purchase price plus any additional costs incurred. Where necessary, provision is made for obsolete, slow moving and defective stock and recognised in cost of sales.
Realisable value of vehicle stocks
Stocks are stated at the lower of cost and net realisable value. The value of all used cars as well as the provision for obsolete, slow moving or defective stock can have a significant influence on the stock valuation in the financial statements. A comprehensive review of the stock held is carried out with reference to independent market valuation data.
3
Turnover
All of the company's turnover arose within the UK.
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
227,658,981
243,244,247
Provision of services
13,842,447
11,861,233
Commissions receivable
2,951,564
3,362,569
244,452,992
258,468,049
- 18 -
STEPHEN JAMES (AUTOMOTIVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
78,288
63,300
Depreciation of owned tangible fixed assets
840,969
914,493
Loss on disposal of tangible fixed assets
1,824
-
Amortisation of intangible assets
83,109
90,326
Operating lease charges
4,161,740
3,579,976
5
Employees
The average number of people, including directors, employed by the company during the year was:
2023
2022
Number
Number
Sales
135
119
Aftersales
250
223
Administration
22
24
Total
407
366
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
16,358,675
14,614,209
Social security costs
1,685,597
1,598,303
Pension costs
529,465
486,316
18,573,737
16,698,828
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
516,020
Company pension contributions to defined contribution schemes
18,221
-
534,241
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 0).
- 19 -
STEPHEN JAMES (AUTOMOTIVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Directors' remuneration
(Continued)
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
333,551
-
Company pension contributions to defined contribution schemes
11,192
-
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
19,613
8
Interest payable and similar expenses
2023
2022
£
£
Other interest on financial liabilities
565,984
233,443
Vehicle stocking finance
1,039,903
724,246
1,605,887
957,689
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
754,606
1,782,470
Adjustments in respect of prior periods
(64,594)
Group tax relief
545,704
Total current tax
1,300,310
1,717,876
Deferred tax
Origination and reversal of timing differences
(32,310)
80,048
Total tax charge
1,268,000
1,797,924
The corporation tax rate changed from 19% to 25% on 1 April 2023.
- 20 -
STEPHEN JAMES (AUTOMOTIVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
4,988,117
9,215,339
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
1,173,205
1,750,914
Tax effect of expenses that are not deductible in determining taxable profit
86,691
12,252
Adjustments in respect of prior years
(64,594)
Permanent capital allowances in excess of depreciation
(630)
(10,870)
Depreciation on assets not qualifying for tax allowances
73,938
58,949
Deferred tax adjustments in respect of prior years
32,062
Difference between current and deferred tax rates
2,069
19,211
Deferred tax not recognised
11,534
Other adjustments
(78,807)
Taxation charge for the year
1,268,000
1,797,924
10
Dividends
2023
2022
£
£
Interim paid
4,250,000
- 21 -
STEPHEN JAMES (AUTOMOTIVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 January 2023
680,388
79,412
759,800
Disposals
(37,990)
(37,990)
At 31 December 2023
680,388
41,422
721,810
Amortisation and impairment
At 1 January 2023
368,027
51,618
419,645
Amortisation charged for the year
68,039
15,070
83,109
Disposals
(37,990)
(37,990)
At 31 December 2023
436,066
28,698
464,764
Carrying amount
At 31 December 2023
244,322
12,724
257,046
At 31 December 2022
312,361
27,794
340,155
- 22 -
STEPHEN JAMES (AUTOMOTIVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Tangible fixed assets
Leasehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2023
2,521,549
182,891
2,000,667
2,048,410
297,865
245,239
7,296,621
Additions
253,094
110,371
125,055
43,854
532,374
Disposals
(33,062)
(23,830)
(1,335,638)
(62,419)
(8,729)
(1,463,678)
Transfers
182,891
(182,891)
At 31 December 2023
2,924,472
2,087,208
837,827
279,300
236,510
6,365,317
Depreciation and impairment
At 1 January 2023
850,440
1,000,573
1,659,211
148,212
50,983
3,709,419
Depreciation charged in the year
345,706
223,928
180,248
50,412
40,675
840,969
Eliminated in respect of disposals
(33,062)
(23,830)
(1,335,639)
(62,419)
(2,705)
(1,457,655)
At 31 December 2023
1,163,084
1,200,671
503,820
136,205
88,953
3,092,733
Carrying amount
At 31 December 2023
1,761,388
886,537
334,007
143,095
147,557
3,272,584
At 31 December 2022
1,671,109
182,891
1,000,094
389,199
149,653
194,256
3,587,202
- 23 -
STEPHEN JAMES (AUTOMOTIVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Stocks
2023
2022
£
£
Consignment stock
13,142,638
8,622,068
Vehicle stock
28,473,366
27,054,641
Parts stock
1,555,871
2,286,329
43,171,875
37,963,038
Stock is stated net of provisions of £2,061,923 (2022 - £1,081,179).
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,833,818
5,149,562
Amounts owed by group undertakings
7,420,017
7,383,872
Other debtors
12,730
337,377
Prepayments and accrued income
2,579,786
2,195,790
15,846,351
15,066,601
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
6,500,000
Total debtors
22,346,351
15,066,601
Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
- 24 -
STEPHEN JAMES (AUTOMOTIVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
17
265,139
Manufacturer loan
17
508,476
508,476
Trade creditors
48,813,627
35,898,677
Corporation tax
297,535
1,434,793
Other taxation and social security
395,022
Other creditors
1,434,400
1,055,573
Accruals and deferred income
2,705,906
1,538,198
54,154,966
40,700,856
Vehicle stock finance loans within trade creditors totalling £39,695,345 (2022 - £30,917,553) are secured by a fixed and floating charge over the vehicle stocks of the company.
16
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Manufacturer loan
17
2,542,373
3,050,849
17
Loans and overdrafts
2023
2022
£
£
Bank overdraft
265,139
Manufacturer loan
3,050,849
3,559,325
3,050,849
3,824,464
Payable within one year
508,476
773,615
Payable after one year
2,542,373
3,050,849
The manufacturer loan is a term loan due to BMW Financial Services (GB) Limited. Monthly repayments of £42,373 commenced in 2019 with a final payment of £2,500,000 due in January 2025.
- 25 -
STEPHEN JAMES (AUTOMOTIVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
189,553
110,586
Other
(78,807)
-
Short term timing differences
(32,470)
-
78,276
110,586
2023
Movements in the year:
£
Liability at 1 January 2023
110,586
Credit to profit or loss
(32,310)
Liability at 31 December 2023
78,276
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
529,465
486,316
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
20
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
6,563,000
6,563,000
6,563,000
6,563,000
21
Profit and loss reserves
The profit and loss reserve contains all current and prior period retained profits less any distributions to shareholders.
- 26 -
STEPHEN JAMES (AUTOMOTIVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
22
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
4,100,040
2,977,002
Between two and five years
14,233,174
11,850,802
In over five years
45,799,186
47,085,710
64,132,400
61,913,514
23
Related party transactions
During the year rent paid and other expenses totalling £216,577 (2022 - £214,860) was charged by Big & Red Storage Limited, a company with common directorship.
During the year the company paid rent of £178,658 (2022 - £175,154) to DCMS Holdings Limited, a company with common directorship.
The company is exempt from disclosing related party transactions with companies that are wholly owned within the group.
24
Ultimate controlling party
The ultimate parent company is Hedin Mobility Group AB. The ultimate UK parent company is Hedin Automotive Ltd. The ultimate controlling party is considered to be A Hedin by virtue of his majority voting rights in the ultimate parent company.
- 27 -
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