Company Registration No. 00691558 (England and Wales)
Clevedon Garages Limited
Financial statements
for the year ended 30 April 2024
Pages for filing with the registrar
Clevedon Garages Limited
Company information
Directors
Stephen Day
Alison Skedd
Alistair Packwood
Secretary
Zoe Day
Company number
00691558
Registered office
Tickenham Road
Clevedon
North Somerset
BS21 6AB
Independent auditors
Saffery LLP
St Catherine's Court
Berkeley Place
Clifton
Bristol
BS8 1BQ
Clevedon Garages Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
Clevedon Garages Limited
Statement of financial position
As at 30 April 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
290,736
305,041
Current assets
Stocks
3,058,552
2,348,327
Debtors
4
486,919
152,837
Cash at bank and in hand
779
1,550
3,546,250
2,502,714
Creditors: amounts falling due within one year
5
(3,313,956)
(2,366,146)
Net current assets
232,294
136,568
Total assets less current liabilities
523,030
441,609
Provisions for liabilities
(69,210)
(68,821)
Net assets
453,820
372,788
Capital and reserves
Called up share capital
6
320
320
Capital redemption reserve
280
280
Profit and loss reserves
453,220
372,188
Total equity
453,820
372,788

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 22 January 2025 and are signed on its behalf by:
Stephen Day
Director
Company Registration No. 00691558
Clevedon Garages Limited
Notes to the financial statements
For the year ended 30 April 2024
2
1
Accounting policies
Company information

Clevedon Garages Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tickenham Road, Clevedon, North Somerset, BS21 6AB.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

This 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:

 

 

The financial statements of the company are consolidated in the financial statements of C G Holdings Limited. These consolidated financial statements are available from its registered office, Tickenham Road, Clevedon, North Somerset, BS21 6AB.

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 amounts receivable for the sale of new Ford and Mazda cars and used cars of any franchise, mechanical repairs, servicing, tyre replacements, MOTs and body work repairs all net of VAT.
Clevedon Garages Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
3
1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation 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:

Leasehold improvements
10 - 20% straight line
Plant and machinery
10 - 20% straight line
Fixtures and fittings
20 - 33% straight line
Computer equipment
20 - 33% 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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
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 borrowings in current liabilities.

Clevedon Garages Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
4
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, 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. The impairment loss 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.

Basic financial liabilities

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. 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. Accounts payable are classified as 'creditors: amounts falling due within one year' if payment is due within one year or less. If not, they are presented as 'creditors: amounts falling due after more than one year'. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
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.

Clevedon Garages Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
5
1.10
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 income statement 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.

1.11
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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

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.

1.12
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. The assets of the scheme are held separately from those of the company. Contributions payable are charged to the profit and loss account in the year they are payable.
1.13
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 except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
27
26
Clevedon Garages Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
6
3
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 May 2023
374,693
497,200
63,668
162,599
1,098,160
Additions
-
0
35,376
6,703
4,193
46,272
Disposals
(157,973)
(92,414)
(21,571)
(94,621)
(366,579)
At 30 April 2024
216,720
440,162
48,800
72,171
777,853
Depreciation and impairment
At 1 May 2023
315,523
281,635
53,929
142,032
793,119
Depreciation charged in the year
13,030
35,708
2,802
8,045
59,585
Eliminated in respect of disposals
(157,973)
(92,414)
(21,571)
(93,629)
(365,587)
At 30 April 2024
170,580
224,929
35,160
56,448
487,117
Carrying amount
At 30 April 2024
46,140
215,233
13,640
15,723
290,736
At 30 April 2023
59,170
215,565
9,739
20,567
305,041
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
310,586
50,354
Other debtors
176,333
102,483
486,919
152,837
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
546,653
158,517
Demonstrator and stocking loans
987,545
844,727
Trade creditors
1,512,478
775,400
Amounts owed to group undertakings
29,013
328,773
Corporation tax
26,822
5,295
Other taxation and social security
26,124
94,042
Other creditors
185,321
159,392
3,313,956
2,366,146
Clevedon Garages Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
7
6
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
320 Ordinary shares of £1 each
320
320

The ordinary shares have full voting rights amongst shareholders. To the extent that the company has distributable profits for distribution in any financial year, such profits shall be distributed amongst the shareholder as states in the Articles of Association (including on winding up).

7
Financial commitments, guarantees and contingent liabilities

National Westminster Bank plc holds a cross guarantee between C G Holdings Limited, the parent company, and Clevedon Garages Limited.

 

Ford Credit Europe plc holds a legal charge dated 16 May 2000 executed by C G Holdings Limited over the land and premises at the north side and fronting Tickenham Road, Clevedon, and a floating charge over all plant, machinery, furniture and equipment placed or used on this land and premises, in support of borrowings by Clevedon Garages Limited.

 

Santander Consumer (UK) plc holds a guarantee dated February 2019 with C G Holdings Limited, to guarantee all monies and liabilities due to Santander Consumer (UK) plc in connection with facilities provided to Clevedon Garages Limited.

8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
276,300
276,300
Between two and five years
866,600
929,900
In over five years
1,048,333
1,248,750
2,191,233
2,454,950
9
Related party transactions

The company has taken advantage of the exemption under section 33 of FRS 102 'related party disclosures' whereby it has not disclosed any transactions with the parent entity on the basis that it is a wholly owned subsidiary.

 

The company rents property from C G Holdings Executive Pension Scheme of which a director and shareholder is a trustee. Rent of £68,500 (2023: £68,500) has been charged in the year, of which £nil remained unpaid at the year end (2023: £nil).

 

Clevedon Garages Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
8
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was David Sedgwick and the auditor was Saffery LLP.
11
Parent company

The ultimate controlling party is Stephen Day, the majority shareholder and a director of the ultimate parent company, C G Holdings Limited, a company registered in England and Wales. Consolidated accounts can be requested from the registered office Tickenham Road, Clevedon, Avon, BS21 6AB.

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