21 21 Minerest Motors Limited 01326285 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is new and used car dealer and repair service Digita Accounts Production Advanced 6.30.9574.0 true 01326285 2023-05-01 2024-04-30 01326285 2024-04-30 01326285 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-04-30 01326285 core:CurrentFinancialInstruments 2024-04-30 01326285 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 01326285 core:FurnitureFittingsToolsEquipment 2024-04-30 01326285 core:LandBuildings 2024-04-30 01326285 1 2024-04-30 01326285 bus:SmallEntities 2023-05-01 2024-04-30 01326285 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 01326285 bus:FilletedAccounts 2023-05-01 2024-04-30 01326285 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 01326285 bus:RegisteredOffice 2023-05-01 2024-04-30 01326285 bus:Director3 2023-05-01 2024-04-30 01326285 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-05-01 2024-04-30 01326285 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 01326285 core:Buildings 2023-05-01 2024-04-30 01326285 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 01326285 core:Land 2023-05-01 2024-04-30 01326285 core:LandBuildings 2023-05-01 2024-04-30 01326285 core:LeaseholdImprovements 2023-05-01 2024-04-30 01326285 core:PlantMachinery 2023-05-01 2024-04-30 01326285 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-05-01 2024-04-30 01326285 1 2023-05-01 2024-04-30 01326285 1 2023-05-01 2024-04-30 01326285 countries:EnglandWales 2023-05-01 2024-04-30 01326285 2023-04-30 01326285 core:FurnitureFittingsToolsEquipment 2023-04-30 01326285 core:LandBuildings 2023-04-30 01326285 2022-05-01 2023-04-30 01326285 2023-04-30 01326285 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-04-30 01326285 core:CurrentFinancialInstruments 2023-04-30 01326285 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 01326285 core:FurnitureFittingsToolsEquipment 2023-04-30 01326285 core:LandBuildings 2023-04-30 01326285 1 2023-04-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 01326285

Minerest Motors Limited

trading as Loughborough Kia and Albar Autos

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Minerest Motors Limited

trading as Loughborough Kia and Albar Autos

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Minerest Motors Limited

trading as Loughborough Kia and Albar Autos

(Registration number: 01326285)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

289,308

249,601

Current assets

 

Stocks

2,509,828

2,304,793

Debtors

6

585,169

526,392

Cash at bank and in hand

 

436,861

554,002

 

3,531,858

3,385,187

Creditors: Amounts falling due within one year

7

(2,119,795)

(1,969,527)

Net current assets

 

1,412,063

1,415,660

Total assets less current liabilities

 

1,701,371

1,665,261

Provisions for liabilities

(33,882)

(25,596)

Net assets

 

1,667,489

1,639,665

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

1,666,489

1,638,665

Shareholders' funds

 

1,667,489

1,639,665

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 January 2025 and signed on its behalf by:
 

.........................................
Mr O D Johnson
Director

 

Minerest Motors Limited

trading as Loughborough Kia and Albar Autos

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
177 Leicester Road
Mountsorrel
Leicestershire
LE12 7DB

These financial statements were authorised for issue by the Board on 29 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

 

Minerest Motors Limited

trading as Loughborough Kia and Albar Autos

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% straight line basis

Freehold land

freehold land is not depreciated

Vehicles, plant and machinery

10%, 15% & 25% straight line basis

Improvements to leasehold property

10% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Minerest Motors Limited

trading as Loughborough Kia and Albar Autos

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

The Directors have considered the terms of the Kia manufacturer's consignment stocking agreements with specific reference to those terms that have a significant bearing on the allocation of risks and rewards of ownership between the company and the manufacturer. These terms include the company's ability to return stock to the manufacturer without penalty, the manufacturer's ability to reallocate stocks to third parties and the point in time at which the consideration payable on adoption of the stock is determined. Where, based on this assessment, the Directors consider that the substance of the manufacturer's consignment stocking agreement is such that the risks and rewards of ownership are substantially transferred to the company, the stocks are recognised on the balance sheet and the corresponding liability to the manufacturer is included within creditors. In all other circumstances the consignment stocks and corresponding liability are not recognised on the balance sheet.

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Minerest Motors Limited

trading as Loughborough Kia and Albar Autos

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2023 - 21).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

26,777

19,124

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 May 2023

227,715

291,677

519,392

Additions

-

70,237

70,237

Disposals

-

(72,086)

(72,086)

At 30 April 2024

227,715

289,828

517,543

Depreciation

At 1 May 2023

112,831

156,960

269,791

Charge for the year

3,901

22,877

26,778

Eliminated on disposal

-

(68,334)

(68,334)

At 30 April 2024

116,732

111,503

228,235

Carrying amount

At 30 April 2024

110,983

178,325

289,308

At 30 April 2023

114,884

134,717

249,601

Included within the net book value of land and buildings above is £110,983 (2023 - £114,883) in respect of freehold land and buildings and £Nil (2023 - £Nil) in respect of short leasehold land and buildings.
 

 

Minerest Motors Limited

trading as Loughborough Kia and Albar Autos

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

124,172

126,629

Prepayments

78,571

52,295

Other debtors

382,426

347,468

 

585,169

526,392

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Other loans

9

1,781,695

1,684,151

Trade creditors

 

229,735

156,313

Taxation and social security

 

2,475

16,206

Accruals and deferred income

 

12,120

24,506

Other creditors

 

93,770

88,351

 

2,119,795

1,969,527

Creditors include loans which are secured of £1,781,695 (2023 - £1,684,151). Security in respect of these creditors is detailed in note 9.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

       
 

Minerest Motors Limited

trading as Loughborough Kia and Albar Autos

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other loans

1,781,695

1,684,151

Loan borrowings

The loan is denominated in sterling with an interest rate of 2% over the finance house base rate. The carrying amount at year end is £1,781,695 (2023 - £1,684,151).

Demonstrator, courtesy and rental vehicles are financed by Hyundai Capital UK Ltd and the finance is secured against the vehicles held in stock. Included within loans and borrowings is an amount of £1,781,695 (2023 - £1,684,151) in respect of this stock.

10

Related party transactions

Summary of transactions with all entities with joint control or significant interest

Three of the directors of the company, Mr CF Johnson (also sole shareholder of the company), Mrs PM Johnson and Mr OD Johnson are directors and joint shareholders of CTO Property Ltd. Monies have been loaned by the company to CTO Property Ltd on an interest free basis. Also the company leases premises at Belton Road, Loughborough from CTO Property Ltd, whom partly own the property and an annual rental is paid of £35,304 (2023 - £35,304). The premises at Belton Road, Loughborough are partly owned by CTO Property Ltd, the other joint owners of that property are TM Trustees Ltd and Mr CF Johnson as trustees of the Talbot and Muir SIPP of Mr CF Johnson and an annual rental is paid of £44,696 (2023 - £44,696).
The balance owed to the company by CTO Property Ltd at 30 April 2024 was £340,694 (2023 - £344,629).
The company also rents property at 182 Loughborough Road, Mountsorrel from Mr CF Johnson and Mr OD Johnson and an annual rental is paid of £19,000 (2023 - £19,000).

11

Non adjusting events after the financial period

On 24 December 2024 the company sold the trade and assets (including vehicles and parts stock) of its Loughborough Kia site at Belton Road, Loughborough. All employees other than directors were transferred across to the buyers who will take this segment of the business forward. The company will continue to trade from its Mountsorrel site at 177 Leicester Road, Mountsorrel but will no longer operate a Kia franchise business.