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REGISTERED NUMBER: 05199857 (England and Wales)












GARLAND MOTORS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






GARLAND MOTORS LIMITED (REGISTERED NUMBER: 05199857)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GARLAND MOTORS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: M A Mills-Goodlet



REGISTERED OFFICE: 43 St Cross Road
Winchester
Hampshire
SO23 9PU



REGISTERED NUMBER: 05199857 (England and Wales)



BANKERS: National Westminster Bank
105 High Street
Winchester
Hampshire
SO23 9AH

GARLAND MOTORS LIMITED (REGISTERED NUMBER: 05199857)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £ £
FIXED ASSETS
Tangible assets 4 914,823 977,123

CURRENT ASSETS
Stocks 5 2,663,850 3,339,232
Debtors 6 502,653 743,086
Cash at bank 7,816 179,016
3,174,319 4,261,334
CREDITORS
Amounts falling due within one year 7 (4,102,870 ) (3,673,149 )
NET CURRENT (LIABILITIES)/ASSETS (928,551 ) 588,185
TOTAL ASSETS LESS CURRENT
LIABILITIES

(13,728

)

1,565,308

CREDITORS
Amounts falling due after more than one year 8 - (1,029,671 )

PROVISIONS FOR LIABILITIES 11 - (53,807 )
NET (LIABILITIES)/ASSETS (13,728 ) 481,830

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (13,729 ) 481,829
SHAREHOLDERS' FUNDS (13,728 ) 481,830

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 January 2025 and were signed by:





M A Mills-Goodlet - Director


GARLAND MOTORS LIMITED (REGISTERED NUMBER: 05199857)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Garland Motors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's business addresses are 15 Blackwater Way, Ash Road, Aldershot, Hampshire, GU12 4DN and 20 Waterloo Road, Aldershot, Hampshire, GU12 4NU.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards 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 £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Going concern
At the balance sheet date, the company had net liabilities and is dependent on the support from its parent company. The directors of the parent company have given their assurance that this support will continue for the foreseeable future. As such, the financial statements have been prepared on a going concern basis.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax. Vehicle sales are recognised when an agreement is made between the company and the customer to sell a vehicle. Parts, servicing and body shop sales are recognised when the goods are physically despatched or the service physically performed for the customer. Rental sales are recognised evenly over the rental period.

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 calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Freehold property 2-5% Straight line
Short leaseholdOver the length of the lease
Plant and machinery 20-25% Straight line

No depreciation is provided on freehold land.

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 recognised in the income statement.

GARLAND MOTORS LIMITED (REGISTERED NUMBER: 05199857)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated as follows:

Car stocks Purchase price
Parts and accessories Average purchase price

The company operates a consignment stock arrangement with Skoda Auto. The terms of the arrangement are such that after an initial interest free period, the risks and benefits associated with the stock are transferred to the company and accordingly, this has been included in the balance sheet as new vehicle stock and the corresponding liability included within the creditors falling due within one year.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

Leasing commitments
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The contributions payable are charged to the Profit and Loss Account in the period to which they relate.

GARLAND MOTORS LIMITED (REGISTERED NUMBER: 05199857)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

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

Basic financial assets, which include trade and other receivables 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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, 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.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 49 (2023 - 47 ) .

4. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery Totals
£ £ £ £
COST
At 1 May 2023 858,871 462,798 369,475 1,691,144
Additions - - 23,677 23,677
At 30 April 2024 858,871 462,798 393,152 1,714,821
DEPRECIATION
At 1 May 2023 159,480 268,385 286,156 714,021
Charge for year 9,948 39,768 36,261 85,977
At 30 April 2024 169,428 308,153 322,417 799,998
NET BOOK VALUE
At 30 April 2024 689,443 154,645 70,735 914,823
At 30 April 2023 699,391 194,413 83,319 977,123

Included in cost of land and buildings is freehold land of £ 450,000 (2023 - £ 450,000 ) which is not depreciated.

GARLAND MOTORS LIMITED (REGISTERED NUMBER: 05199857)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


5. STOCKS
2024 2023
£ £
Vehicle stocks 2,550,660 3,242,617
Parts stock 113,190 96,615
2,663,850 3,339,232

The value of consignment stocks included within vehicle stocks at the balance sheet date is £386,993 (2023: £900,869).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 354,056 612,634
Other debtors 148,597 130,452
502,653 743,086

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 749,132 1,401,975
Amounts owed to group undertakings 1,192,423 -
Taxation and social security 48,023 157,545
Other creditors 2,113,292 2,113,629
4,102,870 3,673,149

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Amounts owed to group undertakings - 1,029,671

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 135,000 135,000
Between one and five years 540,000 540,000
In more than five years 537,780 673,300
1,212,780 1,348,300

GARLAND MOTORS LIMITED (REGISTERED NUMBER: 05199857)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Stock vehicle funding 2,431,555 2,923,708

The stock vehicle funding balance is secured over the vehicles to which it relates.

11. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax - 53,807

Deferred tax
£
Balance at 1 May 2023 53,807
Accelerated Capital Allowances (9,059 )
Tax losses (44,748 )
Balance at 30 April 2024 -

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Tom Young FCA (Senior Statutory Auditor)
for and on behalf of Hopper Williams & Bell Limited

13. RELATED PARTY DISCLOSURES

In accordance with FRS 102, intercompany transactions have not been disclosed as Garland Motors Limited is a 100% subsidiary of Winchester Motor Company Limited.

14. ULTIMATE CONTROLLING PARTY

Winchester Motor Company Limited, a company incorporated in England & Wales, is the ultimate parent, for which consolidated accounts including Garland Motors Limited are prepared. These accounts are available from its registered office, 43 St Cross Road, Winchester, Hampshire, SO23 9PU.