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COMPANY REGISTRATION NUMBER: 01013843
The Dearnside Motor Company Limited
Filleted Financial Statements
For the year ended
30 April 2024
The Dearnside Motor Company Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
6,968,646
6,814,759
Current assets
Stocks
101,256
85,607
Debtors
5
387,037
409,977
Cash at bank and in hand
482,369
194,029
---------
---------
970,662
689,613
Creditors: amounts falling due within one year
6
827,977
1,003,453
---------
------------
Net current assets/(liabilities)
142,685
( 313,840)
------------
------------
Total assets less current liabilities
7,111,331
6,500,919
Provisions
Taxation including deferred tax
884,928
880,450
------------
------------
Net assets
6,226,403
5,620,469
------------
------------
The Dearnside Motor Company Limited
Statement of Financial Position (continued)
30 April 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
5,000
5,000
Revaluation reserve
3,995,999
3,846,135
Profit and loss account
2,225,404
1,769,334
------------
------------
Shareholders funds
6,226,403
5,620,469
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 30 January 2025 , and are signed on behalf of the board by:
S R Sejpal
Director
Company registration number: 01013843
The Dearnside Motor Company Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit B1 Anglo House, Bell Lane Office Village, Bell Lane, Amersham, HP6 6FA, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty Valuation of property The properties held within tangible fixed assets did have external valuations in the year and were valued using the FMOP multiple method. Depreciation on freehold building The company recognises depreciation at 2% straight line on its freehold buildings used in the business. The land value attributed to the company's properties has been estimated at 10%, therefore depreciation is only charged on the remaining 90% which is the estimated cost of the building. This estimate is based on the expected value of the land element of the property based on the remedial work required and restrictions on development meaning the inherent value is significantly less than that of the building Deferred tax Deferred tax is calculated at the expected future tax rate. Tax rates are subject to change and thus this estimate is subject to change in future periods.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
20% and 25% straight line
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 cashgenerating unit to which the asset belongs.
Stocks
The stock figure per the accounts is comprised of wet stock, i.e. fuel. Wet stock is valued at the most recent purchase cost, based on prevailing fuel prices at the year end. 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
4. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost or valuation
At 1 May 2023
6,947,300
545,433
7,492,733
Additions
6,000
6,000
Revaluations
12,700
12,700
------------
---------
------------
At 30 April 2024
6,960,000
551,433
7,511,433
------------
---------
------------
Depreciation
At 1 May 2023
137,164
540,810
677,974
Charge for the year
1,977
1,977
Revaluations
( 137,164)
( 137,164)
------------
---------
------------
At 30 April 2024
542,787
542,787
------------
---------
------------
Carrying amount
At 30 April 2024
6,960,000
8,646
6,968,646
------------
---------
------------
At 30 April 2023
6,810,136
4,623
6,814,759
------------
---------
------------
The freehold properties were valued by external valuers, Avison Young, within the year using the FMOP multiple method. Freehold property is carried at valuation. If freehold property was measured using the cost model, the carrying amounts would have been approximately £2,048,814 (2023: £2,089,623), being cost £2,309,550 (2023: £2,309,550) and depreciation £260,736 (2023: £219,927).
5. Debtors
2024
2023
£
£
Trade debtors
249,365
275,180
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,830
Other debtors
134,842
134,797
---------
---------
387,037
409,977
---------
---------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
605,954
456,255
Amounts owed to group undertakings and undertakings in which the company has a participating interest
364,115
Social security and other taxes
167,766
146,116
Other creditors
54,257
36,967
---------
------------
827,977
1,003,453
---------
------------
7. Other financial commitments
The bank loans held by the parent company are secured over one of the properties of the company and other properties of the parent company, as well as by a cross-guarantee given by the company and the parent company for these bank loans. At 30 April 2024 the loans in Platinum Retail Limited financial statements for which The Dearnside Motor Company Limited have agreed to an omnibus guarantee and set off agreement amounted to £35.3m (2023: £22.3m).
8. Summary audit opinion
The auditor's report dated 31 January 2025 was unqualified .
The senior statutory auditor was Jonathan Day , for and on behalf of Streets Audit LLP .
9. Directors' advances, credits and guarantees
During the year, the company advanced a loan to the directors amounting to £52,250 which was the balance outstanding at the year end and the maximum outstanding balance. interest of £2,500 was paid and the loan balance was repaid after the year end.
10. Controlling party
The ultimate parent undertaking is Platinum Retail Limited, a company incorporated in the United Kingdom, whose registered address is Unit B1, Anglo House, Bell Lane Office Village, Bell Lane, Amersham, HP6 6FA . The ultimate controlling party is S R Sejpal The results of the company are included in the consolidated accounts of Platinum Retail Limited, which are publicly available from Companies House.