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Company registration number: 04366797
4FRONT CAR SALES LIMITED
Financial statements
30 April 2024
Pearlman Rose
Chartered Accountants & Statutory Auditors
Suite 1, First Floor
Jack Dash House
2 Lawn House Close
Docklands
London, E14 9YQ
4FRONT CAR SALES LIMITED
Contents
Directors and other information
Strategic report
Director's report
Independent auditor's report to the members
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Notes to the financial statements
4FRONT CAR SALES LIMITED
Directors and other information
Director Mr G D Brown
Company number 04366797
Registered office Suite 1, First Floor
Jack Dash House
2 Lawn House Close
Docklands
London, E14 9YQ
Business address Nursery Lane
Warninglid
Haywards Heath
West Sussex
RH17 5JS
Auditor Pearlman Rose
Chartered Accountants & Statutory Auditors
Suite 1, First Floor
Jack Dash House
2 Lawn House Close
Docklands
London, E14 9YQ
Bankers Barclays Bank plc
167 High Street
Bromley
Kent
BR1 1NL
Solicitors Cook Taylor Woodhouse
68-70 High Street
Eltham
London
SE9 1BZ
4FRONT CAR SALES LIMITED
Strategic report
Year ended 30 April 2024
The Directors present their report for 4 Front Car Sales Ltd for the year ended 30 April 2024.
Principal activities
The principal activity of the Company during the year was that of retail of used motor vehicles. There have been no significant changes in the Company's principal activities during the year and the Directors are not aware at the date of this report, of any likely changes in the Company's activities in the forthcoming year.
Results and performance
The Statement of Comprehensive Income for the year is set out on page 8. The Company's total
comprehensive income for the year of £564,139 (2023: £1,240,104) has been transferred to reserves. The total Shareholders' Funds have increased during the year from £4,457,159 to £5,021,298.
The closure of the London branches have been complete during the year. The company will focus on the core Motor Vehicle product range and carry out all its operation from the West Sussex branch.
Future developments
The Company continues to be well positioned to take advantage of future opportunities in a highly competitive and cost-efficient market. The company has responded with innovation and reorganisation to drive down costs. The company increased sales category of Motor homes which are higher in sales value and generates a good profit margin.
Directors' statutory responsibilities
The Directors are aware of the duties and responsibilities placed upon them by the Companies Acts and therefore they carry out their duties in a way that they consider would be most likely to promote the success of the Company for the benefit of its members, and in doing so have regard to a range of matters when making decisions for the short and long term.
They adhere to the overall policies laid out by the members and to those relating specifically to the Company. Their main responsibilities are:-
1. Setting the values used to guide the affairs of the Company. This includes the Company's commitment to achieving its health and safety goals and the Company's adherence to the highest ethical standards in all its operations sites.
2. Integrating environmental improvement into business plans and strategies and seeking to plant
sustainability into the Company's business processes.
3. Overseeing the Company's compliance with its statutory and regulatory obligations and ensuring that
systems and processes are in place to enable these obligations to be met.
4. Setting the strategy and targets of the Company.
5. Overseeing the Company's compliance with financial reporting and disclosure obligations.
6. Overseeing the risk management of the Company.
7. Ensuring the effective corporate governance of the Company.
Responsibilities during the year
During the year, the Directors set out a plan for their tasks for the ensuing year, which includes a review of strategy, objectives and their implementation, and the review and monitoring of the Company's financial performance. It is the duty of the accounts function to provide the Directors with appropriate, precise, and timely information on the operations and financial performance of the Company.
Risk management and internal control
The Directors acknowledge their responsibility for the Company's system of internal control and for reviewing its effectiveness. The Company's system of internal control is designed to manage any potential operational or financial risks. The Company adopts internal controls appropriate to its business activities and geographical spread and has in place clearly defined lines of responsibility and limits of delegated authority. Comprehensive procedures provide for the appraisal, approval, control, and review of capital expenditure.
Principal risks and uncertainties
The management of the business and the execution of the Company's strategy are subject to several risks. The Company's risk management programme seeks to limit the adverse effects of these factors on the financial performance of company. Information on how the risks specific to the Company arise are set out below, as are the objectives, policies and processes for their management and the methods used to measure each risk. The key business risks and uncertainties affecting the Company include:
The company has some products that are regulated by the FCA. The company ensures it has the resources and controls in place to comply with all the regulatory requirements.
Appropriate risk responses are developed and implemented to mitigate the likelihood and impact of identified risks. The Company adopts a protective and rigorous approach to assessing and mitigating these risks.
Cash flow and liquidity risk
The Company's working capital position is affected by the timing of purchases and sale of stock. The company has facilities in place where the bank finances the purchase of stock. The company maintains good relationship with the bank to ensure such support from the financial institution continues to benefit the company in the forceable future.
This report was approved by the board of directors on 28 June 2024 and signed on behalf of the board by:
Mr G D Brown
Director
4FRONT CAR SALES LIMITED
Director's report
Year ended 30 April 2024
The director presents his report and the financial statements of the company for the year ended 30 April 2024.
Director
The director who served the company during the year was as follows:
Mr G D Brown
Dividends
The director does not recommends the payment of a dividend.
Director's responsibilities statement
The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to:
- select suitable accounting policies and then apply them consistently; and
- make judgments and accounting estimates that are reasonable and prudent.
The director is 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 him 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 28 June 2024 and signed on behalf of the board by:
Mr G D Brown
Director
4FRONT CAR SALES LIMITED
Independent auditor's report to the members of
4FRONT CAR SALES LIMITED
Year ended 30 April 2024
Opinion
We have audited the financial statements of 4FRONT CAR SALES LIMITED (the 'company') for the year ended 30 April 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and notes to the financial statements, including a summary of 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 30 April 2024 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.
Basis for opinion
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 director's 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 director with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the audit:
- the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the director's report has been prepared in accordance with applicable legal requirements.
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 or the director's 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 the returns; or - certain disclosures of director's 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
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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. 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: * enquiry of management about the company's policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance; * examining supporting documents for all material balances, transactions and disclosures; * review of the board meeting minutes; * enquiry of management and review and inspection of relevant correspondence; * evaluation of the selection and application of accounting policies related to subjective measurements and complex transactions; * analytical procedures to identify any unusual or unexpected relationships; * testing the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements; and * testing the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements; and * review of accounting estimates for biases. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our 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 auditors 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.
Mohammad Jilani (Senior Statutory Auditor)
For and on behalf of
Pearlman Rose
Chartered Accountants & Statutory Auditors
Suite 1, First Floor
Jack Dash House
2 Lawn House Close
Docklands
London, E14 9YQ
29 June 2024
4FRONT CAR SALES LIMITED
Statement of comprehensive income
Year ended 30 April 2024
2024 2023
Note £ £
Turnover 4 16,916,777 25,223,652
Cost of sales ( 15,558,514) ( 22,809,538)
_______ _______
Gross profit 1,358,263 2,414,114
Administrative expenses ( 794,124) ( 1,174,010)
_______ _______
Operating profit 5 564,139 1,240,104
Profit before taxation 564,139 1,240,104
Tax on profit 7 ( 146,174) ( 245,971)
_______ _______
Profit for the financial year and total comprehensive income 417,965 994,133
_______ _______
All the activities of the company are from continuing operations.
4FRONT CAR SALES LIMITED
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 9 1 1
Tangible assets 10 100,897 121,738
_______ _______
100,898 121,739
Current assets
Stocks 11 6,519,081 6,137,979
Debtors 12 84,012 74,882
Cash at bank and in hand 726 271,733
_______ _______
6,603,819 6,484,594
Creditors: amounts falling due
within one year 14 ( 1,829,593) ( 2,149,174)
_______ _______
Net current assets 4,774,226 4,335,420
_______ _______
Total assets less current liabilities 4,875,124 4,457,159
_______ _______
Net assets 4,875,124 4,457,159
_______ _______
Capital and reserves
Called up share capital 16 1,000 1,000
Share premium account 538,932 538,932
Profit and loss account 4,335,192 3,917,227
_______ _______
Shareholders funds 4,875,124 4,457,159
_______ _______
These financial statements were approved by the board of directors and authorised for issue on 28 June 2024 , and are signed on behalf of the board by:
Mr G D Brown
Director
Company registration number: 04366797
4FRONT CAR SALES LIMITED
Statement of changes in equity
Year ended 30 April 2024
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 1 May 2022 1,000 538,932 2,923,094 3,463,026
Profit for the year 994,133 994,133
_______ _______ _______ _______
Total comprehensive income for the year - - 994,133 994,133
_______ _______ _______ _______
At 30 April 2023 and 1 May 2023 1,000 538,932 3,917,227 4,457,159
Profit for the year 417,965 417,965
_______ _______ _______ _______
Total comprehensive income for the year - - 417,965 417,965
_______ _______ _______ _______
At 30 April 2024 1,000 538,932 4,335,192 4,875,124
_______ _______ _______ _______
4FRONT CAR SALES LIMITED
Statement of cash flows
Year ended 30 April 2024
2024 2023
Note £ £
Cash flows from operating activities
Profit for the financial year 417,965 994,133
Adjustments for:
Depreciation of tangible assets 22,645 23,513
Tax on profit 146,174 245,971
Accrued expenses/(income) ( 750) -
Changes in:
Stocks ( 381,102) ( 149,010)
Trade and other debtors ( 9,130) 30,966
Trade and other creditors ( 239,888) 200,570
_______ _______
Cash generated from operations ( 44,086) 1,346,143
Tax paid ( 245,971) ( 234,906)
_______ _______
Net cash (used in)/from operating activities ( 290,057) 1,111,237
_______ _______
Cash flows from investing activities
Purchase of tangible assets ( 1,804) ( 1,437)
_______ _______
Net cash used in investing activities ( 1,804) ( 1,437)
_______ _______
Cash flows from financing activities
Proceeds from borrowings ( 268,450) ( 1,026,197)
_______ _______
Net cash used in financing activities ( 268,450) ( 1,026,197)
_______ _______
Net increase/(decrease) in cash and cash equivalents ( 560,311) 83,603
Cash and cash equivalents at beginning of year 13 268,655 185,052
_______ _______
Cash and cash equivalents at end of year 13 ( 291,656) 268,655
_______ _______
4FRONT CAR SALES 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 United Kingdom. The address of the registered office is Suite 1, First Floor, Jack Dash House, 2 Lawn House Close, Docklands, London, E14 9YQ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and 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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - Acquired goodwill is written off in equal annual instalments over its estimated useful economic life
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Long leasehold property - 15 years straight line
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 22,645 23,513
Operating lease rentals 234,000 283,153
Fees payable for the audit of the financial statements 9,350 9,350
_______ _______
6. Staff costs
The average number of persons employed by the company during the year, including the director, amounted to:
2024 2023
Administrative staff 2 3
_______ _______
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 57,586 94,818
Social security costs 460 1,864
Other pension costs 1,835 1,405
_______ _______
59,881 98,087
_______ _______
7. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 146,174 245,971
_______ _______
Tax on profit 146,174 245,971
_______ _______
8. Earnings per share
Basic earnings/(loss) per share
The earnings/(loss) and weighted average number of shares used in the calculation of basic earnings/(loss) per share are as follows:
2024 2023
£ £
Profit for the year attributable to the owners of the company 417,965 994,133
_______ _______
Diluted earnings/(loss) per share
The earnings/(loss) and weighted average number of shares used in the calculation of diluted earnings/(loss) per share are as follows:
2024 2023
£ £
Earnings/(loss) used in calculation of basic earnings/(loss) per share 417,965 994,133
_______ _______
9. Intangible assets
Goodwill Total
£ £
Cost
At 1 May 2023 and 30 April 2024 1,053,000 1,053,000
_______ _______
Amortisation
At 1 May 2023 and 30 April 2024 1,052,999 1,052,999
_______ _______
Carrying amount
At 30 April 2024 1 1
_______ _______
At 30 April 2023 1 1
_______ _______
10. Tangible assets
Short leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 May 2023 238,869 310,283 549,152
Additions - 1,804 1,804
_______ _______ _______
At 30 April 2024 238,869 312,087 550,956
_______ _______ _______
Depreciation
At 1 May 2023 160,135 267,279 427,414
Charge for the year 15,924 6,721 22,645
_______ _______ _______
At 30 April 2024 176,059 274,000 450,059
_______ _______ _______
Carrying amount
At 30 April 2024 62,810 38,087 100,897
_______ _______ _______
At 30 April 2023 78,734 43,004 121,738
_______ _______ _______
11. Stocks
2024 2023
£ £
Stocks 6,519,081 6,137,979
_______ _______
Stocks comprise used motor vehicles held for re-sale.
12. Debtors
2024 2023
£ £
Trade debtors 23,200 21,200
Prepayments and accrued income 60,812 53,682
_______ _______
84,012 74,882
_______ _______
13. Cash and cash equivalents
2024 2023
£ £
Cash at bank and in hand 726 271,733
Bank overdrafts ( 292,382) ( 3,078)
_______ _______
( 291,656) 268,655
_______ _______
14. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 292,382 3,078
Trade creditors 156,038 387,893
Accruals and deferred income 15,350 16,100
Corporation tax 146,174 245,971
Social security and other taxes 90,711 98,867
Director loan accounts 1,128,549 1,396,999
Other creditors 389 266
_______ _______
1,829,593 2,149,174
_______ _______
15. Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £ 1,835 (2023: £ 1,405 ).
16. Called up share capital
17. Analysis of changes in net debt
At 1 May 2023 Cash flows At 30 April 2024
£ £ £
Cash and cash equivalents 271,733 (271,007) 726
Bank overdrafts (3,078) (289,304) (292,382)
Debt due within one year (1,396,999) 268,450 (1,128,549)
_______ _______ _______
( 1,128,344) ( 291,861) ( 1,420,205)
_______ _______ _______
18. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr G D Brown ( 1,396,999) - 268,450 ( 1,128,549)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr G D Brown ( 1,221,199) ( 175,800) - ( 1,396,999)
_______ _______ _______ _______
A guarantee limited to £325,000 from the director Mr G Brown is provided to the bank supported by a legal charge over his properties.
19. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Mr G Brown 234,000 234,000 - -
_______ _______ _______ _______
The company rents premises owned by the director Mr G Brown.
20. Controlling party
The company is 100% controlled by Mr. G D Brown