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REGISTERED NUMBER: 08038788 (England and Wales)






















Right Car Holdings (UK) Limited

Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 31st May 2024






Right Car Holdings (UK) Limited (Registered number: 08038788)






Contents of the Consolidated Financial Statements
for the year ended 31st May 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


Right Car Holdings (UK) Limited

Company Information
for the year ended 31st May 2024







DIRECTOR: Mrs E M Kamis



SECRETARY: M P Jackson



REGISTERED OFFICE: Beck View Road
Beverley
East Yorkshire
HU17 0JT



REGISTERED NUMBER: 08038788 (England and Wales)



AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
HU2 8BA



BANKERS: National Westminster Bank Plc
60 Market Place
Beverley
East Yorkshire
HU17 8AH

Right Car Holdings (UK) Limited (Registered number: 08038788)

Group Strategic Report
for the year ended 31st May 2024

The directors present their strategic report of the company and of the group for the year ended 31st May 2024.

BUSINESS REVIEW
The group's main business activities are conducted through The Right Car (UK) Limited. This company traded throughout the year retailing motor vehicles from five separate locations. The Right Car (UK) Limited traded as a Renault dealer at the Hull, Grimsby and Louth sites and as a Ford dealer from the Beverley site. Two mobility retail operations, and a motorcycle retail operation traded throughout the year. The performance of the after-sales department continued to improve through greater efficiency and improved marketing of the customer database. The after-sales department continues to undertake warranty work and pre-delivery preparation at market rates.

KEY PERFORMANCE INDICATORS

2024 2023 2022 2021 2020
£    £    £    £    £   
Turnover 72,818,173 63,783,404 61,550,569 51,392,070 39,302,218
Gross profit 6,369,983 5,399,745 5,786,586 5,033,991 3,836,777

FUTURE OUTLOOK AND STRATEGY
The group's financial strength and low cost base mean that it is in a strong strategic position to grow market share, both naturally and through acquisition. The director believes that opportunities to acquire additional sites will arise, given the current market conditions. The group has plans to open a new customer call centre in the near future.

The profitability of the business in the short to medium term may be influenced by outside factors, both political and economic. Consumer confidence, interest rates, fuel costs and environmental factors will affect the market in the coming year. The availability of finance and underwriting criteria will also affect future performance as well as the changes currently taking place within the Financial Conduct Authority.

PRINCIPAL RISKS AND UNCERTAINTIES
The group relies on the availability of used cars fitting the desired stock profile. Any shortages in supply would impact on the group's financial performance. Such a shortage may be caused by a downturn in the economy leading to fewer new cars being registered. This risk is, however mitigated through the new franchise agreements.

FINANCIAL INSTRUMENTS
Creditor liquidity risk is managed by ensuring sufficient funds are available to meet payments as they fall due.

CHARITABLE DONATIONS
During the year the group made charitable donations totalling £500 (2023 £nil).


Right Car Holdings (UK) Limited (Registered number: 08038788)

Group Strategic Report
for the year ended 31st May 2024

SECTION 172(1) STATEMENT
The directors have considered the matters set out in section 172 (1) (a) to (f) when performing their duty to promote the success of the group. The directors continues to ensure that any business decisions consider the long-term impact on all key stakeholders. This includes when evaluating acquisition and growth opportunities. Environmental issues continue to be a major focus of the business and are a key consideration in its strategy. In addition, the directors consider the group's employees, suppliers and customers to be integral to its continued success. The directors have reported on engagement with employees, suppliers, customers and others within the Report of the Directors. Environmental issues continue to be a major focus of the group and a key consideration as it compiles its strategy.

ON BEHALF OF THE BOARD:




Mrs E M Kamis - Director


25th February 2025

Right Car Holdings (UK) Limited (Registered number: 08038788)

Report of the Director
for the year ended 31st May 2024

The directors present their report with the consolidated financial statements for the year ended 31st May 2024.

DIVIDENDS
Interim dividends of £75,000 were paid during the year (2023 £650,000). The directors recommend that no final dividend be paid.

DIRECTORS
S A Kamis held office during from 1st June 2023 until after 31st May 2024 but prior to the date of this report.
E. M. Kamis held office during the whole of the period from 1st June 2024 to the date of this report.

EMPLOYEE INVOLVEMENT
The directors believe that all employees should be kept informed about the development and performance of the business. This has been achieved through internal media methods and regular meetings which are held between local management and employees to allow a free flow of information and ideas.

ENGAGEMENT WITH EMPLOYEES
The directors make use of senior management throughout the group to ensure that all employees are kept up to date with key and relevant information. Each group location consults its employees as necessary when making material decisions which may affect them. Employees are encouraged to have an interest in the performance of the company and a general awareness of the group's performance.

DISABLED EMPLOYEES
The group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a disabled person. Where existing employees become disabled, it is the group's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
The directors continuously consider key stakeholder relationships and develops them through ongoing support from all employees. The group considers relationships with customers and suppliers on a group-wide and local level and maintains strong relationships with all parties.

STREAMLINED ENERGY AND CARBON REPORTING
The company consumes less than 40,000 kWh of energy each year, therefore energy efficiency disclosures under the Streamlined Energy and Carbon Reporting regulations ("SECR") are not included. On a consolidated basis there is no additional disclosure on the basis that all subsidiary companies are not required to report under the SECR in their own right due to either being non- large companies or consuming less than 40,000 kWh of energy annually.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director 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 she is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


Right Car Holdings (UK) Limited (Registered number: 08038788)

Report of the Director
for the year ended 31st May 2024

STATEMENT OF DIRECTOR'S RESPONSIBILITIES - continued
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs E M Kamis - Director


25th February 2025

Report of the Independent Auditors to the Members of
Right Car Holdings (UK) Limited

Opinion
We have audited the financial statements of Right Car Holdings (UK) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st May 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement 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 Financial Reporting Standard 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 group's and of the parent company affairs as at 31st May 2024 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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 this gives rise to a material misstatement in the financial statements themselves. 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Right Car Holdings (UK) Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and 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 director
As explained more fully in the Statement of Director's Responsibilities set out on pages four and five, 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 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 group's and the parent 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 group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

Report of the Independent Auditors to the Members of
Right Car Holdings (UK) Limited


To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with relevant regulators and legal advisors.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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 Report of the Auditors.

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 a Report of the Auditors 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.




Michael Stocks ACA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
HU2 8BA

25th February 2025

Right Car Holdings (UK) Limited (Registered number: 08038788)

Consolidated Income Statement
for the year ended 31st May 2024

2024 2023
Notes £    £    £    £   

TURNOVER 72,818,173 63,783,404

Cost of sales 66,448,190 58,383,659
GROSS PROFIT 6,369,983 5,399,745

Administrative expenses 3,257,059 3,342,142
3,112,924 2,057,603

Other operating income 1,526,368 1,472,808
OPERATING PROFIT 4 4,639,292 3,530,411

Property revaluations 5 2,497,946 -
7,137,238 3,530,411

Income from shares in group
undertakings

-

17,250
Interest receivable and similar income 96,782 13,883
96,782 31,133
7,234,020 3,561,544

Interest payable and similar expenses 6 372,151 189,801
PROFIT BEFORE TAXATION 6,861,869 3,371,743

Tax on profit 7 1,572,401 666,439
PROFIT FOR THE FINANCIAL YEAR 5,289,468 2,705,304
Profit attributable to:
Owners of the parent 5,307,788 2,650,184
Non-controlling interests (18,320 ) 55,120
5,289,468 2,705,304

Right Car Holdings (UK) Limited (Registered number: 08038788)

Consolidated Other Comprehensive Income
for the year ended 31st May 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 5,289,468 2,705,304


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

5,289,468

2,705,304

Total comprehensive income attributable to:
Owners of the parent 5,307,788 2,650,184
Non-controlling interests (18,320 ) 55,120
5,289,468 2,705,304

Right Car Holdings (UK) Limited (Registered number: 08038788)

Consolidated Balance Sheet
31st May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 1,280,576 2,457,570
Investments 12 - -
Investment property 13 23,985,814 18,983,691
25,266,390 21,441,261

CURRENT ASSETS
Stocks 14 8,264,345 9,117,241
Debtors 15 2,104,697 1,200,748
Cash at bank 4,489,969 2,697,783
14,859,011 13,015,772
CREDITORS
Amounts falling due within one year 16 12,892,707 11,287,152
NET CURRENT ASSETS 1,966,304 1,728,620
TOTAL ASSETS LESS CURRENT
LIABILITIES

27,232,694

23,169,881

CREDITORS
Amounts falling due after more than one
year

17

(580,573

)

(2,158,818

)

PROVISIONS FOR LIABILITIES 21 (1,287,967 ) (861,377 )
NET ASSETS 25,364,154 20,149,686

CAPITAL AND RESERVES
Called up share capital 22 70,000 70,000
Capital redemption reserve 23 30,000 30,000
Non distributable reserves 23 3,788,896 2,533,718
Retained earnings 23 21,201,942 17,224,332
SHAREHOLDERS' FUNDS 25,090,838 19,858,050

NON-CONTROLLING INTERESTS 24 273,316 291,636
TOTAL EQUITY 25,364,154 20,149,686

The financial statements were approved by the director and authorised for issue on 25th February 2025 and were signed by:





Mrs E M Kamis - Director


Right Car Holdings (UK) Limited (Registered number: 08038788)

Company Balance Sheet
31st May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 519,408 1,633,869
Investments 12 70,050 70,050
Investment property 13 23,985,814 18,983,691
24,575,272 20,687,610

CURRENT ASSETS
Debtors 15 523,460 1,543,088
Cash at bank 3,938,890 20,113
4,462,350 1,563,201
CREDITORS
Amounts falling due within one year 16 9,153,074 5,561,943
NET CURRENT LIABILITIES (4,690,724 ) (3,998,742 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,884,548

16,688,868

CREDITORS
Amounts falling due after more than one
year

17

(427,000

)

(1,931,250

)

PROVISIONS FOR LIABILITIES 21 (1,242,768 ) (830,033 )
NET ASSETS 18,214,780 13,927,585

CAPITAL AND RESERVES
Called up share capital 22 70,000 70,000
Non distributable reserves 23 3,788,896 2,533,718
Retained earnings 23 14,355,884 11,323,867
SHAREHOLDERS' FUNDS 18,214,780 13,927,585

Company's profit for the financial year 4,287,195 2,655,713

The financial statements were approved by the director and authorised for issue on 25th February 2025 and were signed by:





Mrs E M Kamis - Director


Right Car Holdings (UK) Limited (Registered number: 08038788)

Consolidated Statement of Changes in Equity
for the year ended 31st May 2024

Called up Capital
share Retained redemption
capital earnings reserve
£    £    £   
Balance at 1st June 2022 70,000 15,165,730 30,000

Changes in equity
Profit for the year - 2,650,184 -
Other comprehensive income - 58,418 -
Total comprehensive income - 2,708,602 -
Dividends - (650,000 ) -
Balance at 31st May 2023 70,000 17,224,332 30,000

Changes in equity
Profit for the year - 5,307,788 -
Other comprehensive income - (1,255,178 ) -
Total comprehensive income - 4,052,610 -
Dividends - (75,000 ) -
Balance at 31st May 2024 70,000 21,201,942 30,000
Non
distributable Non-controlling Total
reserves Total interests equity
£    £    £    £   
Balance at 1st June 2022 2,592,136 17,857,866 236,516 18,094,382

Changes in equity
Profit for the year - 2,650,184 55,120 2,705,304
Other comprehensive income (58,418 ) - - -
Total comprehensive income (58,418 ) 2,650,184 55,120 2,705,304
Dividends - (650,000 ) - (650,000 )
Balance at 31st May 2023 2,533,718 19,858,050 291,636 20,149,686

Changes in equity
Profit for the year - 5,307,788 (18,320 ) 5,289,468
Other comprehensive income 1,255,178 - - -
Total comprehensive income 1,255,178 5,307,788 (18,320 ) 5,289,468
Dividends - (75,000 ) - (75,000 )
Balance at 31st May 2024 3,788,896 25,090,838 273,316 25,364,154

Right Car Holdings (UK) Limited (Registered number: 08038788)

Company Statement of Changes in Equity
for the year ended 31st May 2024

Called up Non
share Retained distributable Total
capital earnings reserves equity
£    £    £    £   
Balance at 1st June 2022 70,000 9,259,736 2,592,136 11,921,872

Changes in equity
Dividends - (650,000 ) - (650,000 )
Total comprehensive income - 2,714,131 (58,418 ) 2,655,713
Balance at 31st May 2023 70,000 11,323,867 2,533,718 13,927,585

Changes in equity
Total comprehensive income - 3,032,017 1,255,178 4,287,195
Balance at 31st May 2024 70,000 14,355,884 3,788,896 18,214,780

Right Car Holdings (UK) Limited (Registered number: 08038788)

Consolidated Cash Flow Statement
for the year ended 31st May 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 27 3,971,582 3,554,440
Interest paid (372,151 ) (189,801 )
Tax paid (1,010,030 ) (561,157 )
Net cash from operating activities 2,589,401 2,803,482

Cash flows from investing activities
Purchase of tangible fixed assets (244,038 ) (480,032 )
Purchase of investment property (2,504,177 ) (781,932 )
Sale of tangible fixed assets 1,050,363 90,979
Sale of investment property - 471,913
Interest received 96,782 13,883
Dividends received - 17,250
Net cash from investing activities (1,601,070 ) (667,939 )

Cash flows from financing activities
New loans in year 878,855 2,926,340
Loan repayments in year - (3,018,307 )
Equity dividends paid (75,000 ) (650,000 )
Net cash from financing activities 803,855 (741,967 )

Increase in cash and cash equivalents 1,792,186 1,393,576
Cash and cash equivalents at
beginning of year

28

2,697,783

1,304,207

Cash and cash equivalents at end of
year

28

4,489,969

2,697,783

Right Car Holdings (UK) Limited (Registered number: 08038788)

Notes to the Consolidated Financial Statements
for the year ended 31st May 2024

1. STATUTORY INFORMATION

Right Car Holdings (UK) 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 General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland" (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

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

Basis of consolidation
The consolidated accounts include the accounts of the company and its subsidiary undertakings made up to 31st May 2024. Under Section 408 of the Companies Act 2006 the company is exempt from the requirement to present its own profit and loss account.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Turnover from the sale of vehicles and other services is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

In the case of vehicle sales, turnover is recognised when the vehicle is delivered to the customer, not when the legal contract is signed.

Goodwill on consolidation
Purchased goodwill arising on consolidation, representing the excess of the purchase price over the fair value of the net assets acquired, is capitalised in the year in which it arises and is amortised on a straight line basis over its estimated useful economic life. The estimated useful economic life is assessed having due regard to the period over which the group expects to derive economic benefit from the assets.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property- 0%
Leasehold improvements- over the lease term
Plant and machinery- over 3 to 10 years

No depreciation has been charged on freehold property as the ongoing programme of maintenance is such that any depreciation charge would be immaterial.

Investment property
Investment properties for which fair value can be measured reliably are measured at fair value at each reporting date with changes in fair value recognised in the statement of comprehensive income.

Right Car Holdings (UK) Limited (Registered number: 08038788)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st May 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, and other costs incurred in bringing stock to its present location and condition. Parts and accessories stock is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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

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 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. Current or deferred taxation assets and liabilities are not discounted.

Foreign currencies
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives or the lease term, whichever is the shorter. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges are included as creditors.

Rentals payable and receivable under operating leases are charged to the statement of comprehensive income on a straight line basis over the period of the lease.

Pensions
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Right Car Holdings (UK) Limited (Registered number: 08038788)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st May 2024

2. ACCOUNTING POLICIES - continued

Debtors and creditors due within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,417,581 3,997,987
Social security costs 413,777 388,599
Other pension costs 81,478 482,789
4,912,836 4,869,375

The average number of employees during the year was as follows:
2024 2023

Sales 54 45
Service and valeting 76 70
Administration 18 19
148 134

2024 2023
£    £   
Directors' remuneration 240,959 242,623
Directors' pension contributions to money purchase schemes - 10,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 205,959 207,623
Pension contributions to money purchase schemes - 10,000

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Operating leases 302,457 305,194
Depreciation - owned assets 175,388 134,505
Loss/(profit) on disposal of fixed assets 195,283 (137,367 )
Auditors' remuneration 36,525 30,955
Auditors' remuneration for non audit work - 2,750

Right Car Holdings (UK) Limited (Registered number: 08038788)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st May 2024

5. PROPERTY REVALUTIONS
2024 2023
£    £   
Property revaluations 2,497,946 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest - 3
Bank loan interest 244,987 158,962
Stocking loan interest 127,164 30,836
372,151 189,801

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 1,150,977 681,604
Prior year underprovision (5,166 ) -
Total current tax 1,145,811 681,604

Deferred tax 426,590 (15,165 )
Tax on profit 1,572,401 666,439

UK corporation tax has been charged at 25 % (2023 - 25 %).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 6,861,869 3,371,743
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 25 %)

1,715,467

842,936

Effects of:
Income not taxable for tax purposes (624,487 ) (29,964 )
Adjustments to tax charge in respect of previous periods (5,166 ) -
Disallowable expenses and non-taxable income 56,788 4,427
Short term timing differences 416,994 (16,568 )
Chargeable gains - 36,026

Change in rate of corporation tax 12,805 (170,418 )

Total tax charge 1,572,401 666,439

Right Car Holdings (UK) Limited (Registered number: 08038788)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st May 2024

7. TAXATION - continued

The expected net reversal of deferred tax liabilities in the next financial year is £21,226. This is due to reversal of accelerated capital allowances.

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim - paid 75,000 650,000

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st June 2023
and 31st May 2024 421,089
AMORTISATION
At 1st June 2023
and 31st May 2024 421,089
NET BOOK VALUE
At 31st May 2024 -
At 31st May 2023 -

Right Car Holdings (UK) Limited (Registered number: 08038788)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st May 2024

11. TANGIBLE FIXED ASSETS

Group
Freehold Leasehold Plant and
property improvements machinery Totals
£    £    £    £   
COST
At 1st June 2023 1,633,869 626,271 1,165,536 3,425,676
Additions - 3,070 240,968 244,038
Disposals (1,114,461 ) - (287,732 ) (1,402,193 )
At 31st May 2024 519,408 629,341 1,118,772 2,267,521
DEPRECIATION
At 1st June 2023 - 342,077 626,029 968,106
Charge for year - 29,539 145,849 175,388
Eliminated on disposal - - (156,549 ) (156,549 )
At 31st May 2024 - 371,616 615,329 986,945
NET BOOK VALUE
At 31st May 2024 519,408 257,725 503,443 1,280,576
At 31st May 2023 1,633,869 284,194 539,507 2,457,570

Company
Freehold
property
£   
COST
At 1st June 2023 1,633,869
Disposals (1,114,461 )
At 31st May 2024 519,408
NET BOOK VALUE
At 31st May 2024 519,408
At 31st May 2023 1,633,869

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st June 2023
and 31st May 2024 70,050
NET BOOK VALUE
At 31st May 2024 70,050
At 31st May 2023 70,050

Right Car Holdings (UK) Limited (Registered number: 08038788)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st May 2024

12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

The Right Car (UK) Limited
Registered office: Beck View Road, Beverley, East Yorkshire, HU17 0JT
Nature of business: Sale and servicing of new and used motor vehicles
%
Class of shares: holding
Ordinary 100.00

Robspeed Motorcycles Limited
Registered office: 368-378 Cleethorpe Road, Grimsby, North East Lincolnshire, DN31 3DH
Nature of business: Sale, maintenance and repair of motorcycles
%
Class of shares: holding
Ordinary 67.00

My 1st Car (UK) Limited
Registered office: First Car Chapman Street, Cleveland Street, Hull, East Yorkshire, HU8 8AE
Nature of business: Sale of used motor vehicles
%
Class of shares: holding
Ordinary 100.00

Westella Jewellery Limited
Registered office: Right Car, Beck View Road, Beverley, HU17 0JT
Nature of business: Retail sale of watches and jewellery
%
Class of shares: holding
Ordinary 100.00

East Riding Investment Co Limited
Registered office: 45 Park Lane Cottingham HU16 5RX
Nature of business: Property investment.
%
Class of shares: holding
Ordinary 50.00


Right Car Holdings (UK) Limited (Registered number: 08038788)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st May 2024

13. INVESTMENT PROPERTY

Group
Total
£
MARKET VALUE
At 1st June 2023 18,983,691
Additions 2,504,177
Disposals -
Revaluation 2,497,946
At 31st May 2024 23,985,814

Market Value at 31st May 2024 is represented by:
Total
£

Revaluations 5,081,349
Cost 18,904,465
At 31st May 2024 23,985,814


Company
Total
£
MARKET VALUE
At 1st June 2023 18,983,691
Additions 2,504,177
Disposals -
Revaluation 2,497,946
At 31st May 2024 23,985,814
Market Value at 31st May 2024 is represented by:
Total
£

Revaluations 5,081,349
Cost 18,904,465
At 31st May 2024 23,985,814

Investment properties were valued in the group and the company as at 31st May 2024 by Garness Jones (Commercial) Limited at open market value.




14. STOCKS

Group
2024 2023
£    £   
Goods for resale 8,264,345 9,117,241

Right Car Holdings (UK) Limited (Registered number: 08038788)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st May 2024

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 857,452 344,845 - -
Amounts owed by group undertakings - - - 992,000
Other debtors 1,055,232 682,572 523,460 551,088
Prepayments 192,013 173,331 - -
2,104,697 1,200,748 523,460 1,543,088

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 18) 3,029,403 580,035 2,961,250 507,000
Trade creditors 4,236,378 5,066,145 - -
Amounts owed to group undertakings - - 5,492,512 4,248,985
Corporation tax 817,385 681,604 147,799 253,817
Social security and other taxes 774,548 270,193 - -
Other creditors 3,386,937 3,779,289 537,259 552,141
Director's loan account 88,158 251,877 - -
Accruals and deferred income 559,898 658,009 14,254 -
12,892,707 11,287,152 9,153,074 5,561,943

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 18) 580,573 2,151,086 427,000 1,931,250
Other creditors - 7,732 - -
580,573 2,158,818 427,000 1,931,250

Right Car Holdings (UK) Limited (Registered number: 08038788)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st May 2024

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 3,029,403 580,035 2,961,250 507,000
Amounts falling due between one and two years:
Bank loans - 1-2 years 112,259 2,008,301 40,000 1,931,250
Amounts falling due between two and five years:
Bank loans - 2-5 years 468,314 142,785 387,000 -

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 220,438 152,938
Between one and five years 233,063 200,000
In more than five years - 40,000
453,501 392,938

Operating lease agreements where the group is the lessor

The group and the company rent properties to third parties under non-cancellable operating leases.

Future minimum rentals receivable under non-cancellable operating leases for the group and the company fall due as follows

2024 2023
Net obligations receivable: £ £
Within one year 618,926 549,270
Between one and five years 1,488,205 1,135,663
Over 5 years 790,243 302,406
2,897,374 1,987,339

Right Car Holdings (UK) Limited (Registered number: 08038788)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st May 2024

20. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans 3,609,976 2,731,121 3,388,250 2,438,250

The bank loans are secured by a legal charge over certain investment properties of the group.

21. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 1,287,967 861,377 1,242,768 830,033

Group
Deferred
tax
£   
Balance at 1st June 2023 861,377
Charge to Income Statement during year 426,590
Balance at 31st May 2024 1,287,967

Company
Deferred
tax
£   
Balance at 1st June 2023 830,033
Charge to Income Statement during year 412,735
Balance at 31st May 2024 1,242,768

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
70,000 Ordinary £1 70,000 70,000

Right Car Holdings (UK) Limited (Registered number: 08038788)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st May 2024

23. RESERVES

Group
Capital Non
Retained redemption distributable
earnings reserve reserves Totals
£    £    £    £   

At 1st June 2023 17,224,332 30,000 2,533,718 19,788,050
Profit for the year 5,307,788 - - 5,307,788
Dividends (75,000 ) - - (75,000 )
Property revaluations (1,255,178 ) - 1,255,178 -
At 31st May 2024 21,201,942 30,000 3,788,896 25,020,838

Company
Non
Retained distributable
earnings reserves Totals
£    £    £   

At 1st June 2023 11,323,867 2,533,718 13,857,585
Profit for the year 4,287,195 - 4,287,195
Property revaluations (1,255,178 ) 1,255,178 -
At 31st May 2024 14,355,884 3,788,896 18,144,780


24. NON-CONTROLLING INTERESTS

2024 2023
£ £
At 1st June 2023 291,636 236,516
(Loss) for the year (18,320 ) 55,120
At 31st May 2024 273,316 291,636

The minority interest represents a 33.3% shareholding in Robspeed Motorcycles Limited. That company's former subsidiaries Wheels (Grimsby) Limited and Tidecross Limited were dissolved in the year.

25. PENSION COMMITMENTS

The group contributes to personal individual defined contribution pension schemes and also operates an independently administered defined contribution pension scheme for its director. The total cost for the year was £81,478 (2023 £481,776) and the amount outstanding at the year end was £17,641 (2023 £13,729).

26. RELATED PARTY TRANSACTIONS

During the year, total dividends of £75,000 (2023 - £650,000) were paid to the directors .

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Right Car Holdings (UK) Limited (Registered number: 08038788)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st May 2024

27. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 6,861,869 3,371,743
Depreciation charges 175,320 134,505
Loss/(profit) on disposal of fixed assets 195,283 (137,367 )
Gain on revaluation of fixed assets (2,497,946 ) -
Finance costs 372,151 189,801
Finance income (96,782 ) (31,133 )
5,009,895 3,527,549
Decrease/(increase) in stocks 852,896 (1,711,917 )
Increase in trade and other debtors (1,067,668 ) (38,359 )
(Decrease)/increase in trade and other creditors (823,541 ) 1,777,167
Cash generated from operations 3,971,582 3,554,440

28. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st May 2024
31/5/24 1/6/23
£    £   
Cash and cash equivalents 4,489,969 2,697,783
Year ended 31st May 2023
31/5/23 1/6/22
£    £   
Cash and cash equivalents 2,697,783 1,304,207


29. ANALYSIS OF CHANGES IN NET DEBT

At 1/6/23 Cash flow At 31/5/24
£    £    £   
Net cash
Cash at bank 2,697,783 1,792,186 4,489,969
2,697,783 1,792,186 4,489,969
Debt
Debts falling due within 1 year (580,035 ) (2,449,368 ) (3,029,403 )
Debts falling due after 1 year (2,151,086 ) 1,570,513 (580,573 )
(2,731,121 ) (878,855 ) (3,609,976 )
Total (33,338 ) 913,331 879,993

30. CONTROL RELATIONSHIP

The group is controlled by E M Kamis.